The Director-General of the Nigerian Stock Exchange, Ndidi Okereke-Onyuike, has been fired.

Her sack was announced in a statement signed by the Assistant Director/Head Media of the Commission, Lanre Oloyi. The statement also announced the removal of the President of the Commission, Aliko Dangote.

Mr. Oloyi, in the statement, said the decision was taken in response to "the developments in the Nigeria Stock Exchange, particularly with respect to inadequate oversight of the Exchange, ongoing litigation, allegations of financial mismanagement, governance challenges, and the inordinate delays in the implementation of the succession plan for the Exchange."

Mr. Dangote had on Tuesday accused the Director-General of mismanaging N11 billion which led operators in the capital market to protest her continued stay in office.

In a petition to the Director General of the Securities and Exchange Commission, Arunma Oteh, Mr Dangote had urged the regulatory authority to investigate irregularities in the accounts and finances of the NSE.

Mr. Oloyi said that "given the gravity of the allegations around financial mismanagement of the Exchange, the Commission has also directed the conduct of an independent investigation into the allegations."

According to the statement, the affairs of the Exchange will be managed by an interim administrator appointed by the Commission pending the selection of a new Director General.

Read More: http://234next.com/csp/cms/sites/Next/Money/Business/5603002-146/securities_and_exchange_commission_sacks_okereke.csp

Good!
I was beginning to thing Dangote had become an untouchable god.
Look at what has happened to the NSE after his lawsuits and other crap to remain in charge.

but the removal of Aliko can be because Femi Otedola and Jonathan are close friends

because i dont see how someone that sounds the alarm will be also removed

Can the president of Nigeria sack the president and the director general of the Nigerian Stock Exchange?
Please can someone educate me on this. I thought only the board of the exchange can remove those two?

If the president couldn't sack the NFF chairman, how can he sack the top officials of what is supposed to be a private enterprise?

Does the Nigerian government still own the NSE? I thought it is a private enterprise?

Please someone educate me!

Please change the Title it is SEC that sacked the two not Jonathan

Mrs 'I am a PhD Holder' is gone at last, let her go and manage her own business with her PhD, she can always come and list on the exchange


http://www.proshareng.com/news/11652

The Director-General of the Nigerian Stock Exchange, Ndidi Okereke-Onyuike has been fired by the Nigerian president, Goodluck Jonathan.

Presidency sources told SaharaReporters that the controversial DG was fired through a letter of the Director General of the Stock Exchange Commission.

Just yesterday, Mrs. Onyuike's colleague, Alhaji Aliko Dangote, accused her of having mismanaged N11 billion, leading shareholders in the capital market to protest against her continuation in office.

Her removal from the powerful position was long in coming, but Mrs. Onyuike's has powerful connections with former presidents Olusegun Obasanjo and Umaru Yar'Adua, whom she assisted in raising funds illegally for manipulating elections and re-elections. In a bizarre conflict of interest case, she went to raise funds in the capital market for a company created by Obasanjo known as "Transcorp," of which she was the chair of the board.

Also in 2008, she tried to raise funds illegally for the presidential campaign of Barak Obama in the United States through a phony outfit known as "Africa For Obama," but a swift disclaimer by the Obama campaign team in the US led to her arrest and the subsequent collapse of the scheme.

Source: http://saharareporters.com/news-page/controversial-director-general-nigeria-stock-exchange-onyuike-okereke-fired-aliko-dangote-

rebranded:

The Director-General of the Nigerian Stock Exchange, Ndidi Okereke-Onyuike has been fired by the Nigerian president, Goodluck Jonathan.

Presidency sources told SaharaReporters that the controversial DG was fired through a letter of the Director General of the Stock Exchange Commission.

Source: http://saharareporters.com/news-page/controversial-director-general-nigeria-stock-exchange-onyuike-okereke-fired-aliko-dangote-

Dis Guy:

Please change the Title it is SEC that sacked the two not Jonathan

Mrs 'I am a PhD Holder' is gone at last, let her go and manage her own business with her PhD, she can always come and list on the exchange


http://www.proshareng.com/news/11652

The picture is clearer now.
I was alarmed initially that the president may have his hands on too many pies, especially as relates to private enterprise. That would be alarming indeed.

While they are at it, they must not forget that this woman built that exchange from under $2 billion in 1999 to over $100 billion last year.

My fear is that they would replace her with another Malam, and before you know it, the exchange would cease to be itself.
Not saying that we should tolerate crime, but I'm yet to see why Soludo was replaced with Sanusi.
I've followed Nigerian leadership history long enough to know that merit is alien to us. If by pure chance we get one ingenious leader in a position, like Ernest Ndukwe of NCC and this woman at NSE, why should we always scheme to oust them, only to replace them with mediocres?
I'm watching this one.
NO MALAM REPLACEMENTS PLEASE!

