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                           Okereke-Onyuike to challenge removal in court

There are indications that sacked Director- General of Nigeria Stock Exchange (NSE), Prof. Ndi Okereke Oyuike is considering challenging her removal.
A source who confided this to Peoples Daily Weekly  said SEC lacked the power to remove her from office.
The source maintained that if that happened, "it will be good because it will open up space for final show down that may eventually tell whether NSE as an independent entity can be under a government regulator like SEC."

This comes as SEC vowed to probe allegation of financial mal-administration raised against NSE.

SEC which ordered her removal said allegations of corporate governance lapses and financial mismanagement levelled Okereke-Oyuike, would be probed.
SEC, on Thursday, appointed new key officers to steer the affairs of NSE in an interim capacity. It announced Mr. Ballama Manu, who will act as the Head of Council to replace the Suspended President, Alhaji Aliko Dangote pending the determination of litigations.

The Director-General of SEC, Ms. Arunma Oteh disclosed this in Lagos at a press briefing held at the NSE headquarters. She said an Interim Administrator, Mr. Emma Ikazoboh, had been appointed to oversee the affairs of the Exchange pending the emergence of a substantive Director-General.
"The SEC will be launching an immediate and transparent investigation into Exchange and its staff to examine the alleged corporate governance lapses and the allegations of financial irregularity and management," he said.

Oteh observed that due to the absence of financial statement for 2009, it would be difficult to investigate the Exchange unless the DG and Council were asked to go to pave way for formal and in depth investigations.

She said SEC acted under the powers vested on it by the Investment and Securities Act 2007 which confers great responsibility and concern for the integrity of the market and the prosecution of the interest of its investors.

She justified her actions noting "we firmly believe that the actions we are taking will lead to long term improvement in the state and activities of the Exchange, thereby safeguarding the interests of the investors."

In a brief speech, the Interim Administrator, Mr. Emma Ikazoboh, said his area of mandate include halting market drift, restoration of market integrity, transformation of the Exchange to a stage a new DG will emerge and putting the office back to shape.