Drama, drama, drama! How many of you saw it on TV yesterday? There's an on-going investigation by the Federal House of Representatives Ad hoc Committee into the bad state of the Nigerian Capital Market. Yesterday, former DG of the Nigerian Stock Exchange (NSE), Prof. Ndidi Okereke-Onyuike, was called to testify before the committee and she branded the intervention of the Security and Exchange Commission (SEC) in the affairs of the NSE since 2009 as a plot to cover up its illegalities.
She also described allegations leveled against her by SEC DG, Ms. Arumah Oteh, of mismanaging about N1 trillion, as frivolous. Now SEC has sent out a press release to refute some of Mrs Okereke-Onyuike claims at the public hearing yesterday. Read it after the cut...
SEC Nigeria Refutes Ndi Okereke - Onyiuke's claims at public hearing on 'Near Collapse of the Nigerian Capital Markets'
A number of the claims made by the removed Director General of the Nigerian Stock Exchange in the course of proceedings at today’s Public Hearing were downright false and deserve quick refutation and rebuttal so that the investing and general publics as well as the public records do not retain such falsification.
On the May 20, 2011 judgment of Justice Idris Mohammed of a Lagos High Court, Onyiuke claimed that the SEC only appealed the award of N500m to Okereke – Onyiuke in damages.
This is entirely false because the appeal filed by the SEC was against the entire judgment. The appeal challenged both the substantive judgment as well as the award of =N=500m which was not sought for by Okereke – Onyiuke. Given the fact of this appeal therefore, her claim to being the DG of the NSE is clearly false
She also claimed that the SEC and CBN approved what she called the “Offer Prospectus” for “Private Placements” which have remained unlisted on the NSE. This again is entirely incorrect. At no time did the SEC ever approve offer documents for vendors of private placements. We decry this recourse to deliberate falsification of facts by Okere – Onyiuke under oath. We invite her to deposit proof of this fabrication in the public domain. As a matter of fact, the SEC had placed a number of “buyer beware” advertorials in key national daily newspapers advising the investing public that private placements were beyond the regulatory purview of the SEC.
The point she deliberately refused to make is that Public companies also make private placements for which the SEC must approve as opposed to private placements by private companies.
This deliberate lie was consciously fabricated by Okereke – Onyiuke to hoodwink the general public to the wrong conclusion that the SEC Nigeria was negligent in discharging its regulatory functions in the capital markets.
She also sensationally claimed that the SEC was not performing its market development responsibility. Nothing can be farther from the truth. The Subcommittee system which has been revitalized by the SEC is a market – wide development initiative which is intended to confront all areas of deficiency in the market. The recent investor outreaches in Sokoto, Port Harcourt and Kano as well as ongoing capital market awareness programmes in secondary schools and universities, and market wide capacity building in collaboration with sister regulatory agencies and multilateral financial institutions, are all instances of market development effort undertaken by the SEC.
On the NSE’s trading platform, all her claims were false. It is within the forte of the NSE to offer a detailed refutation of these. What is material for us, from a regulatory point of view, is that appropriate machinery has been set in motion to overcome the challenges posed by the platform bequeathed by Okereke – Onyiuke through wholesale replacement. Contrary to the misinformation offered by her, the platform has a lifespan which lapsed in December 2011. It is not a renewable or upgradable technology like she claimed.
But more significantly, Okereke – Onyiuke, before her removal, had initiated the process of acquiring a loan of 20 million US Dollars from African Export – Import Bank, AFREXIM Bank for replacing the NSE trading platform. This is the same platform that the current leadership of the NSE has concluded arrangements to procure from the same supplier at 10 million US Dollars!
On succession planning, Okereke – Onyiuke claimed that she had a succession plan in place. Contrary to this, it is common knowledge that she kept vacillating on succession and delaying her exit despite having spent 10 years in office as Director General and 26 years in the employment of the NSE in senior managerial cadre. The SEC intervention was the only way to cut short her reluctance. It was the only to put paid to the regime of unaccountability and financial recklessness which she had instituted to the point that the exchange was on the verge of bankrupt.
39 comments:
Professor who? Ndi and her fake degrees. The battle of OBJ or is it GEJ's women.
God save from these women hands, i̶̲̥̅̊ didnt even know our women steal more than our men. See Ǻƪƪ the money way d̶̲̥̅̊ε̲̣̣̣̥γ̲̣̣̥ call Fø̲̣̣я̅ Ђε̲̣̣̣̥rε̲̣̣̣̥......mstchewwwww....
hehehehe... guess she is wearing one of dem rolex watches *smh*
Oteh assumed office after the crash in stock market. Prof. Ndidi Okereke-Onyiuke should be arrested for financial mismanagement during her tenure as head of NSE. Okereke-Onyiuke is always involved in controversies.She had a problem with Dangote and later was accused of collecting donations for Obama election.
