Court Sacks Aliko Dangote From Nigerian Stock Exchange Top Job

PHOTO: ALHAJI ALIKO DANGOTE.

San Francisco March 12, (THEWILL) – Justice Akanbi Lambo of a Lagos Federal High Court on Friday nullified the election of controversial businessman and industrialist, Alhaji Aliko Dangote as the President and Chairman of the Nigerian Stock Exchange (NSE) in a suit filed by 15 aggrieved shareholders of African Petroleum (AP).

The shareholders of AP had sued Dangote, Nova Finance and Securities Limited and 12 others over an alleged manipulation of AP shares in the stock market that led to the crash of its shares price.

They also urged the court to grant an order restraining the NSE and the Securities & Exchange Commission (SEC) from retaining Dangote as the 1st Vice President and member of the council of the NSE, pending the determination of the suit while also praying for an order restraining Dangote from remaining the 1st Vice President and member of the council of the NSE.

In his ruling, Justice Lambo said, "An order is hereby made nullifying, vacating and setting aside all steps taken by the 13th defendant (NSE) in purporting to elect the 11th defendant as the president of the Nigerian Stock Exchange, including but not limited to the entire purported election held on the 6th day of August 2009, during the pendency of this suit and in disregard of the positive order of this court made on 4th of August 2009.”

Lambo was angry that a court order made on August 4, 2009 ordering all parties to maintain status quo was jettisoned and held the 13th and 14th defendants liable.

"The 13th and 14th (SEC) respondents, in spite of that order and in flagrant and reckless disregard of same, went ahead not only permitting the 11th respondent, Alhaji Aliko Dangote as a member of the council, but also putting him up to contest election as the National President of the council. That is certainly a deliberate and contemptuous disregard of the order of the court.

"I see the deliberate act of officials and executives, who operate the NSE and SEC as a subtle strive and exploration by devious or dubious way to circumvent and render nugatory the true intention of the order of the court.

"The government should also look inward for a way to sanction domestically, any government functionaries found in disobedience of the court’s order. This is the only way ‘the boys’ and those claiming to be close to power and who are laws unto themselves can be checkmated, so that genuine desire of the present administration to enthrone true and genuine democracy can be attained," Justice Lambo urged.

Dangote's lawyer, Fola Sowemimo said he would appeal the decision.

"A notice of appeal as well as an application for stay of execution of the order has been filed this afternoon. We look forward to justice taking its course."