Inadequacies at Nigeria Forex:Dangote, Okereke sacked from stock Exchange

Ndidi Okere, given the boot
Ndidi Okere, given the boot

The Director-General of the Nigerian Stock Exchange, Ndidi Okereke-Onyuike, has been fired.

Her sack was announced in a statement signed by the Assistant Director/Head Media of the Commission, Lanre Oloyi.

The statement also announced the removal of the President of the Commission, Aliko Dangote.

Mr. Oloyi, in the statement, said the decision was taken in response to “the developments in the Nigeria Stock Exchange, particularly with respect to inadequate oversight of the Exchange, ongoing litigation, allegations of financial mismanagement, governance challenges, and the inordinate delays in the implementation of the succession plan for the Exchange.”

Mr. Dangote had on Tuesday accused the Director-General of mismanaging N11 billion which led operators in the capital market to protest her continued stay in office.

In a petition to the Director General of the Securities and Exchange Commission, Arunma Oteh, Mr Dangote had urged the regulatory authority to investigate irregularities in the accounts and finances of the NSE.

Aliko Dangote
Aliko Dangote

Mr. Oloyi said that “given the gravity of the allegations around financial mismanagement of the Exchange, the Commission has also directed the conduct of an independent investigation into the allegations.”

According to the statement, the affairs of the Exchange will be managed by an interim administrator appointed by the Commission pending the selection of a new Director General.

Source: Next