Stats: 3,188,971 members, 7,936,103 topics. Date: Saturday, 31 August 2024 at 01:48 AM |
Nairaland Forum / Nairaland / General / Politics / Dangote Is Now Stock Exchange President (5866 Views)
Pictures From Hotel Where Dangote Is Allegedly Held Hostage In Mali / Dangote Is Nigeria's Biggest Problem He Has Bought Aso Rock / Dangote Is The Next President Of Nigeria (2) (3) (4)
Dangote Is Now Stock Exchange President by BlackRevo: 5:53am On Aug 07, 2009 |
Alhaji Aliko Dangote has emerged the 17th president of the Nigerian Stock Exchange (NSE) on Thursday in Lagos through a unanimous voice vote, a development that finally laid to rest speculation on whether he would transit to the post. His election came during the peaceful council meeting of the Exchange immediately after its Annual General Meeting (AGM), presided over by his predecessor, Dr Oba Otudeko. But before then, Otudeko was re-elected alongside three other retiring council members of the Exchange who were eligible for re-election during the AGM. Until his election, Dangote was the first vice president of the Exchange, and by that token succeeded Dr. Oba Otudeko, the out-going president of the Exchange. He will preside over the affairs of the Exchange for the next three years. Explaining how he emerged, the Director General of the Exchange, Prof. Ndi Okereke-Onyiuke, said: “We didn’t have to vote. Dangote was elected by a unanimous acclamation. He was the second to be so voted after Sir. Odumegwu Ojukwu who succeeded Mr. E. C. W. Howard, an expatriate.” In his response, Dangote, who identified liquidity crunch and loss of investor confidence as two major problems in the market, expressed gratitude and sought the support of all stakeholders towards fixing the market. In Otudeko’s address during the meeting, it was glaring that the stage was set for Dangote’s presidency as he stated that “we have listened to all stakeholders, we have advanced issues with objectivity and courage…We have finally settled to resolve all issues in the best and enduring interest of a stable Nigerian capital market, our constituency, indeed our heritage, conscious as always that actors come and go but institutions, in this case , the market, indeed its settled precedents, processes and integrity tower above all of us.” Alhaji Aliko Dangote is the President of Dangote Group of companies comprising Dangote Sugar; Dangote Flour Mills; Benue Cement Company; Obajana Cement and Dangote Oil, among others. The first Nigerian to feature on Forbes list of the World’s richest men,. last year, he emerged as the world’s richest black African with a ranking of 334 and a fortune of $3.3 billion. And despite that some billionaires of 2008 did not make this year’s list, Dangote did by occupying 261st position with an estimated worth of $2.5 billion. He became the first vice president of the Nigerian Stock Exchange in 2006 following his election as the president of the Northern Zone of the Exchange. The succession plan in the Exchange is orderly: the first vice president automatically steps in to fill the vacuum when the tenure of the incumbent expires . The doubt of his becoming the NSE boss stemmed from his alleged involvement in the manipulation of the share price of African Petroleum (AP) Plc but he was absolved of any complicity by the Stock Exchange and its apex regulator, the Securities and Exchange Commission (SEC). Speculation was rife that Dangote was under intense pressure to resign his position as the first vice president to create room for a neutral person to emerge as the NSE president. The rumour mill had it that the perception of Dangote’s involvement in the price manipulation saga might be difficult to erase totally from the mind of investors, who had already lost confidence in the market and its operators. “To boost investors’ confidence, then Dangote must be prevented from becoming the president”, an analyst told Daily Sun then. Reacting to the rumour, Dangote said he was not under any intense pressure to resign from the council before the Annual General