Africa’s richest man, Aliko Dangote finds himself back in the position he held over two years ago following a successful court appeal, redeeming him from allegations made in March 2010.
Nigerian, Dangote is reportedly worth $11 billion and was first elected as President of the NSE in August 2009. However in the gap between election and taking up the post the court nullified the votes. However, following his acquittal, the bourse board have reinstated him, indicating that if the court of appeal found him innocent, then they should have no reason to withhold the job from him either.
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The appeal came as a consequence of allegations made over shares tampering in relation to Forte Oil three years ago. The cement tycoon has an empire which stretches across Africa from Ethiopia to Senegal, but was accused of manipulating Forte Oil’s shares which saw them plummet five percent in one day – the maximum allowed. Despite the stock exchange always finding him innocent, the court overruled the decision and prevented Dangote from taking the job prior to his official start-date.
The annulment of the 2009 election has now been entirely overturned though at the Court of Appeal in Lagos, seeing the Nigerian reclaim his place at the top of the board. It is thought he will designate positions to the rest of the board members over the coming weeks, including a small increase being made in regards to the number of stockbrokers on the council.
Dangote made his wealth through Dangote Cement, which makes up a quarter of the exchange's market capitalisation, Dangote Flour and Dangote Sugar.