COURT REINSTATES DANGOTE AS NSE PRESIDENT

Alhaji Aliko Dangote has been reinstated as the
President of the Nigerian Stock Exchange following a
ruling by the Court of Appeal sitting in Lagos last
Friday.
Shareholders of Forte Oil (formerly AFrican
Petroleum) had petitioned the Federal High Court in
Lagos to remove Dangote from the Presidency of the
Nigerian Stock Exchange over an alleged
manipulation of African Petroleum shares in
collaboration with Nova Finance and Securities Ltd.
Justice Helen Ogunwumiju set aside an earlier ruling
delivered by Justice Lambo Akanbi in 2010 which
nullified the election. The Court of Appeal Justice also
set aside order rulings which nullified Dangote's
election.
Dangote was elected the 17th President of the
Nigerian Stock Exchange (NSE) in August 2009
following an unanimous decision by NSE council
members.
In reaction to the judgement, Dangote said he was
pleased with the decision of the court and would
continue with the reforms that have been
championed by Oscar Onyeama.
He said, ""You know the Securities and Exchange
Commission (SEC) had been running the NSE like it
was an agency of government. But the stock
exchange is a private exchange limited by guaranty.
"So, I will be meeting the SEC appointees on the
council of the stock exchange on Tuesday and taking
over that day."
Dangote says he will reconstitute a new council for
the Stock Exchange this week and the number of
seats for stock brokers on the council would be
increased from four to six.