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Ndidi Okereke–Onyiuke, Former Stock Exchange Boss Defends Allegation of Spending N186Million on 165 Rolex Wrist Watches

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The accounts of the former Director-General of the Nigerian Stock Exchange, Mrs. Ndidi Okereke– Onyiuke, and the Director-General of the Securities and Exchange CommissionDr. Arunma Oteh over the events that led to the near collapse of the Nigerian Stock Market have continued to yield stunning revelations.

While giving accounts at the resumed hearing of the House of Representative ad-hoc committee probing the near collapse of the capital market on Monday 7th May, 2012, Dr. Oteh blamed financial schemes and misappropriation of funds by former council members of the Nigerian Stock Exchange (NSE) as the main reasons.

She noted that the former council members carried out fraudulent transactions which includes the purchase of N186 million worth of wristwatches without proper accounts and a yacht for N39 million.

Speaking about the NSE, she said “it was brought to my attention that there were incidences of financial scheming, misappropriation, false accounting, misrepresentations, and questionable transactions”.

“For instance, the council of the Nigeria stock Exchange bought a yacht for N37 million and wrote down the book value within one year by recognizing it in its books as a gift presented during its 2008 long service award” she alleged.

“Yet there are no record of the beneficiary,” she added.

Dr. Oteh also alleged that the council of the stock exchange also spent N186 million on the purchase of 165 Rolex wrist watches, as gift for awardees out of which only 73 were actually presented to the awardees. “The outstanding 92 Rolex watches valued at N99.5 million remained unaccounted for.”

“These were the kind of financial imprudence that were perpetrated at the Nigerian stock exchange,” Ms Oteh said.

However, defending the allegations yesterday before the panel, Okereke– Onyiuke explained that the watches were bought for awardees who had spent 48 years in the Stock Exchange.

According to her, the expenditure was approved at the Annual General Meeting of the NSE, after it had also adopted the audited accounts of the organisation.

Okereke-Onyiuke, therefore, described the allegation as “pure fabrication to support the illegality of the invasion of the NSE by SEC in August 2010.”

“So, it was shocking to me when people came to talk to the committee about issues that were purely private. It was all to justify the illegal invasion of the NSE by armed policemen from SEC,” she added.

Oteh had during her presentation to the committee on Monday, alleged that the NSE council, under Okereke-Onyiuke’s leadership, misappropriated over N1.5bn.

While responding to this, Okereke-Onyiuke explained that the money was generated from “fees”, which the shareholders agreed to spend on hosting the NSE 48th anniversary.

“It is not anybody’s money; the stock exchange doesn’t take public funds. This is a private organization that makes money from operating fees and bonuses. You don’t ask somebody, how do you spend your money? We didn’t steal anybody’s money,” she stated.

Commenting on why the market crashed in 2009, Okereke-Onyuike blamed it primarily on the crisis in the banking industry.

“The banks controlled 60 per cent of quoted securities; so when they had a problem, it affected the market. No other quoted companies had a problem,” she told the panel.

Also, speaking on how to revive the capital market, she suggested a bailout by the Federal Government just as it did for the banking sector.

Oteh, who was supposed to appear before the panel yesterday didn’t, but instead sent a letter asking for permission to attend to other issues. She was therefore not present to respond to Okereke-Onyiuke’s defence.

News Source: Channels TV | Punch

Adeola Adeyemo is a graduate of Industrial Relations and Personnel Management from University of Lagos. However, her passion is writing and she worked as a reporter with NEXT Newspaper. She believes that anything can be written about; anything can be a story depending on the angle it is seen from and the writer's imagination. When she is not writing news or feature articles, she slips into her fantasies and creates interesting fiction pieces. She blogs at www.deolascope.blogspot.com

39 Comments

  1. Miss Pepeye

    May 9, 2012 at 7:06 am

    N186 million naira which has basically gone to supporting the Swiss economy (abi what brand is Rolex?) and which if it had been wisely spent on the healthcare sector, there wouldnt have been need to fly people like Member Feese out for better care and also enable millions of other Nigerians get access to drugs etc, better public schools and so on. Naija en,………. kai!!!!!!

  2. faith

    May 9, 2012 at 7:48 am

    speachless thats how this makes me feel…let them keepon opening thier currupt activities…

  3. Berennyz

    May 9, 2012 at 7:50 am

    financial recklessness by executives never ceases to amaze me. “It is not anybody’s money;… You don’t ask somebody, how do you spend your money? We didn’t steal anybody’s money,” so why the explanation if nobody’s money was stolen. like it was manna from the skies abi?

