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Nidi Okereke Onyiuke, former Minister of Land and Housing sued by Stock Exchange .. to recover illegally acquired property

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‘Dr Okere-onyiuke acting in concert with Lance Musa Elekama, upon a false resolution of the Nigeria Stock Exchange, unlawfully and illegally executed a Deed of Assignment dated 20 May 2007, on Sunday which is non working day by law in favor of Hybrid Properties Limited and Oak Businesses and Finance Company Ltd. by which Nigeria Stock Exchange purportedly transferred its proprietary of the property at 2 Temple Road, Ikoyi to the two companies.’

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Dr Ndidi Okere-onyiuke: Former Director General NSE. On trial for illegally acquiring property belonging to the Stock Exchange

Nigeria Stock Exchange (NSE), has sued it’s former Director General,  Nididi Okereke Onyiuke, former  Minister of Land, Housing and Urban Development, Federal Land Registry other directors to recover property belonging to the Exchange but illegally acquired by the defendants. Other joined in the suit are former Assistant Director General of the NSE, Lance Musa Elakama, Hybrid Properties Limited, The Federal Land Registry, Oak Business and Finance Limited.

In a statement of claim filed before a federal high court in Lagos, South west Nigeria, attorney for the Exchange, Chief Bolaji Ayorinde SAN, alleged that  in 2012, the NSE carried out an audit of its landed properties and discovered that it could not locate the original copy of Certificate Of Occupancy of said property, at 2 Temple Road, Ikoyi

elakamaDr. Lance Musa Elekama

The suit alleges that Dr Okere-onyiuke in collusion with Elekama, upon a false resolution of the Nigeria Stock Exchange, unlawfully and illegally executed a Deed of Assignment dated 20 May 2007, on Sunday which is not a work day by law, in favor of Hybrid Properties Limited and Oak Businesses and Finance Company Ltd. This purported deed by the NSE transferred its ownership of the property to the two companies.
A search on the 12th of March, 2014 and obtained from the Federal Lands Registry, revealed that on the 20th of May, 2007 that then Minister of Land, Housing and Urban Development gave his consent to the Deed Of Assignment purportedly executed by NSE, in favor of HY Hybrid Properties Ltd and Oak Business and Finance company.
Dr Ndidi Okereke Onyuike and Lance Musa Elekama, in their capacities as Director-General and Assistant Director General of NSE respectively, executed the deed of assignment in favor of the aforementioned companies, nevertheless their identities did not appear on the said Deeds of Assignment.
The case was adjourned till 1st of March.settlement or hearing.

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