By Peter OBIORA investadvocate

Oct 28 2010 14.20 GMT

Lagos (INVESTADVOCATE)-There are indications that a substantive Director General (DG) of the Nigerian Stock Exchange (NSE) may be appointed before the end of December 2010.

Emmanuel Ikazoboh, Interim Administrator of Nigeria’s Exchange made this affirmation to investadvocate Tuesday October 26 2010 at the NSE in Lagos Nigeria.

Ikazoboh made this affirmation in a reaction to a question by investadvocate on the status update on the selection process of a substantive DG to replace Professor (Mrs.) Ndi Okereke Onyiuke who was sacked August 04 2010 by Capital Market Apex Regulatory Institution, the Securities and Exchange Commission (SEC).

 

“The selection process is on, but we will definitely get someone before the end of December 2010”. Ikazoboh said.

This coming against the backdrop of the initial October 12 2010 deadline for application to the post, Accenture Nigeria, the firm handling the selection exercise continued to place advert for the offices of the NSE Chief Executive Officer (CEO) and three Executive Directors (EDs).

The advert published on several Newspapers September 13 2010 after the October 12 2010 deadline by Accenture reads thus: “The NSE is transforming to increase the depth of Nigeria’s Capital Market and improve access to liquidity for listed organisations. To provide leadership for its transformation program, the NSE is seeking to recruit qualified and experienced executives to be its future,”

However, the same advert stated categorically that “the closing date for applications is 12th October, 2010. Applications will not be received after 5:00 pm Nigerian time (GMT +1) on this date.”

As earlier reported, Accenture had confirmed that 944 candidates applied for the four positions these include that of the CEO, and three EDs. The firm affirmed that 131 applied for the post of CEO and about 813 applied for the EDs positions.

At a Press Briefing August 2010, Ikazoboh could not confirm the timeline for his stay at the NSE. The process is ongoing and as soon as we are through, a new DG will be appointed” he said.

After the sack Okereke-Onyiuke, it was taunted that Yvonne Fasinro, JP Morgan Chase Country Lead for Nigeria, will soon be appointed substantive DG of the Nigeria’s Exchange, this is yet to come true.

 

Fasinro a trained Chartered Accountant and a BSC holder in Economics is a Senior Vice President at JP Morgan Chase, one of the world’s biggest financial services institutions with assets worth $1.1 trillion and operating in over 50 countries. She joined JP Morgan in 1994.

 

This is coming on the heels of leadership tussle that befell the Nation’s Stock Exchange under Ndi Okereke-Onyiuke’s regime and her ouster by Nigeria’s SEC early August 2010.