Wednesday, 20 June 2012

NSE presidency: Dangote faces stiff resistance

The reinstatement of Nigeria billionaire businessman and chairman of Dangote Groups, Aliko Dangote, as President of the Council of the Nigerian Stock Exchange (NSE) faces stiff challenge from the Independent Shareholders Association of Nigeria (ISAN), who have vowed to resist his resumption.

Speaking on Wednesday, ISAN President, Sunny Nwosu, said the court judgement which reinstated Dangote was one of the cases the association instituted against him.He added that another suit was pending.

Although Dangote promised to meet with relevant stakeholders upon his resumption at the NSE on Wednesday, Nwosu said that it could only be possible if he had the certified true copy of the judgement.

Nwosu also added that the ISAN would challenge the latest ruling at the Supreme Court.

Dangote’s initial election in 2009 was nullified in March 2010 by a Federal High Court sitting in Lagos; following an application brought before the court by some shareholders of African Petroleum Plc (now Forte Oil Plc), who alleged manipulations and insider infractions against Dangote, Nova Finance and Securities Limited and NSE.

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