Ndi Okereke-Onyiuke Floors NSE, SEC, Awarded N500m As Damages

A Federal High Court sitting in Lagos, South-West Nigeria, this morning, while describing the removal of Professor Ndi Okereke-Onyiuke, former Director of the Nigeria Stock Exchange as unconstitutional, awarded N500 million damages against the Nigerian Stock Exchange, NSE and Securities and Exchange Commission, SEC.

Justice Idris Mohammed said the N500 million was awarded as damages for the embarrassment, ridicule and trauma caused the embattled Okereke, by portraying her to the public as a dismissed officer.

Before going into the merit of the case, Justice Idris dismissed the objection filed by the defendant urging the court to dismiss the suit on the ground that the action is not competent and in addition the court lacked jurisdiction to entertain the matter.

The judge, while dismissing the objection, assumed jurisdiction.

On the subject matter, the court contended that the SEC has power to hire and fire any erring officer, but said the action and power have to follow due process.

In the case before the court, the plaintiff (Ndi Okereke) cannot be said to have been given fair hearing as the allegation was not against her person, the statutory 14-day notice was not given, the meeting of board of directors was not held, the exercise of the power of the regulatory body is not automatic and must follow due process, the court said.

Consequently, the decision of the defendant was hasty, irrational and against the rule of natural justice and it was brought up in bad faith.

“Nigeria is governed by the rule of law and not the rule of rulers and in order to avert anarchy, law and order and due process must be followed in exercising power,” Justice Idris said.

The judge, while ruling on the termination of her appointment, said it was a clear violation of the laid down procedure as she was not given fair hearing and therefore it is null void and illegal.

Again, he said her sack did not follow laid down rules and it offends provision of fair hearing and therefore a letter of the purported termination is set aside and has no effect at all.

“NSE and its agents are hereby restrained from implementing the said letter and should not hold her out to the public as a dismissed officer,” he said.

Finally, N500 million was awarded as damages for the embarrassment they caused her.

—Akin Kuponiyi