REVEALED
THE MEGA DEAL THAT TORE DANGOTE, OKEREKE APART
Newest developing story on the removal of the former Director-General (DG) of the Nigerian Stock Exchange (NSE), Dr. Ndidi Okereke-Onyuike has it that what later became a tempest in the affairs of the fifty-years old Exchange had only begun like a subtle tide caused by the personal ambitions of the affected principals.
It was gathered that the relationship between the former DG and billionaire industrialist, Alhaji Aliko Dangote turned sour when Okereke stoutly rebuffed his effort to corner the largest shares during the ‘de-mutualization’ of the NSE. De-mutualization is a process by which the shares of the Exchange are sold to the public by way of offers.
Privileged sources revealed that the President of the Dangote Group, Aliko had attempted to have a predominant 61% of the shares, while the remaining 39% would be available for subscriptions to other persons. The issue was said to have caused a bad blood between the two influential personalities, hence resulting in a struggle for supremacy and intrigues on the board of the NSE. Also, Okereke was reported to have demonstrated her disdain for Dangote’s indirect plot to unseat her, claiming that she was the one who invited him to the NSE based on the cordial relationship and mutual business interests in Transcorp. In addition, stocks market watchers claimed that the disagreement between the duo on how the de-mutualization should be done was responsible for its suspension till date.
Sensing the intrigues against her and the deteriorating loyalty of her otherwise co-travellers for her leadership of the NSE, Okereke decided to fire her deputy, Mr. Lance Elkama. It was not long after she took the action that words flew out that she did so against growing perception that Elkama had sold out and was been prodded and positioned by Dangote to replace her. Firing Elkama was not an easy task for the embattled Okereke, especially as Dangote and predominant members of the board wanted him to stay on. Having eased Elkama out of the management of the NSE, the former DG was reported to have set things in motion with the aim of installing her protégé, Mr. Kene Okafor, the General Manager in charge of Info Tech, quotation and listing.
While Dangote was perhaps contemplating his moves, Okereke, latching on the death of former President Umaru Yar’Adua at the time swiftly led aggrieved members of the Independent Shareholders Association to file a suit in court over the purported inglorious role of Dangote in the manipulation of African Petroleum Plc’s shares. The Independent Shareholders therefore prayed the court to remove Dangote as President of the Exchange, a case which the court adjudicated on at the expense of Dangote.
Having lost his presidency of the commission on such humiliating plane, the leading consumable producer, Dangote opened the Pandora box. It is a well known fact that the petition filed against Okereke by Dangote over infractions in the Exchange as well as its parlous financial state caused the Aruma Oteh-led Security and Exchange Commission (SEC) to kick both Dangote and Okereke out of the NSE.
Although, insiders said that Aruma Oteh’s action caught Okereke off her guard based on the latter’s long-standing relationship with her and influence in ensuring that the former Vice-President of the African Development Bank (ADB) got her current job in the SEC.
Since his pro-tempore appointment to cleanse the Augean Stables after Okereke’s sack, Emmanuel Ikarbozor, formerly of prestigious accounting firm, Akintola Delloite, has fired many of the old hands, particularly Kene Okafor and Farouk Oreaga, who were said to be loyalists of Okereke. Those who claimed to know why Okereke would do anything to have any of loyalists replaced her said that corruption under her was enormous.
Our source equally alleged that Okereke was fond of collecting bribes in foreign currencies from stock brokers during their IPO or Private placements, while defaulters are partially suspended. On the other hand, Okereke was purported to be in the act of always having any of brokers who caught her fancy in her bed, while there are claims that she is equally childless.