Lagos — Chairman of Dangote Group, Alhaji Aliko Dangote, will today resume as the President of the Nigerian Stock Exchange (NSE).

His resumption followed the verdict of the Court of Appeal in Lagos on Friday which upheld his three appeals against cases that led to the nullification of his election as president of the exchange.

Dangote was elected the 17th president of the NSE in August 2009. He was elected based on a unanimous acclamation by the council members immediately after the conclusion of its 48th annual general meeting.

The election was nullified by the Federal High Court in Lagos in March 2010, following the application made to the court by some shareholders of African Petroleum Plc (now Forte Oil Plc), who had sued him, Nova Finance and Securities Ltd, NSE and others over alleged manipulation of AP shares.

In its judgment delivered by Justice Helen Ogunwumiju, the appellate court set aside the decision of the lower court and held that there were no bases for the decision of the lower court.

The court held that since the court was wrong to order parties to maintain status quo, there was no need to annul the election. The further held that Dangote cannot be held for contempt over the election.

sadyeek: [size=16pt]have you guys noticed that for the past couple of weeks, the only news coming out of nigeria is terrible!

Just appointing people for posts they do not deserve, the most annoying is our security chifes. Someone tell me this guys is not being pushed around.?


My question is how did it get so bad in one year??[/size]

afam4eva: I guess the NSE will become his personal property.

Ijogz K: Is this gonna affect Oscar Enyeama... Cuz i luv dat dude, and i wouldn't want him out...