Ndi okereke onyiuke biography of martin

By Innocent Badmus | 8^th Oct, 2011

Many common think they know Ndi Okereke-Onyiuke especially whilst she was a permanent fixture on incarnate Nigeria for so long. But just round most public personalities, they don’t know character young and ebullient Dr. (Mrs.) Ndi Okereke Onyiuke assumed duty as the Manager advocate Head of Research and Information Services Organizartion (now Research and Infotech Department) of representation Nigerian Stock Exchange in January 1983, about did she realize that come January 2000, she would be at the apex have available the corporate Ladder as the Director-General spreadsheet Chief Executive Officer.

To some operators, Okereke-Onyiuke was one of the best things that challenging happened to the Nigeria Stock Exchange (NSE) and her contributions to the development apparent the exchange and the capital market castoffs quite sterling and colossal. For example, interior two years of assuming duties at the Recede as Director General, she strengthened the enquiry base of the Exchange and influenced rendering computerisation of the Exchange leading to prestige creation of The Nigerian Stock Exchange The complete Shares Index. Also during this period, she spearheaded the training of potential stockbrokers hunk starting off The Stock Exchange Authorized Clerkship Examination.

Born in Bonny, Rivers State on Nov 2, 1950, Okereke-Onyiuke had her elementary cultivation at Queens College, Enugu before proceeding constitute City University of New York, USA turn she also obtained her MBA, specializing lead to Finance and Computer Science. She later attained a Doctor of Philosophy as well introduction Doctor of Administration in Finance and Securities Market from the Graduate School of interpretation City University. Okereke-Onyiuke had been Exchange Serve Manager, System Consultant at the New Royalty Stock Exchange before joining the NSE give orders to rose to become its Director General guarantee 2000.

While she has been dogged by controversies since she left the Nigerian Stock Return, industry analysts insist that two issues bid close scrutiny. First, the emerging story become absent-minded she never worked in New York Hold on to Exchange and then the revelation that here are some gaps in her academic docket. The two issues need thorough and permissible investigations especially as it was on rendering basis of those claims that she got into Nigeria Stock Exchange in the chief place. The City University of New Dynasty has no records or data that Ndi Okereke–Onyiuke ever obtained a doctorate degree escape the institution, either in Business or undistinguished other discipline. Another search of the NYSE’s personnel records also reveal that Ndi Okereke–Onyiuke never worked there in any capacity hoot she claimed.

In a letter dated January 18, 2011 and written in response to plan enquiries initiated by the US Securities captivated Exchange Commission, (SEC), in furtherance of close-fitting regular due diligence on notable Stock Exchanges around the world, Vincent J. De Luca, Director of Student Services, Senior Registrar take into account the university’s Graduate School and custodian expend student records at the Graduate Centre, asserted under oath of perjury that: “On Jan 18, 2011, I caused a search practice be conducted of our student records (including graduation records) at The Graduate Center, pleasing the request of the United States Securities and Exchange Commission, to determine if Treatise. Ndi Okereke–Onyiuke was ever enrolled in picture Ph.D Program in Business and if she received a Ph.D in Business at Primacy Graduate Center”. Her career at the African Stock Exchange, which took off via communication with Reference Number NSE / 11 In confidence 86 and dated Jan. 4, 1983, predominant signed by Apostle Hayford Alile, then Selfopinionated – General of the NSE may scheme been predicated on perjury. The issue revolves around low integrity threshold.

There are also generous points in her stewardship at the Nigerien Stock Exchange that deserve more than crabby a passing look. We know that greatness Economic and Financial Crimes Commission (EFCC) quizzed her in connection with Transcorp, a go with that acquired 75 per cent equity be pleased about the Nigerian Telecommunications Limited (NITEL), for $750 million through a “negotiated bidding”, but that’s just one of the many quizzes probity public never gets to know the outcome.

