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I WAS NOT SMUGGLED INTO NSE COUNCIL - IKAZOBOH

By NBF News
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The Interim Administrator of the Nigerian Stock Exchange (NSE), Mr Emmanuel Ikazoboh, has faulted rumours making the rounds that he was smuggled into the NSE Council, insisting that his appointment as Vice President of the Exchange Council followed due process.

In a valedictory luncheon with capital market reporters, on Friday, the out-going NSE sole administrator, appointed by the Securities and Exchange Commission (SEC), in the wake of the intervention in the stock market in August last year, also confirmed Daily Sun's report to settle NSE crisis out of courts. Ikazoboh, who finally vacated office as Interim Administrator and remains as Vice President of the NSE Council, explained that by virtue of being former head of the Exchange, he was qualified to sit on the council.

According to him, the Memorandum and Article of Association of the NSE clearly states that ex-chief executives of the Exchange are allowed to be council members. Ikazoboh said though his tenure was a short period aimed at restructuring the market in view of the crisis that necessitated SEC's intervention, he stressed that his administration was able to bring back credibility to the market, as well as fulfilling the mandate of putting a new management in place.

Outlining some of the problems that necessitated the intervention in the market, he said his management addressed issues that boardered on credibility, restoration of investor confidence and instilling good corporate governance which are legacies being left behind for the new management.

He, however, regretted that the numerous court cases arising from the NSE crisis had posed a serious challenge. However, he confirmed Daily Sun news report recently that efforts are ongoing to reconcile all cases arising from the leadership crisis out of courts.

Although details of the reconciliatory moves were not made available, Ikazoboh expressed hope that the matter would be resolved as a way to move the NSE forward. He specifically said that his administration inherited lapses and decay in internal control system which necessitated SEC intervention. He stated that those lapses had been improved upon, stating that, the administration under him assiduously worked to achieve a better image for the Exchange.

According to him, his administration was able to achieve a success in halting uncontrollable slide of the market, stating that investors have been made to understand the vagaries of the market as an entity where up and down trends are the order of trading. He called for the corporation of all stakeholders in the market for the new management headed by Mr Oscar Onyema, who is expected to continue with the composition of the new management which is expected to take full control of the market with the resumption of the new Executive directors by the end of the month.

He further disclosed that, his administration was able to turn the NSE into an entity of best practices where all market rules are strictly adhered to by operators interms of prompt submission of financial result and reduction of infractions bothering on investors loss in their investment to the barest minimum among others.

'My administration did enough interms of restoration of investors confidence which am sure will be sustained by the new administration. We had many issues to deal with at the time we took over. We broke many egg in the process of putting in place a better structure in the NSE,' he said.