Nigeria Content Online

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.