By Dele Sobowale
A few weeks ago, writing about professors, I made a side remark about the “Professor” in charge of the Nigerian Stock Exchange, NSE. Prior to that column, the “professor, had for about ten days produced Nigeria’s version of one of the WONDERS OF THE WORLD because for all those days Nigeria ran the first exchange in world history where all shares appreciated in value and none declined. I compared Madam’s action with that of someone trying to stop a dam break with her fingers.

Today, the market slide, since “professor” removed her fingers, had continued unabated except for a few days. Several reasons account for this; but I will mention two. First, was the unreasonable practice of allowing stockbrokers to move prices on account of five thousand or ten thousand shares out of several billion shares issued.

Some smart Alecs have been manipulating the market that way with connivance of some  stockbrokers for years. Now with larger volume required, the upward escalator has stopped moving and the downward slide has gathered momentum. Second, a great percentage of the gains in the past was provided by the banking sector when they issued IPOs promising mouth watering share appreciations, after manipulating those price movements themselves.

Millions of people borrowed, not to hold the shares but to sell their shares as soon as the certificates were received. Delayed release of the certificates kept the share prices up. Now as the shares are being eventually received, the exchange will be inundated by shares people want to dump.

Those who purchased bank shares when they were at their peak early in the year are in for a long wait to recover their investment. Mark my words bank shares have had their days in the sun for quite a while and with them the upward slide of prices.

Africans for Obama: Inappropriate NSE response
21/08/2008
The advertisements placed in various newspapers by the Nigerian Stock Exchange, NSE, and signed by its President, in his officials, not personal capacity, in defence of the role of the Director General has in our view made matters worse both for the NSE and the DG. As a matter of fact, there is a contradiction in the approach the NSE has taken to the matter.

To start with nobody has accused the NSE of complicity in the activities of the Africans for Obama Fund Raising activities which has generated the global controversy. Indeed, those who have criticized the event, have always been too careful to limit their criticism to the individual involved.

Therefore, if as the NSE claims, the NSE DG “has inalienable rights and privileges” to express herself as she sees fit”, then the NSE has no business coming to her defence when the consequences of her actions manifest themselves in every way possible. After all, her inalienable rights, which have already been exercised, at any rate, do not include the denial of others their rights to criticize her and even prosecute her if any law has been broken. Rights and responsibility for good citizens are inextricably linked.

However, since the NSE, which should have been a bystander on the issue, has thrust itself into this complex and contentious matter, perhaps it will now have to address important and fundamental elements of principle and ethics which the fund raising by the DG-NSE raises.

It has long been observed that every institution is the elongation of one person’s personality – usually the Chief Executive Officer. When that institution represents the hopes and aspirations of millions of Nigerians, the person holding that office, even in the private sector has compromised his/her right to privacy.

Furthermore, it is very difficult for persons occupying positions in which their decisions could affect others, materially and substantially, to avoid the fact that their positions carry with them the power of coercion, deliberately stated or implied, with respect to those whose activities they control.

Thus, the notion that the DG-NSE is just another citizen engaging in fund raising is at best self-serving by the DG and the NSE; and at worst self-deception.

The history of Nigeria is replete with instances where fund raising had been organized by those in power. The Fund Raising organized by Major Mustapha for his home town when he was the Chief Security Officer to Abacha, was attended by everybody, however highly placed, who received an invitation, or was it instruction, to be present. Over N800 million was raised in one day -about N40 billion today.

The same Mustapha, if he chooses to exercise the same rights today, will be lucky to get one hundred people and definitely not anything close to N1 billion.

Like it or not, the invitation to any event by the DG-NSE is an order to virtually all the companies quoted on the NSE. That power carries with it the discretion to use it wisely and in a manner that will not bring into question the issue of conflict of interest.

If the current DG has failed to protect herself sufficiently in this regard, it is not the duty of the NSE to come to her rescue. In fact, the least expected is a private reprimand to avoid such things in the future. The furor she unleashed with the fund raising by the so called CORPORATE NIGERIA with Obasanjo as beneficiary has not died down and now this.

The reaction of the Obama campaign team represents not only a slap on her but on Nigeria as well. That is the point the NSE is missing. Her rights cannot supersede the

collective rights of Nigerians to dignity.

“Professor” Ndi Okereke-Onyiuke: Time to quit?    21/08/2008
“From the sublime to the ridiculous, there is only one step”. Thomas Paine, 1737-1809.

For almost all of her life Dr Ndi Okereke-Onyuike lived a charmed life. Everything she touched turned to gold. And when she became the first woman to head a stock exchange, it seems as if the upward trajectory of her success in life will never cease. And ordinarily, they should not have come to an end. But, as Geoffrey Chaucer, 1342-1400, reminded us: “Beware! When Fortune would elect to trick a man, she plots his overthrow / By such a means as he least expects”.

The Director-General of the Nigerian Stock Exchange has in the last five years been involved in four misadventures that have called her judgment into question. The first was the CORPORATE NIGERIA Fund Raising for the Obasanjo Presidential election campaign of 2003; the second was her well-known support for the third term bid of the former president; the third was the TRANSCORP palaver and finally the Fund Raising in respect of the American presidential elections.

Each and every time, especially on the recent one, the DG-NSE has among her statements of defence reminded us ( as if we are dullards) that she is free to exercise her rights as a citizen in Nigeria and two that she is highly intelligent; having bagged her Ph. D on merit.

Unfortunately, she, with all her acclaimed intelligence, has missed the point of the outcry against her involvement in all the four; especially the last and for three reasons. One, intelligence is not synonymous with wisdom. Two, intelligence does not confer good judgment. Three, it is possible for a person to be highly intelligent but morally bankrupt. Wisdom, judgment and ethical values are not taught in even the best universities in the world; they are not acquired from reading books, even up to Ph. D levels. David Halberstam, in his best seller, THE BRIGHTEST AND THE BEST, written to explain the U.S tragic involvement in the Viet Nam War (a mistake repeated by Bush in Iraq) called President Kennedy’s brilliant advisers, all Ph. D holders from Harvard and Yale Universities “brilliant but not wise”.

The minute people like “Prof” understand that intelligence in itself is not enough for the holder of a high public position; the better for them and for us. Wisdom is the quality that lets you avoid situations where you will need even more wisdom to get out of the trouble you might have caused for yourself by being intelligently stupid. The U.S election palaver was a self-inflicted blow which might carry with it other unpleasant consequences.

She needs good and wise advisers in a hurry; otherwise a life time of commendable achievement is about to go down the drain.