11.23.2010 THISDAY

A former General Manager at the Nigerian Stock Exchange (NSE), Mr. Kene Okafor, has said he voluntarily resigned his appointment contrary to reports that he was affected by the downsizing exercise that affected 32.5 per cent of the exchange’s workforce last August.

 

Following the intervention of the Securities and Exchange Commission (SEC) in the affairs of NSE on August 5, 2010, the Council of the Exchange on August 25 decided to reduce its staff strength from 292 to 197. THISDAY report had indicated that Okafor and Farooq Oreagba (also a former GM) were affected by the exercise. 

 

However, Okafor said through his lawyers, that he was never sacked from the exchange. According to him, he tendered his letter of resignation to the management of the NSE and was accepted before the decision to reduce the staff strength was taken.

 

Before he resigned from the exchange, Okafor was GM in charge of Research and Information Technology Department and Quotation/ Listings Department at separate times.

 

He was one of those ably qualified and favoured to succeed Mrs. Ndi Okereke-Onyiuke as the Director-General of the exchange before SEC intervened last August.