3rd August, 2010
P.M. News this morning sent an e-mail to the public relations department of the Nigerian Stock Exchange on the petition by business mogul, Aliko Dangote. Mr. Sola Oni, the general manager, public relations, sent in this response;
“We are aware that Alhaji Aliko Dangote petitioned the Securities And Exchange Commission (Sec) Over Mis-management Of Fund:
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IS THE EXCHANGE INSOLVENT?
The Nigerian Stock Exchange is not insolvent. The organization is meeting all its obligations as at when due. The staff are not owed salaries and allowances. The retirees receive their cheques promptly. The Exchange does not owe any bank or individual. If there is any form of owing, it could be that such a company is handling  project that has not been completed. Even at that, The Exchange must have made some pre-payment. No organization in Nigeria is fully insulated from the effects of global market down turn. The Exchange is certainly affected. But it has always been prudent in the management of its resources. As part of prudent management, the Council directed a downward review of staff salary and benefits in view of low revenue following global financial crisis. This does not imply insolvency. It is heart-warming to say that the market is recovering. This would enable The Exchange to upgrade its infrastructure the more.
ON NON-PRESENTATION OF ACCOUNTS
As far back as early March this year, The Exchangeâ€
ON WHETHER THE 2009 ACCOUNT IS QUERIED:
No query from the auditors. We must also appreciate that the accounts of The Exchange is the final responsibility of the President and other Council Members and not the management. The Council scrutinizes the Management Account, approve it and lay the Account before The Exchangeâ€
WHAT HAPPENED TO THE FIRST AND SECOND QUARTER ACCOUNTS:
They have been prepared and filed with the Securities and Exchange Commission (SEC) since May 20 there is nothing wrong with the interim results.
ON ALLEGED N42 BILLION INCOME:
The figure is misleading. As a corporate citizen, The Exchange granted heavy discounts to banks during the consolidation programme. Also, there had been several instances when The Exchange simply charged nominal values against its actual commission. Unfortunately, some people simply calculate The Exchangeâ€
WHAT IS WRONG WITH YOUR PENSION?
There is nothing wrong with our Pension we have been remitting our pension on monthly basis. Our pension is managed by NLPC Pension Fund Administrators Limited, a well-known company. Our pension cost increased because we had to backdate it by 20 years when we commenced. Otherwise those who had worked for The Exchange for several years would be left in the cold. But everything we did on the pension was approved by the Council. We have no problem with our pension managers.â€