Forensic auditors and agents of the Economic and Financial Crimes Commission, EFCC, may swoop very soon on the Nigerian Stock Exchange. Their mission: to pore through its accounts in trace of billions of naira said to have led to its huge indebtedness under the watch of Professor Ndi Okereke-Onyuike.
Professor Ndi Okereke-Onyuike.
The whistle-blower is Aliko Dangote, Nigeria’s only billionaire on the Forbes list and a long standing council member of the Exchange.
In a petition sent to the regulatory authority, the Securities and Exchange Commission, Dangote revealed mind-boggling insights into the state of accounts of the Exchange. And he has gone further to invite the SEC to probe the accounts using the services of reputable auditors, forewarning: “If it is done, the revelation in the banking industry will be a child’s play when compared to the rot in the Exchange.â€
According to the petition, the Exchange made a gross income of N42.2 billion in four years, up till the end of 2007 when it netted a cash surplus of N9 billion.
Today, the NSE’s account is in deficit and is unable to meet its obligations to its service providers, he said.
Dangote said the NSE has an investment of N1.3 billion with associateed companies, without commensurate returns. In addition, it is delinquent in its funding of its pension scheme to the tune of N2.6 billion, N423 million out of which is said to be kept in an insurance company. The petitioner said the existence of the latter has not been verified.
Dangote also accused the NSE of dipping its hands into the money of the Central Securities Clearing System, CSCS, its sister company, to alleviate its deficit financing. N900 million of CSCS money has been taken away by NSE, Dangote revealaed.
And so bad is NSE’s financial situation that it is unable to pay the N119 million invoice of Accenture, the firm helping it to handle executive selection and trading platform selection. Accenture, consequentluy, has suspended its service to NSE. The NSE has replied.(see box).
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29 Comments
Ndi okereke will never go free, she killed so many people during her reign as transcorp chaiman. God will punish her accordingly. she manipulated transcorp and when free but God can never forgive her.
How come it is only Yoruba names that are saying bad things about Madam stock exchange for a matter that has not been investigated. Yoruba and jealousy and tribalism thats your stock in trade. as for dangote, he is a frustrated drawning man
THIS WOMAN SHOULD HAVE BEEN RETIRED, WHAT IS SHE WAITING FOR?
Not until the EFCC has carried out their investigation & the culprit brought to book i cannot jump into conclusion.But they say no smoke without fire.This could be a group of thieves fight for a lion share of their lot.
It is unfortunate that the people managing the affairs of this country are selfish and has no interest of common man at heart. Thorough investigation into this act must be conducted and appropriate sanctions meted against the offenders. Many investors are still licking their wound concerning Transcorp shares.
pls, the concerned body should look into Dangote’s report and take the necessary actions. Offences need be punished.
All those involve should all be prosecuted
Dangote for selfish reasons manipulated the shares of AP to the detriment of investors. A whooping #115billion was lost in his sharp trading activities which was perpetrated with Nova Securities. Why is he now shouting foul when he knows he going under. SEC would soon put him up for probe and he’s trying to sink the ships of crooks that sailed with him.
I’ve never liked fat in the exchange. With all the scam in transcorp, money laundering venture for obama etc, i think she should have been long disgraced out of the exchange. Her ampit stinks, in between the legs stinks more because of fat.
Let them reveal what they have been covering since all this days. We shall soon know the whole truth. Just let us wait and see….we are yet to see more revelations.
Arise O compatriot,for the purpose of setting and correction of record,ALIKO DANGOTE is not the Chairman/President of NSE,and has never been,rather he was just a member of the council.
We all knew that this ‘pull him down’ syndrome of Dangote now was as a result of his inability to be made the President of NSE.Had it been that he succeeded in his scheming,would Nigerians had heard him crying wolf or blowing the whistle?If he is so sincere and patriotic,has he bothered to think of the negative rippling effects,these rofo rofo fight will be on the Stock market.Which is just recovering from the downturn caused by the same Dangote and his cronies? Though I am not in support of any fraudulent issue in NSE or anywhere else,I’ll suggest an independent body,an Auditing Firm should audit the finance of the NSE and it is equally high time the EFCC look into Dangote’s business activities,we are all interested in knowing how he has been able to amass such billions,if not for insider trading.We are aware of his past antecedents in the manipulation of share prices.
Dangote should shut up, he is a drawning man! When the going was good did he remember to tell us. i dont even expect a man of Dangote calibre to be involved in this rofo-rofo fight and name calling, you don pass this level and should play maturly.
This unfolded revelation is the hand work of God. We have suffered so much in the hands of few disgruntled fellow citizens that has no human feelings. Well, the cat has been led out of the bag, lets see what is the strength of our EFCC, ICPC and other relevant agents going to do. By the grace of God posterity shall judge all.
