Nigeria SEC: Will Appoint New Team At NSE Early 2011

Date : 09/03/2010 @ 11:06AM
Source : Dow Jones News

Nigeria SEC: Will Appoint New Team At NSE Early 2011

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,

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