NSE Presidency: I am not against Dangote Otudeko



The President of the Nigerian Stock Exchange and Chairman of the Honeywell Group Nigeria, Mr Oba Otudeko, on Thursday, expressed dismay on recent stories in the press suggesting that he is in battle with Alhaji Aliko Dangote on the Presidency of the NSE.


Indeed, the stories, according to a statement from Otudeko on Thursday, were false as they have been a source of concern and embarrassment to him, his immediate family, as well as friends and close associates.


The statement said, “Mr Otudeko wishes to state emphatically that he has no battle with Alhaji Dangote over the NSE presidency and, indeed, both of them are friends. Both of them have always had good relations and Mr Otudeko admires Alhaji Dangote‘s achievements, just as he is aware that Alhaji Dangote holds him in high esteem and has always so demonstrated.


“Moreover, since Alhaji Dangote joined the Council of the NSE, everyone will acknowledge the fact that Mr Otudeko has extended considerable understanding to Alhaji Dangote to accommodate his busy schedule in fixing and arranging meeting dates, and often lightened his workload as council member.”


The statement added, “As everyone may also be aware, rules and articles of the NSE do not allow for a second term in office so, come August 6, 2009, when his tenure ends, Mr Otudeko must step down. Why then should he be in battle with anyone over presidency of the Council when he cannot have another opportunity at the office?


“Indeed, since assuming office, Mr Otudeko has worked vigorously with Council and management at protecting the integrity of the rules governing the NSE.


The NSE, as a mutual society and a private company limited by guarantee, is guided by its Articles of Association and as Mr Otudeko emphasised in an interview published in of Tuesday July, 28 2009: ”Stakeholders are interested in what happens at the council level. The stock exchange is working well and the governance system in place is robust. We are conscious of our responsibility to sustain confidence in the market.”


Mr Otudeko would also wish to state that election is a Council responsibility and not a one-man show; it is therefore far-fetched for anyone to suggest that he is capable of fixing the outcome of Council elections. Another distortion of fact contained in some of these stories is the claim that Mr Otudeko is the Chairman of the Demutualisation Committee whereas he is not. For the sake of clarity, Dr Raymond Obieri is the Chairman of the Demutualisation Committee.




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