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NSE’s New CEO Resumes Monday

By on April 4, 2011

Nigerian equities opened the new quarter last Friday on a positive note as news
filtered into the market that  Mr. Oscar Onyeama will resume Monday, April  4,
as the substantive Chief Executive Officer (CEO) of the Nigerian
Stock Exchange (NSE).
The market had ended the first quarter with a depreciation of 0.61 per
cent. But
when trading opened for the first day of the second quarter last
Friday, the NSE
All Share Index rose by 0.53 per cent to close higher at 24,752.04.
Operators said there was excitement when the Interim Administrator of the NSE,
Mr. Emmanuel Ikazoboh told them of Onyeama’s resumption  Monday.
According to a stockbroker, who was at the meeting Ikazoboh had with CEOs of
broking firms, they were assured that once Onyeama resumes, he would be
introduced to them so  as to map out strategies that would bring
market back on
track.
“Onyeama’s resumption will be a big boost for the market considering the fact
that there has been some speculation over his coming. Now that it is certain
that he will resume as scheduled, that will lift the confidence level in the
market,” a broker said.
Before last Monday some members of staff of the NSE had expressed excitement
over the expected resumption of Onyeama as CEO and Mr. Ade Bajomo as Executive
Director, Information Technology and Market Operations was ratified by SEC last
January employees of the NSE are highly excited about the development,
saying it
further transform the operations of the Exchange.
According to some employees of the Exchange, the resumption of Onyeama and
Bajomo would further impact positively on the operations of the Exchange, given
the excellent job the interim management has done in the past seven months.
Some of them said that the intervention of SEC is a good omen as it has led to
positive developments in the area of compliance with rules and regulation by
operators and companies.
“We did not know that operators can obey rules and regulations until
the interim
management led by Ikazoboh began to ensure full compliance. Our job has become
easier because it is no longer business as we used to have under the past
management. Now, everybody knows their various jobs,” the employee said.
He added that with international experience of the incoming CEO and ED, the
Exchange would be better for it.
“We are highly excited and looking forward to seeing our new CEO. We believe he
is going to continue from where Ikazoboh would stop. Many positive changes have
really happened at the Exchange and we believe the future would be
great for all
stakeholders in the market,” another member of staff said.

Onyeama, who holds a B.Sc Computer Engineering degree from Obafemi Awolowo
University, Ile Ife, Nigeria and an MBA, Finance and Investments, Ziklin School
of Business, Baruch College, New York is coming from the New York
Stock Exchange
(NYSE).

source : Thisday