Some allegations were made yesterday by Arunma Oteh indicting the NSE under the leadership of Ndi Okereke . According to her, fraudulent transactions which includes the purchase of N186 million worth of wristwatches without proper accounts and a yacht for N39 million.
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.
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Posted: at 9-05-2012 09:38 AM (12 years ago) | Addicted Hero
DonMatata at 9-05-2012 10:19 AM (12 years ago) (m)
NameTalkem, pls these are the kind of post I enjoy from U, educative post. Thanks. But for Nigerians U should always ask FGN, and other Business Mugul of Transcorp what happened to the Shares of the said Transcorp Plc. This is really so disheartning...
Posted: at 9-05-2012 10:19 AM (12 years ago) | Newbie
Expert231 at 9-05-2012 11:01 AM (12 years ago) (m)
This is quite sad. There are many families that cannot afford three square meal yet our government officials squandered the resources of this nation any how. Your families will definetely pay through their nose for these atrocities.
Posted: at 9-05-2012 11:01 AM (12 years ago) | Newbie
aso4life1 at 9-05-2012 01:15 PM (12 years ago) (m)
why dem no use am buy biscuit and share for every Nigerians so that nobody go complain, Nigeria leaders with their antics, Nothing to say....AWO OLOSHI SOMEBODY
if u attack my papa house, I'll retaliate but if you are peace loving,I will embrace you
Posted: at 9-05-2012 01:15 PM (12 years ago) | Hero
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