Growing Suspicion Ndi Okereke-Onyiuke Is Planning To Transmute From DG To CEO

DG, NSE

DG, NSE

Not a few capital market watchers hailed the announcement of the demutualization of the Nigerian Stock Exchange. Literarily, demutualization is the equivalent of the stock exchange transforming from a quasi public sector self regulating organisation (SRO) to a publicly quoted company, accountable to its shareholders and governed by the laws and regulations that other publicly quoted companies are answerable to in the market.

Most stakeholders had commended the prospect of the demutualization in the expectation of the fresh breathe of life that would predominate in the capital market under a new leadership and operating environment. Some operators were particularly excited over the expectation that the current Director-General of the NSE, Prof. Ndi Okereke-Onyiuke, will not be qualified to continue in the office of the CEO of a demutualised stock exchange.

Recent indications emanating from the stock exchange, according to observers, are telling signs the DG is clearing the field to make her continued stay in the high office of the stock exchange secured even beyond the year 2010 proposed year for the demutualisation of the exchange.

Reports of recent administrative activities at the exchange indicate that Okereke-Onyiuke has been restructuring, personnel are being moved and new appointments being made. Of major concern to stakeholders is that some of the recent appointments at the exchange are somewhat connected to the DG. For this reason, the concerned stakeholders argued that the DG’s maneuvers suggest that she is positioning her people to pave the way for her come back to the head of the stock exchange after its demutualization.

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