By Peter EGWUATU, Michael EBOH & Providence OBUH
The new Interim President of Council of the Nigerian Stock Exchange (NSE), Mallam Ballama Manu assumed duties yesterday, and assured investors of  the safety of their investment in  the Nigerian Stock Exchange (NSE).

According to a statement by Mr. Sola Oni, Assistant General Manager/Head, Corporate Affairs, Manu, who presided over the Council meeting, allayed fears over the safety and stability of the Nigerian capital market, adding that the NSE will continue to operate in accordance with global best practices.

The members of the interim Council expressed their support for the actions of the Securities and Exchange Commission (SEC), especially with regards to resolving the crisis that rocked the NSE a couple of days ago.

At a separate meeting with stockbrokers, Manu assured the stockbrokers that the Council would do everything within its powers to improve the fortunes of investors and operators.

Earlier, in his preliminary review of the mood in the market, Mr. Emmanuel Ikazoboh, Interim Administrator of the NSE, assured the investing public that the current downward trend being witnessed in the market is not peculiar to Nigeria.

He noted that the stock market is a derivative of the economy, hence, the global economic slowdown is still impacting on The Nigerian Stock Exchange.

Ikazoboh assumed duty at the Exchange on Thursday, August 5, 2010 following the change in The Nigerian Stock Exchange’s topmost leadership.

Ikazoboh blamed the current decline in the market on events in the global financial landscape.

The statement reads, “Mr. Emmanuel Ikazoboh today reviewed the on-going downswing on The Nigerian Stock Exchange and described it as a global phenomenon.

“As an international market, the Exchange cannot be insulated from the global development,” he went on, adding that globally, there are fears that the downturn is not completely over and that we may experience a double dip in growth.