Meeting. Rather, he blamed the rumour on Otudeko.He explained that right from the time he became a council member of the NSE, Otudeko had always fielded candidates against him and was capitalizing on the opportunity presented by the forthcoming AGM to present another candidate against him again. His words: “For instance, during the election for the presidency of the Northern Zone of the NSE, he fielded Abdullahi Mahmoud, a director of Nigerian Flour Mills Plc and also one of my company’s directors against me. However, during the election, Mahmoud got two votes, while I got over 20 votes, which enabled me to become the president of the Northern Zone.” According to him, Otudeko wanted to maintain his stranglehold on the Stock Exchange by putting a candidate that would do his bidding after his tenure. This is all about the demutualization of the NSE. He is the chairman of the demutualization committee, which is not right, and he wants to retain that position. Ideally the chairman of the demutualization committee should be an outsider to prevent a conflict of interest from arising because it entails making the stock exchange a quoted company.” Dangote further revealed that the presidency of the NSE had been zoned to the Kaduna-Kano section of the North, which makes him the natural candidate to secure the post. “But Otudeko wants to see someone else emerging, possibly Dr. Umaru Mutallab, the current chairman of First Bank of Nigeria Plc, which is unfortunate ,given that the man is 69 years old and is a retired council member.” But that had also been put to rest now. At a meeting behind closed-doors on Wednesday, a source disclosed that the stakeholders had decided to follow the laid down procedures of electing the president. At his valedictory speech, Otudeko pleaded with “all stakeholders, the investing public, analysts and commentators to keep the market “sacred and peaceful, protect it and advance its standards and practices…and speak positive to enhance confidence in our market. That is central to its sustained growth”.The new president promised to work hard with his team and all stakeholders towards restoring investor confidence, stressing that once the problem of liquidity was addressed, that confidence would return naturally. http://www.sunnewsonline.com/webpages/features/newsonthehour/2009/aug/07/newsbreak-07-08-2009-001.htm |
Re: Dangote Is Now Stock Exchange President by sjeezy8: 6:31am On Aug 07, 2009 |
Rightly so, the guy is smart invested much of his money in the Nigerian stock market unlike the many nigerians who sit on their money while the economy gets worse. , sarcastically |
Re: Dangote Is Now Stock Exchange President by Ibime(m): 9:39am On Aug 07, 2009 |
A known inside-trader like Dangote has been made NSE President? Made God save us in this jungle called Nigeria. |
Re: Dangote Is Now Stock Exchange President by asha80(m): 9:41am On Aug 07, 2009 |
![]() ![]() |
Re: Dangote Is Now Stock Exchange President by Rebarobyn: 9:47am On Aug 07, 2009 |
is it possible for someone who has so many companies listed on the stock exchange to become president of the same exchange, chei, anything is possible in this our Nigeria. anyway, no need to be suspicious sha, I think he's good at what he does so I guess we could give him a chance but who's going to be watching him now? |
Re: Dangote Is Now Stock Exchange President by asha80(m): 9:49am On Aug 07, 2009 |
Rebarobyn: ![]() ![]() ![]() ![]() ![]() |
Re: Dangote Is Now Stock Exchange President by desgiezd(m): 10:17am On Aug 07, 2009 |
@ Toipc A reward for his manipulation of AP share prices!! |
Re: Dangote Is Now Stock Exchange President by kshow1(m): 10:24am On Aug 07, 2009 |
Rebarobyn: pally na me and you o, cos our pepper dey inside that market ![]() |
Re: Dangote Is Now Stock Exchange President by akigbemaru: 11:54am On Aug 07, 2009 |
Ibime: Biafran, do you have a problem with this? If you have anybody that is woth $2 million dollars not to talk of Billions, I will let him switch for Dangote. Muthafucta ![]() ![]() ![]() ![]() ![]() Hater, when your broke-ass sitting on he net everyday, Dangote is counting his Benjamen. ![]() ![]() ![]() |
