By Peter Egwuatu , Michal Eboh & Providence Obuh

Contrary to expectation of financial bail out from the Federal Government, the Interim Administrator of the Nigerian Stock Exchange (NSE), Mr. Emmanuel Ikazoboh, Tuesday,  said the Exchange is not expecting any fund from the government as the financial status of the institution is still being investigated by forensic auditors appointed to investigate the alleged mismanagement of the former management which led to the sack of its erstwhile Director General (DG), Prof. Ndi Okereke-Onyiuke.

Briefing newsmen on the development of the market since he took over as Interim Administrator, Ikazoboh disclosed that the recruitment exercise of  top management positions of the Exchange which will usher in a new Director General is still in process as Selection Committee has been appointed by the Council of the Exchange.

According to him, “ the process of recruiting a new DG is still in process as several applications have been received from applicants. The Council has put in place Selection Committee. The interview panel which will include individuals from international capital markets would be contacted to ensure that the Exchange gets a qualified person. Accenture will let us know by next week the level it has gone in terms of the recruitment exercise”.

While answering question if the Federal Government has injected funds to bailout the Exchange, the Interim Administrator said, “ Government has not injected any fund into the Exchange. There is no question of injecting funds into the Stock Exchange since the financial status is still being investigated. Until we know the financials then we cannot talk of additional funding.

There is no where in the world  the Stock Exchange is being funded by Government because it is a private entity. It is a  private entity limited by guarantee. So if there is need for additional funds, like other private entities does, the Exchange can seek support from its bankers to boost its transactions.

When asked when his tenure will terminate, Ikazoboh said, “ My administration is to ensure that a new DG is in place. One of the mandates given to me by the Securities and Exchange Commission (SEC) is to appoint a substantive DG for the Exchange. I cannot say when the new DG will emerge. But all I can say is I will disengage from the Exchange when a new DG is appointed.

On his agenda for the Exchange, Ikazoboh said, “ I have three major things to do. First, I will ensure a credible communication plan is put in place to ensure that the market gets information as at when due to assist investors make informed decisions on their investments. I will also ensure a follow up of the Executive selection is properly carried out so that who ever emerge as the new DG is the right person.

Thirdly, I will work with forensic auditors to ensure that the true financial position of the Exchange is made known so that there wont be any speculations about the financials any longer. KPMG is already on sight and it has started working. I cannot tell when they will conclude the audit. The SEC has given them mandate to ensure an interim report is put in place. We at the Exchange don’t want to interfere”.
When asked the cost of putting an enhanced trading platform, Ikazoboh said the cost was not yet certain.

“ We are still in the presentation process. The owners of London Stock Exchange would be making presentation to the Council and management of the NSE. The same with the New York Stock Exchange. They too will make their own presentation. Thereafter we can select and begin to talk of cost. We want a platform that is of international standard and best in Africa”.