A turbulent but exciting era ends

ARMED with an impeccable academic honours, Prof. Ndi Okereke-Onyiuke was fully prepared to be reckoned with in the international financial market.

Early in her career,she was well positioned as an intellectual lieutenant to the immediate past Director-General of the Nigerian Stock Exchange (NSE), Apostle Hayford Alile.

Okereke-Onyiuke was hired in 1983 to strengthen the Exchange’s research department. She was instrumental to its computerisation in 1985, a development, which led to the creation of "The Nigerian Stock Exchange" All Shares Index - a barometre that gauges the mood of the economy.

That year, she also spearheaded the training of potential Stockbrokers by initiating The Stock Exchange’s Authorised Clerkship Examination.

Today, the examination is supervised by the Chartered Institute of Stockbrokers (CIS). It is to her credit that Nigeria’s Stockbrokers have a pride of place in the international stock market.

During her tenure, the capital market attracted attention from a public that hitherto was lackadaisical about shares and all its trappings.

At the inception of the privatisation and commercialisation policy of the Federal Government, she was the Chairman for the Technical Committee on Privatisation and Commercialisation (TCPC) now Bureau for Public Enterprises (BPE).

Her contributions to the committee’s achievements earned her special commendation from the Exchange and the government.

Besides, she also served as a director of the National Directorate of Employment in addition to distinguishing herself on the boards of major companies and banks.

When the history of the African Capital Market is written, Mrs Okereke-Onyiuke will be remembered as the first woman in Africa and one of the first two in the world to head a stock market.

After many years as the Exchange’s boss, Okereke-Onyiuke assumed a larger than life status not only in the capital market but also other sectors.

She became the pioneer chairman of Corporation TRANSCORP in 2004. TRANSCORP bought the Nigerian Telecommunication Ltd (NITEL) and The Hilton Hotel, Abuja when they were privatised.

Apparently, because of those behind the company, the shares became the most sought after by the public.

Unfortunately, the party did not last for long and the value of the celebrated Transcorp shares took a plunge and has never recovered.

Another controversial time in the life of Mrs Okereke-Onyiuke was her involvement in the Africa for Obama campaign for the election of Barack Obama as President of the United States (US).

The controversy generated by the pitch for Obama forced the campaign organisation of the Democratic Party‘s candidate for the November 2008 US presidential election, to dissociate itself from the activities of the Nigeria-based group.

The campaign organisation said it was dissociating itself from the Africa for Obama campaign "based on an advertisement that the Nigerian group was organising a fundraising for Obama".

‘Africa for Obama’ led by Okereke-Onyiuke, had at its dinner/concert in Lagos on August 11, 2008 reportedly raised about N100 million.

The Staff Counsel for the Obama for America, Ms. Kendall C. Burman, wrote: "Senator Barack Obama in his campaign for President of the United States, and the Democratic National Committee are in no way affiliated with this event or with this organisation.

Obama for America and the Democratic National Committee will not accept any funds raised at this event or through the fundraising activities of this group. We want to make it clear that the event and this organisation are in no way associated with Obama for America or the Democratic National Committee."

At the dinner in which notable artistes performed, tickets were sold in the categories of Platinum Corporate table of eight people for N2.5m and individual N325,000; the gold category, ticket was sold for N2m for corporate table of eight and N275,000 for an individual.

In a swift response to the American rebuttal, Mrs Okereke-Onyiuke said the event organised by ‘Africa for Obama’ "was not aimed at raising funds for Obama but to sensitise Africans living in America.

Obama is for the world and he has been getting support from Europeans, from Arabs and from all over and Nigerians should not be different. At no time did we say we were raising money for Obama".

Mrs Okereke-Onyiuke insisted: "We are just mobilising people who are eligible voters to go out and register and vote for him. The event was a concert and people bought tickets on their own volition.

People have been saying I used my position as D-G to compel corporate organisations to donate money. I am tired of all these. This is not true. No corporate organisation gave any cheque."

She argued that the mobilisation campaign would involve advertisements and online campaigns to encourage African-Americans to register and vote for Obama.

The controversy generated by her emergence as chairman of the group was informed by her earlier role in a fundraiser for former President Olusegun Obasanjo’s re-election in 2003. She did so under the umbrella of "Corporate Nigeria".

Okereke-Onyiuke was also believed to be a staunch supporter of Obasanjo in his bid to extend his tenure in 2006 but this was never proven.

Weeks before she was kicked out of office as the DG of the Nigerian Stock Exchange, Ndi Okereke Onyiuke was in messy battle with billionaire cement magnet Aliko Dangote over the finances of the Nigerian Stock Exchange, a development, which led to her damning exit from the NSE.