Stock Exchange purchased 165 Rolex Watches Worth N186 million

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.

<a href="http://www.youtube.com/watch?v=Hu589lj9jKY" target="_blank" class="aeva_link bbc_link new_win" rel="nofollow">http://www.youtube.com/watch?v=Hu589lj9jKY</a>

 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

...And me still dey use "made in taiwan" rubber watch

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Posted: at 9-05-2012 09:57 AM (12 years ago) | Gistmaniac

NAIJA NA ONE BIG COMEDY .WE DON'T NEED THOSE COMEDIANS ANYMORE

Posted: at 9-05-2012 10:09 AM (12 years ago) | Newbie

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

Abeg what of other ones

Posted: at 9-05-2012 11:13 AM (12 years ago) | Newbie

pathetic fools

Posted: at 9-05-2012 12:15 PM (12 years ago) | Upcoming

Niaja una too much!!!coffee wey I dey drink for hia comot for my nose as I read this.

Posted: at 9-05-2012 01:10 PM (12 years ago) | Gistmaniac

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

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Posted: at 9-05-2012 01:15 PM (12 years ago) | Hero

more revelations
only revelations and nothing more

Posted: at 9-05-2012 01:49 PM (12 years ago) | Upcoming

naija nd corruption

Posted: at 9-05-2012 04:01 PM (12 years ago) | Upcoming