Business Court Squashes SEC's Appeal Against "Sacked" NSE Boss, Ndidi Okereke

L

LequteMan

Guest
The Court of Appeal Court in Lagos has quashed the appeal of the Security and Exchange Commission (SEC), challenging a lower court’s ruling nullifying the removal of Ndidi Okereke-Onyiuke as Director-General of Nigeria Stock Exchange.

Justice Mohammed Idris of a Federal High Court in Lagos, had ruled that the removal of Okereke-Onyiuke as reckless, hasty and done in bad faith. He'd also ruled that the SEC pay Okereke a N500m compensation.

Reacting, the SEC had filed an appeal at the appellate court urging it to set aside the judgment. It said Okereke's sack was in exercise of its statutory powers to protect the interest of investing public and the Nigerian economy as a whole.

However in a short ruling on Friday, the panel of justices presided by Justice U.I Ndukwe-Anyanwu, noted that SEC had earlier filed notice of discontinuance of the appeal and that the appeal could not be resuscitated.

Ndukwe-Anyanwu held that there was no appeal before the court since the notice of discontinuance had entered the record of the court.

“You cannot build something on nothing, the appeal had ceased to exist before the court the moment notice of discontinuance was filed,” the court held.

The appeal was accordingly dismissed.


Vanguard
 

Attachments

  • Ndidi-Okereke-Onyiuke.jpg
    Ndidi-Okereke-Onyiuke.jpg
    24.3 KB · Views: 24
Back
Top