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Why I will remain on NSE Council – Ikazoboh

By on April 29, 2011

The outgoing Interim Administrator of the Nigerian Stock Exchange, Mr. Emmanuel Ikazoboh, has said that he must remain on the NSE Council, according to the NSE’s guidelines.

Ikazoboh, who spoke during a press briefing to mark the end of his tenure as the Interim Administrator on Thursday, said this in reaction to allegations that the Securities and Exchange Commission retained him on the Council of the Exchange to execute some hidden agenda.

He said, “As an interim administrator, after my appointment in August 2010, I was already a member of the NSE Council, I was not smuggled in. All ex-chief executive officers are supposed to be members of the Council for a number of years according to the NSE Memat.

“And so, it has been decided that following the selection of a new management team for the NSE, I remain on the NSE council to strengthen the council and to relieve the management team of issues so that they do not carry over any luggage they know nothing about.”

He said that after this, the council would be dissolved and a new one would be put in place, adding that there was still a lot of work to be done on the Exchange.

According to him, the management aspect of his duties as the Interim Administrator are largely completed. He said 70 per cent of his activities had been carried out, adding that “the remaining part that we could not complete was because of the various injunctions and court cases that stopped the NSE from performing some of its activities, and so, the aspect that we are working on right now is restructuring.”

He explained that the process of recruiting some executive directors for the Exchange was stalled because it was decided that the new CEO should be involved in the selection of the other Executive Directors who would work with him.

According to him, globally, investor-confidence is still very low, especially that of retail investors, because the crash in the financial system occurs everywhere.

“That is why investors here tend to sell once there is a little profit. So we can see that the market slide has been stopped but the rise will take a few more years,” he stated.

He listed strict adherence to the rules and regulations of the market by operators, and the improvement in the market infrastructure as part of his achievements.

Source : Punch