Dangote resumes as President of Nigerian Stock Exchange after court ruling

Business mogul, Aliko Dangote will resume as President of Nigeria’s Stock Exchange (NSE) on June 19, 2012.

This follows an Appeals Court ruling in Lagos last Friday which called for Mr Dangote to be reinstated as the President of the country’s bourse, the Nigerian Daily Times reported June 18, 2012.

Dangote, who runs Nigeria’s biggest cement factory was elected the 17th President of the NSE in August 2009 following an unanimous decision by NSE council members but shareholders of Forte Oil (formerly African Petroleum) petitioned the Federal High Court in Lagos to remove Dangote from the Presidency over an alleged manipulation of African Petroleum shares in collaboration with Nova Finance and Securities Ltd.

The petition led to a court ruling in 2010 nullifying Dangote’s election.

Dangote has promised to undertake some reforms at the Stock Exchange.

By Ekow Quandzie