Dangote returns as NSE president

Operators in the nation's capital market have said that the return of Alhaji Aliko Dangote as the President of the Council of the Nigerian Stock Exchange (NSE) will help reposition the near collapse of the stock market.Dangote, who runs Nigeria's biggest cement factory was elected the 17th president of the NSE in August 2009 following a unanimous decision by NSE council members but shareholders of Forte Oil (formerly African Petroleum) petitioned the Federal High Court in Lagos to remove Dangote from office over an alleged manipulation of African Petroleum shares in collaboration with Nova Finance and Securities Limited.The petition led to a court ruling in 2010 nullifying Dangote's election.Commenting on Dangote's resumption, the Managing Director Crane Securities Limited, Mr Mike Okpara Eze said with his clout and wealth of experience in the market, the man whose group of companies controls an appreciable percentage in overall market capitalisation of the equity market, will help attract the needed liquidity that will help re store market confidence.
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