The Securities and Exchange Commission, SEC, has commenced full investigation over alleged mismanagement of funds by the Nigerian Stock Exchange, NSE.

The investigation has led to the  sacking of the  Director-General of the Nigerian Stock Exchange (NSE), Ndidi Okereke-Onyuike.

Her sack was announced in a statement signed by the Assistant Director/Head Media of the Commission, Lanre Oloyi.

Also included in the sack is the removal of Aliko Dangote, the embattled President of the NSE Council.

Before the sacks billionaire and business mogul, Alhaji Aliko Dangote, had insisted that  the Director General of NSE, Professor Ndi Okereke-Onyiuke, must apologise and retract all the statements she has made against him before he agreed to a cease fire in the ongoing messy war in the Exchange.

The Commission’s spokesperson, Mr. Lanre Oloyi, told The Tide source that SEC had swung into action to investigate the petition by Alhaji Aliko Dangote over alleged mismanagement of funds by the NSE.

Oloyi said: “The Commission has a responsibility to protect the stock market. It will not fold its hands and watch the market go down the drain. The Commission has received the petition and is on top of the matter. After our investigation, we will disclose our findings and then come up with our position. This I can say about the  matter for now.”

Investigations revealed that Dangote told influential stakeholders who had appealed to him for cease fire, that in addition to apologising to him, the NSE director general must leave the Exchange immediately.

Dangote had on Monday raised alarm over the financial state of the Exchange saying that “the NSE was on the verge of bankruptcy” as it “could no longer honour its obligations as and when due.”

Dangote, who had earlier sent a petition to SEC on the precarious state of NSE’s finances, affirmed that the Okereke-Onyiuke’s management had solvency challenges.

He said in the petition that the NSE was currently dipping its hands in the Central Securities Clearing System, CSCS, accounts to borrow N900 million to support its cash deficit position.

Although his claim was refuted by the management of NSE, it nonetheless shook the Exchange causing the market to lose N51 billion on the first trading day of the week. This prompted the Senate  to wade into the crisis on Tuesday  with a view to safeguarding investors’ interest and integrity of the market.

Chairman, Senate Committee on Capital Market, Senator Ganiyu Solomon, told journalists after a closed door meeting with the management of the Exchange at the NSE headquarters in Lagos on Tuesday: “I am here because of the crisis.

The crisis has reached us in the Senate and we are definitely wading in. We hope it will not affect investors confidence.”

He said  that the Senate had begun to hold talks with the parties involved in order to end the crisis.

Sources close to Dangote’s camp confirmed to The Tide source that there had, indeed, been appeals to him to sheathe his sword but he insisted that the NSE director general must apologise and retract all the statements she had falsely made against him.

It was learnt that Dangote had added that the director general must also leave immediately otherwise he would make more revelations about the fraudulent management of finances of the Exchange.

According to investigations  the billionaire businessman decided to go on the offensive when he recently discovered that the NSE director general was behind the barrage of opposition to his presidency at the Exchange because of his alleged refusal to be cowed or controlled like everybody on the board of the Exchange.