Wednesday, 19 June 2013
Okereke-onyuike Blames CBN And SEC For The Collapse Of Nigeria's Stock Exchange Market-ChannelsTV
Ndidi Onyuike-Okereke
By ChannelsTV
It was another day of gross revelations at the House of Representatives ad-hoc Committee probe on the near collapse of the Capital Market, as the immediate past Director-General of the Nigerian Stock Exchange (NSE), Professor Ndidi Okereke-Onyuike made her presentations.
According to her, the government regulators; the Central bank of Nigeria (CBN) and the Security and Exchange Commission (SEC), failed to provide any guide lines for margin loans which she said banks used to speculate on share prices.
“It was margin loans that led to the collapse of the Nigerian Stock Exchange, nothing more” she affirmed as she blamed the failure of the regulatory bodies to fulfill their responsibilities.
Professor Okereke-Onyuike in her presentation, largely blamed the banks for solely being responsible for the collapse of the capital market as she accused the CBN and the SEC of failing to protect investors when margin loans were indiscriminately given out by commercial banks.
She noted that the CBN cordoned the banks establishment of several arms, such as their own registrars, which they will now use when they want to come to market for a public offer. “We opposed the banks using their own registrars whenever they come to the market for offers” she said.
She also accused the SEC, of illegally collecting money from the stock exchange and market brokers to fund its regulatory activities.
Responding to the allegations levelled against the council of the NSE on Monday by SEC’s DG, Dr Arunma Oteh, that the council spent N138 million on wrist watches and N39 million on yachts, Professor Okereke-Onyuike, stated that it is unfair for the SEC to accuse the NSE of mismanaging its finances when the SEC was one of the beneficiaries.
CSCS and Abuja stock exchange
Other revelations made by Professor Okereke-Onyuike during the question and answer session of the probe were that she’s now been summoned to help re-organise the failed Abuja Stock Exchange and Commodities Market.
Responding to a question from the probe panel chairman on her alleged overbearing influence on the stock market, which led to the collapse of the Abuja Stock Exchange, she stated that she was never opposed to the establishment of another stock exchange in Nigeria.”It was I and the council of the NSE, that recommended that the commodities market should be included at the Abuja exchange, because we need a commodities market in this country.”
She also revealed that now that she is in her retirement, she’s been called on to help re-build the Abuja stock exchange. “I have been approached to come and help re-strategise the Abuja Stock Exchange and I will do this for free and I assure you that the market will be up and running in six months” she said.
On the legality of the CSCS, the former DG explained that the CSCS was not illegal stating the then Minister of Justice and Attorney General of the Federation was approached by the executives of the stock market on the need to amend the law that makes share certificates the only Prima Facie evidence in any litigation.
“The AGF, affirmed that the CSCS can serve as the ‘cerficateless’ evidence for shareholders….and he promised that the law will subsequently be amended.”
The CSCS account enables every share holder to hold the shares in digital formats and numbers.
Obama elections
On the controversial raising of $68 million for the Obama presidential campaign in 2008, the retired NSE boss stated that she never raised funds for the American elections but that all she did was create awareness for his election as the first black man who could get to rule the United States.
She explained that she’s known the US president, Barack Obama, before his sojourn into politics. She got the entire hall laughing when she said the US President posed with a picture of her and three others when they were awarded a Congressional CaucusAward.
She further noted that the Economic and Financial crimes Commission (EFCC) had investigated into the fateful dinner and found her not culpable.
Transcorp
On her appointment as the chairman of Transcorp, Professor Okereke-Onyuike stated that her appointment “was just a national assignment.”
The former DG of the NSE who was forced to resign the appointment in 2008 stated that there was no conflict of interest with her appointment as she was the serving chairman of the Nigerian Stock Exchange.
She noted that the council of the stock exchange officially endorsed her appointment on Transcorp’s board after such affirmation was sought by the president.
Professor Okereke-Onyuike, was the inaugural chairman of the Transnational Corporation set up by former President Olusegun Obasanjo with a view of creating a Nigerian transnational company in 2005.
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bFLNTtvqZmIbTNMoO
Submitted by Auth (not verified) on June 7, 2012 - 12:18.
So why the hullabaloo and cakcnilg from Hembe the baby rubbish .they won't read and so the woman worked on the guy perfectly well The act of seduction played thru and a committee chair became uncomfortable and reactionary What a moment of pity and harakiri of Hembe..having been immerged in a voyage of credentials by this beauty who could spend 850k without blinking .It was a moment of national embarrassment seeing that Hembe is all we could get..
