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TR UTH IN DEFENCE OF FREEDOM TRUTH
VOL. 7, NO. 2117 TUESDAY, MAY 8, 2012
N150.00
Arunma Oteh at House capital market probe
Okereke-Onyiuke blew N186m on Rolex watches
Stock Exchange ‘spent N37m on yacht’ Council members ‘shared N1.7b surplus’ N1.3billion spent on business travels
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•Mrs Okereke-Onyiuke
OR those seeking answers to the sudden crash of the stock market, some came yester-
day. The market succumbed to a combination of ailments - sensational lifestyle and financial recklessness, among others - according to the Director–General of the Securities and Exchange Commission (SEC), Ms. Arunma Oteh. Oteh was explaining why SEC eased out the former DG of the Nigerian Stock Exchange (NSE), Mrs. Ndi Okereke-Onyuike. Oteh, in a presentation before the House of Representatives ad hoc committee probing the near collapse of the Nigerian Capital Market, said: “There were incidents of
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The extent and nature of the market abuses carried out between 2006 and 2008 are the primary reasons for the continuation of the investor apathy that we see today. From Victor Oluwasegun and Dele Anofi, Abuja
financial skimming, misappropriation, false accounting, misrepresentation and questionable transactions against the former NSE DG. “For instance, the NSE bought a yacht for N37million and wrote down the book value within one
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year by recognising it in the books as a gift presented during its 2008 Long Service Award (LSA), yet there are no records of the beneficiary. “The Exchange also spent N186million on 165 Rolex wrist watches as gifts for awardees out of which only 73 were actually pre-
sented to the awardees. The outstanding 92 Rolex watches valued at N99.5million remain unaccounted for. “This happened in previous years. Other notable fraudulent transactions include the reclassification of the sum of N1.3billion originally expended on business travels. Of this sum, N953million was reclassified under “Software Upgrade” and subsequently expended as against being capitalised. There were other cases of such unethical accounting practices. “In 2009, N1.7billion of the 2008 operational surplus was distributed to Council members and employ-
Lagos sacks 788 doctors
Jonathan to IG: get Oshiomhole’s aide’s killers
•Medical Guild kicks
From Vincent Ikuomola (Abuja), Osagie Otabor (Benin) , Damisi Ojo (Akure) and Bisi Oladele (Ibadan)
By Miriam Ndikanwu and Wale Adepoju
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TRIKING Lagos doctors got the boot yesterday. In all, 788 of them were fired. In their place, 373 newly employed medics are to resume in the various hospitals. The Lagos State University Teaching Hospital (LASUTH) Board and the State’s Health Service Commission (HSC) announced the sacking of the doctors, who have been on strike since April 16. In a statement, Head of Service Adesegun Ogunlewe said the two bodies sacked the doctors as a result of their failure to explain why they were absent from work without leave and without the due observance of the rules and regulations guiding strikes and industrial actions in the Public Service. Continued on page 4
Continued on page 4
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•Gen. Muhammadu Buhari, Congress for Progressive Change (CPC) presidential candidate at the 2011 election (left) with Asiwaju Bola Tinubu, Action Congress of Nigeria (ACN) national leader, during a courtesy visit by Gen. Buhari to Tinubu, in his Ikoyi home in Lagos ... on Sunday
HE President has ordered police chief Mohammed Abubakar to fish out the killers of Edo State Governor Adams Oshiomhole’s aide, Olaitan Oyerinde. The Edo governor’s principal secretary was last Friday murdered in his Benin City home – a brutal action which climaxed a week of attacks on the governor and his associates. Continued on page 4
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