By Michael EBOH
There were indications yesterday   that the   interim administrator of the Nigerian Stock Exchange (NSE) Mr. Emmanuel Ikazoboh, may discard the   succession plan put in place by  the sacked Director-General (DG), Professor (Mrs.) Ndi Okereke-Onyiuke over alleged lack of credibility.

According to a source at the NSE, the decision to discard the process of recruiting a new Director-General was as a result of the uncertainty, crisis and confusion generated by the exercise over the past couple of months.

The source who preferred anonymity explained that the disagreement between Okereke-Onyiuke and Alhaji Aliko Dangote was caused by the succession exercise among other factors.

Mr Emmanuel-Ikazoboh

The NSE had about two years ago announced that it had started a transformation programme and had drawn up a succession plan that would see the market transforming to a world class institution and also lead to a smooth and rancour-free transition, when Okereke-Onyiuke eventually steps out of office.

The NSE announced that it had contracted Accenture, a renowned consulting firm, to assist it in its transformation programme and also help it in the process of sourcing   a replacement for the outgoing Director-General.

However, recent reports   indicated that Accenture was never contracted for the recruitment, as the management of the NSE failed to give the company the contract to do so.

According to the report, Accenture never had the opportunity to begin the process because the NSE failed to issue a contract or formal directive to the firm despite repeated demands on it to do so. “Accenture never does any job without a contract and it is true that the management of the exchange never gave the firm the required mandate,” our source said.

The report noted that Accenture had made a presentation on the recruitment process to the NSE and also assisted in the placement of the recruitment notice. It also noted that Accenture distanced itself from the selection process before commencement when it did not get any contract or mandate from the NSE.

Last week, in a petition to the Securities and Exchange Commission (SEC) Aliko Dangote, President of the NSE, the Exchange was accused of being insolvent and owing Accenture over N120 million in relation to  services provided it by Accenture, especially for its role in the on-going transformation programme.

These have further put a dent on the credibility of the process of the selection of a new Director-General, as there have been claims of plans to undermine the process by the Okereke-Onyiuke and other actors. As a result of concerns expressed over the credibility of the process, SEC DG, Ms. Arunma Oteh tasked Onyiuke, to ensure that due process and transparency are adequately followed in the selection of a new Director-General for NSE.