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Ikazoboh Canvasses Support for NSE DG

By on April 29, 2011

The Interim Administrator of the Nigerian Stock Exchange (NSE), Mr. Emmanuel Ikazoboh, whose tenure  ends  Friday, April 29,  has called on stakeholders in the capital market to give the Chief Executive Officer of the NSE, Mr. Oscar Onyema,  the maximum support in a bid to move the market to a higher level.

Ikazoboh came in last August following the intervention of the Securities and Exchange Commission (SEC) in the Exchange. He was given the mandate to recruit a substantive CEO for the Exchange, restructure its operations and restore credibility.

While Onyema has  assumed duty early this month, Ikazoboh was requested by SEC to stay for a one-month transition period to enable him hand over to the CEO properly.

Speaking at a press conference Thursday, Ikazoboh said that he was leaving the management of the NSE a fulfilled man, having successfully executed the mandate given to him.

He, therefore, called on stakeholders to support Onyema who will fully take up the mantle of leadership at the Exchange Friday.
“During my tenure, I enjoyed the cooperation of the media, contrary to the impression was given initially.

We were able to restore high level of credibility to the Exchange. Investor confidence is gradually returning and the market infrastructures have improved significantly.

There is a lot still to be done. My appeal is that you should give the CEO and his management team the necessary support to take the market to the next level,” Ikazoboh said.

According to him, the CEO may take some hard decisions that are necessary for the market to attain the envisaged position. He stressed that operators should see such actions as sacrifices that must be made so that the market would be repositioned for  a better future for all stakeholders.

Meanwhile, trading at the stock market continued on bullish note with the Nigerian Stock Exchange (NSE) All-Share Index rising by 0.21 per cent to close higher at 25,293.16.Guinness Nigeria Plc led the price gainers with N3.00 to close at N205 per share. Lafarge Cement WAPCO Nigeria Plc trailed with a gain of N1.90 to be at N41.40, while Unilever Nigeria Plc appreciated by N1.25 to close at N26.26 per share.

Ashaka Cement Plc, UAC of Nigeria Plc, Glaxosmithkline Consumer Nigeria Plc, Nigerian Breweries Plc and PZ Cussons Nigeria Plc garnered N0.74, N0.71, N0.59, N0.50 and N0.46 respectively.

On the contrary, Oando Plc led the price losers with N1.00 to close at N69.00 per share. RT Briscoe Nigeria Plc trailed with a loss of N0.84 to be at N2.81 per share. Cement Company of Northern Nigeria Plc, Transnational Express Plc and United Bank for Africa Plc shed N0.49, N0.32 and N0.31 respectively.

Investors traded 349.44 million shares valued at N3.3 billion exchanged in 5,998 deals, compared with 332.435 million shares worth  N3.736 billion in 5,895 deals the previous day.

Source : Thisday