Court overturns Ndi-Okereke’s sack – …awards N500m as damages

In his verdict, Justice Mohammed Idris on a suit filed by Okereke-Onyuike challenging her removal, described the letters removing her as reckless, hasty and done in bad faith. He maintained that it was wrong for the commission to withhold the allegation against the plaintiff, without giving her the opportunity to adequately reply.   He said: […]

In his verdict, Justice Mohammed Idris on a suit filed by Okereke-Onyuike challenging her removal, described the letters removing her as reckless, hasty and done in bad faith. He maintained that it was wrong for the commission to withhold the allegation against the plaintiff, without giving her the opportunity to adequately reply.

 

He said: “It is indeed ridiculous that SEC removed the plaintiff within 24 hours, based on bad and unverified allegations and that it is not in doubt that SEC did not comply with the condition precedent in removing the plaintiff.” According to him, SEC, with its action on the former boss breached section 308 of Investment and Securities Act (ISA).

The commission in its reaction said it will file an appeal against the decision, maintaining that it “remains committed to its objective of protecting the interest of investors and maintaining confidence in the securities market and will continue to vigorously pursue its efforts to ensure that transparency, accountability and justice prevail in the sector.”

Okereke-Onyuike was sacked on August 5 last year by SEC, which said it acted in accordance with its powers under the Investment and Securities Act (ISA), over allegation of misconducts on her part, which the commission perceived as capable of negatively impacting the fortune of the stock market and the image of the NSE.

The ex-NSE boss, who said she was through with the NSE, having tendered her resignation letter before her sack, stated that she has no grudge against her former employer. She added that she was neither seeking to be reinstated nor did she intend to disrupt the on-going efforts by the interim management to reorganize and restructure the stock market.