Re: Dangote Is Now Stock Exchange President by MrCrackles(m): 11:58am On Aug 07, 2009 |
Shocking ![]() ![]() ![]() |
Re: Dangote Is Now Stock Exchange President by Nnabuchic: 12:28pm On Aug 07, 2009 |
i have been waitn 4 this to realise long ago, so am not surprise at all. but i think he should av continue in wat he knw hw to do best A business man, than wat he thinks he knws hw to do an Administrator. peace be on this land |
Re: Dangote Is Now Stock Exchange President by Ezenwenyi(m): 12:34pm On Aug 07, 2009 |
Finally Dangote won after the battles. |
Re: Dangote Is Now Stock Exchange President by tboy1(m): 12:44pm On Aug 07, 2009 |
Any more dangote product to be listed in the stock market? |
Re: Dangote Is Now Stock Exchange President by Abatakan: 1:14pm On Aug 07, 2009 |
quote from akigbheru below Biafran, do you have a problem with this? If you have anybody that is woth $2 million dollars not to talk of Billions, I will let him switch for Dangote. Muthafucta Grin Cheesy Grin Cheesy Grin Hater, when your broke-ass sitting on he net everyday, Dangote is counting his Benjamen. Only someone of limited intelligence can come up with that quote,do you know of something called conflict of interest,No Biafran does not have a problem with Dangote,it`s the fact that a supposedly CEO of a public quoted company is made the chairman of the regulators,are we that myopic now that we see nothing wrong with that?Nigeria is not a country but jungle.The fact that it was even contemplated beggars belief,so how will the alleged accusation made about him go away,will the company that made the allegations have any faith in the system?Chickena. |
Re: Dangote Is Now Stock Exchange President by Ibime(m): 1:40pm On Aug 07, 2009 |
Abatakan: Why waste time answering the buffoon ![]() The lion (Dangote) is now in charge of the zoo. Goodbye to NSE. @ all investors, withdraw your cash with immediate effect. |
Re: Dangote Is Now Stock Exchange President by rasputinn(m): 2:31pm On Aug 07, 2009 |
![]() ![]() ![]() ![]() ![]() |
Re: Dangote Is Now Stock Exchange President by naijatoday: 2:37pm On Aug 07, 2009 |
Rebarobyn: This is why I will never invest in the Nigeria Stock Exchange. How can you be the head of the company and also be the regulator of your company and others. It like saying the CBN Governor should also be the CEO or Chairman of a Bank at the same time. The now former president Otudeko too, was the chairman of Honeywell Nigeria which was also listed on the NSE. There is called conflict of interest. Another problem is with Madam Director-General. What did she do with the N100 million she "claimed" to have raised for obama during the U.S election period ? |
Re: Dangote Is Now Stock Exchange President by MUZBO(m): 2:57pm On Aug 07, 2009 |
Whether Dangote deserves the post or not means little to me. I actually don't give a rat's as$ who the president is. All I know is if he was complicit in manipulating AP shares then he shouldn't even be a board member. . .FORGET SOME bribed-as$ed MONGRELS absorbing him of wrong doings(WE ALL KNOW WHAT TIME IT IS!). If Nigeria had real honorable leaders he should've resigned anyway. |
Re: Dangote Is Now Stock Exchange President by Fhemmmy: 3:10pm On Aug 07, 2009 |
Only in Nigeria will these happen. The man would have to resign as the chairman and as the CEO of all his coys before he ought to be made the president of NSE. there has to be a good monitoring body watching his dealings with with coys he started and how they are listed on the stock exchange. Infact, i wonder why he would wanna be the head of the NSE. |
Re: Dangote Is Now Stock Exchange President by Nobody: 3:13pm On Aug 07, 2009 |
naijatoday: EFCC seized the money. |
Re: Dangote Is Now Stock Exchange President by Abatakan: 3:14pm On Aug 07, 2009 |
