NSE SHOPS FOR NEW PRESIDENT AS DANGOTE BOWS OUT

The race for who becomes the next president of The Nigerian Stock Exchange (NSE) has started.
The intrigues, controversies that usually characterise the emergence of the helmsman of the NSE are already taking place.
President/Chief Executive Officer of Dangote Group, Alhaji Aliko Dangote, the man currently in the saddle as president of NSE is expected to complete his four-year tenure in November this year.
However, the three-time Africa’s richest man award winner who rode on the storm to the office is not bowing out without controversy.
For instance, Sunday Independent gathered from competent sources at the weekend that as Dangote’s tenure as the NSE President peters out, entreaties have been made for the extension of his term as a result of the interruption arising from court’s ruling, a request which has been turned down by the Council.
Dangote was reinstated last year as President of the Council of The Nigerian Stock Exchange following a Court of Appeal ruling in his favour after the Federal High Court in Lagos in March 2010 nullified 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.
Prior to his election in 2009 as the 17th President of NSE, Dangote was the Council’s first Vice-President. He had joined the Council in February 2008 as the Chairman, Kaduna/Kano/Yola Zonal Council.
Announcing Dangote’s election, the then Director-General of the NSE, Prof. Ndi Okereke-Onyiuke, had said Dangote was elected based on a unanimous acclamation by the council members immediately after the conclusion of its 48th Annual General Meeting (AGM).
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, 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.
Competent sources said efforts are being made to compel the authorities to compensate Dangote for the period his reign was disrupted following court action, but the proposal is not immediately getting the nod of the Council.
Sunday Independent gathered that the Council insisted that his tenure should run concurrently.
Although, Dangote has brought his wealth of business exposure, contacts and goodwill to bear on the development of the stock exchange, one issue that would not be forgotten in a hurry on his assumption of office, was his decision to insist that appointments to the positions of NSE’s chief executive and other directors be advertised internationally, a move that effectively knocked off the successor plan nursed by his predecessor.
Meanwhile, the Council is shopping for a new president who is expected to emerge from the four Zones of The Nigerian Stock Exchange.
Source: Daily Independent