Businessman Aliko Dangote has accused the management of the Nigeria Stock Exchange headed by director-general Ndi Okereke-Onyiuke of misappropriating a total of N11 billion between 2007 and 2008.
In a petition to the Securities and Exchange Commission (SEC), Dangote alleged that of the billions spent in the period, Okereke-Onyiuke used N4.2 billion to “develop the market.”
Dangote, who was member of the council of the stock exchange during the period of the alleged misuse of funds, is now president of the council but his leadership is being challenged in court.
Okereke-Onyiuke is scheduled to retire from the exchange by the end of the year. Her tenure at NSE saw the market grow exponentially but also crashed fast.
The spending being questioned by Dangote include the N450 million for international travels, N125 million on business and local trips, Abuja trip gulped N70 million, staff training and development gulped N980 million, and staff salary and allowance for 2007 cost N800m, while that of 2008 stood at N3.4 billion.
