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NSE: CONFUSION AS STAKEHOLDERS REJECTS 2009 ACCOUNTS ..THREE COUNCIL MEMBERS RESIGN

By NBF News
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Confusion reigned at the stock market on Tuesday as stakeholders attending the 49th Annual General Meeting of the Nigeria Stock Exchange (NSE) refused to endorse the 2009 financial accounts presented to them by the council.

Also, three members of the NSE council, retired Rear Admiral Alison Madueke, Emmanuel Ocholi and Dr Francis Chukwujama on Monday resigned.

Before now, four council members  Century Securities Limited, APT Securities and Funds, City Code Trust and Investment Limited and Crane Securities Limited have stepped aside following the annulment of their election by the court in 2009.

The meeting which started as scheduled was also marred by failure of the dealing members, stockbrokers and other stakeholders to endorse the 2009 financial accounts over what they described as irreconcilable financial differences and the way the interim president of the council, Ballama Manu handled the questions put to him on financial situation in the exchange.

The problem started when the interim president moved a motion asking for the secondment of the motion for the endorsement of the accounts.

The angry members refused to raise their hands and this made the interim president to move the motion three times yet nobody budged until he stood up and appealed to the dealing members not to cause further damage to the market as their refusal to endorse the accounts would further erode the confidence of investors in the market.

One of the stockbrokers,Tunde Shokunbo who expressed his anger over the financial recklessless in the market said Nigeria markets investing public are tired of hide and seek game, adding that it would be 'wicked on the part of the new management' to continue to  tell investors cook and bull stories that the market would rise again.

He said the NSE council should have reconciled the accounts before presenting it.

With nerves calmed the interim chairmen stood up again and raised the motion and was later seconded by Aigboje Eligo of Capital Market Bancorp.

However, another agenda of the day which was the election and re-election of members into the council was also rejected based on the advise of the external solicitor who drew the council  attention to the on-going litigation over African Petroleum (AP)'s shares manipulation which has resulted into the suspension of the President of the Council, Alhaji Aliko Dangote.

The solicitor said if the meeting went ahead to elect new council members it would further compound the problem in the market. With this, the meeting suspended indefinitely the election of new members into the council.