A Federal High Court (FHC) has voided the termination of Prof. Ndi Okereke-Onyiuke’s appointment as the Director General of the Nigerian Stock Exchange (NSE) by the Securities and Exchange Commission (SEC).

The court, presided over by Justice Mohammed Idris, held in a judgment yesterday that Okereke-Onyiuke’s sack did not only violate laid down procedure, it was "irrational, hasty, reckless and done in bad faith in contravention of the rule of natural justice."

The court held that although SEC has the powers under the Investment and Securities Act (ISA) 2007 to remove the ex-NSE’s DG, it failed to comply with the provisions of sections 34 (4) (5), 47, 48, 49 and 308 (1) and (2) of the ISA, which are mandatory provisions.

The judgment was on a suit by Okereke-Onyuike, challenging the propriety of her removal by SEC via a letter served on her on August 5 last year, a day after another letter containing allegations of malpractices against her was sent to her.

SEC has, however, objected to the court’s decision, saying it would appeal it immediately.

Justice Idris further held that in reaching its decision, the SEC breached the plaintiff’s right to fair hearing by not according her enough time to react to the allegations of malpractices made against her.

The judge said as a director in NSE, Okereke-Onyuke was, by virtue of the provision of the Companies and Allied Matters Act (CAMA), she was entitled to 14 days notice before any action could be taken against her.

The court also awarded[b] N500 million damages[/b] in favour of Okereke-Onyiuke for the humiliation and public ridicule she was subjected to by virtue of the SEC’s action. The court accused SEC of abusing its powers in relation to how it treated the plaintiff.

"It is indeed ridiculous that SEC removed Okereke-Onyiuke itself within 24 hours after directing NSE to remove her. Let me conclude by stating that our nation needs to be governed not only by the best of laws but also by the best of men.

http://www.thenationonlineng.net/2011/index.php/news/6988-court-voids-ex-nse-boss%2C-okereke-onyuike%E2%80%99s-sack.html