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Dangote Reinstated as President of the Nigerian Stock Exchange

By on June 18, 2012

Alhaji Aliko Dangote has been reinstated as the President of the Nigerian Stock Exchange following a ruling by the Court of Appeal sitting in Lagos last Friday.

Shareholders of Forte Oil (formerly AFrican Petroleum) had petitioned the Federal High Court in Lagos to remove Dangote from the Presidency of the Nigerian Stock Exchange over an alleged manipulation of African Petroleum shares in collaboration with Nova Finance and Securities Ltd.

Justice Helen Ogunwumiju set aside an earlier ruling delivered by Justice Lambo Akanbi in 2010 which nullified the election. The Court of Appeal Justice also set aside order rulings which nullified Dangote’s election.

Dangote was elected the 17th  President of the Nigerian Stock Exchange (NSE) in August 2009 following an unanimous decision by NSE council members.

In reaction to the judgement, Dangote said he was pleased with the decision of the court and would continue with the reforms that have been championed by Oscar Onyeama.

He said, ““You know the Securities and Exchange Commission (SEC) had been running the NSE like it was an agency of government. But the stock exchange is a private exchange limited by guaranty.
“So, I will be meeting the SEC appointees on the council of the stock exchange on Tuesday and taking over that day.”

Dangote says he will reconstitute a new council for the Stock Exchange this week and the number of seats for stock brokers on the council would be increased from four to six.

One Comment

  1. NBLinks

    June 18, 2012 at 8:15 pm

    This is good for Dangote if he like its. If I am really to comment on this, I will like Dangote to leave the post to others. He his a business man, he should just leave the whole politics to others.