How Ndidi Okereke, Others Illegally Acquired NSE Property

Former Director-General of NSE, Dr. Ndidi Okereke Onyuike
A former Director-General of the Nigerian Stock Exchange, Dr. Ndidi Okereke Onyuike has been dragged to court by the NSE for illegally acquiring property belonging to government. 
 
In a statement of claim filed before a federal high court in Lagos, South west Nigeria, by a Lagos-based lawyer, Chief Bolaji Ayorinde SAN, on behalf Nigerian Stock Exchange NSE, Ayoride has dragged the former Director-General of NSE, Dr. Ndidi Okereke Onyuike to court for illegally acquiring NSE property.
 
Others joined as co-defendants in the ensuing property recovery suit are former assistant director general of the NSE, Lance Musa Elakama, Hybrid Properties Limited, Oak Business and Finance Limited, Minister of Land, Housing and Urban Development, Federal Land Registry
 
According to a report by PMNews, it was alleged that sometime in 2012, the NSE carried out an audit of its landed properties and discovered that it could not locate the original copy of certificate of occupancy of one of his landed property.
 
It was alleged that Dr Ndidi Okere-onyiuke and Lance Musa Elekama, allegedly allegedly used a false resolution of the Nigeria Stock Exchange, unlawfully and illegally executed a Deed of Assignment dated 20 May 2007, on Sunday which is non working day by law in favour of Hybrid Properties Limited and Oak Businesses and Finance Company Ltd. by which Nigeria Stock Exchange purportedly transferred its proprietary of the property at 2 Temple Road, Ikoyi to the two companies.
 
Consequently enquiry was set in motion, upon conducting a search on the 12th of March, 2014 and obtained from the federal Lands Registry, it was discovered that on the 20th of May, 2007 that then Minister of Land, Housing and Urban Development gave his consent to the deed of assignment purportedly executed by NSE in favour of HY Bybrid Properties Ltd and Oak Business and Finance company.
 
Dr Ndidi Okereke Onyuike and Lance Musa Elekama while being Director-General and Assistant Director General of NSE respectively executed the deed of assignment in favour of the aforementioned companies, nevertheless their identities did not appear on the said Deeds of Assignment and acquired NSE property for themselves.
 
An investigation further discovered through a search conducted at Corporate Affairs Commission that Lance Musa Elekama was having 600,000 shares out of the 1,000,000 fully issued shares of Oak and Finance company while Ndidi Okereke-Onyuike was holding 800,000.shares in the shares of Hybrid Properties while Lance Elekama held 600,000 shares in the share capital of Hybrid Properties, also as a majority shareholder.
 
Consequently the NSE execution of the aforementioned Deeds of Assignment was fraudulently done by Ndidi Okereke-Oyeuike and Lance Musa Elekama, irregularly consented to by the then Minister of Lands, Housing and Urban Development and fraudulently registered by Federal Lands Registry with intention of illegally, unlawfully and permanently deprive NSE of its proprietary rights to the property.
 
It was further alleged that Ndidi Okereke and Lance Elekama who are the majority shareholders of these two companies allegedly paid the sum of N420,750,000 as purchase price of the property to the NSE, the two of them who were conversant with the inner working of NSE and its approval process as it relates to the execution of documents for and on behalf of NSE knew at the time of the execution of the Deed of Assignments that they did not have the authority of NSE as it relates to documents under seal and title transfer documents to execute the said Deeds of Assignment in favour of the two companies as they were aware that the said execution was unlawful,illegal and clear violation of the Article o Association of NSE.
 
But the two companies, Hybrid Properties Limited, Oak Business and Finance Limited never paid any sums to NSE as consideration for transfer/sale of the NSE’s proprietary interest in the property, neither did Ndidi Okereke-Oyuike and Lance Elekama make any such payment which made it a fraudulent act shortchanging NSE.
 
Consequently, the claim against the defendants jointly and severally are as follows:
  • A declaration that Dr Ndidi Okereke and Lance Musa Elekama acting alone or together are not empowered to execute for and on behalf of NSE any instrument of transfer of title to landed property.
  • An order of the court setting aside or striking down the Deed Assignment dated 20th May 2007 purportedly executed by the NSE in favour of the two companies relating to the NSE proprietary interest in 2 Temple Road, Ikoyi Lagos.
  • An order of the court directing the defendants to pay to the plaintiffs the sum of N36 million as solicitors fee. 
The suit has been adjourned till 1st of March, 2016 for either report of settlement or hearing.
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