Court voids Dangote's Election as NSE President

[bayo4luv]

* Court overturns NSE president's election

* Dangote lawyers to appeal the decision

* Dispute rooted in rivalry between two billionaires

A Federal High Court on Friday overturned the election of one of the country's best-known tycoons as president of the stock exchange, almost a year after he was cleared of involvement in alleged share manipulation.  The court nullified the election last August of billionaire Aliko Dangote as president of the Nigerian Stock Exchange (NSE) following an appeal by shareholders in African Petroleum (AP) (AP.LG: Quote), whose stock price he had been accused of manipulating.  Nigeria's Securities and Exchange Commission (SEC) last April cleared Dangote of any involvement in manipulating shares in AP, which had accused a brokerage acting on the tycoon's instructions of forcing its stock down more than 80 percent.  Justice Lambo Akanbi of Federal High Court in Lagos upheld the appeal against Dangote's election.  "The conduct of all officials of the NSE and SEC who organised and participated in the purported election of Dangote is reprehensible and highly condemnable," Akanbi said.

Source: Court voids Dangote's election as NSE president

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