13 Jun 2011

The plan by the new management of the Nigerian Stock Exchange (NSE) to hire the services of about 50 experts is highly affecting the morale of some members of staff of the Exchange, THISDAY checks have revealed.

THISDAY had last week exclusively reported that the Council of the Nigerian Stock Exchange (NSE) had given approval to the Chief Executive Officer of the NSE, Mr. Oscar Onyema, to hire experts (mostly from outside the country) that would help drive the Exchange’s transformation agenda.

The CEO was said to have made a proposal to the Council to employ more hands that would facilitate the execution of the agenda of the new management.

A market source had explained that the new management was of the belief that most of the current senior officials of the Exchange do not have the capacity to drive the new products being planned for the market.

“They are talking of securities lending, index/exchange traded funds, options and financial futures among others. The CEO was able to convince the Council that for these products to become a reality, he needed to get experts who are specialists in each of the areas. And I can tell you that the Council has given its approval,” the source added.

However, NSE’s Spokesman, Mr. Wole Tokede, denied knowledge of any approval given by the Council, but saying that the possibility of employing more people could not be ruled out.

“The Exchange is a going concern and given the fact the management is working at rejuvenating the Exchange, one cannot rule out the possibility of more staff being employed. But I am not aware that the Council has given approval to the CEO to employ 60 experts. I am not aware of that,” Tokede had said.

Further investigations by THISDAY last Friday showed that anxiety has gripped many of the employees over their fate given the plan of the management.

Some of the employees who spoke to THISDAY under the condition of anonymity, said that although the management was yet to formally tell them anything regarding the employment of fresh hands, they expressed the fear that their jobs are at risk.

“We have not been formally informed. But there is no smoke without fire. We are just hoping that the baby will not be thrown away with the bath water,” an employee said.

Speaking in the same vein, a senior stockbroker told THISDAY that the new management of NSE should be cautious in their efforts to transform the market.

“We know that the CEO and Executive Director have worked in foreign establishment. Also, their wealth of experience is not in doubt. But they should be guided by the fact the environment they are coming from is different from our own environment here. Whatever decision they are taking, they should consider the local content side of it. For instance, if they bring all the experts from overseas, are they going to bring stockbrokers from abroad too?. The management should come up with policies and strategies that will help to sustain the confidence reposed in them,” the broker said.


Unveiling his agenda recently, Onyema disclosed that the Exchange had been re-organised into four major divisions including : Market Operations and Technology; Business Development, Legal and Regulation, and Corporate.

“We believe that in order to position the Exchange to achieve its stated quantitative goals, its organisational structure must be changed to realign strategic business units accordingly, Onyema had said.


http://www.thisdaylive.com/articles/anxiety-in-nse-over-recruitment-of-50-experts/93118/

I thought some court ruled in favour of Ndi going back to her job?

Anyway, this is to be expected. A purge in the NSE might not be a bad idea. Hopefully the experts are Nigerian returnees, and not some Oyinbo flunkies.

AjanleKoko:

I thought some court ruled in favour of Ndi going back to her job?

Anyway, this is to be expected. A purge in the NSE might not be a bad idea. Hopefully the experts are Nigerian returnees, and not some Oyinbo flunkies.

But bros . . . i have a feeling that even if they bring in Nigerian returnees, these returnees may end up doing the same things that returnee Nigerians in other sectors have done.

“They are talking of securities lending, index/exchange traded funds, options and financial futures among others. The CEO was able to convince the Council that for these products to become a reality, he needed to get experts who are specialists in each of the areas. And I can tell you that the Council has given its approval,” the source added.

@Buffettologists in the house

It is time to 'Be greedy when others are fearful and be fearful when others are greedy'


kingolusola@gmail.com

if they re nigerian, they re most welcome.

monopolist:


@Buffettologists in the house

It is time to 'Be greedy when others are fearful and be fearful when others are greedy'


kingolusola@gmail.com

You forgot to add one more thing: Don't catch falling knives.

So in essence they are saying those in the NSE are not trainable. I would have thought that they will consider training their old staff first before looking outside. This action can breed bad blood if not properly handled.

Perhaps, training some of the old staff is an option but there are times that certain positions call for people with specialized skills that have been developed by a combination of experience and education. You can’t just simply train or educate people to develop a skill that is usually acquired through experience.