And Jonathan better remember that south east is still the most marginalized in terms of federal appointments. He must not forget that. Soon he would start claiming that he plays no roles in appointments to federal positions.
But he plays roles in removals, especially when it comes to Ndigbo.

Onlytruth:

And Jonathan better remember that south east is still the most marginalized in terms of federal appointments. He must not forget that. Soon he would start claiming that he plays no roles in appointments to federal positions.
But he plays roles in removals, especially when it comes to Ndigbo.

I am watching this with a wary eye. Many Igbos have been removed during his tenure, and not replaced with well qualified Igbos. South-South better remember that our eyes will always be on them. If one of their native sons continue to do this to a major group in the East, there will be repercussions.

Onlytruth:

The picture is clearer now.
I was alarmed initially that the president may have his hands on too many pies, especially as relates to private enterprise. That would be alarming indeed.

While they are at it, they must not forget that this woman built that exchange from under $2 billion in 1999 to over $100 billion last year.

My fear is that they would replace her with another Malam, and before you know it, the exchange would cease to be itself.
Not saying that we should tolerate crime, but I'm yet to see why Soludo was replaced with Sanusi.
I've followed Nigerian leadership history long enough to know that merit is alien to us. If by pure chance we get one ingenious leader in a position, like Ernest Ndukwe of NCC and this woman at NSE, why should we always scheme to oust them, only to replace them with mediocres?
I'm watching this one.
NO MALAM REPLACEMENTS PLEASE!

Not its not any clearer, that's like saying Cecilia Ibru, Atuche were all sacked by the president through the CBN

When the customs Service Comptroller General was replaced with an Igbo/SS person, no qualms, when the NCC was replaced by an Igbo/SS person no yawa but when a Muslim sounding name gets in there it become northernisation /marginalisation abi?
totally weird


_{As long as a southerner is there all is well   -  great where is bk/brooklyn boy when you need him}

You guys are not even debating why she was removed or the several incidence that have been going on in the NSE all you care about is the bloody tribe wtf

Dis Guy:

Not its not any clearer, that's like saying Cecilia Ibru, Atuche were all sacked by the president through the CBN

When the customs Service Comptroller General was replaced with an Igbo/SS person, no qualms, when the NCC was replaced by an Igbo/SS person no yawa but when a Muslim sounding name gets in there it become northernisation /marginalisation abi?
totally weird


_{As long as a southerner is there all is well   -  great where is bk/brooklyn boy when you need him}

I don't know that there is something wrong with replacing him with a south easterner.
That is how it is done in Nigeria, isn't it?
Since when did we start practicing merit?
Are these replacements better than those they replaced?

I never knew that slowpoke was your attack dog.

Ernest Ndukwe's tenure was over he did his two terms already he wasn't removed!! and Madam PhD Holder tenure was coming to an end this August/Sept, she cant be there forever


no he's not my attack dog but since this is becoming a tribal thread then he might as well be here to give you want you want- a tribal debate!

Dis Guy:

You guys are not even debating why she was removed or the several incidence that have been going on in the NSE all you care about is the bloody tribe wtf

All I know is that since Dangote showed interest in assuming the presidency of the NSE (something I think he is not qualified for ), all has not been the same at the exchange.
Must the north head everything in Nigeria including things they have no clue about?  

Dis Guy:

Ernest Ndukwe's tenure was over he did his two terms already he wasn't removed!! and Madam PhD Holder tenure was coming to an end this August/Sept, she cant be there forever


no he's not my attack dog but since this is becoming a tribal thread then he might as well be here to give you want you want- a tribal debate!

Well I would soon group you with the  m0r0n and ignore you as well. Let the owner of the site deal with you.

Back to my question: What did Ndidi Okereke Onyiuke do that she must be disgraced out of office?
She built that exchange almost single handedly.
Why is the Nigerian anti-corruption machine dead when it comes to the real criminals who steal billions of dollars?
Why is it only those who served well that are disgraced from office?

The exchange was fine until Dangote started eying its presidency.

Onlytruth:

All I know is that since Dangote showed interest in assuming the presidency of the NSE (something I think he is not qualified for ), all has not been the same at the exchange.
Must the north head everything in Nigeria including things they have no clue about?  

to me the presidency is different from being the CEO of the NSE, why was he accommodated on the Board as a vp in the first instance, I dont care if he is the President of the NSE or im just happy this personal battles are being kicked out-something that should have been done a long time ago when the banks were obviously shown to be cooking and manipulating the books

in fact madam should have been gone since the incident of capoil and Afroil, how companies with no financial or business transactions for several years could be listed on the NSE beats madam PhD Holder!

