Financial schemes and misappropriation of funds in the Nigeria Stock Exchange (NSE) was responsible for the near collapse of the capital market.
This was part of the revelations of the Director General of the Security and Exchange Commission (SEC), Arunma Oteh on Monday at the resumed hearing of the House of Representative ad-hoc committee probing the near collapse of the capital market.
Speaking about the NSE, she said “it was brought to my attention that there were incidences of financial scheming, misappropriation, false accounting, misrepresentations, and questionable transactions”.
“For instance, the council of the Nigeria stock Exchange bought a yacht for N37 million and wrote down the book value within one year by recognising it in its books as a gift presented during its 2008 long service award” she alleged.
“Yet there are no record of the beneficiary,” she added.
Dr Oteh also alleged that the council of the stock exchange also spent N186 million on the purchase of 165 Rolex wrist watches, as gift for awardees out of which only 73 were actually presented to the awardees. “The outstanding 92 Rolex watches valued at N99.5 million remained unaccounted for.”
“These were the kind of financial imprudence that were perpetrated at the Nigerian stock exchange,” Ms Oteh said.
The SEC Boss accused the NSE of “weaknesses in corporate governance, weaknesses in risk management, weaknesses in internal control, insufficient oversight of brokerage firms and listed companies and inabilities to enforce rules.”
She noted that the inspection team that examined the NSE found out that “more than 2, 700 investors complaint lodged with the Nigeria Stock Exchange had yet to be treated.”
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Fellow Nigerians, it is with great surprise to hear that people are trying to persuade our dear President – Goodluck Ebele Jonathan to have a direct talk with the so called Boko Haram killers. Where on earth should such destroyers call on their president without any bit of regard on his person / office, issue an automaton of going to commit more havoc to lives and properties should the president fail to yield to their call?
ReplyDeleteThe Evil Agender Uknow to Nigerians
(1). In abid to actualize the EVIL agenda of the BOKO HARAM, president GEJ has been marked to be killed in disguise of requesting that a direct talk with him should be organized.
This is a set up by whoever that did it, to have Nigerian president killed (this Ijaws will not take lightly), throw Nigerians into War, spilt the nation, disrupt the government of a southerner which is the bedrock of NORTHERNERS PROVOKATION.
(2). GEJ is neither a weak nor I- don’t- Care Leader as many have summarized him for. The truth remains that supporters of BOKO HARAM are almost in every sector of GEJ government, including both the National Assembly and the Judiciary. GEJ is not alone in government, he adopts team spirit in relating with his cabinet which majorly have Boko Haram Fans.
(3). GEJ means WELL for Nigerians, even till now! Forces against his government from within and without are numerous. We all owe him our prayers to deliver. Boko Haram or its likes has discovered that killing GEJ is the most easiest way to finally distabilised not only Southern person as president but as well destroy Nigeria. A killer is a tool in the hands of Satan to carry out his act of Klling, stealing, and destroying. Boko Haram has the spirit of the devil who means No GOOD FOR ANY ONE. The truth is Nobody can successfully end BH. Kill all her members / Fans, in the process of time the spirit goes into others willing to achieve the devils aim. Adam and Eve were recorded as the ones who obeyed the devil’s voice, thereby sinning against God. They are dead, yet sin is still been committed by so many in this world. The spirit behind BH is of Satan. You can only minimize the effect of their existence but not to totally eradicate them. Only God can. But this will happen when Satan, his followers, and his agents are finally thrown into the LAKE OF FIRE.
In case you are in doubt of this writeup, simply note this date, and make documentation of this writeup and watch events that unfold in the years ahead.
Surely, a revolution that will lead to serious murder of our past leaders and others who are enemies of Nigeria is eminent. Let God open your eyes. You should prepare for the WORST POSSIBLE NOT THE WORST PROBABLE. The northerners have their secret agenda.
Late Abacha tried to Islamised Nigeria, he failed. Look at the Shape of National Assembly complex – that of mosque! Be wise Nigerians. Be reahy for the untold about events happening, so that you will not be taken unaware. Make peace with God and prepare for the coming of Jesus Christ.
God save Nigeria, Nigerians who are true patriots, help GEJ to take Nigeria forward in Jesus name, amen.
What is the relevance of the above to the write up above? The text above relates to the unscrupulous activities at the Nigerian Stock Exchange Not Boko Haram!
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