Thanks Ibime/Rebarobyn/Rasputin and to others who can see the issue here. You made my day,amongst all this madness there are still nigerian that believes this is wrong!wrong! wrong!?To paraphrase Ibime-The lion (Dangote) is now in charge of the zoo. Goodbye to NSE. @ all investors, withdraw your cash with immediate effect. And to add my own`The Lunatics Have Taken Over The Asylum` |
Re: Dangote Is Now Stock Exchange President by MAITEMA(m): 4:45pm On Aug 07, 2009 |
Why do some of you just type arrant nonsense and simply jump into brash conclusions just to portray Nigeria in bad light? If the guidelines didnt make him eligible, would he have been voted or did he make the rules for candidature/eligibility? His predecessor Dr. Oba Otudeko also doubled as Chairman of HoneyWell plc during his tenure and nobody said a word about it. Ibime: When you withdraw whatever if left of your investment in NSE your losses actually crystallizes. For those of us that have investments there, we are simply roped. All investors need do is consider their investments as long-term and pray their companies continually pay dividends/give bonuses as I personally do not envisage immediate recovery of my investments. |
Re: Dangote Is Now Stock Exchange President by steaming(f): 4:47pm On Aug 07, 2009 |
nuzo: what did efcc do with the money? |
Re: Dangote Is Now Stock Exchange President by Morizo(m): 5:39pm On Aug 07, 2009 |
IF CORRECTION LIES TO THE HANDS THAT COMMITTED WRONG, TO WHOM THEN SHALL WE COMPLAIN ![]() |
Re: Dangote Is Now Stock Exchange President by bawomolo(m): 6:00pm On Aug 07, 2009 |
steaming: disburse it following the rule of law ![]() It takes a thief to watch thieves. we may be onto something here. ![]() |
Re: Dangote Is Now Stock Exchange President by shoboy9: 6:17pm On Aug 07, 2009 |
You ppl be serious for once. What am I going to do with my shares now? How safe are investments in the NSE? |
Re: Dangote Is Now Stock Exchange President by hubreality(m): 6:32pm On Aug 07, 2009 |
Black_Revo: At least the man Dangote has been vice president of NSE since 2006, he's not new there and he is a down to earth business man. He's not the only one in the team. He'll actually do better, lets believe God for his goals to be successfully achieved in his three years term. |
Re: Dangote Is Now Stock Exchange President by bawomolo(m): 6:34pm On Aug 07, 2009 |
keep on praying while we are balling with your dividends ![]() |
Re: Dangote Is Now Stock Exchange President by asha80(m): 6:38pm On Aug 07, 2009 |
bawomolo: ![]() ![]() |
Re: Dangote Is Now Stock Exchange President by Fhemmmy: 6:39pm On Aug 07, 2009 |
hubreality: It is plain wrong. conflict of interest is what pple with sense call am |
Re: Dangote Is Now Stock Exchange President by DisGuy: 6:53pm On Aug 07, 2009 |
Fhemmmy: are you sure you know what you are talking about? the outgoing president doesnt have companies listed on the NSE apparently with the NSE, all vice-presidents succeeds the outgoing president MUZBO:You are talking as if someone else cant bribed to nail him, all we had was accusation and the way it is in nigeria, once you are accused you are guilty, like say AP owners are saints themselves, perhaps Dangote influence Access bank to call in their loans publicly I really cant understand this guys hatred o, everything you can accuse him of, you can accuse many people in the NSE of the same bloody thing, insider trading? share manipulation? No one blames Big Madam "i'm a Phd holder" or the outgoing president when brokers were busy scamming shareholders and companies were trading without annual balance sheets, now this mallam gets fingers pointed at him like he is in charge of everything what do NSE presidents do anyway? |
Re: Dangote Is Now Stock Exchange President by dammizz(m): 7:12pm On Aug 07, 2009 |
I dont think Dangote would be as bad a leader/president as u people are portraying him. NSE is too huge for him too destroy. He only might not do well in making the market grow substantially. So we have less reasons to worry. Just my own point |
South Africa Request Nigerian Teachers / Landmarks In Igboland-please Help Populate / South African Envoy Explains Hostility To Nigerians !
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 73 |