By Peter OBIORA investadvocate

Dec 24 2010 02.20 GMT

Lagos (INVESTADVOCATE)-There are strong indications that Oscar Onyeama would emerge as the new and substantive Chief Executive Officer/Director General (CEO/DG) of the Nigerian Stock Exchange (NSE); following a rigorous selection process.

 

InvestAdvocate gathered this exclusively from a Source (name withheld) at the Stock Exchange House in Lagos Nigeria.

 

Our Source who is a Council Member affirmed that Oscar Onyeama has been picked to become the substantive CEO/DG of the NSE and an announcement would be made later to that effect.

 

As earlier reported, the long-awaited search for a substantive CEO/DG for the Nigeria’s Exchange drew to a close early December 2010 when the recruitment panel saddled with the task short-listed three names for the exalted job.

 

Those short-listed were Yvonne Ike, a lady that formerly worked with JP Morgan in the United States (US), Oscar Onyeama who is said to be working in one of the Exchanges in the US and   Bola Onadele, the CEO of Datanet Limited.

 

This is coming on the heels of earlier confirmation to investadvocate by Emmanuel Ikazoboh, Interim Administrator of Nigeria’s Exchange on the status update of the selection process of a substantive DG to replace Professor (Mrs.) Ndi Okereke Onyiuke who was removed August 04 2010 by the Securities and Exchange Commission (SEC).

 

Ikazoboh had said the selection process was on, but someone will definitely be selected before the end of December 2010.

 

Also, Ballama Manu, Interim President/ Council Chairman of the NSE exclusively  confirmed to investadvocate at The Exchange’s 49^th Annual General meeting (AGM) held Tuesday November 23 2010 in Lagos Nigeria that the recruitment process maybe concluded by the second week of December 2010.

 

Manu affirmed that the Screening Committee had come out with recommendations to the Council Monday November 22 2010; and this was approved with some few amendments.

 

He further affirmed that they would forward the Report to a second Committee; which is the Assessment Committee. “This committee is expected to commence their work on November 30 2010 and we believe within a week, they would complete the exercise after which Council would sit and deliberate on recommendations and then submit same to the Securities and Exchange Commission (SEC)” he said.

 

Also, the Interim President/Council Chairman of The Exchange had said that SEC was expected to meet Friday December 10 2010 to deliberate on the issue.

 

“All things been equal by the second week of December the recruitment process maybe concluded and then we will now ask those who eventually succeeded to give us time within which they will resume and takeover office” he affirmed.

 

Prior to this time, Accenture Nigeria contracted to handle the selection process 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.

 

Onyeama was part of the 131 that applied, which was scaled down to to eight and eventually interviewed by a recruitment panel which involved  the Johannesburg Stock Exchange (JSE), Accenture, a Council Member of the NSE and Ikazoboh, Interim Adiministrator of the Nigeria’s Exchange.

 

InvestAdvocate could not gather informations regarding Onyeama who is said to be working in one of the Exchanges in the US and has also worked in a number of Financial Institutions both home and abroad.

 

It was gathered that the key attributes used in the selection process was based on integrity, good corporate governance, entrepreneurship prowess and ability to manage stakeholders.

 

Ikazoboh at a maiden Press Briefing held Tuesday August 17 2010 at the Stock Exchange House in Lagos Nigeria affirmed he had a three point agenda; second of which is to ensure that the ongoing executive selection for the post of a substantive DG/CEO of the Exchange and three Executive Directors were properly carried out.

 

On August 04 2010 Prof. (Mrs.) Okereke Onyiuke erstwhile DG of the Nigeria’s Exchange was removed from office over allegations of financial mismanagement, insolvency of the NSE during her administration and poor corporate governance.

 

However, as at the time of filling in this report, investadvocate was yet to confirm this from relevant authorities.