₦airaland Forum

chukel:
please don't group those of us who stand by the truth with the others. I am still igbo and will always be igbo but above all Nigerian

Respect bro, it is not about tribalism but the general pain the incompetence of the head of sensitive org like the Stock Exchange Commission will bring to nigerians if he/she is not deserving of the post.

Sometimes in November 2014, Nigeria recorded the highest loss in the stock market she heads yet she wants renewal of her tenure.

I cant quantified my loss in the market and I had to tell my broker in Nigeria to sell off all my stocks in August thank God I did before the November complete crash happened, I still pray for the broker who told me to sell off most of them then if not the loss would have been more painful, yet ANYIM AND OKONJO IWEALA want her retained.

KEVIND:
Nairaland has really lost its savor.Unintelligent commenteries everywhere.Gone are the days when individuals realy much on the kind of academic prowess exhibited & intelligent discusion on NL.

^^^If you check well now you'll discover the slimeball is posting an article credited to 'anonymous sources'! His major joy is that an Igbo is no more the head of SEC...he can now sleep well knowing his Hausa/Fulani brother has taken over!

The guy is full of hate and i've never taken the xenophobic t/wat seriously!

barcanista:
Aruma Otteh is a good riddance to bad rubbish

^^^No surprises here then!

pendy79:
I wish the Ohaneze n'digbo and other igbo cultural groups and 80% of igbo contributors on NL were in tandem with your antitribalism stand when the issue of stealla Oduah came up.

^^^What did 'stealla' Oduah steal?

chukel:
abeg sit down. Wat is meritorious about her service. She ought to have left that place a long time ago. Let's tell ourselves the truth. Has there been any improvement in stock since 2008? All the shares I bought in stock market pre 2008 have not made any progress since the collapse of stock market. Let's bring performers on board.

Did you buy a stock traded or managed by Otteh? The last time I checked, she was a regulator. Don't blame your bad investment skill on her.

barcanista:
I gave up on Jonathan after her re-instatement in 2012. That woman is supposed to be in jail for corruption charge, to make matters worse, she allegedly spent about 1year or there about lodging in a hotel on that bill. She even accused Reps of demanding bribe from her. I believe the NASS members may have demanded bribe, I expected ICPC to swoop into the matter. Very shameful of this govt

Is hambe that she accused not still in the PDP, is Farouk Lawan not still in the PDP, Is Ndudi Elumelu not still in the PDP today?

This government and everything PDP is corruption in its human form

IGBOSON1:
^^^What did 'stealla' Oduah steal?

She didn't steal anything my brother, she just like bullet proofed BMWs.

atlwireles:
Did you buy a stock traded or managed by Otteh? The last time I checked, she was a regulator. Don't blame your bad investment skill on her.

Yea, she was a regulator and when u have a bad regulator, it affects the market.

They are all in pdp enjoying their limited time on the street. Buhari must jail them all

pendy79:
Is hambe that she accused not still in the PDP, is Farouk Lawan not still in the PDP, Is Ndudi Elumelu not still in the PDP today?

This government and everything PDP is corruption in its human form

chukel:
Yea, she was a regulator and when u have a bad regulator, it affects the market.

Worry about your bad investment skill before blaming the regulator.

barcanista:
They are all in pdp enjoying their limited time on the street. Buhari must jail them all

I pray he won't be lenient on them all, they need to return to the federation coffer all they stole.

barcanista:
You are pathetic bro. Aruma Otteh has been controversial since day 1. Imagine her spending 850k per day for hotel and 85k per meal. Haba bros! Even workers at SEC had to protest for her removal back then. Wjat achievement are you even talking about? How is our stock market?

When you chose to sound off like a stark illiterate.

What factors determine the performance of a stock market? Are they mechanical forces or the market forces of demand and supply?

The last time I checked, there is a president of Nigerian Stock Exchange and his name is not Arunma Oteh.

Would ethnic jingoism allowed you to evaluate the state of Nigerian stock market prior to Ms Oteh's stint as SEC's DG and the state it is at her departure?

This was Ms Oteh headhunted from her bluechip/plush job in the US to come and resuscitate a moribund stock market.

Collynzo9:
Tenure of an Igbo woman expires, the President appoints a northerner as acting DG.....no problem at all nobody interested... then an inconsequential Yoruba pops out from no where trying to clash the heads of Igbos and Hausas together creating further problems in the country. Sounds familiar?
Sanusi was and remains 100% right.
Yorubas are the problem with Nigeria
http://www.thenigerianvoice.com/news/138889/1/sanusi-words-on-marble-yorubas-are-the-problem-wit.html

..

maestroferddi:
When you chose to sound off like a stark illiterate.

