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Aliko Dangote, Africa's richest man, reinstated as head of the Nigerian Stock Exchange

The Nigerian billionaire resumed the presidency today, more than two years after he was removed from the position.

Aliko dangoteEnlarge
Nigerian billionaire Aliko Dangote. (AFP/Getty Images)

Nigerian billionaire Aliko Dangote has been reinstated as head of the country’s stock exchange, more than two years after he was removed from the position amid allegations of share market manipulation.

Dangote presided over a meeting of the Nigerian Stock Exchange council today “to discuss ways of reinvigorating the capital market,” Agence France-Presse reported, citing an official statement.

"Capital (market) operators at the bourse expect him to focus on steps to restore investor confidence which the market currently lacks," the statement said.

Dangote was elected head of the NSE in August 2009, Reuters said.

But a group of shareholders, who had accused Dangote of manipulating the share price of a fuel importer, obtained a High Court order preventing him from taking up his position in March 2010.

Dangote won an appeal against that decision on Friday.

Forbes ranks Dangote as the richest man in Africa with a fortune of $11.2 billion.

He has three companies listed on the NSE – Dangote Cement, Dangote Flour and Dangote Sugar – and his investments stretch across the African continent.

The Daily Times of Nigeria quoted Dangote as saying he plans to set up a new council for the stock exchange this week and increase the number of seats for stockbrokers from four to six.

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http://www.globalpost.com/dispatch/news/regions/africa/nigeria/120619/aliko-dangote-africas-richest-man-reinstated-head-the-ni