SEC orders NSE to recover N1.35bn bonuses


By Gbenga Agbana   Thursday, 7 Oct 2010

Securities and Exchange Commission on Wednesday directed the Interim Administrator of the Nigerian Stock Exchange, Mr. Emmanuel Ikazoboh, to take steps to recover the money shared by council members between 2006 and 2008.

A statement issued by SEC’s Head, Media, Mr. Lanre Oloyi, said the NSE’s account for the 2009 financial year was qualified by the external auditors due to a clause in the accounts, which was not in line with the provisions of the Companies and Allied Matters Act.

Oloyi explained that some members of the council shared N1.2bn between 2006 and 2008 and they reffered to the amount shared as bonuses. The former President of the NSE, Alhaji Aliko Dangote, was said to have returned the N40m given to him by the council.

The statement added that a total of N1.35bn was shared among the council members between 2006 and 2008. In 2006, N160.8m was shared, while N710m and N480m were shared in 2007 and 2008 respectively.

A former President of the NSE, Dr. Oba Otudeko, got the highest share of N238bn; while the former director-general, Prof. Ndi Okereke-Onyiuke, was given N146m; Mr. Raymond Obieri received N110m; Mr. Erastus Akingbola earned N80m; Alhaji Umaru Mutallab got N40m; while the former assistant director-general of the NSE, Mr. Musa Elakama, received N56m.

The SEC had, in a major restructuring exercise done at the NSE, removed Okereke-Onyiuke and directed Dangote to also step aside as the president. An external auditor was also directed to conduct a forensic audit into the accounts of the NSE, with a view to ascertaining that what was presented to the public were the real figures.

When contacted, the Assistant General Manager, Corporate Communications of the NSE, Mr. Sola Oni, declined to comment on the issue.


Source: The Punch

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