By Gbenga Agbana

Friday, 7 Jan 2011

There are strong indications that the Securities and Exchange Commission has commenced the screening of Mr. Oscar Onyeama, as the Managing Director of the Nigerian Stock Exchange.

Accenture, the consultancy firm given the responsibility of searching for a new managing director for the NSE, had forwarded the name of Onyeama, who emerged tops in its selection process to SEC for approval.

Two other candidates, Ms Yvonne Ike and Mr. Bola Onadele, had scored high marks in the screening exercise conducted by the consultancy firm. However, Accenture eventually recommended Onyeama for appointment as the managing director of the Exchange to replace its Interim Administrator, Mr. Emmanuel Ikazoboh.

The Head, Media, SEC, Mr. Lanre Oloyi, confirmed to our correspondent on Thursday that the commission had commenced the screening process in line with the provisions of the rules governing the operations of the capital market.

He said, “We have commenced the screening process for the managing director designate of the NSE. The process is on. We had a correspondence with the NSE on it and we are working on it. The outcome of our screening will be made public soon.

“Our screening is in line with the provisions of the rules governing the capital market that we should screen all the principal officers in the capital market to ensure that they are qualified for their positions.”

The NSE had, in a statement on Friday, said that it had completed a part of the multi-stage process for the selection of a new chief executive officer for the Exchange and that the name of the recommended candidate had been forwarded to SEC for approval.

The statement also said that the Council was currently awaiting the approval of its choice candidate by SEC, adding that “the Council has reached an advanced stage in the selection process for each of the three executive director positions. It is expected that this process will be completed in January 2011. The Exchange expects that the persons engaged for all the four positions will assume duties no later than April 1, 2011.”

The position of the Exchange to get the approval of SEC is in accordance with previously agreed procedures that the apex capital market regulator should give its approval to any candidates that the NSE intends to hire prior to their engagement.

A senior official of SEC, who spoke to our correspondent on Friday, noted that the commission had received a letter from the NSE with the name of the preferred candidate, adding that SEC would have to scrutinise the candidate before he could be approved.

Speaking on the condition of anonymity, the official said, “All self-regulatory organisations registered with SEC are supposed to give the commission the details of any important decision they want to undertake; and so, the commission will have to carry out its own investigation and scrutinise the candidate, whose name has been submitted, to see his/her suitability for the job.

“This is in an attempt to guarantee that whoever is chosen will be able to carry out the activities within laid down rules of the Exchange, while ensuring that policies aimed at improving activities in the market are instituted.”

 

Source: Punch