Court nullifies Okereke-Onyiuke's removal by NSE.
A Federal High Court in Lagos on Friday nullified the removal of a former Director-General of the Nigerian Stock Exchange, Ndi Okereke-Onyiuke, by the Securities and Exchange Commission.
Justice Mohammed Idris also awarded the sum of N500 million to the former NSE boss as exemplary and aggravated damages.
Okereke – Onyiuke had challenged her removal as the DG of the NSE by SEC and demanded N3 billion as damages.
The former DG NSE was removed on August 5, 2010 by SEC over allegations of financial impropriety.
The capital market regulatory agency also removed Aliko Dangote as the president of the NSE during the period.
Delivering his judgment on Friday, Justice Muhammed Idris held that Okereke-Onyiuke’s removal was “irrational and hasty.”
The judge held that the plaintiff’s right to fair hearing was breached, adding that ``it is ridiculous that SEC removed the plaintiff within 24 hours after directing the NSE to remove her.’’
Idris also dismissed SEC’s objection that the court lacked jurisdiction to entertain the suit, stressing that the Federal High Court had an exclusive jurisdiction over the case.
Idris ruled that Okereke-Onyiuke’s removal was not in accordance with the rule of law and should not be condoned in a democratic dispensation.
He declared the removal as “illegal, unlawful, null and void”.
Meanwhile SEC’s Head of Media, Lanre Oloyi, said his organization would appeal the judgment.
A Federal High Court in Lagos on Friday nullified the removal of a former Director-General of the Nigerian Stock Exchange, Ndi Okereke-Onyiuke, by the Securities and Exchange Commission.
Justice Mohammed Idris also awarded the sum of N500 million to the former NSE boss as exemplary and aggravated damages.
Okereke – Onyiuke had challenged her removal as the DG of the NSE by SEC and demanded N3 billion as damages.
The former DG NSE was removed on August 5, 2010 by SEC over allegations of financial impropriety.
The capital market regulatory agency also removed Aliko Dangote as the president of the NSE during the period.
Delivering his judgment on Friday, Justice Muhammed Idris held that Okereke-Onyiuke’s removal was “irrational and hasty.”
The judge held that the plaintiff’s right to fair hearing was breached, adding that ``it is ridiculous that SEC removed the plaintiff within 24 hours after directing the NSE to remove her.’’
Idris also dismissed SEC’s objection that the court lacked jurisdiction to entertain the suit, stressing that the Federal High Court had an exclusive jurisdiction over the case.
Idris ruled that Okereke-Onyiuke’s removal was not in accordance with the rule of law and should not be condoned in a democratic dispensation.
He declared the removal as “illegal, unlawful, null and void”.
Meanwhile SEC’s Head of Media, Lanre Oloyi, said his organization would appeal the judgment.
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