In furtherance of its goal to restore investor confidence in the Nigerian capital market, the Council of The Nigerian Stock Exchange at its meetings held yesterday, August 25, 2010 decided to reduce The Exchange’s staff strength by 32.5% from 292 to 197 staff members.

 

This decision was taken only after considerable thought and analysis of the current realities facing The Exchange.  The right-sizing exercise cuts across all levels of seniority at the Exchange.  Arrangements are in place to ensure that disengaged staff receive all the benefits to which they are entitled pursuant to policies of The Exchange.

 

The Exchange wishes to assure all stakeholders that this decision is in conformity with its strategic vision to be the leading stock exchange in the African region. That goal will be impossible without a number of painful transformational changes such as the instant one.  Moreover, The Exchange is minded to ensure that, as an organization, it is sufficiently prepared to respond to the challenges posed in the capital market at all times.

 

SOLA ONI

Head, Corporate Communications