27 April, 2011
THE Interim Administrator of Nigerian Stock Exchange (NSE), Mr Emmanuel Ikazoboh, is to formerly vacate office on Friday.
Speaking in an interview with The Guardian at the weekend in Lagos, Ikazoboh said he would meet with the press tomorrow.
Some present and former council members, according to Ikazoboh, are also expected to be part of tomorrow’s meeting with the press.
During the meeting, Ikazoboh is expected to explain in details circumstances, which led to his recent appointment as the Deputy President of the NSE council.
Following the assumption of duty by the NSE substantive Director-General, Mr Oscar Onyema, on April 4, the Securities and Exchange Commission (SEC) directed that one-month transition period, commencing from same day be allowed to enable proper handover by Ikazoboh to the new Chief Executive Officer.
After the transition period, according to SEC, Mr. Ikazoboh will continue as deputy to the Interim President.
Ikazoboh, who spoke on sundry issues during the interview session with The Guardian at the weekend, used the opportunity to commend Onyema for his ‘deep knowledge’ of the capital market.
Making reference to the proposed demutualisation of NSE, Ikazoboh said the exercise was capable of attracting foreign investment into Nigeria on a sustainable basis.
Speaking further, Ikazoboh said for Nigeria to attain the position of 20 most developed economies in the year 2020, there is the urgent need for the NSE to ratify its membership with World Federation of Exchanges (WFE).
Ikazoboh explained that most international investors prefer channeling their fund through Exchanges where rules and procedure can be adequately monitored.
In August last year, SEC intervened directly NSE “as a result of developments in the Exchange which were eroding investor confidence and undermining the integrity of the Nigerian Capital Market”.
A press statement issued recently by SEC said the task of the interim administration was not yet completed, adding that “a lot more work will need to be done to put The Stock Exchange on a sounder footing so as to achieve the objectives for which the Securities and Exchange Commission intervened”.
It added: “In order to speed up this work, the Securities and Exchange Commission has, in the public interest, and pursuant to section 35 (1) of the Investments and Securities Act (ISA) 2007, directed the Council to admit some professionals, as public interest members, to strengthen the Council and support the new management team.”
“All the SEC nominated members, including Messrs Ballama Manu and Emmanuel Ikazoboh, shall be on the council pending the election of a new council and are charged with working with existing council members to achieve the following:
• Restructuring the Exchange to ensure good corporate governance practices;
• concluding the ongoing initiatives/plans regarding the trading platform and other infrastructure of the Exchange aimed at making it a world class Exchange;
• guiding the new Management team over the next few months to settle; and
• preparing the Exchange for its demutualisation including the restructuring of the legal framework.
“We expect the restructuring exercise to be quickly concluded so that elections can be conducted to establish a new Council. We are hopeful that by that time all the cases in court would have been disposed of so as to allow the Interim President to conduct elections without any legal impediment”.