By investadvocate
Lagos (INVESTADVOCATE)-The substantive Chief Executive Officer (CEO) of the Nigerian Stock Exchange (NSE) may now resume Tuesday April 05 2011; following the rescheduling of the Nation’s Parliamentary Polls for Saturday April 02 2011 which has now been postponed to April 04 2011 by the Independent National Electoral Commission (INEC); the day the new CEO was billed to resume duties.
Prior to this time, investadvocate had gathered that Oscar Onyeama, the CEO designate of the Nigerian Bourse would takeover office Monday April 04 2011 from Emmanuel Ikazoboh, Interim Administrator appointed to oversee the affairs of the NSE; following the removal early August 2010 of Professor Mrs. Ndi Okereke-Onyiuke former Director General (DG) of the Nigerian Exchange by the Securities and Exchange Commission (SEC).
Ikazoboh had on Tuesday March 08 2011 at the Nigeria’s Exchange affirmed that there was no going back on the April resumption date of the substantive CEO.
“There is no going back on the resumption date for Oscar Onyeama, the new CEO of the NSE as earlier scheduled†he said.
Ikazoboh had before this time 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.
However, before this time, 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 2011, as the tentative resumption date for the new CEO.
The April 04 2011 date has now been mired by the rescheduling of the Nigerian Parliamentary elections; indicating it would now be Tuesday March 05 2011.
Nigeria’s SEC had made public the confirmation of Oscar Onyeama as the new CEO of the NSE through a Statement issued Wednesday January 19 2011 by Lanre Oloyi, its Head of Media and made available to investadvocate.
SEC had said the decision to confirm Onyeama as the new CEO of the Nation’s Stock Exchange was taken by the Board of the Commission at its 56th meeting held on Tuesday, January 18 2011.
Also confirmed was the appointment of Ade Bajomo as Executive Director, (ED) Information Technology (IT) and Market Operations.
According to the Statement by SEC, the NSE had in separate letters to the Commission on December 21 2010 and January 13 2011 conveyed the unanimous decision of the Council to appoint Onyeama as CEO and Bajomo as ED IT and Market Operations respectively.
As earlier reported by investadvocate, 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 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.
