Shareholders Battle Aliko Dangote

June 19, 2012 – Shareholders Battle Aliko Dangote

The Independent Shareholders Association of Nigeria, ISAN, has resolved to resist the resumption of Alhaji Aliko Dangote as President of the Council of the Nigerian Stock Exchange, NSE.

ISAN President, Sunny Nwosu, stated that the court judgment which reinstated Dangote was just one of the cases the ISAN instituted against him.

He pointed at the pendency of another suit bordering on infractions allegedly committed by Dangote.

Although Dangote promised to meet with relevant stakeholders  upon his resumption at the NSE today, Nwosu explained that it could only be possible if he had the certified true copy of the judgment.

Speaking this morning on a programme on Channels Television, Nwosu said that the ISAN would challenge the latest ruling at the Supreme Court.

Dangote’s initial election in 2009 as the exchange’s president was scuppered in March 2010 by a Federal High Court sitting in Lagos which nullified it.

The nullification followed an application brought before the court by some shareholders of African Petroleum Plc (now Forte Oil Plc), who alleged manipulations and insider infractions against Dangote, Nova Finance and Securities Limited and NSE.

The ripples arising from the revelation led to the removal of NSE’s former Director-General, Professor Ndi Okereke-Onyiuke by the Securities and Exchange Commission.

But reprieve came for the President of the Dangote Group and Africa’s richest man, Dangote, when the Court of Appeal in Lagos, last Friday, upheld his election as president of the Exchange