What factors determine the performance of a stock market? Are they mechanical forces or the market forces of demand and supply?

The last time I checked, there is a president of Nigerian Stock Exchange and his name is not Arunma Oteh.

Would ethnic jingoism allowed you to evaluate the state of Nigerian stock market prior to Ms Oteh's stint as SEC's DG and the state it is at her departure?

This was Ms Oteh headhunted from her bluechip/plush job in the US to come and resuscitate a moribund stock market.

Maybe you are not aware, SEC is the statutory regulatory agency of the stock-market, Nigeria Stock Exchange is private and self regulatory body. The SEC regulates the NSE. Hence, Ms Aruma Otteh as DG SEC was the Chief regulator of the stock-market. Whoever becomes the head of NSE is the business of the stockbrokers just like whoever becomes NBA President is the business of NBA members and has nothing to do with the public. The SEC is mandated by law to regulate everything that has to do with the stock market. Therefore, I am not interested who the NSE President is, he isn't answerable to me or you, we are more concerned with who heads SEC and his/her performance. Otteh is a failure in SEC, her exit won't be felt. It is not about tribe my guy. Beside the CEO of NSE is Oscar Onyema, an Igbo man.

pendy79:
I can feel your pains, anger and anguish

cry cry baby, ventilate your anger at the president looking for new SUPPORT BASE not any yoruba

OP I think you are the clueless one here there are so many players from nairaland in the capital market and I myself inclusive, now tell me

What was the market capitalization during the market crash and what is the present capitalization?

OP you don't need to lie to sell your candidate. I guess the answer would shock you

barcanista:
Maybe you are not aware, SEC is the statutory regulatory agency of the stock-market, Nigeria Stock Exchange is private and self regulatory body. The SEC regulates the NSE. Hence, Ms Aruma Otteh as DG SEC was the Chief regulator of the stock-market. Whoever becomes the head of NSE is the business of the stockbrokers just like whoever becomes NBA President is the business of NBA members and has nothing to do with the public. The SEC is mandated by law to regulate everything that has to do with the stock market. Therefore, I am not interested who the NSE President is, he isn't answerable to me or you, we are more concerned with who heads SEC and his/her performance. Otteh is a failure in SEC, her exit won't be felt. It is not about tribe my guy. Beside the CEO of NSE is Oscar Onyema, an Igbo man.

You see your life?!

What's is the correlation between Nigerian Bar Association, a pressure group and Security and Exchange Commission, a statutory agency of government tasked with playing a regulatory role on the stock market?

So in your understanding, the SEC DG should have issued a directive to ratchet up the prices of stock in the market irrespective of economic realities?

Please deploy the sundry search engines on the internet to full use to understand the workings of the stock market.

I daresay that, for all intents and purposes, the direction of the market are largely driven by the laws of demand and supply.

SEC can only play a limited interventionist role.

Point of correction, NBA is a professional association of lawyers, it is not just a pressure group though it engage itself in activism. Just like NSE, members of NBA elect their leaders from within themselves and are only answerable to themselves, not me and not you. I am addressing this based on the nse that you attempted to rope in.

maestroferddi:
You see your life?!

What's is the correlation between Nigerian Bar Association, a pressure group and Security and Exchange Commission, a statutory agency of government tasked with playing a regulatory sole on the stock market?

So in your understanding, the SEC DG should have issued a directive to ratchet up the prices of stock in the market irrespective of economic realities?

Please deploy the sundry search engines on the internet to full use to understand the workings of the stock market.

I daresay that, for all intents and purposes, the direction of the market are largely driven by the laws of demand and supply.

SEC can only play a limited intervention role.

The question now is what is the role of the regulator in the stock market?

barcanista:
Point of correction, NBA is a professional association of lawyers, it is not just a pressure group though it engage itself in activism. Just like NSE, members of NBA elect their members from within themselves and are only answerable to themselves, not me and not you. I am addressing this based on the nse that you attempted to rope in. The question now is what is the role of the regulator in the stock market?

just ignore these ignorants, ill-informed tribal warlords

pendy79:
just ignore these ignorants, ill-informed tribal warlords

The guy is just damn funny.

Arunma Oteh left her position as head of the Nigerian Securities and Exchange Commission after five years leading market regulation in Africa’s biggest economy.

