Faulty Engine: Trading suspended at the Stock Exchange


By Peter OBIORA investadvocate

Aug 05, 2010 13:00 GMT


Trading was Thursday August 05 2010 suspended at the Floor of the Nigerian Stock Exchange (NSE) in Lagos Nigeria following a faulty Trading Engine. Binos Yaroe General Manager/Head, Market Operations and Information Technology of the Exchange made this announcement.


As at the time of filling in this Report, investadvocate gathered that the Exchange began experiencing a faulty Trading Engine yesterday Wednesday August 04 2010.


A Stockbroker confirmed this to investadvocate at the Stock Exchange, “the Trading Engine is faulty and we have just suspended trading, some of us have gone back to our offices and as soon as this is rectified, we will resume trading; maybe from our offices; since it can be done online” the Broker said.


This is coming on the heels of the removal August 04 2010 of Aliko Dangote and Professor (Mrs) Ndi Okereke-Onyiuke as President of Council and Director General/Chief Executive Officer (DG/CEO) NSE respectively by Apex Capital Market Regulatory Institution, the Securities and Exchange Commission (SEC) who just appointed Emmanuel Ikhazobor a former top Deloitte accountant as interim Administrator.


Meanwhile, the atmosphere at the Exchange is tense as Security personnel wielding guns are stationed at the entrance of the Stock Exchange         Building located at Customs Street, Lagos Island.


Also, at about 16:00 hours, Arunma Oteh, the DG of SEC would do a world Press conference introducing Ikhazabor and briefing on the new development at the Nation’s Stock Exchange.


Investadvocate will be part of the event and would give a prompt update to our teeming readers in due time.







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