{"id":427598,"date":"2011-05-20T21:02:59","date_gmt":"2011-05-20T21:02:59","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/20\/court-voids-okereke-onyiuke%e2%80%99s-sack-from-sec-awards-her-n50m\/"},"modified":"2011-05-20T21:02:59","modified_gmt":"2011-05-20T21:02:59","slug":"court-voids-okereke-onyiukes-sack-from-sec-awards-her-n50m","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/20\/court-voids-okereke-onyiukes-sack-from-sec-awards-her-n50m\/","title":{"rendered":"Court voids Okereke-Onyiuke\u2019s sack from SEC, awards her N50m"},"content":{"rendered":"
\n

By INNOCENT ANABA
The immediate past Director General of the Nigeria Stock Exchange, NSE,\u00a0 Prof.\u00a0 Ndi\u00a0 Okereke-Onyiuke, got reprieve from a Federal High Court sitting, Lagos, Friday, when her sack\u00a0 by the Nigeria Security and Exchange Commission, SEC, was declared a nullity and awarded N50million as damages.<\/p>\n

SEC, has, however, faulted the judgement, and gave indication it would appeal against same. It said\u00a0\u00a0 Okereke-Onyiuke\u2019s sack was in exercise of its statutory powers to protect the\u00a0 NSE, the interest of investing public and the Nigerian economy as a whole.<\/p>\n

\u00a0<\/p>\n

\"\"<\/p>\n

Prof. Ndi Okereke-Onyiuke<\/p>\n<\/div>\n

SEC\u2019s Head of Media,\u00a0\u00a0 Mr. Lanre Oloyi,\u00a0 in a statement shortly after the judgement said, \u201c the commission\u00a0 in August 2010, exercised its statutory powers of intervention and took regulatory action to protect\u00a0 NSE, the interest of investing public and the Nigerian economy as a whole. It is important to note, however, that the judgment\u00a0 makes no comment whatsoever on\u00a0 the serious allegation of misconduct, fraud and breach of trust made against Okereke-Onyiuke and some of his erstwhile colleague.\u201d<\/p>\n

He added that despite the judgement,\u00a0 SEC \u201cremains committed to its objective of protecting the interest of investors and\u00a0 maintaining\u00a0 confidence\u00a0 in the securities\u00a0 market and will continue to vigorously pursue its efforts to ensure that transparency, accountability and justice prevail in the sector.\u201d Okereke-Onyiuke, who was sacked on August 5, had challenged same in court.\u00a0 Justice Mohammed Idris, in his judgement, described\u00a0 Okereke-Onyiuke\u2019s removal as reckless, hasty\u00a0 and done in bad faith.<\/p>\n

The court awarded\u00a0 N50 million against\u00a0 SEC as exemplary\u00a0 and aggravated damages\u00a0 for the\u00a0 reckless manner Prof Okere-Onyiuke\u2019s\u00a0 right\u00a0 to fair hearing was\u00a0 a breached by the commission.<\/p>\n

Said the court, \u201c it was wrong for SEC to withheld the allegation against\u00a0 the plaintiff, without giving her the opportunity to adequately reply to the allegations. Her removal was irrational and hasty\u00a0 and did not\u00a0 comply with the condition precedent in removing the plaintiff.<\/p>\n

\u201cIt is indeed ridiculous\u00a0 that SEC removed the plaintiff within 24 hours,\u00a0 based on\u00a0 bad and\u00a0 unverified allegations and that it is not in doubt that SEC did\u00a0 not\u00a0 comply with the condition precedent in removing the plaintiff. SEC acted in breach of section 308 of\u00a0 Investment and Securities Act (ISA) and therefore, her removal based on the section is a nullity.<\/p>\n

It is also important to note that the plaintiff has not attempted at any forum and in any manner whatsoever\u00a0 to answer those allegation on their merits.\u201d<\/p>\n

Okereke-Onyiuke, had in the suit, challenged\u00a0 the propriety of her removal by SEC and sought to\u00a0 restrain the commission and its agents from treating and relating to her \u201cas a removed DG of the NSE.\u201d<\/p>\n

She had said that she was through with the NSE, having tendered her resignation letter before her sack, adding that she harbours no grudge against her former employer said,\u00a0\u00a0 she was neither seeking to be reinstated nor did she intend to disrupt the on-going efforts by the interim management to reorganise and restructure the stock market.<\/p>\n<\/div>\n

Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n

Go here to read the rest:
\nCourt voids Okereke-Onyiuke\u2019s sack from SEC, awards her N50m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By INNOCENT ANABA The immediate past Director General of the Nigeria Stock Exchange, NSE,\u00a0 Prof.\u00a0 Ndi\u00a0 Okereke-Onyiuke, got reprieve from a Federal High Court sitting, Lagos, Friday, when her sack\u00a0 by the Nigeria Security and Exchange Commission, SEC, was declared a nullity and awarded N50million as damages. SEC, has, however, faulted the judgement, and gave indication it would appeal against same. It said\u00a0\u00a0 Okereke-Onyiuke\u2019s sack was in exercise of its statutory powers to protect the\u00a0 NSE, the interest of investing public and the Nigerian economy as a whole<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-427598","post","type-post","status-publish","format-standard"],"yoast_head":"\nCourt voids Okereke-Onyiuke\u2019s sack from SEC, awards her N50m - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/05\/20\/court-voids-okereke-onyiukes-sack-from-sec-awards-her-n50m\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Court voids Okereke-Onyiuke\u2019s sack from SEC, awards her N50m - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"By INNOCENT ANABA The immediate past Director General of the Nigeria Stock Exchange, NSE,\u00a0 Prof.\u00a0 Ndi\u00a0 Okereke-Onyiuke, got reprieve from a Federal High Court sitting, Lagos, Friday, when her sack\u00a0 by the Nigeria Security and Exchange Commission, SEC, was declared a nullity and awarded N50million as damages. SEC, has, however, faulted the judgement, and gave indication it would appeal against same. 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