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I have read the Nairametrics report one more time. It was damning and damaging. It contained information that was not only annoying but irritating.
A disgraceful loss position, a humiliating comparison with FMDQ a recent venture, and a shameful expense schedule showing billions spent on only about 200 people.
A further look at the report shows that only 15% of its staff account for about 70% of the billions spent on staff expenses
My people, I am very angry this morning. I have tried to hold back following an approach from the NGX but i have come to the realization that this is bigger than any personal relationship I might have with certain individuals at the Exchange.
If the Nairametrics report is anything to go by and I have not seen any official rebuttal by the NGX, then what we are witnessing here is a brutal rape of the Institution by its leaders.
This is all the more annoying when we see a weakening of Corporate Governance leading to Oscar’s almost 11-year stay at the exchange without a recurrent growth in value or any other developmental indices.
We are expected to take this at the National level at least those ones have the monopoly of institutional violence, are we expected to take this one too from bald-headed Oscar and his co-travelers?
The market has always been docile to regulatory truancy. For fear of penalties, players keep quiet and watch their legacy being bastardized.
Oscar and crew are perfecting plans of increasing their stake thru a novel and idiotic special placement that would see them increase their holdings from the paltry 3% to only God knows what.
Let me sound it very clearly that in the next 5 days, I will publicly ask once again for his resignation. I know he will not listen but it will still not stop me from putting my own voice on record.
This continuous pillage must stop and it must stop immediately. The NGX is a public firm with Nigerians holding critical stakes and as such must not be run by drunken sailors who only know how to rape rather than nurture and grow
Thank you.
Duke of Shomolu
Source: Thealvinreport.com
