Stock Exchange cuts a third of its staff
The Nigerian Stock
Exchange said on Thursday, that it was cutting a third of its staff,
three weeks after, its director general was removed amid governance
concerns and auditors were called in to assess its state of health.
The Securities and
Exchange Commission (SEC) appointed a former top Deloitte accountant as
interim manager and appointed accountancy firm KPMG to audit the books
earlier this month, after removing Ndi Okereke-Onyuike, the director
general.
“In furtherance of
its goal to restore investor confidence in the Nigerian capital market,
the council of the Nigerian Stock Exchange (NSE) decided to reduce the
exchange’s staff strength by 32.5 per cent from 292 to 197 staff
members,” the bourse said in a statement signed by its spokesman Sola
Oni.
The new head of the
SEC, Arunma Oteh, who took over in January, has pledged tighter
regulation and surveillance as part of an overhaul of Nigeria’s capital
markets.
The SEC said
Okereke-Onyuike’s removal was aimed at restoring confidence amid
worries about inadequate market oversight, allegations of financial
mismanagement, ongoing litigation, and an unclear succession plan for
its leadership.
Ms Oteh said in May the reforms would ultimately involve the
demutualisation of the stock exchange, which would turn it into a
listed company, making it more globally competitive and giving it a
larger incentive to bring in profitable new products such as
derivatives or exchange-traded funds.
Stock exchange,what do you think about them office?well as for me i don’t really know what they do there but as for the cut in staff from 292 to 197,whats their wrong or is it that they are not on their top list or is it that they just want them because of their background check with the auditor.
Now they have made them jobless and now to go into the jobless masses and making a job search very hard to get again.