-Okereke-Onyiuke may head to court

 

By Peter OBIORA investadvocate

Aug 05, 2010 11:40 GMT

 

The APEX Capital Market Regulator, Securities and Exchange Commission (SEC) this morning Thursday August 05 2010 in Lagos Nigeria appointed Emmanuel Ikhazobor a former top Deloitte accountant as interim Administrator of the Nigerian Stock Exchange (NSE).

 

This is coming on the heels of the removal by SEC late Wednesday August 04 2010 of Aliko Dangote Business Mogul and former President of the Exchange and Professor Ndi Okereke-Onyiuke, also former Director General/Chief Executive Officer (DG/CEO) of the NSE on allegations of financial mismanagement, governance challenges, and the inordinate delays in the implementation of the succession plan for the Exchange.

 

Ikhazobor was appointed interim Administrator after a meeting SEC had with management of NSE Thursday morning at the Nation’s Stock Exchange.

 

SEC had affirmed that the move was aimed at restoring confidence in the interest of the public and necessary to protect the Nigerian investors.

 

Ikhazobor was reported to have built up more than three decades of experience in auditing, consulting and financial advisory services after joining Akintola Williams Deloitte, the Nigerian arm of the global auditing firm, in 1975, according to the firm‘s Website.

 

Meanwhile unconfirmed Reports have it at the Exchange that Okereke-Onyiuke may be heading to court to get an injunction stopping her removal from the NSE.

 

As at the time of filling in this Report, officials of the NSE are still meeting deliberating on the recent development at the Exchange.