Dis Guy:

to me the presidency is different from being the CEO of the NSE, why was he accommodated on the Board as a vp in the first instance, I dont care if he is the President of the NSE or im just happy this personal battles are being kicked out-something that should have been done a long time ago when the banks were obviously shown to be cooking and manipulating the books

in fact madam should have been gone since[b] the incident of capoil and Afroil,[/b] how companies with no financial or business transactions for several years could be listed on the NSE beats madam PhD Holder!

What happened in those incidents? I'm not following. .

basically empty companies trading on the floor, trying to look for old artciles but as usual the newspaers cant be bothered to archive

this is the only thing i found that summed it all up

Another factor is the ability of unprofitable and illegal coys to trade effectively on the NSE. We had cases of coys like Capital oil, Afro Oil trading on the stock market with no visibile accounts, offices and no signs of any commercial activities going on in the aforementioned companies. Interestingly, these coys were much more valuable on the market than some fundamentally tested companies. or how do you explain a coy like Afroil selling for about N15 without any audited accounts for 3 years!!
No visible trade lines, no visible business and they were selling far more than say Access Bank at that time

NL member

Good! This their fight had become a nuisance!
Dangote's palaver was becoming too much sef! NSE was peaceful until he started having his eye atop.
Like onlytruth said, we really shouldn't forget that Okereke grew the exchange from a paltry 2 bil to over 100! Now, that by any count is an amazing feat.

The open fight between Dangote and Onyuike was becoming shameful but their swift sack is also very shocking.

Just wondering whether someone has been waiting for so long to pounce. Keep in mind the report also said Onyuike was an election fund raising machine for both OBJ and Yar'adua Government.

In the light of the fact that we are in an election period you can not help but wonder whether their sack was driven by economics/ethics or whether someone just wanted to plant their own election fund raising machine?

Where morality thrives, that woman should have been sacked long ago during her Obama support charade.

Back to my question: What did Ndidi Okereke Onyiuke do that she must be disgraced out of office?
She built that exchange almost single handedly.
Why is the Nigerian anti-corruption machine dead when it comes to the real criminals who steal billions of dollars?
[b]Why is it only those who served well that are disgraced from office?[/[/b]quote]

why argue on what you do not know?

if you not know anythn, arent u better of asking and stop blowing bullchit

like Dis Guy has said, Madam should have been fired long time ago
good riddance

slap1:

Where morality thrives, that woman should have been sacked long ago during her Obama support charade.

Ur biafran kins won't be happy with this.

@ onlytruth: I hereby rechristen thee. . . ONLYLIES!!!

Thought this was old news

yiboboy:

your biafran kins won't be happy with this.

@ onlytruth: I hereby rechristen thee. . . ONLYLIES!!!

you don't have to be happy with the truth for it to be true.

best to leave when d ovation is loudest. but she didn't, so good riddance of her.

my igbo kinsmen should simmer and let her go account for d alleged misappropriated money. truly she grew d company, but how about d ethics of her conducts, should dt b tolerated under fairness? we ask others to treat us fairly, hw about we too showing fairness? we know hw much she has been involved in controversies and she has almost served out her term, so what d heck?

After 10 years at the helms of the Nigerian Stock Exchange (NSE), the last three fraught with controversy, Ndi Okereke-Onyiuke was yesterday unceremoniously removed as director general of the Exchange. Her removal was at the instance of stockbrokers who yesterday submitted a joint position to the Securities and Exchange Commission (SEC) demanding an immediate change in leadership.

In deference to the stance of the stockbrokers, SEC yesterday asked the Council of the Exchange to fire Okereke-Onyiuke promptly in public interest failing which it would take the action directly. All members of NSE’s Council, including Aliko Dangote whose election as president of the Exchange was still mired in litigation were asked to step down.

“The affairs of the Exchange are managed by an Interim Administrator appointed by the Commission pending the selection of a new Director General”, the statement signed by Arunma Oteh, director general of SEC, stated “Given the gravity of the allegations around financial mismanagement of the Exchange, the Commission has also directed the conduct of an independent investigation into the allegations,” SEC said. It is the climax of the crisis that had engulfed the Exchange which had been exclusively reported by BusinessDay in the past three years starting from her infamous fund raising frolic for current US President Barack Obama which was vigorously denounced by Obama’s campaign team and Nigerians as a scam.

