By Peter Egwuatu
LAGOS—THE Securities and Exchange Commission, SEC, yesterday, directed the interim administrator of the Nigerian Stock Exchange, NSE, Mr. Emmanuel Ikazoboh to recover more than N2.6 billion allegedly shared fraudulently by the former management of the Exchange in the past four years.
A statement signed by spokesman of the Commission, Mr. Lanre Oloyi, said that NSE’s external auditors, Messrs Akintola Williams Deloitte, having audited the 2009 accounts, was able to sign off an un-qualified accounts.

Dr.(Mrs) Ndi Okereke-Onyiuke

Oloyi said: “One of the basis for the Auditors’ qualification of the accounts was that the accrued sum of N1.2 billion was distributed to employees and Council members as bonuses and share of surpluses respectively in the current year.

“This is contrary to section 26(3) of Companies and Allied Matters Act, Cap C20 LFN and section 26(3) of Companies and Allied Matters Act, Cap C20 LFN 2004 and section 6 of the Memorandum and Articles of Association of the Exchange which stipulated that the income and property of the Exchange shall be applied solely towards the promotion of the objects of the Exchange and no portion thereof shall be paid or transferred directly or indirectly by way of dividend, bonus or otherwise.”

The names of the 25 members of the Council involved in the alleged sharing of the bonuses and other surplus from 2006 to 2008 were listed as: Alhaji Koguna, Raymond Obieri, Dr.(Mrs) Ndi Okereke-Onyiuke, Alhaji Umaru Mutallab, Erastus Akingbola, Alhaji Olushekun, Chidi Ajeegbu, Hauwa Audu, Godwin Obaseki, B.E Sabamowo,.

Others were: Alhaji Aliko Dangote, Alhaji Abubarkar Lawal, Nduke Nwonye, Lance Elakama, J. Igbinosun, Oba Otudeko, Alhaji Alkali, Albert Okunmagba, J. Raromojo, Emeka Madubuike, Reginald Abbey Hert, Alison Madueke, Dr. Chukwujama, Eniola Anako and Emmanuel Ocholli.

The Commission said the interim administrator should take reasonable steps to recover all such shared ‘bonuses’ from the Council Members.

It said: “For the sake of completion, it is worth mentioning that only Alhaji Dangote has so far returned the full N40 million, being what was his own share.”

The summary of the illegally shared money showed as follows: In 2006 N160,800 million, in 2007 N710 million; in 2008 N480 million and in 2009 N1.2 billion respectively.

It will be recalled that the erstwhile Director General of the NSE, Onyiuke was sacked following alleged mismanagement of the NSE by its former President, Dangote.
In order to salvage the capital market  SEC,  recently, intervened and sacked the Director General and all the council members for lack of corporate governance, among others.