In an emotional reaction to her victory at the Federal High Court, Lagos last Friday, Professor Ndi Okereke-Onyiuke told BusinessWorld in an exclusive  interview that she does not care about the N500 million which the court awarded her, saying that she does not care about the money, but the victory which means much to her reputation. With this judgement, “I am still the director general of the Nigerian Stock Exchange”, she said.
The now re-instated director-general of the told BusinessWorld that “I don’t care about the money. I don’t want to spend money I did not earn. I have not stolen money before, not even when I have just few months to end my years of service meritoriously. It was cruel to think that I can begin to steal money while I am going.”
According to her, “I don’t know how I feel. God has spoken and I am glad that the judgement day has come and gone and I don’t know how to explain the development. No matter what they wanted to do to me, God has avenged. I am very happy. I know they may want to challenge the decision because they would want to continue wasting people’s money, but I will not be deterred”.
Delivering judgement on the suit filed by the embittered Okereke-Onyiuke challenging her unceremonious removal by the Securities and Exchange Commission (Sec), Justice  Idris described  her removal as “reckless, hasty  and done in bad faith”.  Consequently, the judge awarded the sum of N500 million in favour of Okereke-Onyiuke  against  Sec as exemplary  and aggravated damages  for the  recklessness of Sec, adding that Prof Okereke-Onyuike ‘s right  to fair hearing was  breached by the commission.
The judge further held that it was wrong for Sec to withhold the allegation levelled against the Okereke-Onyiuke without giving her the opportunity to adequately reply to the allegations.
According to Justice Idris, Okereke-Onyiuke’s removal was irrational and hasty  and did not  comply with the condition precedent in removing her.
He declared, “It is indeed ridiculous that Sec removed the plaintiff within 24 hours,  based on  bad and unverified allegations and that it is not in doubt that Sec did  not  comply with the condition precedent in removing the plaintiff”.
Besides, the judge held that Sec acted in breach of Section 308 of the Investment and Securities Act (ISA) and therefore, her removal is a nullity.
“It is also important to note that Prof Okereke-Onyiuke has not attempted in any forum and in any manner whatsoever to answer those allegations on their merits”, the  judge further  held.
However, reacting to the judgement, Sec said it disagreed  with the judgement  and immediately signified its intention to file an appeal against the decision of the court.  In a statement in Lagos, it said, “Sec remains committed to its objective of protecting the interest of investors and  maintaining  confidence  in the securities  market, stressing that it will continue to vigorously pursue its efforts to ensure that transparency, accountability and justice prevail in the sector”.
A Lagos Lawyer, Mr ZiggyAzike told BusinessWorld Friday night in Lagos that the judgement is a re-affirmation of the quality service she rendered to the capital market. Everybody close to the capital market is happy with what has happened, especially considering that the court has done the right thing.