Her removal came after intense pressure on the leadership of SEC, who were challenged by stakeholders in the capital market, to back its rhetoric with action, as more revelations emerge about an orchestrated deception in an executive succession process and alleged financial infraction by the management of the NSE. Shocked stockbrokers had mobilized its members with a view to stop the crisis at the Exchange. Their position is that since they own the Exchange, it is now time to prevail on their members on its Council to quickly move for the dissolution of the present Council and management and push for the appointment of an administrator to take over as the director general.

After years of docility during which time its leadership abdicated its regulatory responsibilities and kowtowed to the dictates of the Stock Exchange, immediate past director general of SEC, Musa Al-Faki, was forced to resign and long term African Development Bank (AfDB) senior executive, Arunma Oteh, was appointed to replace him. She has gone on record promising to be bullish about regulating the capital market and changing SEC’s old ways.

Analysts and other stakeholders in the market now say the current crisis at the NSE offered a unique opportunity for the Oteh-led SEC to step out of all the rhetoric and act to show that it means business. It was feared from the revelations that had emerged since last week that SEC may have fallen prey to the guile of NSE management when it allowed itself to be convinced that its ordered succession plan for the Stock Exchange, initially designed to be concluded by the end of June, needed to be extended by another month. Analysts say SEC should have been more thorough in scrutinising the request and should have called up the consulting firm NSE said it hired to ascertain what was going on.

Apparently, say sources familiar with the situation, NSE management had long planned to exclude external interest in the positions advertised and internally produce the candidates from amongst its ranks, some of whom were already being groomed by the director general, Ndi Okereke-Onyiuke, to succeed her. “NSE never had the intention to obey SEC’s directive. The plan was to make SEC think they were doing the selection as directed while working internally. The only shame is that like the old SEC, the new face of SEC was not really looking. It was far away from the engine room of the process,” said one stockbroker who is also a council member. For years, the management had kept the Council ineffective following a series of maneuvering that saw the appointment of council members decided on the basis of whether the director general was happy with a member or not. The Council should ordinarily serve as the supervisory board, but it lost its teeth over time.

A stockbroker who did not want to be named told BusinessDay last night when the NSE asked SEC for extension from June 30 to July 31 for the executive selection, it was actually in the process of manipulating the exercise, specifically by adopting the old process of having the most senior officer take over as DG since it has been observed that three general managers applied for the job anyway. It is still not clear why SEC has not requested for an update on the exercise five days after the close of the extension it gave to the NSE. Instead, BusinessDay learnt that Arunma Oteh, the DG, wants to go ahead to carry out a comprehensive scrutiny of the whole saga before acting, a move analysts say is rather slow in the face of the revelation of deception on the part of NSE.

Stockbrokers are collaborating under the Association of Stockbroking Houses of Nigeria (ASHON) and the Chartered Institute of Stockbrokers (CIS) with one council member disclosing that brokers who hitherto have been very quiet on the issue are now ready to take the bull by the horn in order to save the market and their businesses.

According to a senior broker who is deeply involved in the mobilisation drive: “We think the crisis has implication for the market that is negative for now. The shock will force everyone involved to take a serious look at the stock exchange and push quickly for demutualised status, which will enhance transparency and good governance.

“The Exchange needs to rid itself of the cult personality that has dogged it in the recent past. I believe the Exchange will come out of the current crisis better and stronger when it is all over. Sometimes, it takes a crisis to draw attention to important things and this is the first of such crisis in the over 40 years history of the NSE. I think this is the time for SEC to step in and put a temporary administrator and a new Council to run things till things are normalised.”

http://www.businessdayonline.com/index.php?option=com_content&view=article&id=13391:sec-steps-into-nse-crisis-sacks-okereke-onyiuke&catid=1:latest-news&Itemid=18

Beaf:

Good!
I was beginning to thing Dangote had become an untouchable god.
Look at what has happened to the NSE after his lawsuits and other crap to remain in charge.

Do you mean Think?

Foreign investors are watching with keen interest.
Nigerian banks has been sanusilised.
NSE is having leadership issues.
Infrastractures are in poor state.
Security is a mess
Kidnapping is unstoppable.


Yet we clamour for foreign investors to invest in nigeria.
Dream on.

That woman should be on trial ,the diceived a lot of Nigerians

I thought Okereke was leaving soon anyway?

I also thought Dangote had already been barred from acting as President by the courts?

maybe she can finally lose some weight what with the nourishing flow off egunge being cut off

woman was a disgrace towards the end - sort of like dora

nigerians need to learn to quit when the ovation is loudest

all we will remeber her for now is dodgy deals like transcorp , over valued unprofitable banks and all manner of impropreirty and shenanigans