Reps panel on the other hand are like kettle calling kettle black. They have no integrity. Majority of them are there for their own pocket and not for the development of Nigeria.
Definitely the truth, and the real truth is yet to be exposed by the women GLADIATORS !
See her winch face as ebe. Chopping money can never change ugliness. Tufiakwa!!!
I find it weird that most of these "powerful" Naija women always hypen their maiden name including their hubby's name.
Ngozi Okonjo-Iweala...Ndidi Okereke-Onyiuke...
If I'm the husband, bitch berra decide who she married. Her papa or me! Nonsense!
Ndidi Okereke-Onyiuke is a fat fool! This is one of Nigerian tragedies. A thief put in charge of people's money. This is the same woman conducting a "Fund raiser" for USA President Obama in Lagos, Nigeria! Imagine that. Ndidi Okereke-Onyiuke, Soludo and the banks CEOs messed up Nigeria's financial sectors. These people should have locked and never to be heard from again.I alaways get mad whenever i see Okereke-Onyiuke's ugly face and body. Fucking Pen robbers.
I guess that's one of the contentious bling bling ROLEX wrist watches glittering there...smh!!!
I guess that's one of the contentious bling bling ROLEX wrist watches glittering somewhere there...smh!!!
No be dis woman say;y some of u went to Havard to learn i went dere to teach.its alright.
See her face,fine she no fine...ole buruku,ibu onye oshi *in psquare's voice*
hehehehe... the watch on her wrist looks like one of dem rolex watches she purportedly purchased for 180 something mil... smh
The actions two women suggests that neither of their hands is clean! They are both bloody rogues; a disgrace to womanhood........Ndi Okereke nah Rolex freak. I have never seen her ever without putting on an expensive rolex wristwatch and different jewelries. With all these expensive accessories she looks like a beast....#Godforgivemychoiceofwords#.
She not only succeeded in wrecking the stock exchange but illegally enriching herself and her cohorts or cartel.....the like of Aliko Dangote, Oba Otudeko etc.
Mrs Arunma Oteh isn't any better spending several millions of naira just eating in a country were a millions of graduates are unemployed! #Godiswatching# I pity all our leaders that have plundered this country; a divine revolution is around the corner.......make dem continue their days are numbered!
This Tafa Balogun look-alike with a monstrous appetite for all things not hers.Madam,even d head of witches has expiry date before God!
Ndi please do something about your eyebrows. They are appalling!
How is a probe of the in-fighting within SEC in recent times connected to the crash of the Nigerian stock market in 2008?
No system is ever changed without casualties,the old will always fight the new. Please can we focus on the issues.
I seriously don't know whether this is the right platform to discuss these issues.. and Linda you would have stated Ndi's claims verbatim rather than just saying SEC's side of the story.
From my little knowledge of the capital market, SEC's intervention only worsened matters, and what we have here is a power tussle by two organisations trying to seek relevance.
From my little knowledge as a partaker in this market, SEC is a redundant and very incompetent regulatory authority, which is yet to come to grasp with its real purpose in the financial markets. They should take a cue from the likes of PENCOM and now NAICOM, CBN sef don dey try small small in the eyes of the operators.
I know Ndi had her excesses, but you don't use illegality to fight illegality. And has she proved yesterday, NSE is private company, limited by guarantee (people should read before they talk). NSE's profits are not shared like a normal company, so all the allegations of sharing money is unfounded, because how would they have shared their windfall.
Secondly, the NSE is a company made up of stockbrokers, by stockbrokers, for stockbrokers... its functions is to ensure the mutual trading platform which would ensure that its members investment objectives are met is running optimally. If SEC can prove that that function wasn't being met, then they have something to say. Because if you ask any stockbroker, NSE wasn't the real reason for the slump in our market. The slump in the market was because of the slump in the price of oil globally, and Nigeria being solely dependent on oil for its revenue was definitely going to head to a recession for this. Unfortunately, the people's savior Mr Sanusi, didn't manage the crisis well, he dismembered 40% of our financial sector in one night, and our market being heavily dependent on the success of the banking sector was definitely going to crash.
Our people should stop trading blames and face the real issue, our economy is like the proverbial house built with straw (from the 3 little pigs), any small blow by the werewolf would leave us exposed.
Prof My Yanch, Mssheewwww....
With all due respect, Ms. Aruma Oteh has shown a high level of negligence of due process by employing d 2access bank staff fo® SEC, and hs shown incompetence by approving some shady acquisitions, she sounded as if she ws bein tried i̶̲̥̅̊n̶̲̥̅̊ court and showed a lot of loopholes and unprofessional statements, her defence mechanism ọ̥n̶̲̥̅̊ blaming Ndi okereke isn't d way out, let her go back and re strategize so we can move d capital markets above its current status
This otteh lady s just trying hard to take away blames from her,I've followeded the invetigation and she can barely answer any question directed to her,she keep doughing question am really disappointed Nn d govt for employing such an empty arrongant woman and she's the greatest lair cos she lied a lot about what was happening in securities and exchange commission cos I have friends working there and no body has anything positive to say about her and afterall this capital market was at its peak during ndi tenure abeg allow her.otteh he who goes to equity most come with clean hands she should not think we have forgotten her own crimes
See her eye pencil! Lwkm!
