May 20, 2011
In August 2010, the Securities and Exchange Commission (SEC) exercised its statutory powers of intervention and took regulatory action to protect the Nigerian Stock Exchange, the interest of the investing public and the Nigerian economy as a whole. The judgment read in court this morning questions procedural aspects of SEC ‘s regulatory action. SEC disgrees and intends immediately to file an appeal against the decision
It is important to note, however , that the judgment makes no comment whatsoever about the serious allegations of misconduct, fraud and breach of trust made against the former Director – General of the Nigerian Stock Exchange, Mrs. Ndi Okereke – Onyiuke, and some of her erstwhile colleagues. It is also important to note that Mrs. Ndi Okereke – Onyiuke has not attempted, in any forum, and in any manner whatsoever, to answer those allegations on their merits.
SEC remains committed to its objective of protecting the interests of investors and maintaining confidence in the securities markets, and will continue to vigorously pursue its efforts to ensure that transparency, accountability and justice prevail in the sector.
Head of Media
Securities and Exchange Commission.