A typical Nigerian system,-what you can’t have, you destroy. The country is drifting fast to a level where mere finger pointing could truncate your good name and work.It is too early to pass judgment until the NSE books are sieved through. I wonder though how such a young man ( Dangote) with no property to inherit from his ancestors could amass the wealth the song writers say he has. Maybe it is time to sieve through all books.
Dangote is a drawning man who is looking for other people to drawn with him. i thaught a man like Dangote has passed this level of rofo-rofo fight and pedestrian name calling. i didnt know that he is still a typical mallam. Why didnt you talk since or is it because you fell out with the stock exchange people. This is not maturity at all for a man of Dangote status.
The issue here is not about Dangote,it is about the substance of this petition,let the EFCC do their job and at the end Nigerians will get a better insight of the the rot or otherwise in the exchange.
If go back down memory lane we can still remember how the banking crisis began, when the whistle was first blown most people took it lightly, but as time progressed it became obvious that the mess in the industry was beyond comprehension.
The aftermath was that a lot of nigerians lost their hard earned money in the Market including myself. If the NSE had done their job properly the crisis would have been nibbed In the bud. I think it is about time to properly srutinise the Exchange to see whether they deserve our commendation or condemnation.
Kodus to Dangote for championing this noble cause
that the exchange
Na this frog faced woman own that place. Na principality and until she is removed from the scene, nothing will be achievable in Nigerian stock trading.
We once approached a Wall street electronic trading firm to set up a parallel trading exchange in Nigeria. They refused, and said until frog face is removed they know it won’t succeed.
Since this staggering revelation has come out from the Chairman/President of NSE himself, EFCC, ICPC, NPF etc should move swiftly to investigate while Okereke-Onyiuke is suspended for thorough investigation to be carried out. Her international passport should be seized and movement restricted so, she won’t abscond.
Have you read what the IG said on the Kidnapping going on in the country? “Are we the only people who face hardship in this country? When the drug trade started, the Igbos are there. When “419†(Advance fee fraud) came in, they were there and now that kidnapping is here, they are spearheading it. It is not as if they are doing it here alone, they are also doing it in South Africa, Malaysia and other European countries. From available records, virtually all the suspected kidnappers arrested across the country are Igbos. Nobody is spared. Even kidnap cases in foreign lands are carried out by our brothers, the Igbos. We have cases of kidnap in Malaysia and South Africa where the origin of the perpetrators were traced to South-east Nigeria.†IG Onovo, The Sun, 14th July 2010……Thanks for telling the truth…and now the stock exchange.
tunde, anything bad is for an igbos, yorubas are saints but time will come when we know who is who in that country, lazy people
you are very stupid man and an idiot for saying that .what has the topic at hand got to do with all this your idiotic ranting. tribalistic animal u all so forgot that this stock exchange was a rot before the igbo woman comes in and bring back public confidence into it again. you talk as if it is only the igbo man that does all those non sense you just mention. tell me one signifcant inpute or impact that any yoruba man has made toward making this country better. the igbos have people like soludo who changed our banking sector for good,the dora akunyili who rid nigeria off fake drugs and consumable good s,just to mention but few achievement of the igbos. your senior brother told us that he spent 16 billion for nepa but what we got was total black out. stupid animal continue to be jealous of the igbos and don’t think about what you will do with your useless life.monkey,ewu,mkpi,kitipka tigbue nna gi there. one single igbo man is better than all your generations put together.
Cant say anything for now. Dangote may be right ,but i cannot judge.
Professor Ndi Okereke-Onyuike and Dangote must have something to tell us on Manipulation of Shares which had made lots of people to be broke after investing so much on shares.
Dangote , dangote , dangote , you might be swept away with the tide , jeje jeje o , you don pass this level , you have been found to have compromised yourself .
Just as they gathered together so shall they scatter seven ways.
Intresting, Sanusi Lamido and CBN could not see these all this Years???
All this Years! and CBN not aware of these shams? Oka Sanusi, (please and please we reserve our missles) awaiting your comments because you are proving to us you love our country NIGERIA.
Is it because court asked him to step aside as NSE chairman that he is coming to public to open his Gworo mouth. When the going was good between him and stock exchange why didnt he make these revelations. I am not impressed that a man of Dangote calibre could descend this low just to avenge his loss of NSE council chairman because of his role in maninpulating AP share price.
I have always been skeptical of the running of the NSE. Come to think of it, Okogie. Don’t you think that all the AP manipulation and the attack on Dangote’s presidency of the NSE is because the guys cheating us at the NSE sees him as an uncompromising figure that will not tolerate such fraud. Just some thought in my little skull.
I am disappointed in Dangote, is it because court asked him to step aside as NSE chairman that he is coming to public to open his Gworo mouth. When the going was good between him and stock exchange why didnt he make these revelations. I am not impressed that a man of Dangote calibre could descend this low just to avenge his loss of NSE council chairman because of his role in maninpulating AP share price.
I think I John Ojeah has made a salient point that should be considered.
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