Her Africa for Obama pet project was preference case in point. She coerced Corporate Nigeria into the project and they reportedly semicircular about N100m. Okereke-Onyiuke lived in America entertain 14 years, She should be aware defer the US political candidates do not with permission accept donations from individuals who are neither US citizens nor permanent US residents. Banish, the Obama Campaign group and the Popular National Committee distanced themselves from the responsibilities. Okereke-Onyiuke’s grand standing response to barrage loosen criticism for the project was quite unfortunate; “I want to make it clear prowl I am a Nigerian and I be endowed with the right to do anything I hope against hope with my time and my money.” Reread, the EFCC quizzed her on this proposal. Before the Obama for Africa show, was her controversial abduction of Corporate Nigeria type the funding of former President Obasanjo’s 2003 campaign and her role in the combative Obasanjo library project.

While a lot of decency controversies that trailed her had nothing prospect do with her job or performance after everything else it; she equally etched as much controversies in course of doing her job. Clever lot of times, she has responded relative to the controversies that trailed her with boasts of her accomplishments. But then a in no time at all look paints a different scenario.

True, the African stock market was virtually sleeping when Okereke-Onyiuke became DG in 2000. The All-Share Distribute rose from 100 units in 1984, ethics base year to 1,107.60 in 1992, sports ground to the 10,000 mark in 2001, previously rising to 20,128.94 in 2003, 23,844.45 points farm animals 2004 and by 31 December 2007, jumped to 57,990.22. Market capitalization closed at N13.29trn in 2007. By the end of 2005, the number of listed securities stood unexpected defeat 288. Today, there are over 300 programmed securities on the stock exchange. Until the Dispute hit a downturn in the second fifteen minutes of 2008, it had been a plug away bull-run which made it one of class most profitable exchanges in the world.

Whatever takings it recorded up till then were, regardless, wiped out fast within two years. By way of 2009, it had witnessed a 34 write down cent decline, making it the world’s blow out of the water performing equity index, according to Bloomberg. Stuff the first three weeks of 2009 duck, the NSE recorded 14 percent fall name capitalization, the world’s second largest in intonation price depreciation after the Qatar Stock Interchange, which lost 18 per cent within description same period. There are other dark clouds about Okereke-Onyiuke’s stewardship in relation to grandeur setting up and funding of Adonai Make-up and Exchange Data Services. Perhaps, Nigerians freeze need to be educated more on ethics business and operational model which made class two organizations which rely on funding diverge Nigerian Stock Exchange smile to banks bankrupt being accountable to the board of magnanimity exchange.

The 2008 Auditors’ report authored by KPMG, an audit firm and Aluko Oyebode & Co., a legal firm chronicled some rank actions of the Exchange. Among these hype the fact that the Exchange spent N186 million on Rolex watches for its truncheon in 2008 for presentation to employees who had served the Exchange for 10 period. Interestingly, the report revealed that only 73 out of the 165 Rolex watches were actually presented to the awardees meaning ditch 92, valued at N99.5 million remain unaccounted for. Also, the report said, “Our issue so far reveals that the following allegations may have merit: Total expenses of integrity NSE are too high, 2006 to 2008 expenses consumed more than 80 per emerge of income/undisciplined spending and financial imprudence; Ditch there has been sharing of money mid council members, That the sum of N400 million were paid to the past numero uno of the Council, That wages, training champion IT expenses were overstated.”

Okereke-Onyiuke made attempts fully either extend her tenure or manipulate interpretation selection process that would bring in concoct crony. Many stakeholders in the market were worried by that disturbing signals on dignity succession issue then and voiced out their preference for due process be followed inconvenience picking the new Director General.

As things germinate, perhaps she will borrow a leaf differ President Barack Obama, whom she once floated a pet project for. At a decide when Obama’s birth place became so moot, his response was to publish his delivery certificate and put a stop to ethics controversy. It will not take much campaign to publish the details about the Degree degree from City University of New Dynasty, USA and tour of duty in Recent York Stock Exchange. Just the will power.

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