  4. show some love

    May 9, 2012 at 8:00 am

    Just too sad

  5. Gidi

    May 9, 2012 at 8:09 am

    I am not interested in this case (I am generally tired of the looting stories in Naija. Different movies with same ending). However, i have a lot of time for this Atunma Otteh. Lady is hot for dayzzzzzz. Very natural and blessed by God with curvy endowments. I can listen to her all day.
    As for Ndi-Okereke, it would have mae sense if she embezzled money and used it for gastric by-pass surgery. Her morbid obesity is worrying.

    • Ephee

      May 9, 2012 at 9:01 am

      Gidi haba!!! u get mouth o

    • Gidi

      May 9, 2012 at 10:32 am

      sorry for the typos. I was busy watching Miss Arunma Otteh (obviously not that passport at the top of this page) on TV while typing.

  6. truthhurts

    May 9, 2012 at 9:02 am

    Am jst more dissapointed dat its a woman datz spear-heading dis kind of reckless spending.. Women in power are suppose 2 help noture the nature’s economy and make sure its allocated 2 more reasonable use like children and healthcare and nt on WRISTWATCHES.smh. God is definitely watching!!!!!

  7. Africhic

    May 9, 2012 at 9:08 am

    I know that Bella Naija wants to be taken as a serious site, however i miss the wedding stories 🙁

  8. eesha

    May 9, 2012 at 9:26 am

    See the way they are referring to billions and hundreds of millions as if they are talking about sachets of pure water. #GodisWatchinguin3D

  9. TessySays

    May 9, 2012 at 9:40 am

    Ndi Okereke is a disgrace! She does not even answer the main question – Why did you buy 186 watches when only 73 people received awards. I swear for people who steal money from Nigeria and I swear for their families

  10. christy

    May 9, 2012 at 9:46 am

    I miss my style section more. [email protected] gastric by- pass surgrey,even d face too,or d whole body.even if a story is bored,d comments doesn’t disappoint,will laugh all day for Gidi hilarious comment.

  11. prijes

    May 9, 2012 at 10:02 am

    See spending.

  12. LPS

    May 9, 2012 at 10:09 am

    God is Watching you!

  13. oteh

    May 9, 2012 at 10:23 am

    personally i think the women in power steal a whole lot than the men
    its so crazy how they just go there and steal like bastards
    God is watching

  14. Chynadollng

    May 9, 2012 at 10:28 am

    Gidi Gidi Gidi..i am LI3D(Laughing in 3D)
    ur mouth is too much#iSalute

  15. kimbim

    May 9, 2012 at 10:31 am

    fat OLE!!!!

  16. onyx

    May 9, 2012 at 10:34 am

    Its a daily circus now in 9ja. A new form of entertainment to ease the pressure of everyday life in this pre-hell called 9ja. I mean, how long do we continue like dis to hear ridiculous sums of money thrown away and the incompetent buffons in the senate sit and probe like they’re gonna do something when we all know these thieves will go scot free after the ‘probes’. Can’t wait for this episode to end so we move on to the next one. Happy viewing

  17. nkelly

    May 9, 2012 at 10:45 am

    Imagine how shes defending their frivolities, must you give them gold rolex wrist watches? Am surprised that a woman and mother for that matter and come out in piublic and defend this, when the average man on the street cant eat.

  18. Mystique

    May 9, 2012 at 11:19 am

    First of all, @ Gidi, the topic of discussion is not at bodily beauty but @ official brains aπϑ service activities.
    As ƒör Dr Otuh, Ʋ‎​ R MY HEROINE.
    Keep up the good works aπϑ pave the right paths ƒör the young, aπϑ ambitious ones like me. Mwuaah!

    • Gidi

      May 9, 2012 at 11:39 am

      Can you type in simple English? Something mere mortals like us can decipher.
      Thank you.

  19. tinu

    May 9, 2012 at 11:44 am

    Thankthanks africhi for reminding Bella naija of what they r good at.Bella ur site usually cool off my head but now u r featuring all this bad new,pls kindly leave d sad news to other site.I luv coolin off on ur site.p

    • jonz

      May 9, 2012 at 1:19 pm

      My country is falling apart and you are there talking cool off.

  20. Jivey Ivy

    May 9, 2012 at 12:04 pm

    Quite frankly i pray we see light at the end of this unending saga over “collapse of capital markets” . Dr Ndi has seriously let Nigeria down i thought she was above petty stealing :(. Moreover shouldnt we be concentrating on the “future of the capital markets”. All this shit slinging better amount to something oh.

