By Peter Egwuatu & Michael Eboh
Operators and stakeholders in the nation’s capital market have tasked the interim administrator of the Nigerian Stock Exchange (NSE), Mr. Emmanuel Ikazoboh  to ensure a transparent conclusion of the appointment of a substantive Director General who should be a qualified stockbroker with vast knowledge and dynamics in securities market.

•Dangote

The call is coming after the removal of Professor Ndi Okereke-Onyiuke as the Director General of the Exchange by the Securities and Exchange Commission (SEC)led by Ms. Arunma Oteh..

The Commission sacked Okereke- Onyiuke following alleged mismanagement of funds by the President of the Exchange, Alhaji Aliko Dangote.

The operators and stakeholders stated that though, the last DG Prof. Ndi Okereke- Onyiuke has done a great job that the brought the NSE to the level it is, adding that from the the last half a decade the growth and development was stall and the Exchange was not taking proper charge and no new development outside listing of shares was recorded.
According to a broker, “ For the new DG, which should be a dynamic professional with experience about the country capital market and global financial markets understanding, should focus on:

*Continue from where the predecessor stops, but with a wider development plan, which involves and not limited to campaign on the activities and the mechanism for the growth of the Nigerian Capital Markets.

*Foster proper relationship with the market operators (brokers etc) and other regulatory agencies; and also put in place a proper control and regulatory mechanism for both the operators and other core market stakeholders;
*Improve and amendment to the rules and regulations guiding the Exchange, coupled with the development of dynamic rules to guide the trading in shares in line with global changes and transformaton in transaction operation, handling and supervisions; strict adherence and further development of the post listing requirements guiding listed companies and there key officers

*The training and retraining of the operators and staff of the Employees of the Exchange on the current and future market dynamics; put its house in order

* More transparency in operations, new operating license issuance and sanctions Hence, we believe we should get it right in the appointment of the new DG and not to politice the process, because the Exchange might not survive any stooge or inexperienced team”

In his own view, Mr. Johnson Chukwu, MD/CEO, Cowry Asset Management Limited, said, “ My expectation of the new DG is to immediately on assumption of office address the issues of the financial health of the Nigerian Stock Exchange, which is currently impinging on the integrity of the market.

The new DG should also work with CBN, SEC and other regulators to find ways of restoring confidence to the market.

I also expect that the incoming DG will adopt a zero tolerance on market infractions by operators as exemplifies by CBN and SEC. I believe that the new DG will strictly enforce the code of conduct for employees of capital market institutions, including employees of the Exchange.”
Continuing, he said, “ I expect the incoming DG of NSE to be someone with both local and international capital market experience.

The local experience is necessary so that the person will appreciate the current level of our Capital market’s development, understand its peculiarities and the weaknesses that lead to the recent challenges in order to understand how to quickly fixed them. The international experience is important for the new DG to be able to advance the development of the market to international standards.

Given that NSE is a self regulated organization (SRO) aside from local and international capital market experience, the new DG of NSE should be a firm, fair  and upright person with strong personality. These character traits are necessary for the person to regulate the activities of NSE itself and the many operators in the market”.
Mr. Seye Adetunmbi, Chief Responsibility Officer, Value Investing Limited, in his comment said, “

The substantive chief executive officer that should emerge after the administrator or the transition period should be a seasoned capital practitioner and a qualified and tested stockbroker amenable to desired changes in the market and depart from the old order that had impacted negatively in the recent past.

The level headed tested hand must have been experienced enough to have deep knowledge of the market and had practised when the market was regulated, passed through deregulation era and guided regulation periods.”

More importantly the new CEO must respect the place of the dealing members as the key stakeholders of the exchange with so much expectation from them and yet the stock market goes beyond NSE, the quoted companies and the listed securities. By implication, sensibilities of the investing public must not be insulted or discountenance other key players in the financial sector or the economy at large.

Thus, the person must be disciplined, vibrant, confident, and young yet matured enough to be a servant leader who will be capable of enforcing discipline void of double standard and serve larger interest such that confidence can be restored into the market in earnest.

In essence, the new helmsman should be above board with clean past record and certainly not part of those who have been directly or remotely connected with giving the market bad press in the past.

Above all, the present market does not need anyone who is an attention seeker, publicity and power freak but a crack professional who will partner with SEC progressively for quick recovery of the market for the benefit of all ranks of the stakeholders.

Mr. Boniface Okezie, Chairman, Progressive Shareholders Association of Nigeria (PSAN) joined others to call for a credible DG devoid of politics and well focus in securities dealings.

“We want a DG that is qualified and can be able to instil discipline and sanitize the market of insider dealings and other abuses of the market. The DG should be dynamic in its approach to issues while considering our peculiarities”.

Mr. Emeka Nmadubuike, Managing Director of Compass Securities Limted said , “ What we need is somebody that will restore and build confidence for the market. Our problem of the market has not been that of qualification but compounded issues which affect both operators and regulators.”