Economics

Nigerian Stock Exchange promises return of credibility

NIGERIA – The Nigerian Stock Exchange (NSE) has assured investors of the return of credibility in the nation’s capital market. The Interim Administrator, Mr. Emmanuel Ikhazoboh, who gave the assurance in an interview monitored by Leadership, said the Exchange was poised to create an enabling environment that would return credibility and restore investor confidence.

Speaking on his 100 years in office, said: “It has been very challenging and has revealed to me a lot of things that l did not know about the capital market. But, I must admit also that I have gotten a lot of commendations. The issue with the capital market is that people always have the wrong perception that it should always move on the positive direction, but it’s not so, there should be volatility in the trading of stocks otherwise something is wrong. But as l speak now, most banks have achieved the ratio expected of them and the market is becoming a bit stable, companies are also coming back to list at the NSE”.

On what has changed in terms of the internal process, the Interim Administrator noted that “the back office was not properly structured when we came in and financials were not also properly handled and regulated. The NSE never had any internal auditor, what we had was just a shade of what an internal auditor should be, but we have been able to set up one now”.

He said he has lived up to his statement to the press since August he assumed duty noting that the only essential thing remaining was to bring companies to trade bonds on the floor.

On companies’ earnings and forecasts, Ikhazaboh said: “It is true when they said listing at the NSE means dancing naked in the street because you have nothing to cover anymore. We are going to be strict now on the quarterly returns. We are also moving towards a situation where companies will begin to give us their earnings calendar.”

Following the sack of Professor Ndi Okereke Onyuike as the Director General of the Nigerian Stock Exchange (NSE), over allegations of misappropriation of an estimated N11 billion, the Security and Exchange Commission (SEC) had appointed Mr. Emmanuel Ikhazobor as interim administrator of the NSE.

The emergence of Mr. Emmanuel Ikhazoboh, a Forensic Auditor, as the Interim Administrator for the exchange according to SEC was to ensure that an exhaustive investigation is conducted into the books of the NSE, with a view to unraveled all aspects of the fraud allegations, after which a new substantive DG would be named.

Anthony-Claret Onwutalobi
Anthony-Claret Onwutalobi
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC and CEO of Portia Web Solutions. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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