Onyuike's Removal: Port Harcourt Chamber Faults SEC's Interference

Source: huhuonline.com

Reactions have continued to trail the removal of the Director General of the Nigerian Stock Exchange , NSE Dr. Ndi Okereke-Onyiuke by the Securities and Exchange Commission, SEC, with Port Harcourt Chamber of Commerce, Industry, Mines  and Agriculture, PHCCIMA faulting the NSE interference by the Securities And

Exchange Commission.
Rising from an executive meeting of PHCCIMA the President of Port Harcourt Chamber of Commerce, Engr. Vincent Adonye Kingston Furo (JP) condemned the unnecessary interference of the Securities and Exchange Commission on the activities of the Nigerian stock exchange and noted that such unnecessary interference might spell doom for the Nigerian Stock market if not handled with caution.

According to him, in sacking the Director General and others the Commission did not carefully deliberate on the implications and ramifications of a direct intervention in the affairs of the Exchange, neither did they also weigh the consequences of a direct intervention on the market which according to him might not be in the interest of the public and the investors.

The PHCCIMA President asserted, 'NSE is a private agency whose activities should not in any way be interfered with by government. I believe Ndi Okereke-Onyuike the Director General of NSE has contributed immensely to the development of the exchange and should rather be appreciated. She has put in a lot of selfless and committed service to place NSE where it is today; hence to fathom that she was sacked barely three months to her retirement is indeed a deliberate ploy to tarnish a reputation she has built over the years' he said.

Engr. Furo maintained that such hurried removal like the case of Ndi okereke-Onyuike accounts for why Nigerians in Diaspora refuse to come home and contribute their quota to the development of the country, as a result of constant ploy by retrogressive Nigerians in authority to frustrate their efforts, as they are often ridiculed and defamed.

He advised that the issue should be handled with caution while the parties and authority make effort to enthrone peace to save the Nigerian Stock Exchange from imminent collapse.

It will be recalled that Security and Exchange Commission in an alleged claim to address issues in the public interest and to protect the investors through reinforcing the integrity of the markets and demonstrating commitment to accountability had removed the Director General of the Nigerian Stock Exchange, NSE Ndi Okereke-Onyiuke and the President-elect of NSE, Aliko Dangote .

Dangote had alleged that the NSE under Onyiuke was facing solvency problems and had petitioned SEC to take immediate steps to examine certain irregularities, in relation to the accounts and books of the NSE.

Engr. Vincent Furo (JP)   PHCCIMA President