Ikazoboh reveal 3 point agenda for NSE


-No timeline yet for handover


By Peter OBIORA investadvocate

Aug 17, 2010 15:00 GMT



Lagos—Emmanuel Ikazoboh, the Interim Administrator of the Nigerian Stock Exchange (NSE) has revealed  a three point initial agenda for the Nation’s Stock Market. He made this revelation at a maiden Press briefing to Capital Market Correspondents today Tuesday August 17 2010 at the Stock Exchange House Customs Street, Lagos Nigeria.



First on the three point agenda is to put in place a credible communication plan to ensure that investors, stakeholders and the general public have accurate and timely information. “Our Market is a sensitive Market, we want a situation where we report accurate information; because decision by investors in the Market is dependent on the information they get and if we do not give them the right information, then we will find out that informed decisions would not be made by investors; which in the long run will not be good for our economy” he affirmed.



“We have a common goal: building investor confidence through regular and professional provision of accurate information and professional dissemination of such information, given the sensitive nature of the Capital Markets” he said.



Second on the agenda Ikazoboh affirms is to ensure that the ongoing executive selection for the post of a substantive Director General (DG) of the Exchange and three Executive Directors were properly carried out.  “The Council of the NSE has selected a Committee to work with Accenture, a management consultancy firm hired by the Governing Council of the Exchange to recruit a new chief executive and three executive directors for the exchange” he affirmed.


“Also, an international interview panel would be involved in this selection process” Ikazoboh said.


Before this time, Securities and Exchange Commission (SEC) in a statement signed by Lanre Oloyi, its Head, Media, affirmed that 131 candidates had applied to replace Professor (Mrs) Ndi Okereke-Onyiuke, the ousted Group Chief Executive Officer (GCEO) of the Exchange.


The statement further affirmed that Accenture has confirmed 944 candidates vying for the four positions, including that of the Chief Executive Officer of the Exchange.



Third on the three points initial agenda of the Interim Administrator of the NSE is to work hand in hand to ascertain the true financial position of the Stock Exchange.




As earlier reported last week, their were indications that forensic experts had begun the full audit of the accounts of the NSE in the last five years, to ascertain and prove the claim by the management of the Exchange that its accounts were clean.



“I am not suppose to interfere in what they are doing; I am only suppose to do the day to day running of the Exchange; while they are carrying out their investigation and if there are information they require, it is for me to ensure that they get same as quickly as possible” the New Interim Administrator said.


Also last week, the Apex Capital Market Regulatory Institution SEC confirmed that it had on Monday August 09 2010 appointed a law firm, Aluko & Oyebode, and an accounting firm, KPMG, to investigate the allegations of financial impropriates at the NSE.


However, prior to this time, Business Mogul Alhaji Aliko Dangote, former President of Council of the Exchange had alleged that the NSE was insolvent, and requested the Apex Capital Market Regulatory Institution, SEC to conduct a forensic audit of its accounts.


In the same vein, the Interim Administrator of the NSE is yet to disclose a specific timeline to do his job and handover to the substantive DG and its ED’s when recruited.  “I do not know for now how long I am going to stay, my goal is to ensure that a new DG is put in place, the process of doing that has started like I affirmed earlier and as soon as that is concluded and he resumes work my job is done” he said.











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