The Ndi Okereke-Onyuike’s

Resignation Letter:
June 16, 2010

Matters Arising @ 160810:

• Succession Plan: Mr. Binos YAROE, Northerner, Christian, Most Senior Staff in the Exchange;
was designated as the Acting Director General of the Nigerian Stock Exchange and would have
taken over from the NSE DG on September 1, 2010

• Evidence of Attempt to perpetuate Self: This claim was made because there was no clear and
public declaration of intent. Evidence now available indicate that Binos Yaroe had sat on at least
two council meetings in an observer status (a privilege approved by the council as part of the
transition programme and one in which Musa Elakamah himself was opportuned to experience
before he moved on).

• Historical Succession Issues in Nigeria: Musa El-Faki resigned sometime in May 2009 and
was succeeded by Daisy Ekine for about 8 months before Arunmah Oteh Took over as a
substantive DG of the SEC. This underlying understanding of handing over to the next available
senior official was replicated at INEC and the NCC this year. It is in the nature of transitions in
Nigeria that the next most senior person takes charge till a final decision is taken, and in this
case, one that will still have to be approved by the SEC. The notion that a vacuum would have
been created therefore does not exist.

• All decisions on the market with regards to the goings on in thhe market place was
approved by the SEC – so how could the NSE have gotten away with al the allegations against
it if the SEC never gave approval to the transactions – IPO’s, PO’s, allotments, Listings and so on.
The real person on trial therefore is our SEC who created the conditions for the goings on in the
market, even as we submit that the SEC cannot be held responsible for the management of the
NSE finances which now seems to be a topical issue worthy of further enquiry.

• The persons responsible for the accounts are – the DG and her management as well as the
council for the period under investigation. This must however extend to the auditors who
approved of the accounts as well.

Attached is the Resignation letter which should have sufficed, even as the SEC
decides on the proprietary of an investigation into the affairs of the NSE.
 The AGF/TY Danjuma Correspondence to Aliko Dangote - 140610

Information provided by a member of the Council of the NSE 2