Wonders shall never end. An auditor’s report into the affairs of the Nigeria Stock Exchange under the headship of deposed director general Mrs Ndi Okereke-Onyuike have found out that the Exchange spent a whopping N186 million on Rolex watches for its staff in 2008, as gifts to employees who had served the Exchange for 10 years.
The audit report, carried out by KPMG, and Aluko Oyebode & Co., also found out that only 73 out of the 165 Rolex watches were actually presented to the awardees. The implication is that a total of 92 Rolex watches valued at N99.5 million remain unaccounted for. Said the report: “We observe that the gifts awarded / presented far exceeded the value stated in the staff handbook.”
The report said further: “Our investigation so far reveals that the following allegations may have merit: Total expenses of the NSE are too high, 2006 to 2008 expenses consumed more than 80 per cent of income/undisciplined spending and financial imprudence; That there has been sharing of money among council members, That the sum of N400 million were paid to the past president of the Council, That wages, training and IT expenses were overstated." The report was ordered by the Securities and Exchange Commission, SEC, and it goes to uncover shocking cases of fraud and recklessness on the part of Mrs Ndi Okereke-Onyuike, the disgraced, former director general.
xclusivenigeria.com