Politics in Business
Submitted by Hope for Business (not verified) on May 9, 2012 - 09:16.
Promote your business and network with other businesses in Nigeria, find Nigerian Professionals and Businesses, Find latest business and employment news in any location in Nigeria. Its all Live at www.nigerianpro.com , Nigeria's fastest growing Business Community.
Gullible Nigerians -If it's unbelievably too good, perhaps it is
Submitted by OC (not verified) on May 9, 2012 - 05:35.
I don't know much about this woman, but from the little she said here, she tells tales. How can she deny CONFLICT OF INTEREST, if she heads the NSE and at the same time heads TRANSCORP, a major player in the NSE? And she can't see anything wrong with that? She can't see the UNFAIR ADVANTAGE that TRANSCORP has over other players? She can't see that TRANSCORP is not on a level playing field as others? Is she not a Professor, and supposedly, intelligent?
I called Nigerians gullible, as they should have known that the Nigerian Capital market was not SUSTAINABLE. It wasn't grounded on sound economics and did not follow the trends in the world. Like the WONDER BANKS of old. If it's too good to be true, perhaps, it is, and just back off!
Are you guilty or not?????........
Submitted by Ike felix Egbuniwe (not verified) on May 9, 2012 - 03:47.
Mrs Onyiuke`s revelations is quite alarming. Even the capital market is not spared of sharp corrupt financial practices.How come she never bothered to tender any form of petition or complain until now.lets just She is not competent to take on such position and should not be given any sensitive position in the future. You are guilty as the rest with corrupt and fraudulent tendencies. Madam, how about given yourself some grade, did you do well or not in NSE? We know that you failed unlike other notable women who held such sensitive positions and passed. Maybe you should talk to Okonji Iweala for some guidelines. It will do you more good and the fact is we Nigerians have had enough of you.You need some rest.
Ike Felix Egbuniwe
Nku Na Asaba
RETURN SEIZED FUNDS TO INVESTORS IN NOSPETCO & SEFTEG
Submitted by Citizen of the Federal Republic (CZFR) (not verified) on May 9, 2012 - 01:46.
Now we know who the true wonder bankers (Akingbola, Atuche&Co.) and complacent regulator bosses are, the CBN/SEC should immediately unfreeze the accounts of Nospetco & Sefteg and supervise the return investors funds back to them.
The government can advise the CBN/SEC to charge a service fee of about 10 - 15% to process the return of the funds to innocent Nigerians who toiled days & nights to earn this money.
I know many people who can put this money to better use in small business, if returned to them; as they are yet to recover from job losses!
CBN/SEC/Govt act NOW in the interest of Nigerians for once!!!!
I de laugh o o.....ala
Submitted by Bruce (not verified) on May 8, 2012 - 23:14.
I de laugh o o.....ala Obasanjo
OKEREKE - ONYIUKE SHOULD SHUT UP!
Submitted by Emmanuel Izomon (not verified) on May 8, 2012 - 23:14.
Ndid Okereke - Onyiuke should shut up. She deestroyed the capital market by looting the treasury of the Nigerian Stock Exchange and collecting bribe money from capital market operators who perpetrated all kinds on infractions. She is out of jail because of the shameful state of the criminal justice system in Nigeria.
Nigeria and Blame games"!
Submitted by Anonymous (not verified) on May 8, 2012 - 23:12.
Why is it that only in Nigeria u will see or hear corruptt past leaders passing blames on each other when being probed or found culpable. It reminds me of my secondary school dayz when students always try to get out of trouble by blAming other fellow students for their wrong doings. Its tym for past leaders to accept responsibilites for their past misdeeds, becos its really shameful. Mind u fOols our kids are watching and learning bad things from you , so what do u xpect them to do when they become leaders of 2mrw"!
Of course she has only said
Submitted by naija_man (not verified) on May 8, 2012 - 21:58.
Of course she has only said what the discerning mind knew i.e Chukwuma Soludo failed in his responsibility to regulate the banks. Why did he fail is what we don't understand. Was he parleying with the likes of Akingbola to raise money for his gubernatorial campaign? Did the auditors not report in time the troubles with the banks? These questions are left for him to answer. However, this does not exonerate Ndi from the whole sham that characterised the market. Ndi knew the fact that some of the listed companies were not preparing annual accounts yet they were left to trade. Also if Ndi knew the dangers of the practice by the banks, what steps did she take to make the regulators aware of this. In all it was a sham market and I urge people not to put their money in such a market were there are little safeguards for their investments.
and the re-cycling goes on and on
Submitted by olumuyi (not verified) on May 8, 2012 - 21:34.
