APPEAL NO: IST/APP/04/08
This appeal was filed by the Appellant at the Investments & Securities Tribunal (IST), Abuja against the Securities and Exchange Commission (SEC), the Nigerian Stock Exchange (NSE) and Dr. Ndidi Okereke-Onyuike as parties in the appeal. The claim of the Applicant is against the Director-General of the NSE, Dr. Ndidi Okereke-Onyuike and the NSE for the allegation that the Director-General of the NSE is the campaign Chairman of the Africans for Obama 2008 The Applicant averred that the Director-General of the NSE had solicited financial contributions from Nigerian companies listed on the floor of the Exchange in support of the presidential campaign of a USA presidential candidate, Barack Obama.
The Applicant alleged that the Commission being the apex regulator of the Nigerian Capital Market was served with a complaint on August 19, 2008 to investigate and take a decision on the matter, but it failed, neglected and refused to take any action. The Applicant is seeking among others, an order of the IST to compel the Commission to investigate and take appropriate action against the DG, NSE
Source: Securities & Exchange Commission Nigeria (SEC)