Peter OBIORA investadvocate

Lagos (INVESTADVOCATE)-Emmanuel Ikazoboh, Interim Administrator of the Nigerian Stock Exchange (NSE) has affirmed that there is no going back on the April resumption date of the substantive Chief Executive Officer/Director General (CEO/DG) of the Nation’s Stock Exchange.

Ikazoboh made this affirmation in a telephone chat with investadvocate Tuesday March 08 2011 in Lagos Nigeria.

“There is no going back on the resumption date for Oscar Onyeama, the new CEO of the Nigeria’s Exchange as earlier scheduled” he said.

Ikazoboh had earlier confirmed to investadvocate Monday January 10 2011 that the Exchange would try to meet the April 2011 deadline for the new Executive team to be in place.

This is coming on the heels of a report second week of February 2011 by one of Nigeria’s Daily Newspaper name (withheld) that the much awaited April resumption date of the new CEO designate of the NSE may no longer hold; because it has been mired by uncertainties.

The report affirmed that the development reinforces sentiments expressed in some quarters that the political intrigues that have engulfed the Nation’s Stock Market may not yet be over.

Prior to this time, the Interim Administrator had affirmed; while reacting to a question from investadvocate on the status update of the selection process that a substantive CEO for the Nigeria’s Exchange may be appointed before the end of December 2010.

“The selection process is on, but we will definitely get someone before the end of December 2010” he said.

Following this, the interim administrator had in a press briefing earlier in the year, announced that the substantive CEO will resume office on April 01, while Arunma Oteh, DG of the Securities and Exchange Commission (SEC) followed by announcing April 04, as the tentative resumption date for the new CEO.

The process of the selection of a new CEO for the NSE started September 2010, and a Selection Committee reviewed all the over 1,600 applications for the core positions.

This Selection Committee was made up of not only people from the Exchange; but from the Lagos Business School (LBS), Institute of Chartered Accountants of Nigeria (ICAN) and Institute of Personnel Management (IPM) and Accenture, a recruitment Agency.

For the CEO’s position, three candidates were short-listed and had to face the Council of the NSE, and each made a presentation; and it was based on the presentations that one was selected.

As earlier reported, 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 with the American Stock Exchange (AMEX) in the US and Bola Onadele, the CEO of Datanet Limited.

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 Administrator of the Nigeria’s Exchange.

Accenture had earlier affirmed that 944 candidates applied for the four positions these include that of the CEO, and three Executive Directors (EDs).

The firm further affirmed that 131 applied for the post of CEO and about 813 applied for the EDs positions.

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.