Posted by By Yemi Kolapo and Atser Godwin on
There were indications on Tuesday that the Securities and Exchange Commission might have demanded explanation from the Director-General, Nigerian Stock Exchange, Dr. Ndi Okereke-Onyiuke, on her role in the ‘Africa for Obama fundraiser.'
There were indications on Tuesday that the Securities and Exchange Commission might have demanded explanation from the Director-General, Nigerian Stock Exchange, Dr. Ndi Okereke-Onyiuke, on her role in the ‘Africa for Obama fundraiser.'
A letter to Okereke-Onyiuke by the Director-General, SEC, Mr. Musa Al-Faki, expressed concern that her role could compromise the professional standing and political neutrality of the NSE both within and outside Nigeria.
The letter which was obtained by one of our correspondents reads, 'It has come to the notice of the commission that you are organising a fundraiser in support of one of the two candidates in the United States presidential race.
'You are no doubt aware that your status as the Chief Executive Officer of the NSE is both sensitive and not partisan.'
The commission added that government was aware of the strategic position of SEC and would therefore view with concern, any activities that could compromise its political neutrality.
'You are therefore requested to clarify your role in the ‘Africa for Obama Campaign‘. Please do have the assurances of my high regards,' Faki said in the letter dated August 14, 2008.
‘Africa for Obama' had on Monday reportedly raised about N100m at a dinner/concert in Lagos.
But on August 8, 2008, the campaign organisation of the Democratic Party‘s presidential candidate, Senator Barack Obama, dissociated itself from the activities of ‘Africa for Obama.‘
The campaign organisation known as Obama for America, said in a letter to the Editor, PUNCH Online, that it was in no way associated with the activities of ‘Africa for Obama.‘
Okereke-Onyiuke, in a telephone conversation with one of our correspondents, however said that the fundraiser was not for Obama.
'At no time did we say we were raising money for Obama. What we are saying is that Obama is for the world and he has been getting support from Europeans, from Arabs and from all over and Nigerians should not be left out,' she had said.
She added that no one was forced to attend the concert, adding that if there is a surplus from the event, at would be used to sensitise voters in the US.
'I want to make it clear that I am a Nigerian and I have the right to do anything I want with my time and money,' she argued.
Although our correspondent reliably gathered that the NSE received SEC‘s letter on August 18, 2008, it was not confirmed that there had been a formal response.
When contacted on the telephone, the spokesperson of the NSE, Mr. Sola Oni, said he was not aware of such a letter.
Also, the Head, Corporate Affiars, SEC, Mr. Lanre Oloyi, in a telephone conversation with one of our correspondents said he had been away from the office since last Friday and, therefore, was not privy to the letter.
When contacted by one of our correspondents in Abuja, Al-Faki said he could not talk about the issue on the telephone.
He, however, asked our correspondent to see him in his office on Wednesday (today) morning for clarifications.
Meanwhile, the Minister of State for Finance, Mr. Remi Babalola, has said in a telephone interview that 'the NSE is a private operator, not a government agency, but regulated by SEC.'
He said that the NSE was not the one raising the funds but an individual, through a non-governmental organisation.
'SEC can only regulate the market. It is her board that should call her to order, not SEC,' he said.