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Nigerian Stock Exchange has a right to spend its money the way we want - ex DG, Ndi Okereke-Onyiuke
x | May 09, 2012
Speaking before the House of Representatives Committee investigating the near collapse of the Nigerian capital market, Prof. Ndi Okereke-Onyiuke, the... (3) Comment



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OMOTAYO, J. A.    Lagos, NIGERIA    May 11, 2012
Laughable disposition by Mrs. Ndi Okereke-Onyiuke and Kubowei Mukoro. First, NSE is a public entity run as a private entity. NSE falls into the same category with NNPC, CBN, SEC, River Basin Development Authority, etc. This is the reason why the head of the NSE is a DG, and is appointed by government. As a public institution, it is not a private company where the activies of the management cannot be questioned.

Second, the SEC is a government agency responsible for overseeing any purchases, sales and deals in securities. NSE deals in securities. How then can the NSE be isolated from the probing search light of the SEC?

Third, the NSE is saddled with the responsibility to attact investments into Nigeria, among other functions. But before Mrs. Okereke-Onyiuke was removed, many private companies closed down their businesses in Nigeria only to relocate them in other African countries. Was such relocation a positive or negative achievement to the NSE?

Fourth, the market capitalisation that hovered above N14 trillion crashed to just a little above N5 trillion or 35.71% of its maximum value under her management. Is it wrong to investigate the cause of such colossal amount? I think otherwise. Fifth, if being the Chairman of Transcorp simultaneously with her DG position did not manifest in her conflict of interest, why would the N2.0 million shares bought by Mr. Olusegun Obasanjo be suddenly changed to Obasanjo Farms Ltd after so much public outcry?

Mrs. Okereke-Onyiuke was among the team of economic marauders and mediocrities that came on board the Mr. Obasanjo administration. Others include Mrs. Ngozi Okonjo-Iweala (now in Mr. Goodluck Jonathan regime), Mrs. Oby Ezekwesele, Mrs. Doral Akunyili, Mr. Charles Soludo and Mr. Nasir El-Rufai. I hope to write comprehensively on these agents of economic and social disaster soon. God save Nigeria.
kayode tijani    lagos, nigeria    May 09, 2012
Nigerian Stock Exchange has a right to spend its money the way we want - ex DG, Ndi Okereke-Onyiuke - This is beautiful then Ndi Okereke-Onyiuke MUST and SHOULD allow some else to spend her personal money the way he/she wants.
Ndi Okoreke Onyuike is right. Any agrieved person who lost money in the stock exchange has the right to get a shortgun and blow her head off - it is a private affair.
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