By Peter OBIORA investadvocate

Dec 06 2010 17.12 GMT

Lagos (INVESTADVOCATE)-The Johannesburg Stock Exchange (JSE) involvement in the interview process of a substantive Director General/Chief Executive Officer (DG/CEO) of the Nigerian Stock Exchange (NSE) is to help boost Nigeria’s admission into the World Federation of Exchanges (WFEs).

 

Emmanuel Ikazoboh, Interim Administrator of NSE made this affirmation Monday December 06 2010 at the Council Chambers of the Stock Exchange in Lagos Nigeria.

 

Ikazoboh made this affirmation while explaining to the Media the recent involvement of the JSE in the interview process of a substantive DG/CEO of the Nigeria’s Exchange.

 

“Like I said, we are part of a global Exchange, we want to be part of the World Federation of Exchanges, and I have in some of my interviews with the press explained why we are not yet there” he said.

 

Ikazoboh affirmed that part of the criteria for gaining admission into the WFE is that an Exchange must be handheld by a member of the WFE; which the JSE and Egyptian Stock Exchange are the only two in Africa that are members of the Federation.

 

“So the JSE kindly accepted to do a review of our processes and lead us through the process to be admitted. We are working hard to ensure that by 2011 at the next WFE meeting, we are admitted as a member, this is to explain to some people who had frowned at why we had the JSE in some of our interview panel” he said.

 

He further explained that another reason was for the JSE to come and see how transparent the NSE operates “because one of the criteria is that you must be a transparent entity, you must be seen to have good corporate governance and if they are around, we must make sure they see us doing these things” Ikazoboh said.

 

 

The Interim Administrator said he has been a global player from where he came from and knew the sensitivity of ensuring that you do not disclose everything you do in your entity especially where competition is going to be part of the whole process.

 

“The JSE is a competition, our strategy for 2015 is to be the number one in Africa; therefore we know the limit at which we would carry them along to see what is going on in our processes” he said.