By Gbenga Agbana

Thursday, 18 Nov 2010

The Director-General of the Securities and Exchange Commission, Ms Arunma Oteh, and the Interim Administrator of the Nigerian Stock Exchange, Mr. Emmanuel Ikazoboh, will on Tuesday brief the National Assembly on the operations of the Nigerian Stock Exchange and the capital market in the last 100 days.

The NSE will also hold its Annual General Meeting on Tuesday to review its 2009 financial results.

The controversies surrounding the results were some of the issues that led to the removal of the former Chief Executive of the NSE, Prof. Ndi Okereke-Onyiuke.

Ikazoboh, who spoke with our correspondent on Wednesday, said, the SEC and the NSE were scheduled to meet with the National Assembly on Tuesday to brief them on the operations of the NSE since August 5, when the interim administration took over the mantle of leadership of the NSE.

The AGM, according to him, will provide an opportunity for the interim administration of the NSE to present the results for the 2009 financial year to the council of the NSE and other members for approval.

He said, ”The purpose of the AGM is to get the owners of the NSE to approve the report and accounts for the 2009 financial year.”

Barely one month to the end of her tenure, Okereke-Onyiuke was removed from office by the SEC on August 5, 2010.

Her removal was the climax of the supremacy battle between her and a business mogul, Alhaji Aliko Dangote, over the control of the NSE.

It was also one of the steps taken by Oteh, in pursuit of her zero-tolerance stance to market infractions. SEC, in a statement announcing the removal of Okereke-Onyiuke added that Dangote should cease to act as the president of the NSE.

The statement by SEC‘s Head, Media, Mr. Lanre Oloyi, had said, ”In this deliberation, the commission weighed the consequences on the market of a direct intervention set against the broader goal of safeguarding the interest of the public and protecting the investor.”

Source: Punch