Nigerian billionaire Aliko Dangote, arguably the richest man in Africa, has just stepped down from his position as Vice President of the Council of the Nigerian Stock Exchange (NSE).
Sources confirmed that during a routine meeting of the NSE council in Lagos on Monday last week, a committee of the council met and appealed to Dangote to resign. Aliko Dangote had been under intense pressure to resign from the council before the forthcoming Annual General Meeting (AGM) of the NSE.
The resignation of Aliko Dangote is very likely connected to Dangote’s ongoing feud with fellow Nigerian billionaire Femi Otedola. Femi Otedola alleges that Dangote was involved in a scheme to drive down the share price of one of Femi Otedola’s companies, African Petroleum Plc. The council’s decision to pressure Dangote to resign was very likely due to the market’s perception of Dangote’s alleged role in a price manipulation of African Petroleum Plc’s shares.
The date of the next AGM is August 6, during which the election of new council members is expected to take place.
Visit African Petroleum’s website
Source(s)
Proshare News
This Day
#1 by baby on July 20th, 2009
| Quote
It’s about time. I’m shocked he actually stepped down. Nigerian leaders have no shame. Even when caught in corrupt practices, they refuse to do the honorable thing and resign. I wont be surprised if his stepping down is a condition for him to get a bigger contract/position somwehere else.