Okereke-Onyiuke sues SEC
• Asks for N3bn damages
• Seeks nullification of removal
By KELECHI MGBOJI
Tuesday, August 10, 2010


•Okereke-Onyiuke
Photo: Sun News Publishing
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The sacked Director-General of the Nigerian Stock Exchange (NSE), Professor Ndi Okereke-Onyiuke, has instituted a legal action against the Securities and Exchange Commission (SEC), seeking for N3 billion damages.

A letter of originating summons addressed to SEC and obtained exclusively by Daily Sun showed that Okereke-Onyiuke filed the case last Friday at the Federal High Court, Lagos.
In an eight-point claim, Counsel to the plaintiff, Ayo Adesanmi of Wole Olanipekun & Chambers, is seeking for a declaration nullifying the purported removal of the Stock Exchange boss, stating that the purported removal was in utter violation and breach of the provisions of Investments and Securities Act (ISA) which spelt out terms of appointment of the plaintiff and the termination of same.

Announcing the removal of the NSE boss, the Director General of SEC, Ms. Arunma Oteh, said that the Commission’s action was in line with the provisions of the ISA 2007 which according to her lays responsibility for safeguarding the interest of investors on SEC.

“Under the powers vested in the Commission by the ISA, the Commission appointed an interim administrator to manage the day to day affairs and operation of the Exchange. The interim administrator will fill this role until the conclusion of the recruitment and assumption of duty of the substantive DG of the NSE”, Oteh stated.

But Counsel to Okereke-Onyiuke is praying the Court for among others: “A declaration that the purported termination of the appointment of the plaintiff and/or her removal from office as NSE DG vide the defendant’s letters Ref. No. SEC/DG/08/03 of August 4, 2010 and Ref. No. SEC/DG/08/04 of August 5, 2010 respectively titled: Notice of Removal of the NSE DG and your removal from office of the DG of NSE was/is done without compliance with the conditions precedent stipulated and encapsulated in Sections 35(4) & (5), and 308(1) & (2) of the ISA Cap 124 Laws of the Federation of Nigeria 2007 and therefore, illegal, null and void and of no effect whatsoever and however.”

It also prayed for “A declaration that the defendant, not being the employer and/or appointor of the defendant cannot terminate the appointment of the plaintiff and/or remove her from office in any way or manner contrary or repugnant to her letter or contract of appointment with the NSE dated January 4, 1983, and that the purported removal of the plaintiff from office vide the defendant’s letters is arbitrary, bizarre, unusual, illegal, done malafide, null and void and of no effect whatsoever.”

Consequently, the plaintiff’s Counsel sought for an order setting aside the defendant’s letters of reference and an order of perpetual injunction restraining the defendant either by itself, officers, agents, servants, privies, or through any person or persons, howsoever from effecting the actions imbedded in the purported letters.

Finally, they are seeking for a sum of N3 billion as damages for the embarrassment, trauma, public ridicule, and humiliation inflicted on the plaintiff by the purported removal from office.