Court Removes Dangote as NSE President

A federal high court in Lagos removed business mogul, Alhaji Aliko Dangote as President of Nigerian Stock Exchange [NSE].

The Court, presided over by Justice Lambo Akanbi ruled on the application by some aggrieved shareholders of African Petroleum Plc, who sought to set aside Dangote’s election as NSE president.

The AP shareholders had sued Dangote, Nova Finance and Securities Limited, NSE and others over alleged massive manipulation of AP shares.

But is clear contravention of the court order, the Nigerian Stock Exchange went ahead on August 6, with its scheduled election, at which Dangote was elected President of the Exchange.

Consequent upon this, the shareholders brought another application, through their counsel, Mr Onyebuchi Aneakor, praying the court to set aside Dangote's election.**

Source: Channels TV