Nigeria SEC: Will Appoint New Team At NSE Early 2011
03 September 2010 - 9:06PM
Dow Jones News
The Nigerian Securities Exchange Commission said Friday that it
will appoint a new team at the country's stock exchange early next
year, after it removed senior managers there for "inadequate
oversight."
Arunma Oteh, director general of the Nigerian Securities
Exchange Commission, also said the regulator is still looking at
ways to privatize the NSE.
The comments come after Oteh said late last month the regulator
was "committed to the demutualization of the Nigerian Stock
Exchange, as it is key to building a world-class capital
market."
Early in August, the Nigerian SEC removed Ndi Okereke-Onyiuke
from her post as director-general of the stock exchange and
suspended Aliko Dangote as the exchange's president. Dangote, head
of a business conglomerate, is one of Nigeria's richest men.
Emmanuel Ikazoboh, a former chief executive of accounting firm
Deloitte in West and Central Africa, was appointed interim head of
the NSE.
The SEC cited "inadequate oversight...ongoing litigation,
allegations of financial mismanagement, governance challenges," and
other problems at the stock exchange in explaining its actions.
Speaking at a conference in London, Oteh also said the regulator
is hopeful that other exchanges will invest in the NSE as it
rebuilds itself.
"We think that the Nigerian Stock Exchange, which has been
around for 60 years, potentially, when it becomes demutualized,
will create opportunities for exchanges to consider investing in
our markets," she said.
-By Vladimir Guevarra, Dow Jones Newswires. Tel. +44 (0)
2078429486, vladimir.guevarra@dowjones.com