What Do You Think about Aliko Dangote’s Reinstatement as President of the Nigerian Stock Exchange?

Alhaji Aliko Dangote, founder and President of Dangote Group is expected to resume duty today as President of the Nigerian Stock Exchange (NSE).

Following the Court of Appeal ruling, last weekend, upholding his reinstatement, Dangote is expected to take over from Mallam Ballama Manu, who has been the Interim President of the Council since August 5, 2010 when SEC intervened in the running of Exchange.

Prior to his election in 2009, Dangote was the Council’s first Vice-President. He joined the Council in February 2008 as the Chairman, Kaduna/Kano/Yola Zonal Council.

It would be recalled that Dangote was elected the 17th President of the NSE in August 2009.

However, Dangote’s election was nullified by the Federal High Court in Lagos in March 2010 following the application to the court by some shareholders of African Petroleum Plc (now Forte Oil Plc), who had sued him over alleged manipulation of AP shares. But Dangote challenged the suit and filed appeals which were upheld by the Appeal Court presided over by Justice Helen Ogunwumiju last Friday.

One of Dangote’s lawyers, Mrs. Folashade Sowemimo, said they had been vindicated by the rulings, adding that the rulings had reaffirmed her belief in the country’s judicial process.

“In 2010 when his election was nullified by the Federal High Court, we had said he would appeal and that Alhaji Aliko Dangote believes in the judicial system and he would eventually be vindicated. You can see that at the end of the day, we have been vindicated. I am happy with the judgement of the Court of Appeal. What has happened has simply reaffirmed my belief in the country’s judicial process,” she said.

Reacting to the judgement, Dangote said that he was very happy with the ruling, as it had vindicated his position all along that he should not have been removed as President of the Stock Exchange’s Council.

He said his first priority would be to continue with the reforms started by the present NSE Director-General, Oscar Onyema, improve governance and transparency, and restore confidence in the market.

“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,” he said.

Former Presidents of the Nigerian Stock Exchange include Dr. Bayo Kuku, Mr. Pascal Dozie, Mr. Goodie Ibru and Alhaji Abdul Rasaq.

Dangote is also one of the members of the Federal Government’s Economic Management Team and led the National Committee on Job Creation among several national appointments.

What do you think about his appointment and reinstatement as President of the Nigerian Stock Exchange?

Please share your thoughts.

News Source: Thisday

20 Comments on What Do You Think about Aliko Dangote’s Reinstatement as President of the Nigerian Stock Exchange?
  • faith June 19, 2012 at 7:25 am

    Can’t say…let’s watch n see….I used τ̅☺ think dat putting rich guys as head was one solution τ̅☺ naija’s numerous problems until Rochas(gov of IMO state) disappointed me.

  • christy June 19, 2012 at 7:34 am

    OMG,this is strange to me! I ve never really see him speak English

  • Amina June 19, 2012 at 7:45 am

    What Aliko wants, Aliko gets!

  • guest June 19, 2012 at 8:48 am

    who cares!, will his reinstatement as the president of NSE bring forth positive and meaningful results. This is just politics, there are qualified people out there who are well experienced. He is just “jack of all trades”.

  • ike bass June 19, 2012 at 9:23 am

    I do not like the idea a bit, he is one of the biggest player in the stock exchange……why not to a neutral person, must he be the person.

  • pynk June 19, 2012 at 10:28 am

    Oh boy Femi Otedola must be rolling over and over! Femi how many battles at once?

  • i no send June 19, 2012 at 12:07 pm

    who cares….

  • omoibo June 19, 2012 at 12:26 pm

    HUGE conflict of fiduciary interest, he’s combined companies shares listed on the NSE exchange makes up a goo amount of the shares traded. Guys please remember this is 9ja we are talking about here, who’s to say he couldn’t manipulate the NSE in favor of Dangote shares? Like Sharie from the real house-wives of Atlanta would say “who gonna check me?”

  • S June 19, 2012 at 1:20 pm

    lol, can’t stop laughing.
    I’ve never really “see” you speak English either Christy, LMBO

  • Abs June 19, 2012 at 2:14 pm

    If his companies are listed on the stock which i expect they are then this will be a massive case of conflict of interest. He’s sure to have a first hand insider info. These kind of positions are better left to the technocrats. http://www.abadawoode.blogspot.com

    • QJ June 19, 2012 at 3:06 pm

      True and intelligent analysis

  • Yusuf. June 19, 2012 at 6:15 pm

    I think its good to be honest,for me i dont really care may be him or somebody else,in fact that is not the only problem Nigerians is facing.

  • Beeci June 19, 2012 at 6:48 pm

    Extreme case of conflict of interest!

  • Sandi June 20, 2012 at 1:47 am

    Good luck finding someone whose shares doesn’t trade on the NSE to head the NSE. Which qualified people don’t have shares trading on the NSE? I know it sounds like it should be that way, but if the person doesn’t have shares in the NSE, I doubt that person knows much about how the NSE works and is to be run. The SEC’s job is to check behind me.

  • Valleri June 20, 2012 at 7:54 am

    Any neutral person would be working on ideas which may not work. He has played ball on a large field and he obviously knows what he’s doing because he has about 3billion dollars to prove it. I’m happy

  • Anon June 21, 2012 at 3:42 am

    Why would the richest man in Africa be the president of NSE? Do you see Bill Gates heading NYSE (New York Stock Exchange). The issue isn’t that he has shares in NSE but it is about the quantity of shares. He is the richest man in Africa (in case you missed it the first time). I can only imagine the amount of insider trading that will go on. And we all know that NO ONE in Nigeria does what’s good for the people. After all, there are no consequences when the rich are dishonest but a poor man who steals is a dead man. Anyway, I digress. Why isn’t someone like Ngozi Okonjo brought on as president of NSE? She’s not completely interested in filling her pockets. I imagine she will try to do what is right for all Nigerians.

  • David Mensah August 27, 2012 at 3:06 pm

    There is NO conflict of interest,Governance , Transparency, Confidence, etc are now his responsibility to spear head within the exchange . Actual price sensitive information for the trading of stocks have NOT become more of an issue here- besides all trades associated to those in privileged positions ( and others) are monitored i.e SEC, insider trading, etc. Summary – nothing to worry about!

  • Jesus is lord September 5, 2012 at 6:32 pm

    He deserve the reinstatement.

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