11 Jul 2011


By Goddy Egene

Barely one month after THISDAY exclusively reported that the Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, had received approval from the Exchange Council to employ the services of experts, the employment has begun.

It was gathered that one Mr. Bola Adeeko has been employed as the Chief of Staff of the NSE, a newly created office. Although THISDAY did not get official details about him as at press time, NSE Spokesman, Mr. Wole Tokede confirmed Adeeko’s employment.

“Yes, Mr. Bola Adeeko has joined the NSE. He resumed last week. That is all the information I can give you now,” he said.

THISDAY checks revealed that Adeeko may have been recruited from JP Morgan Chase, New York,United States where he occupied the post of Vice President, Global Trade Sales.

THISDAY had exclusively reported that the approval given to Onyema by the Council of the Exchange 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.

The news of the employment of experts had sent jitters down the spine of many of the employees of the Exchange over their fate given the plan of the management.

Some of the employees who spoke to THISDAY under the condition of anonymity, had 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 were 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 tread cautiously 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 there 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/nse-employs-chief-of-staff-from-jp-morgan-chase/94828/

Whatever is necessary to revive the stock market should be done, please. I have bled for too long.

jamace:

Whatever is necessary to revive the stock market should be done, please. I have bled for too long.

your bleeding might last a little longer and i doubt it will even end.
the pre-bleeding prices were artificial and unrealistic.i doubt you will see anything like it again in a professionally run market.

the pre-bleeding prices were artificial and unrealistic. i doubt you will see anything like it again in a professionally run market.

* Cough * DotCom Bubble * cough * Real Estate Bubble * cough * Global Recession * cough *