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Former Director
General, Nigerian Stock Exchange (NSE), Ndi Okereke-Onyiuke, is blaming
erstwhile President and Chairman of the Council, Aliko Dangote, for the
inability of her management to present the audited accounts for 2009.

Mrs
Okereke-Onyiuke’s declaration was contained in her response to the memo
issued by the Director General, Securities & Exchange Commission
(SEC), Arunma Oteh, in the wake of recent allegations of corporate
governance lapses levelled against her by Mr Dangote, which were
considered detrimental to investors’ interest.

Mr Dangote, in a
petition, had alleged that the Exchange under her leadership was not
only insolvent, but may face bankruptcy as well as be unable to meet
its financial obligations.

But
Okereke-Onyiuke, in her response to the SEC memo obtained by NEXT
yesterday in Abuja, dismissed the allegations as a confirmation of her
suspicion that Dangote was “bent on destroying the Exchange following
the ruling of the Federal High Court nullifying his acclamation as the
President and Chairman of the Council of the Nigerian Stock Exchange.”

A Federal High
Court in Lagos had annulled Mr Dangote’s election as President of the
NSE following its ruling in the legal case instituted against him by
aggrieved shareholders in the wake of allegations of manipulation of
the shares of African Petroleum PLC in the Stock Exchange two years
ago.

According to the
former Director-General, Mr Dangote was mischievous with his
allegations of insolvency of the Exchange, considering that as a member
of the NSE Council at the time the accounts were considered and
approved, he never brought any of the allegations to the attention of
the Council for discussion or investigation.

Blame to Accenture

On why the
management of the Exchange was unable to produce, for consideration of
the Finance and General Purpose Committee of the Council, the interim
financial statement for the first and second quarters of 2010, the
former NSE boss said that though the first quarter and half-year
accounts were prepared and filed with the SEC by May 13 and July 27
respectively, Mr Dangote should be held responsible for why the Council
could not meet to consider them.

“As a member of the
Finance and General Purpose Committee, the petitioner (Dangote) should
be in a better position to give reasons as to why the Finance and
General Purpose Committee of the Council could not meet to consider the
accounts. This is obvious, because of the court judgment against him,”
she said.

On the outstanding
indebtedness of the Exchange to Accenture Consultancy, Mrs
Okereke-Oyiuke blamed the company for creating the payment difficulties
for themselves, saying they “completely avoided (NSE) management in the
drive to generate more business for themselves under questionable and
uncompetitive manner by dealing directly with Alhaji Dangote as if he
is the Chief Executive Officer of the Exchange.”

Accenture, she
pointed out, “was foisted on the Exchange without subjecting them to
due process or competitive bidding process”, adding that “no other
consultancy firm was invited to submit a proposal to the Exchange for a
project valued at N212 million, out of which a total of N166 million
was paid, with the last payment of N60 million done on June 15, 2010.”

On insinuations that she planned to perpetuate herself in office, Mrs Okereke Onyiuke denied any such ambition.