Mona Linda!! I watched it yesterday oo. It was hilarious!! Especially when she referred to some people that when they went to harvard to learn, she went to teach!! Crazy woman. Lol
Case of pot calling kettle black is it not d same sec woman dat spent thousands on lunch.mschewwwwww.
With all due respect, Ms. Aruma Oteh has shown a high level of negligence of due process by employing d 2access bank staff fo® SEC, and hs shown incompetence by approving some shady acquisitions, she sounded as if she ws bein tried i̶̲̥̅̊n̶̲̥̅̊ court and showed a lot of loopholes and unprofessional statements, her defence mechanism ọ̥n̶̲̥̅̊ blaming Ndi okereke isn't d way out, let her go back and re strategize so we can move d capital markets above its current status.
Will all this public drama make a difference? Will the stolen funds be refunded?
Ghen ghen!!
D FIGHT BTWN THE DUO
“Don’t Insult me. I went to Harvard” Arunma Oteh
"While some people are bragging that they went to Harvard to learn, I went there to teach" Ndi Okereke-Onyiuke.
Nigerian public office holders are sure marketing Harvard as if it’s a ROGUE INSTITUTION specialized in training intelligent fraudsters
Intelligent frauders indeed smh
Exactly shouldn't that be the real iSsue at times wonder what ds probes are for you make so much noise reveal so much looting and yet absolutely nothing happens making the reps richer in ds process, honestly if one were to think of the looting one fit lose one's mind so y not spare d agony if you( mean d spineless FG is not going be doing anything as usual bunch of bloody time wasters, FG(Looter no 1 X 1000000, NASS members(Looter No 2 X 100000 and the Looters No 3 X appalling in this circumstance.
thieves
Abeg make SEC pay the 500M wey she win for court 1st.
Abeg make SEC pay the 500M wey she win for court 1st,but women can thief sha,Cecilia ibru and the likes,and all these noise of lets give women a chance,as if they will do better.
I no surprise say the woman dey lie o... After all, her qualifications be like Tinubu own, toronto all of them...http://www.farooqkperogi.com/2011/06/ndi-okereke-onyiukes-fake-doctorate-and.html
As for me, I can't get over her eyebrows..SMH Bush woman!
I don't mean to be insultive but i think we should not only learn to read, we should also try to understand. Also, the ability to listen is most important because when you listen, you learn more. Like Prof. rightly said, she is not an angel...If most of us passing comment(s) had listen to the prob from the outset, i'm very sure we won't be passing these derogatory comments about the Prof. So far, Arumah Oteh has refused to answer any form of question(s) posed to her rather resorting to petty blackmail to appear innocent while Prof. has proven her mettle by answering all questions asked by the committee. My question is, who is lying? The person refusing to tell us why she aggreed to sell up people's live investment without recourse to them (shares holders) and refusing to answer salient questions OR the person who has answered to say "you don't leave an ill child to treat a healthy child." Keep cursing the Prof. most of you will never get to where she is. She might be ungly but she has got the brains to be relevant.
Peace.
Nigerian are easily swayed by falsehood. why running into conclusion by the propaganda of SEC. The revelation of yesterday will tell in a short while who is telling the truth.The current leadership of SEC are killing the capital market by the revelation of yesterday. Let not rush into conclusion to condemn but wait to hear more from the revelations emanating from the public hearing.However, Prof Ndi Oyiuke Okereke tenure witnessed a great period in the life of the investment public before this present charade.
It is a pity that people who went to school can't seem to make simple analysis. I watched Ndi's presentation, and one could not but feel sad that this woman who caused innocent investors like me to lose their lives savings came into the House and was given airtime to whitewash her reputation. A lot of those who write are probably in the rented crowd category or just know nothing about the capital market. If they did, Okereke Onyiuke is 150% culpable for the collapse (not near collapse) of the mkt. anyone watching would see that the whole hearing both the botched and present was put together for the sole purpose of rubbishing Ms. Oteh. From everything, her so called Commissioners who together with Ndi's oversaw the mess of a market where all sorts of fraud went on, cannot stand someone coming to clean the market. where we're they when the mkt crashed? With all the stupid meetings they had, how come the mkt stank and Ndi was uncontrollable & untouchable leaving the NSE bankrupt? What manner of committee would ignore the. Truth and come to waste tax payers money questioning Ms Oteh about project 50 & employment of 2 pro bono staff as if govt offices are not filled with seconded private sector staff. Who are they deceiving. The house has again shown the sham it is. Emeka Ihedioha has a lot to answer for this
Na una sabi.
Post a Comment