The Securities Exchange Commission Is A Major U.S Stock Exchange The Removal of the Director General and President of the Nigerian Stock Exchange by SEC

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The Removal of the Director General and President of the Nigerian Stock Exchange by SEC

With news of the removal of Prof. Nji Okereke-Onyuke and Alhaji Alinko Dangote, CEO and President of the Nigerian Stock Exchange (NSE) respectively, the leadership of the Securities and Exchange Commission (SEC) on August 5, 2010 has been marred by all manner of controversies.

This has come as a shock as most investors are expecting brighter days as the NSE recently endorsed asset management company (AMC) activities as a positive tool to revive the bear market.

Interestingly, the NSE is the self-regulatory body of the Nigerian stock market and a non-governmental organization whose board manages the affairs of the exchange. They also resolve any financial disputes involving shareholders/investors and market operators.

On the other hand, the Securities and Exchange Commission is also a self-regulatory body that oversees the operation of the Nigerian capital market and the registration of all financial companies under the Companies and Allied Matters Act, CAMA. They also receive all important or confidential records of stock transactions from all stock broking firms as part of complying with the rules and regulations governing the market.

First, let’s look at the reasons that led to the dismissal of the two top NSE helmsmen.

There was a bitter fight between the CEO and the President of NSE. This has become evident due to lengthy legal proceedings, allegations of financial abuse, governance problems and inordinate delays in implementing the exchange’s succession plan. Most recently, Alhaji Alinko Dangote publicly stated that the NSE is broken. This further increased the mistrust imposed on him by concerned Nigerian investors.

According to the Director-General of the SEC, Mrs. Arunma Oteh, yesterday (August 5, 2010) said “the removal of the CEO of the Nigerian Stock Exchange (NSE), Prof. Nji Okereke-Onyuke and its President, Alhaji Alinko Dangote, was in the interest of the capital market and investors as set out in the Investments and Securities Act (ISA) 2007”.

Poser

Do you believe that SEC leadership hastily made the decision to remove the above individuals without properly investigating the case before unleashing the sledgehammer? Or was it done in good faith to protect the Nigerian capital market according to Mrs. Arunma Ote? Also, would you accept the appointment of a forensic expert, Mr. Emmanuel Ihazaboh, as the head of the NSE in the interim without much experience of the Nigerian stock market?

With the ongoing turmoil in the NSE, will we do another turnaround like what was done in CBN banking under Sanusi Lamida Sanusi? The difference between the NSE restructuring and the CBN reforms was that the former did not investigate the allegations that rocked the NSE before taking action.

Would you conclude that these actions by the SEC will bring plus or pain to the Nigerian capital market as Nigerian investors are uncertain about the uncertainty of the Nigerian capital market?

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