By Abdulwahab Isa
The Securities and Exchange Commission (SEC) yesterday confirmed receiving petition on the parlous state of finances at the Nigeria Stock Exchange (NSE) from business mogul and President of the NSE, Alhaji Aliko Dangote and assured it would make public the outcome of its investigation in to the matter.
SEC’s spokesman, Lanre Oloyi, its who stated this in a telephone chat with Peoples Daily, said the regulatory agency is on top of the matter and will come up with a public statement soon. However, Lanre was not specific on the date.
“Yes, Dangote did petition SEC on those issues but we are still investigating; but what I can assure is, SEC will make outcome of its findings known to the public. We are on top of the issue and as the regulatory agency, SEC is duty bound to verify all allegations and counter claims before drawing conclusion”, Lanre explained.
Dangote had brought to the public glare, series of issues which boarder on the poor state of finances of NSE under the leadership of Prof. Okereke-Onyiuke.
Dangote alleged that NSE was on the verge of imminent collapse as the Exchange could not comfortably honour most of its financial obligations. He claimed that the management of the exchange was even finding it difficult to pay staff salaries.
Dangote claimed in his petitioned to SEC, that the NSE under Okere-Onyiuke, is facing insolvency challenges and was dipping its hand into the Central Securities Clearing System (CSCS) accounts to borrow N900 million to support its cash deficit position.
However, the face-off rocking the top hierarchy of NSE is already taking a toll on the performance of stock listed at the exchange with prices tumbling. An investment banker who prefers his identities to be protected described the development as nauseating.
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