Billionaire businessman and Vice President of the Council of the Nigeria Stock Excha-nge, Aliko Dangote is under intense pressure to resign from the council before the forthcoming Annual General Meeting of the NSE.
The AGM of the council has been fixed for August 6, during which the election of new ex-co council members is expected to take place and pave the way for Dangote to become the president of the NSE.
However, Dangote who spoke extensively to THISDAY last night denied being under pressure to resign from the NSE council, saying, “it is all rumours.”
The billionaire businessman blamed the “rumours” on the out-going president of the council, Oba Otudeko.
Sources confirmed that during a routine meeting of the council in Lagos on Monday last week, a committee of the council met and appealed to Dangote to resign.
The committee in arriving at the decision took into consideration Dangote’s status, image and position in the country and felt it would be better to appeal to him to resign rather wait till August during the AGM when the council might vote on his eligibility to become the president of the NSE on moral and ethical grounds.
The decision, it was gathered, might have been taken by the council as a result of the market’s perception of Dangote’s alleged role in the price manipulation of African Petroleum Plc’s shares early in the year.
It was also gathered that the pressure on Dangote to resign is the fallout of a tussle over who should take over from Otudeko when his tenure expires on August 6.
But Dangote explained that right from the time he became a council member of the NSE, Otudeko had always fielded candidates against him and is capitalising on the opportunity presented by the upcoming election to back another candidate against him (Dangote) again.
“For instance, during the election for the presidency of the Northern Zone of the NSE, he fielded Abdullahi Mahmoud, a director of Nigerian Flour Mills Plc and also one of my company’s director against me.
“However, during the election, Mahmoud got two votes, while I got over 20 votes, which enabled me to become the president of the Northern Zone.”
According to Dangote, Otudeko wants to maintain his stranglehold on the stock exchange by putting a candidate that would do his bidding when he (Otudeko) steps down next month.
“This is all about the demutualisation of the NSE. He (Otudeko) is the chairman of the demutualisation committee which is not right and he wants to retain that position.
“Ideally the chairman of the demutualisation committee should be an outsider to prevent a conflict of interest from arising because it entails making the stock exchange a quoted company,” Dangote said.
Demutualisation is the process of changing a mutual or cooperative association into a public company by converting the interests of members into shareholdings, which can then be traded on the exchange.
The council of the NSE last year said NSE would be demutualised to become a quoted company by 2010.
Dangote further revealed that the presidency of the NSE has been zoned to the Kaduna-Kano section of the North, which makes him the natural candidate to secure the post.
“But Otudeko wants to see someone else emerging, possibly Dr. Umaru Mutallab, the current chairman of First Bank of Nigeria Plc, which is unfortunate given that the man is 69 years old and is a retired council member.”
The presidency, which should naturally go to Dangote, as has been the tradition in previous transitions, has suddenly become the subject of dispute because of Otudeko’s alleged reservations about a Dangote presidency.
Already, a possible candidate could be Bello Maccido, cousin of the Sultan of Sokoto and a council member of the stock exchange.
However, the possibility of him becoming the president has been dismissed on the grounds that he hails from Sokoto State which does not fall under the section of the North that should produce the president.
But a dealing council member who spoke off the record said that the constitution of the stock exchange requires voting when certain matters arise, “so if Dangote remains obstinate then the entire council will have to take a vote on his eligibility, or lack thereof, to become the president of the NSE.”
He explained that this is a call by the owners and council of the stock exchange, “however, members shall continue to persuade him to do what is right.”
On whether the Kaduna-Kano axis would lose the presidency if Dangote decides to step down, the council member explained that the axis can field an alternative candidate from the Kaduna-Kano zone who “does not have to be a coundil member as long as he meets the qualifications and stature necessary to assume the position.”

Only in Naija can an inside-trader like Dangote sit atop the NSE. The negro would be in jail in any self-respecting country.

'anything can happen' indeed.

The Nigerian Stock Exchange Council: The New Leadership Emerges

Dangote becomes 17th President of the NSE

Lagos, Nigeria, August 6, 2009 1340hrs: The Nigerian Stock Exchange successfully held its 48th Annual General Meeting at a well attended event where all the past presidents and distinguished members of the investment community and dealer members showed the clearest indication of their determination to move the market forward.

Dr. Oba Otudeko, OFR, the outgoing President of the council of the stock exchange conducted a flawless meeting which proshare streamed live from the venue - http://www.proshareng.com/newsletter/avp.php

At the end of the day, the following officers were appointed to lead the council of the Nigerian Stock Exchange:

1. Alhaji Aliko Dangote, CON former 1st Vice President now becomes the President

2. Chief Reginald Abbey-Hart,JP, former 2nd Vice President now becomes the 1st Vice President

3. Dr. Erastus B. O. Akingbola, MON, former Chairman of the Lagos/Ibadan Branch/Zone now becomes the 2nd Vice President

At the AGM, the outgoing president commended the role played by the Director General/CEO of the Nigerian Stock Exchange; Prof. (Mrs) Ndi Okereke-Onyiuke, PhD, OON in stabilising the markets during the difficult times it is in,

contd, https://www.nairaland.com/nigeria/topic-306488.0.html

knzguru:

The Nigerian Stock Exchange Council: The New Leadership Emerges

Dangote becomes 17th President of the NSE
Lagos, Nigeria, August 6, 2009 1340hrs: The Nigerian Stock Exchange successfully held its 48th Annual General Meeting at a well attended event where all the past presidents and distinguished members of the investment community and dealer members showed the clearest indication of their determination to move the market forward.

Dr. Oba Otudeko, OFR, the outgoing President of the council of the stock exchange conducted a flawless meeting which proshare streamed live from the venue - http://www.proshareng.com/newsletter/avp.php

At the end of the day, the following officers were appointed to lead the council of the Nigerian Stock Exchange:

1. Alhaji Aliko Dangote, CON former 1st Vice President now becomes the President

2. Chief Reginald Abbey-Hart,JP, former 2nd Vice President now becomes the 1st Vice President

3. Dr. Erastus B. O. Akingbola, MON, former Chairman of the Lagos/Ibadan Branch/Zone now becomes the 2nd Vice President

At the AGM, the outgoing president commended the role played by the Director General/CEO of the Nigerian Stock Exchange; Prof. (Mrs) Ndi Okereke-Onyiuke, PhD, OON in stabilising the markets during the difficult times it is in,

contd, https://www.nairaland.com/nigeria/topic-306488.0.html

Naija for life!