The Interim Administrator of the Nigerian Stock Exchange (NSE), Mr. Emmanuel Ikazoboh, yesterday said that the capital market community and stakeholders should expect a substantive Chief Executive Officer (CEO) for the Exchange in the first quarter of 2011.

 

Ikazoboh made this disclosure yesterday while speaking on his 100 days in office in an exclusive interview on Channels Television’s Business Morning programme anchored by Boason Omofaye of MBC and Olufemi Awoyemi of Proshare.

 

 

Recall that the Securities and Exchange (SEC) appointed Ikazoboh as the IA last August following the removal of the former Director-General, Mrs. Ndi Okereke-Onyiuke.

 

While a recruitment exercise is currently going on to bring in a substantive CEO, there have been apprehension among some stakeholders as to when that would be possible.

But Ikazoboh assured that the new CEO “should be appointed before the end of the year and be in the office formerly by first quarter of next year.”

 

He said the 100 days have been very challenging and has revealed to him a lot of things that he did not know about the capital market.

 

“But I must admit also that I have gotten a lot of commendations. The issue with capital market is that people always have wrong perceptions that it should always move on the positive direction but it’s not so. There is meant to be volatility in the trading of stocks otherwise something is wrong. But as l speak now, most banks have achieved the ratio expected of them and the market is becoming a bit stable, companies are also coming back to list at the NSE,” he said.

 

Ikazoboh said the management under him has recorded significant achievement in the area of financial management and corporate governance.

 

Ikazoboh added that he met a culture of no controls when he came assumed office which reflected a measure of corporate governance challenges but he has now been able to put in place a code of conduct for the management and staff to follow.

 

On information disclosure by listed companies, the IA said that on assumption of office, he insisted on timely disclosure of information, which is what drives the market.

 

“Most of the listed companies are complying with the rules and the ones that faulted it went through some sanctions. We are going to be strict now on the quarterly returns. We are also moving towards a situation where companies will begin to give us their earnings calendar,” he said. It is expected that at least eleven (11) firms may be delisted based on this enforcement.

 

Speaking on the demutualisation of the Exchange, Ikazoboh said it is very crucial for the growth of the market, saying however, that he does not know who will do it.

 

“You should always know that I had a mandate when l came in and demutualisation was not included though I will present it to the council to take the decision on that,” he said.

 

The NSE boss said that he will be leaving behind a legacy of transparency, a strong and better Exchange.He said:“What drives me is the ambition to make the exchange one of the best.”

 

Source: ThisDay with additional input by ProshareNI