By Friday Ekeoba, 130810

As forensic investigation into the activities of the Nigerian Stock Exchange (NSE) over the allegation of N11 billion misappropriations by the former management of the NSE, gets under way, security has been beefed up at the stock market.

 

The entrance of the stock market, previously manned by a private security outfit, now has the presence of armed mobile policemen and plain-clothe securty officers, who are believed to be men from the State Security Services (SSS).

 

Unlike in the past, where the receptionist would attend to whoever was coming into the building of the Exchange for transaction or other related business activities, it is now a case of stop and search of visitors whose faces are not familiar to the private security men at the entrance.

 

Nigerian Tribune investigation on Thursday, showed that the new management of the NSE, led by the Securities and Exchange Commission (SEC)-appointed sole administrator, Mr. Emmanuel Ikazoboh, is not leaving anything to chance, as there might be a case of people who may want to sabotage the ongoing investigation.

 

SEC had on Tuesday, appointed the law firm of Aluko & Oyebode and the accounting firm KPMG, to investigate the allegations of financial mismanagement at the Nigeria Stock Exchange.

 

According to the commission, Aluko & Oyebode will provide specialised legal services to a diversified client base, while KPMG, the Nigerian member firm of KPMG International a full service professional services firm, will provide forensic specialised investigative services for the conduct of investigations and inquiries.

 

The commission said the independent investigators had commenced work on Thursday, August 5, by securing data and document sources.

 

“Given the broad allegations, the independent investigators have gathered a multi-disciplinary team of lawyers, accountants, auditors, stockbrokers, and investigators,” it added.

 

(Source: Tribune)