NIGERIA: Shareholders battle Dangote

By Chidi Okoye, Daily Times
The Independent Shareholders Association of Nigeria (ISAN) has resolved to resist the resumption of billionaire businessman, Aliko Dangote, as President of the Council of the Nigerian Stock Exchange (NSE).

Sunny Nwosu, the ISAN President, said on Wednesday that the court judgment which reinstated Dangote was just one of the cases the association instituted against him; adding 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 judgment.

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.

As a result of the crisis that followed these allegations, the former director general of the Nigerian Stock Exchange, Ndi Okereke-Onyiuke, was removed by the SEC.

Dangote, voted by Forbes Magazine as the richest man in the African continent, is estimated to worth $11.2 billion.