NSE: SEC give mandate on interim Report on forensic audit


By Peter OBIORA investadvocate

Aug 17, 2010 15:38 GMT



Lagos–Apex Capital Market Regulatory Body, the Securities and Exchange Commission (SEC) has mandated Auditors conducting a forensic audit of the Nigerian Stock Exchange (NSE) to ascertain its true financial state to come up with an interim Report in the course of their job before the final one.



Emmanuel Ikazoboh, the Interim Administrator of the Nation’s Stock Exchange affirmed this Tuesday August 17 2010 at a maiden Press briefing to Capital Market Correspondents at the Stock Exchange House Customs Street, Lagos Nigeria.



“SEC has mandated the Auditors to come up first and foremost with an interim Report before the final one” he said.



As at the time of filling in this Report, investadvocate sought to clarify the Commission’s mandate to the Forensic Auditors to produce an interim Report before the conclusion, Lanre Oloyi, Assistant Director/Head, Media of SEC affirmed that it is so, if Ikazoboh has confirmed same.



“If this was confirmed to you by the Interim Administrator of the NSE; that the Auditors should produce an interim Report before the final one; then it is so” Oloyi said.



This is coming on the heels of allegations of insolvency and financial mismanagement at the NSE leveled against the Professor (Mrs.) Ndi Okereke Onyiuke’s led management.



There were indications last week; that forensic experts had begun the full audit of the accounts of the NSE in the last five years, to know the true position of its Accounts.



Ikazoboh affirmed his readiness to work with the Forensic Auditors to ensure a smooth discharge of their duties without interference.


A Law firm, Aluko & Oyebode, and an accounting firm, KPMG, are the Auditors appointed by SEC to carryout the forensic audit of the Exchange.



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