The new chief executive officer (CEO) of the Nigerian Stock Exchange (NSE), Oscar Onyema, said his agenda for the market will soon be unveiled to the public.
Mr. Onyema, 43, who assumed office officially yesterday, as the fourth CEO of the NSE, told NEXT that he has developmental plans for the market but “will soon address the general public” on his various plans.
The new CEO opened business activities at the trading floor on Monday by ringing the opening bell, he then proceeded to have a closed-door meeting with the management and staff of the Exchange.
Sam Ailenbuade, deputy general manager and head of operations, Foresight Securities & Investment Limited, a stockbroking firm, said he expects Mr. Onyema’s agenda for the market to “bring positive changes.” “Looking at his age, he is a young man. So we expect positive changes; nothing more nothing less,” Mr. Ailenbuade said.
Brief from meeting
Meanwhile, Wole Tokede, the NSE’s spokesperson, in a statement, said Mr. Onyema, at the maiden staff meeting, “charged them to rededicate themselves to work in order to build an Exchange that would be a pride of all.” “He praised the efforts of the interim administration led by Emmanuel Ikazoboh for doing a good job at repositioning the Exchange and laying a solid foundation to build upon. He told the staff members that what was left for them was to take The Exchange to the next level, and promised that productivity, hard work and dedication to duty would be rewarded,” the statement said.
Mr. Ikazoboh, who will still continue to carry out his activities in the market as directed by the Securities and Exchange Commission (SEC), explained at the meeting that the executive management of the Exchange would be complete when the executive director, listing directorate, as well as that of market operations and information technology, resume.
Mr. Onyema joined the NSE from the American Stock Exchange, where he was a senior vice president and chief administrative officer. He is currently a council member of Gerson Lehrman Group, a marketplace for expertise.
Meanwhile, the sacked director general of the NSE, Ndi Okereke-Onyiuke, is still in court challenging her “unlawful removal” from office.
The Federal High Court in Lagos on Monday adjourned judgment on the suit she filed till April 15 for arguments.
Transcorp’s case
The management of Transnational Corporation of Nigeria (Transcorp) has written an objection letter to the Stock Exchange over the recent volume movements in its shares traded last week.
The letter read in part that “a total of 2.51 billion units of Transcorp shares representing 10 percent of the company’s issued share capital were traded in a single day. The board of directors and management of the company have expressed shock at how such a transaction was approved by the Stock Exchange without information to and consent of shareholders and the company.” The company said a transaction showing more than a five per cent interest in the shares of the company should ethically (as provided by trading rules) have been disclosed to the company and the SEC, “but this was not done in this case.” Transcorp has, therefore, requested that due process and the provisions of law be followed.
source : 234next
