Court Nullifies Removal of Ndi, Awards her N500m

May 20, 2011

Ikoyi, Lagos – Justice Mohammed Idris this morning gave his decision in the case between Ndi Okereke-Onyuike and SEC/NSE at the Federal High Court, Ikoyi by describing the action of the Securities & Exchange Commission (SEC) as irrational, hasty, illegal, reckless and in bad faith. In his judgement delivered to a packed courtroom, he remarked that He “Nigeria is a country of rule of law and not of rulers”.

Justice Idris said the purported removal is therefore null and void, and of no effect whatsoever and howsoever.

He thereafter awarded Ndi Okereke-Onyuike the sum of N500m for the embarrassment arising from the action.

https://www.proshareng.com/news/13870

WHAT!!!!!!!!!!!!!!!!!!!!

There can be an appeal i guess; did he also reinstate her?

Nice one. The manner which she was sacked was disgraceful, considering she has worked the exchange for a very long period and saw the it through very tough periods. She deserves something better.

Interesting.

He thereafter awarded Ndi Okereke-Onyuike the sum of N500m for the embarrassment arising from the action.

who does the paying?

^ I think its the SEC.

see hammer.

Very nice!

I see an appeal coming!

Good. I think it was so unfair to have disgraced her out of office like that. She was a colossus and amazon who devoted all her best years to the stock exchange. Way to go.

Why was she removed?

Seun


NSE: Why Okereke-Onyiuke was removed , SEC DG
By Peter Egwuatu on AUGUST 14, 2010

The Securities and Exchange Commission, SEC, says Professor Ndi Okereke-Onyiuke was dropped as Director General of the Nigerian Stock Exchange (NSE) in the interest of the common investors.
irector General of SEC, Ms. Arunma Oteh said on NTA Weekend that the Commission intervened as a result of the crisis going at the Exchange with a view to protecting the investors and preventing the market from further damage.

“The SEC has a responsibility to protect the investing public. We are really concerned with the ordinary investor who had no big money to invest and diversify their portfolios. So it is our duty to protect the market. We had watched the scenario going at the Exchange and did not want to interfere but when it became obvious and in order not to allow the market to fail we had to stepped in”, she said.

“ The Investments and Securities Act (ISA) 2007 vests the unalloyed responsibility for safeguarding the interest of the public and protecting the investor on the Securities and Exchange Commission. The Commission has closely followed the developments in the NSE, particularly with respect to inadequate oversight of the Exchange, ongoing litigations, allegations of financial mismanagement, governance challenges, and the inordinate delays in the implementation of the succession plan for the Exchange.

In following the developments, the Commission has, at all times, carefully deliberated on the implications and ramifications of a direct intervention in the affairs of the Exchange. In this deliberation, the Commission weighed the consequences on the market of a direct intervention set against the broader goal of safeguarding the interest of the public and protecting the investor”.

Asked why it took long for the Commission to act, Oteh said, “ The Commission had previously asked the NSE to develop and implement a credible and transparent succession plan and while the NSE had made significant progress, it had unfortunately not completed the process by the deadline of 31st of July approved by the Commission despite an extension of the deadline. A key element of this succession plan was the selection and appointment of a New Chief Executive Officer (Director General) for the Exchange.

In the process prescribed by the Commission, the Exchange, through a credible and transparent process was to source candidates through open advertisement, conduct a screening process and assessment center, conduct panel interviews, and send the three topmost candidate to the Commission for screening. Only after they have been screened and cleared by the Commission, could the Exchange go ahead and extend an offer to the selected candidate.

We don’t just interfere when we have no cause to do so. It was extremely exigent for us to come in at this point in time to protect the common investors and the market in general”.

On the allegations of insolvency of the NSE by te former president of the Stock Exchange, Alhaji Aliko Dangote, the NSE D-G said the Commission might not be able to determine the the veracity of the allegations because the NSE “has not yet, as statutorily required, submitted its audited financial statements for the year 2009. A formal investigation will therefore serve to shed some light on the situation”.

Some accusations of corruption were valid especially the deal with Progenics and her being on the board. but hey, this is Nigeria, if EFCC could be beat by Ibori in an appeal court with over 100+ count charges, then anything is possible

A beg, give her the N500 million.
We are no longer in the military era where you can fire anybody anyhow.

Justice done. If she has a case of corruption, take her to court else shut up.

she does not deserve the kind of treatment SEC gave her.
I think Justice has finally prevailed.

Has CBN governor any hand in d sack? If yes d bill shd be passed to him.
We shd expect more of this, stop Sanusi if u want 2 stop this non sense.

Half a billion compensation
Can this woman adopt me?

Wasn't there a news sometime ago that she lied on her application about an experience she didn't have?

Just another reason why I won't be going back there anytime soon. What a mess.

There were always rumours of dodgy dealings with Ndi. Whether true or sponsored by her enemies, I don't know, however I personally know that she is stupendously wealthy. However, it would seem that the main reason for her sack is her beef with Dangote.

I believe they're wud be an appeal to this. Her dismissal was unfair but I doubt if she's clean.

This is a bad news for d stock market, not even at this period of low investor confidence. Agreed her removal dint follow due process but when she was sacked investors reacted positively in terms of market capitalisation and upward nse index. She had a lot of corrupt and sharp practises during her era and she wanted to turn d nse into a private company whereby she will own a major stake. Let SEC appeal or pay her off, as for me, she's greedy, and i dont want her back

unbelievable,although it wasnt fair that she was removed unceremoniously

They will appeal the ruling, it might take 5 to 10 years for the case to be properly disposed, by then if she wins, she will be placed on leave and from there asked to retire, the woman was complicit in a lot of the underhand dealings at the stock exchange. If she finally wins sha, our public officers should take legal advice before taking decisions that might have repercussions, where are they going to get the money to pay her?

it is a good judgement, but is she clean of financial impropriety? Moreso where wil NSE get that kind of money to pay her, unless they go bankrupt.

4
real

This our judiciary sef no dey help matter.

Sometime, our judiciary can be so disappointing. Ndi is highly fraudulent; the reason why banks were able to manipulate their share prices, the same way she was at the forefront of the sales of TRANSCORP(which nobody knows its position till today) shares. These misled so many people to loose their money buying those shares, while Ndi Okereke was busy making hell of money from those fraudulent acts.

God Help us.

kokogee:

Sometime, our judiciary can be so disappointing. Ndi is highly fraudulent; the reason why banks were able to manipulate their share prices, the same way she was at the forefront of the sales of TRANSCORP(which nobody knows its position till today) shares. These misled so many people to loose their money buying those shares, while Ndi Okereke was busy making hell of money from those fraudulent acts.

God Help us.

If she is fraudulent, then send EFCC or ICPC to her else shut the fu<k up! Character assassins.

Obiagu1:

If she is fraudulent, then send EFCC or ICPC to her else shut the fu<k up! Character assassins. 

If u'r not a fo.ol, u'd know that EFCC/ICPC act on instruction. I know it might be a bit difficult to convince sm1 like u who has decided to be fooolishly blind and deaf but the truth remains that EFCC/ICPC got several petitions in respect of the likes of Obj, IBB, Bankole, the CG of Customs and yet they won't do anything until GEJ instructs them.