By Goddy Egene, 07.18.2010 

 

The search for a new  Director-General and other principal officers of the Nigerian Stock Exchange (NSE) has entered into a crucial stage as those who applied for the positions will soon face an interview panel, THISDAY can report.

 

The NSE DG, Ndi Okereke-Onyiuke, is expected to retire on November 2, 2010. This has compelled the NSE to advertise for prospective candidates to apply for the post of DG and other principal officers.The positions were thrown open to both staff of the NSE and other operators from within  and outside the country. THISDAY gathered that all the applications have been collated and shortlisted candidates are to be invited for interview very soon.

 

“The applications were sorted out last week and those shortlisted will be invited to face the interview panel any moment from now,” a source said.It was gathered that some of the incumbent General Managers and  senior managers of the NSE sent in their applications for the jobs. Some stockbrokers, who are currently practicing in the market, equally responded to the advert. Other Nigerians working outside the shores of the country who believe that they qualify to be the CEO of the NSE  were  said to have  applied as well.

 

Competent market sources said that contrary to belief that Accenture will solely take charge of  the recruitment exercise,  the Council members are the ones to conduct the interview for the candidates. “Accenture   is involved in the design of the module being used for the recruitment of the officers. But the Council members are those who will conduct the interview and take a final decision on who to recruit based on the outcome of the interview,” the source said. When the issue of a successor was becoming controversial, the Securities and Exchange Commission (SEC)  last April directed the NSE to conclude the appointment of a new substantive DG by the end of  June, 2010. 

 

The Commission  also directed that the  process for the appointment  must be transparent and that the individual meets a set of ‘fit and proper’ criteria for the plum job. SEC told the Council that it would be involved in the process of selection, vetting and appointment of the next DG and other principal officers of the Exchange. It also directed that as part of measures to ensure transparency, the positions must be widely advertised to attract a broad range of qualified Nigerians from both within Nigeria and abroad. 

 

The Director-General of SEC, specifically said that the Commission would be the one to give the final clearance to whoever is appointed by the NSE Council.However, the NSE was said to have applied to SEC for extension given the rigours involved in the process, a request SEC was said to have granted.

 

Source:ThisDay