  21. Priscy

    May 9, 2012 at 12:18 pm

    Thank God…..cant wait for the wedding pictures joor, all dis corruption in Nigeria is tiring

  22. alexgute

    May 9, 2012 at 12:29 pm

    Am jst so sure dat sumday soon or later,d wave of nigerian revolution wld sweep off dis God-forsaken glutonic idiots dat hav deprived our generations frm a naija of our dreams

  23. FinancialReturnOnInvestment

    May 9, 2012 at 12:49 pm

    to catch a thief you dont hold the thief at the elbow but at the wrist. all i can see is wild allegations; ok 1.4trillion was misappropriated and rolex watches given out but during which finacial accounting period??? watches can be given out appropriately if this has been pre determined and agreed upon at the AGM like it was pointed out in the article so no offence committed as per good accounting practice. also this watches were given out in 2008 just when the recession surfaced for many years of service so as per timing its understandable as no one knew at the time the severity of the recession. its claimed 1 trillion was misappropriated; when and how? has an audit been undertaken on the books of the NSE? not until an audit has shown irregularities with the misappropriation of funds can the directors be held accountable.

    • Baby Dee

      May 9, 2012 at 3:36 pm

      Are you seriously kidding me? The issue is not “why should Rolex watches be given out”, it is about “Why were funds paid out for 165 watches yet on 73 were given out? So what happened to the other 92 valued at N99.5 Million?” Besides, if there was no audit done, how would the information above had suffaced and how would Dr. Otteh be able to make the allegations about misappropriation of funds. This has been an ongoing probe for a few weeks now and obviously this article does not contain every detail of the issue at hand but just a synopsis.
      Abeg if you have nothing better to do, go and figure out how to continue yielding an interest on your investments!.
      And for those complaining about this being boring or would rather prefer the wedding stories, i cannot but shake my head at your shallowness. When it’s time to party, please party hard, but when it’s time to be serious then damn it, get serious!

  24. Duchess

    May 9, 2012 at 1:03 pm

    @gidi..ROTFL at ur comments…1.5bn on 48th anniversary? wat on earth did they eat? Gucci beans? and she said they didnt steal anybody’s money ba? i wonder wat will be an appropriate punishment for her? demoralizing citizens….so of all the gifts they could present, it was Rolex wristwatches they could get that cost 186million when people are dying everyday in this country of malaria, hunger n other illnesses, when children are malnourished, doctors and teachers are not paid, no electricity etc…..#Godiswatchingthem#

  25. D!D!

    May 9, 2012 at 1:38 pm

    Ah! the Buffalo isn’t even scared of us oh! Isn’t that a rolex she’s spotting there? N186 mill. Really sad *smh*

  26. Ndidi

    May 9, 2012 at 2:19 pm

    First a deep breath. Now a question: Nigeria has a stock exchange where people and companies (national and international) can buy stocks and invest in Nigerian companies? Buy investing in stocks people are trying to provide for retirement, college and have life-savings to pass on to their children/grandchildren. Okay, another deep breath…. So. Why. Would. This. Not. Be. A. Crisis. If. It. Led. To. The. Collapse. Of. The. Nigerian. Stock. Market? For Nigeria to be viable in the world, it must have both national and international infusion of monies to support its business infrastructures. It is bad enough that Nigerians have a reputation as 419ers, but that the Director-General of the NSE and the Director-General of the SEC which is supposed to oversee the NSE are engaged in this kind of back & forth, is so embarrassing. Really, maybe we should just stop pretending to be a nation.

  27. babe

    May 9, 2012 at 2:56 pm

    Fat Thief

  28. colourfulbutterfly

    May 9, 2012 at 3:03 pm

    please jor
    i want a submariner, a skydweller, a datejust and anything by Rolex.
    She should have spent the money on Patek Phillipe’s

  29. Jess

    May 9, 2012 at 4:17 pm

    Man I don’t even know anymore, this country is so somehow. We need help.

  30. tbe boss

    May 9, 2012 at 4:43 pm

    this is quite shameful. but am not surprised at the revealations. the woman has a terrible past. when she was a director in the now failed CCBank, she borrowed money and refused to pay till date. she wanted the NSE to go the way of the bank

  31. Rabina

    May 9, 2012 at 7:16 pm

    Reading Gidi’s comments bought a smile to my face today- yes o, Oteh is one hell of a handsome woman, lol. That said, when did she acquire the title, dr? I thought she only stopped at an MBA from Harvard or did she ‘ashieve’ a PhD?

  32. Anon..

    May 11, 2012 at 6:38 am

    Nigeria!!!! When shall thou wake up? When? I am so tired of reading all this sad stories about Nigeria. I wonder when development will come to this Nation…Smh… You see why we can never be taken seriously? Later you guys will say bla bla about how NGO did not win the World Bank Presidency bid…This is part of WHY.

  33. failedgovernment

    May 11, 2012 at 7:08 pm

    Not impressed. The government is playing mind game with us. It’s the same thing nonsense. Of all the people they have questioned, all of them are still walking around, still enjoying the stolen money. Not of them actually paid the price for the bad action.

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