Ndidi again? The cycle of looters is short and tight. Even when the weakest link falls out in disgrace give them a little time and they will be back and 'greedier'. Alams, tafa, bankole, odili, orji kalu etc will soon 'return' to bail us out-just watch.
OKEREKE - ONYIUKE IS A ROGUE
Submitted by Izam Ibo (not verified) on May 8, 2012 - 21:24.
Ndi Okereke - Onyiuke was the same certificate forger who stole all the money at the Nigerian Stock Exchange, NSE and rendered the place bankrupt. She should tell Nigerians how she acquired the mansion where she lives at No. 6 Temple Road, Ikoyi, Lagos and the other pieces of exquisite real estate she owns all around the place. This woman is a thief. She lacks credibility and should be in jail. She should be in jail.
The public hearing was very
Submitted by fowope mike (not verified) on May 8, 2012 - 20:57.
The public hearing was very interesting and funny. for me, the woman showed to the world that nigerian government is managed based on favoritism. it is shocking to note that OBJ will just organise a committe without due consultation with other parties. i was really laughing all through as i watched the hearing.
well, for me, naija govt is all about chop-i-chop. imagine, a company going on private placing, raised money and never get listed. ask me, where is the funds raised?
sahara reporters, abeg, make we go private placement raised 10million dollar, thereafter run..... lol
total madness!!!
I dont know what i should say again about this country, ppl do all manner of evil and go unpunished!!!
abeg, make i sign off here. cant stop laughing!!!!
This tin must be a fool
Submitted by Anonymous (not verified) on May 8, 2012 - 20:55.
This woman just believe that all nigerians are fools. Just because she is not in Jail where she really belongs she is spewing nonsense.We all saw her shenanigans during OBJ´s tenure yet she is denying what we all saw korokoro. Just because Aruna Oteh who came on board decided to put her hands in the till in like manner does not make her innocent one bit.Criminal big balloon
Gross Confessions
Submitted by Bello Ben (not verified) on May 8, 2012 - 20:54.
This woman shamelessly said she nominated the former DG of SEC, Al Faki for appointment by Obasanjo. How could she appoint her regulator?!! Now I see where it all went wrong! And why the market crashed. Paddy paddy regulation.
And she goes ahead to say though she wasted money belonging to the Stock Exchange, SEC has no business questioning those transactions. Just because the NSE is a private company. Seriously?!
And finally she shamelessly admitted that she obtained injunctions to stop the publication of SEC's forensic investigation into the NSE.
The woman should understand that Nigeria has gone beyond this stage
NDilicious
Submitted by talkTrue (not verified) on May 8, 2012 - 20:52.
Illegally collecting funds for regulatory activities? wow...so what she's basically saying is that government should not tax it's people...
OKEREKE - ONYIUKE BLAMES CBN AND SEC...
Submitted by John Fadahunsi (not verified) on May 8, 2012 - 20:30.
This certificate forger is stirring the hornet's nest. This woman who robbed the Nigerian Stock Exchange dry and left it bankrupt. How can she be running around free? She should be in jail. How did she acquire her mansion at No. 6 Temple Road, Ikoyi? And the one at Awuse Estate, Ikeja and the countless pieces of real estate all over the place? This woman is a criminal.
It is baffling that this
Submitted by SadProf (not verified) on May 8, 2012 - 20:28.
It is baffling that this horribly fat and extremely fraudlent woman is not being prosecuted for theft, fraud, abuse of office, corruption and mismanagement despite her indictment by independent firm
Only in Nigeria!
Submitted by Omoba Oladele Osinuga Esq. (not verified) on May 8, 2012 - 20:26.
Only in Nigeria, why is this woman a bona fide fraud still being given an audience? If it were in another country she would have been prosecuted for obtaining by fraud pretences! Nothing to date have proved that her degrees are genuine. Yet despite her untoward conduct in purporting to raise money for the Obama campaign she still has the effrontery to reiterate that she known President Obama.
Na today...?
Submitted by Akpofure Dan (not verified) on May 8, 2012 - 20:21.
Na today we dey see or hear them dey accuse each other?At the end dem go use EFCC,POLICE or ICPC just shallow people and thats the end of the story.Well,when talents are given to monkeys the result is JUNKS according to Taribo West.When people are elected(selected)to rule on compromise,accountability is out of the way.
