By John Ameh, Abuja

Monday, 22 Nov 2010

The House of Representatives Committee on Capital Market has recommended the reversal of the sacking of the former Director-General of the Nigerian Stock Exchange, Prof. Ndi Okereke-Onyiuke.

The committee, which is headed by Mr. Umar Jibril, had intervened in the running battle between the Securities and Exchange Commission and the former DG.

It had earlier observed that fair hearing was not given to the former DG before her sacking was effected by SEC.

The commission had acted on the report of its forensic audit on the operations of the NSE, which said there was evidence of financial recklessness against the former leadership of the exchange.

But, the House committee, in its report on the matter, advised SEC to adopt an earlier letter of voluntary retirement Okereke-Onyiuke wrote on June 16 and allow her to start her terminal leave.

The committee noted that the former DG was to have disengaged from the NSE on December 15, following the expiration of the terminal leave.

The committee’s report indicated on Sunday that the lawmakers were not convinced that the former DG was given fair hearing in the events, which led to her sacking.

 

Source: Punch