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Dangote may emerge NSE president

By Michael Eboh
Indications emerged  Monday, that Alhaji Aliko Dangote may become the next President of the Nigerian Stock Exchange (NSE), come August 6, 2009, when the Exchange holds its next Annual General Meeting (AGM).

Information gathered from the spoke’s person of the NSE, Mr. Sola Oni ,Monday shows that Dangote who was alleged to have stepped down as the First Vice President of the NSE   may finally be elected as the president.

The spoke’s person of the NSE  who was reacting to a recent publication over the alleged stepping down of Dangote and other issues, noted that there were no attempts to postpone the process that would lead to the emergence of the new President and also that the Director-General of the NSE is not be appointed on the day of its AGM.

He further stated that due process would be followed in the appointment of the President, adding that the president would be elected by members of the Council of the NSE, immediately after the AGM.

Oni who had earlier debunked reports of Dangote resignation, refused to comment on the person likely to be appointed, giving credence to the fact that Dangote still remains the likely person to be named the new President, in line with the constitution of the NSE.

He said, “The Businessday  publication of Monday stated that there were plans by certain elements to postpone the AGM of the NSE, making it impossible to appoint a new President, it also quoted some members as saying that the notice of meeting was not properly circulated to members, that the demutualisation issue would be tabled to members at the AGM and also that the Director-General would be appointed on the day of the AGM.

“All these are not true, in fact the AGM is to be held on August 6, 2009, the notice of meeting has been circulated to members since July 14, it was also posted on the internet. Also, Director-Generals of the NSE are not appointed on the day of an AGM, no item was designated as special business in the notice of meeting, the demutualisation exercise is not in the agenda of the meeting and a new person will emerge as the President of the Council of the NSE, on the day of the AGM.”

There have been controversies surrounding the personality of Dangote, who is currently the First Vice President of the NSE, especially with his role in the manipulation of the share price of African Petroleum Plc and his alleged rift with the current president of the NSE, Dr. Oba Otudeko, whose tenure is to elapse on the day of the AGM.

A couple of weeks back, there were insinuations that Dangote has resigned from his position in the NSE, an allegation denied by Dangote and Mr. Sola Oni, spokesperson for the NSE, when contacted.


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