Madam Stock Exchange: Her Messy Last Days   

Published on August 23, 2010 by TheNEWS   ·   No Comments

Everything is in shambles in Nigeria where the leaders are always found wanting. Indeed, those holding sensitive positions strive to do things the wrong way. I am really shocked at the conduct of Prof. Ndi Okereke-Onyiuke, the Amazon at the Nigerian Stock Exchange, NSE. Based on her background and credentials, my impression over the years was that she would leave office on a glorious note. I must confess that I am disappointed at how she exited office. I thought she was above board. If those we put our trust in are always found wanting, to who then should we turn?
Tolani Jinadu,
Abeokuta.

As a close watcher of the Nigerian Stock Exchange, and considering recent happenings, I must say I was not surprised that Prof. Okereke-Onyiuke was given the boot. What may came as a surprise to most people, however, is the reasons behind the face-off between Okereke-Onyiuke and Aliko Dangote. As far as I am concerned, the altercation that brought to the open what they had been keeping secret, cannot but be connected with business concerns gone sour.
Funmi Oluwasanni,
Lagos.

I find the removal of Madam Stock-Exchange appropriate because NSE under her management failed woefully. Should Okereke-Onyiuke and others be found wanting, proper punishment should be meted out on them to serve as a deterrent to others. It might also restore the much needed confidence in those hoping to invest in the Nigerian capital market.
Femi Solarin,
Ijebu-Mushin.

I think the Federal Government has once again showed its commitment to accountability by sacking Prof. Okereke-Onyiuke. No doubt, the Nigerian Stock Exchange will experience reinforced integrity when a new head comes on board. That Okereke-Onyiuke stayed this long at NSC, I knew her hands would definitely be soiled. Therefore, I will be disappointed if she goes unpunished.
Pius Asu,
Enugu.

Prof. Okereke-Onyiuke handled affairs at the NSE as if it was her personal property. Yet, underground selling and buying of shares, leading to sharp drop in the value of shares and other underhand dealings, was the order of the day. To me, all these were indications that she would be disgraced out of office.
Niran Awoyemi,
Lokoja.

The sacking of Prof. Okereke-Onyiuke should serve as a big lesson to all those who are in leadership positions. My advice to them is to always strive to do things right, knowing that one day they may be called upon to account for their actions.
Looking back at how Madam Stock-Exchange conducted herself while in office, it was clear she never believed she would be called upon to give account of her stewardship or be sacked one day.
Emeka Okafor,
Enugu.

My opinion is that the sack of the Director-General of the Nigerian Stock Exchange, Prof. Ndidi Okereke-Onyiuke, was late in coming. She should have been booted out a long time ago. Her tenure was more of a show than anything else—she was pompous and arrogant like most of our politicians. I believe she never expected she would be disgraced out of office one day. Aside being held to account for the misappropriation of funds at NSE, she also should be probed over the money she and her cohorts raised to support Obama’s election campaign.
Efe Akpodonor,
Benin-City.

Prof. Okereke-Onyiuke cannot wash her hands clean of the corruption that led to the crash of the stock market. No doubt, she, together with her cohorts, was involved in so many shady deals while she was Director-General of the NSE. Security agencies should intensify their investigations and bring her to book.
Efe Omonode,
Warri.

I was very disappointed that the Federal Government waited until Okereke-Onyiuke’s imminent retirement before giving her the boot. Her sack ought to have come long before now. What were those in government waiting for?
Peter Imoye,
Auchi.

Prof. Ndidi  Okereke-Onyiuke deserves all that she is going through now. While she was the Director-General of the NSE, she was notorious for her profligacy. Now that it is judgment time, I do not pity her as every action begets a reaction; and in her own case, a repercussion.
Femi Olurin,
Ibadan.

Despite Prof. Okereke-Onyiuke’s undignified exit as the DG of the Nigerian Stock Exchange, it is on record that she managed the affairs of the Exchange effectively before things started nose-diving. Whether what she got at the end justifies the effort she put in to get the results she sought is another thing altogether.
Callistus Abraham.
Zaria.

One thing nobody can take away from Okereke-Onyiuke’s tenure is the fact that it witnessed some very high moments in Nigeria’s stock market before an unprecedented decline. A great number of stockbrokers and shareholders made unprecedented monetary gains during her tenure in office. I believe we are singing her downfall today because of the way the stock market crashed, leading to investors losing fortunes.
Kayode Ayodele,
Ilorin.

Aliko Dangote has simply demonstrated to all that he is a man that should not be taken for granted. That he single-handedly engineered––and with considerable ease too––the removal of Ndidi Okereke-Onyiuke, who hitherto enjoyed the reputation of being a superwoman of the stock market, thus untouchable, is no mean feat.
Emeka Nzogwu,
Aba.