Imagine a surgeon that graduated medical school without ever touching a patient trying to perform heart surgery without any guidance…

even if properly handled and consist of 100% Nigerians there'll still be bad blood, some people see their appointments as a birthright, one would think these employees with their wealth of experience should be able to pick up jobs anywhere in the world but mba they will take it as an insult
--they will always be sniggering about other their 'returnee' accent, how they cant do the job, how they are getting preferential treatment blah blah)

There are Nigerians working in other stock exchanges and financial regulatory agencies around the world, what's wrong with employing someone with specialised skills for a period of time

Dis Guy:

even if properly handled and consist of 100% Nigerians there'll still be bad blood, some people see their appointments as a birthright, one would think these employees with their wealth of experience should be able to pick up jobs anywhere in the world but mba they will take it as an insult
--they will always be sniggering about other their 'returnee' accent, how they cant do the job, how they are getting preferential treatment blah blah)

There are Nigerians working in other stock exchanges and financial regulatory agencies around the world, what's wrong with employing someone with specialised skills for a period of time

Why do we think returnees to may not one day consider their jobs birthright!
Following your advice, we MAY lose out somehow
Bring Nigerians working abroad home, the jobs they left will be filled by foreigners
Those to be replaced at home will become jobless
Net job loss to Nigerians
We need to tread with care

I wish we could employ foreign experts as Presidents and VP and Senators

I personally would prefer we hire Bill Clinton and John Kerry as President/VP respectively

John Kerry as Senate President, Tony Blair as speaker, Hillary Clinton as Majority leader, Larry summers as CBN governor

More experts cant be bad for us, abi?

If it will bring the confidence of investors back to the capital market, then why not.

Epiphany:

But bros . . . i have a feeling that even if they bring in Nigerian returnees, these returnees may end up doing the same things that returnee Nigerians in other sectors have done.

What have returnee Nigerians in other sectors done, that locally-raised Nigerians haven't topped ten times over?
The only argument I could consider against returnees is that they're not in touch with the reality on ground, and try to stay aloof from that reality.
Also, they are usually accused of demanding premium gurantees of a life commensurate with what they're leaving behind. My opinion of that is . . . we happily offer those to dodgy foreigners anyway, why not encourage our own people who have the experience and skill from somewhere else?

We need to have an injection of our own people who have experience in more mature markets. In fact, we do not not have enough of such people coming back. We mostly have largely inexperienced foreign degree holders coming in, we need more of the experienced guys. Better them than some nondescript Oyinbos with dubious credentials.

monopolist:


@Buffettologists in the house

It is time to 'Be greedy when others are fearful and be fearful when others are greedy'


kingolusola@gmail.com

Early days yet to fear. We need a more vibrant exchange, with a deeper product portfolio. It will only add more juice to our languid economy. Right now the scope is way too limited and not competitive.

BetaThings:

Why do we think returnees to may not one day consider their jobs birthright!
Following your advice, we MAY lose out somehow
Bring Nigerians working abroad home, the jobs they left will be filled by foreigners
Those to be replaced at home will become jobless
Net job loss to Nigerians
We need to tread with care

Well they will have a contract and hopefully they get the idea that change is constant, they work for their money- I think the NSE is going private
We will also gain if we get the right people that know what they are doing in non political environment
the job they left will be filled by foreigners , who might end up being another African-nigerian perhaps (global job market i suppose)
Those to be replaced have got decades of experience they can start their own consultancy or compete for jobs in smaller african countries or outside the country even

But they should be guided by the fact the environment they are coming from is different from our own environment here.

yea, just give us our salary and wait for another 'boom' in the market

do you really think that these 50 expers are going to change anything??they will collect huge salaries and NSE does not have the money to waste. why not put the money in improving what we already have rather than adding things that are new.

we need to deepen the market. if have have options and futures now, its a good thing but is it really going to deepen the market when the whole market segment is so low. do you know the NSE has fallen for the past one week every single day??

and todays news, inflation is up to 12.4% while Naira is down to almost 159, so these problems need more attention thats what i feal. here is a article you should read and understand the complex problems facing us.

http://www.easykobo.com/News.aspx?id=449

50 experts will cost money. that money can be better used to improve what we already have. Lets do that first.

anyway guys market has been crashing for a while now. i just read today the inflation and currency are killing the market sentiment. i read it here.

http://www.easykobo.com/News.aspx?id=449