NSE CeO, Oscar Onyeama Incurs Wrath of Lawmakers, Summoned to Appear before House Committee “Unfailingly”

The CEO of the Nigerian Stock Exchange (NSE), Oscar Onyeama has ruffled not a few feathers in the lower chamber of the House of Assembly. Onyeama incurred the wrath of the lawmakers when he declined to attend the ongoing hearing on the Capital Markets being heard by the Committee on Capital Markets which is headed by Herman Hembe.

In a letter written by Onyeama to the house, Oyeama stated that the Nigerian Stock Exchange and its leadership were not answerable to the lawmakers. The CEO of the NSE also thought it prudent to chase that letter with a phonecall to further buttress to Hembe why the NSE was immune to queries from the Federal lawmakers.

Suffice to say, the young CEO of the NSE has incurred the wrath of the lawmakers.

Speaking on the development, the lawmakers have asked Onyeama to appear before it unfailingly today or risk arrest. Onyeama a former Chief administrative Officer of the American Stock Exchange has also been asked to come along with his credentials and proof of completion of the National Youth Service Corps (NYSC).

Hembe stated, ““Let him come tomorrow with his university degrees and evidence that he did his National Youth Service”.

He added, ““We invited the NSE and gave them ample opportunity to attend the hearing, but the DG wrote us to say that we have no powers to oversight the NSE. Section 88 of the 1999 Constitution (as amended) empowers the House to investigate any matter that it has powers to legislate on. We have CAMA, which is a product of the National Assembly.”

Chairman of the House Committee on Petroleum Resources (Upstream), Mr. Muraina Ajibola, described the conduct of Onyema as “contempt of parliament.”

He stated, “I have the letter here with me and he wrote that NSE is ‘not an agency or parastatal of the government.’

“People like this man must be punished to serve as a deterrent to others who are still living in the ignorance of being above the parliament”.

One Comment

1. 

   34biso

   March 14, 2012 at 10:57 am

   “Let him come tomorrow with his university degrees and evidence that he did his National Youth Service”
   “People like this man must be punished to serve as a deterrent to others”- The over-bloated toads of the National Assembly. Putting pride before national progress.