To me, the removal of Ndidi Okereke-Onyiuke was hasty. The issues raised by Aliko Dangote, showcasing her shortcomings/mismanagement, should have been thoroughly investigated and deliberated upon before the drastic decision was taken. However, if it turns out that Dangote’s allegations are true, then all financial involvements of the NSE during her tenure should be subjected to serious scrutiny.
Felix Omotunde,
Ogba, Lagos.

Why did Aliko Dangote choose the period when he was being antagonised by some forces within the Nigerian Stock Exchange to come up with his so-called documentation of the rot within the NSE. After all, he is an insider and should have his own share of blame for whatever happened at NSE. We all know that he had been accused of manipulating some documents at the Exchange in the past, yet, he indicted Ndidi Okereke-Onyiuke for misappropriation as if she acted alone. I hope the matter will be revisited.
Ibrahim Dan-Musa,
Minna.

I think the last is yet to be heard on the issues that led to the sack of Madam Ndi Okereke-Onyiuke as she definitely did not act alone. Many more, including Alhaji Aliko Dangote, who was Okereke-Onyiuke’s pal, although he later blew the whistle, ought to be quizzed as well. Whatever tore the erstwhile friends apart certainly has to do with what went on at the NSE, which they both managed and mismanaged.
Zakawia Lalong,
Nasarawa.

The allegations made by Aliko Dangote against Ndidi Okereke-Onyiuke, to some people, may just be mere whistle-blowing conceived out of maliciousness. Therefore, the Securities and Exchange Commission, SEC, the regulatory authority of the capital market, should substantiate the facts and then fish out others thatwere connected with all the illicit businesses that NSE transacted. There should be no sacred cow; whoever is found guilty should face the music.
Gbenga Omotoso,
Akure.

It is expected that the Securities and Exchange Commission, SEC, being the capital market watchdog, should wade into the alleged misdeeds blown open by Aliko Dangote. I condemn the manner in which Okereke-Onyiuke was sacked without due process, thus, not giving her room for a fair hearing. This is not the best way to treat a DG who sacrificed so much in her 10-year stay as the DG of NSE.
Bimbo Adebayo,
Ibadan.

If the impression that the NSE is insolvent as painted by Aliko Dangote is anything to go by, then it is a serious dent on our stock market. For God’s sake, why do we always do things wrongly in this country? While the Nigerian stock market is yet to recover from the crisis that rocked it recently, in the middle of it all comes another reason for a possible downturn, just because some people are greedy. This definitely is a bad signal to intending investors in the country’s stock market.
George Okoli,
Enugu.

The issue of who should succeed Okereke-Onyiuke ought not have degenerated into a crisis. It’s unimaginable that 131 persons are doing everything possible to step into the shoes vacated by her. What are they looking for? They definitely are not doing all this just to serve the country. There must be something fishy they are angling for.
Ali Danlami,
Jos.

I would have had no argument with Prof. Okereke-Onyiuke’s sack if it was based on the crash of the stock market. In fact, it should have come a long time earlier. But to base it on a petition from Aliko Dangote smacks of collusion by some greedy fatcats to make a scapegoat out of her. She may not be perfect but let’s give it to her, she tried her best. And if it were not for the likes of Dangote who manipulated the stock market, she would have been preparing for her retirement in glory.
Biodun Shitta,
Iju-Lagos.

‘Abuja’s Booming Sex Business: How The Babes Trap Big Men,’
If not for prostitution, I wonder how many Nigerian girls/ladies would have survived the harsh economic situation in the country. People are complaining that Nigerian girls are going into prostitution. Where are the jobs? I wanted to work anywhere for whatever salary, but whenever I went for an interview, the perverted employer would demand for sex as a condition to employ me. The truth is that whenever a lady is employed that way, when the man gets tired of the lady and wants another victim, he would sack her and employ another lady in the same way. Men really are to blame for this madness.
Adenike Komolafe,
Lagos.

Your story on Abuja’s booming sex business and how the babes trap big men is very interesting. It shows your investigative prowess. I find it alarming that those Nigerians voted into office to turn their lives around are the very ones promoting the trade. How can a man pay as much as N250,000 for a round of sex when a great number of graduates are earning N25,000 or less a month? Those lawmakers promoting prostitution should be stoned.
Oladapo Akinyemi,
Akure.

It is obvious that Abuja prostitutes or wherever they operate from are patronised and promoted by federal legislators, top government officials and the big guns in the society. Since these people have vested interest in the trade—it provides fun for them—they will resist any move to close the business. Besides this, what will the ever increasing population of those in the trade do to earn a means of livelihood? I think the best thing to do is to recognise prostitution as a profession. This done, those in it would be expected to pay tax. The problem, however, would be how to calculate their annual income, and therefore, tax them accordingly.
Ben Okorocha,
Abuja