She left office on Jan. 7 and an acting director general will be appointed, Yakubu Olaleye, a spokesman for the Abuja-based agency, said by phone.

Under Oteh, the capital market “witnessed significant product innovation, improved listing rules, landmark bond-market reforms, the introduction of exchange-traded funds and widening of participation in the markets,” the SEC said in a statement on its website.

Oteh became head of the regulator in January 2010 as the market recovered from a 2009 financial crisis triggered by loans given to stock speculators and fuel importers in Africa’s biggest oil producer. The value of the bourse’s main index reached a peak of more than 13 trillion naira ($72 billion) last year before tumbling to 9.45 billion naira on Jan. 9. Nigerian stocks slid the most in the world last week as crude prices tumbled below $50 a barrel.

Oteh didn’t answer calls made to her mobile phone or return e-mailed requests for comment.

In June 2012, she was sent on “compulsory leave” while the SEC investigated allegations of mismanagement following an audit of spending on the market’s 50th anniversary. She was recalled by President Goodluck Jonathan a month later after external audit didn’t find illegal activities committed by her.

Oteh had created enemies by firing Ndi Okereke-Onyiuke as head of Nigerian Stock Exchange, saying the action was needed to curb “poor corporate governance,” manipulation of the market and financial waste. She cited cases in which hundreds of Rolex watches were bought as gifts and 1.7 billion naira was shared among employees of the bourse.

In October 2013, Oteh said the stock exchange needs oil and gas, power and telecommunications companies to list to meet its goal of reaching a market value of $1 trillion by 2016. South Africa’s FTSE/JSE Africa All Share Index market value of 9.57 trillion rand ($832 billion)

“She was in a hurry to see Nigeria achieve a world-class capital market that would drive development,” the SEC said.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net

barcanista:
Point of correction, NBA is a professional association of lawyers, it is not just a pressure group though it engage itself in activism. Just like NSE, members of NBA elect their leaders from within themselves and are only answerable to themselves, not me and not you. I am addressing this based on the nse that you attempted to rope in. The question now is what is the role of the regulator in the stock market?

You take the time to study the workings of the stock market.

The President of the Nigerian Stock Exchange is an appointee of the executive/Government whilst the NBA is a professional organisation that elects its leadership without any input from government.

In any case, you need to deepen your understanding of the issues under deliberation.

pendy79:
just ignore these ignorants, ill-informed tribal warlords

If the truth be told, your perception on the matter you are broaching is blindingly shallow.

I would rather suggest that you stick with what you are well-conversant with.

maestroferddi:
You take the time to study the workings of the stock market.

[s]The President of the Nigerian Stock Exchange is an appointee of the executive/Government whilst the NBA is a professional organisation that elects its leadership without any input from government.
[/s]
In any case, you need to deepen your understanding of the issues under deliberation.

Sorry dude, the Federal Government has no hand on who becomes what in NSE, it solely rest on the shoulders of NSE members.

barcanista:
Sorry dude, the Federal Government has no hand on who becomes what in NSE, it solely rest on the shoulders of NSE members.

You don't know jack.

Didn't you follow the hiring of Oscar Onyema from Wall Street/US?

The CEO of the stock exchange is a government appointee.

Do your findings.

maestroferddi:
You don't know jack.

Didn't you follow the hiring of Oscar Onyema from Wall Street/US?

The CEO of the stock exchange is a government appointee.

Do your findings.

Oscar Onyema isn't the President of NSE, he's the CEO of NSE, appointed by the NSE but his appointment was ratified by the DG SEC, who is the Chief Statutory regulator. The FG didn't hire Onyema, Onyema is in the employ of NSE, a private association. As CEO, Onyema acts on behalf of NSE Council. Btw The President of NSE is Aig Omokhe****(his name is too long), immediate past CEO of Access Bank. His immediate predecessor is Alhaji Aliko Dangote. You need to do some reading before embarrassing yourself. The Point is SEC regulates EVERYTHING that has to do with Stock Market including the private/self regulatory NSE, and FG has no hand on who become what in NSE

barcanista:
Oscar Onyema isn't the President of NSE, he's the CEO of NSE, appointed by the NSE but his appointment was ratified by the DG SEC, who is the Chief Statutory regulator. The FG didn't hire Onyema, Onyema is in the employ of NSE, a private association. As CEO, Onyema acts on behalf of NSE Council. Btw The President of NSE is Aig Omokhe****(his name is too long), immediate past CEO of Access Bank. His immediate predecessor is Alhaji Aliko Dangote. You need to do some reading before embarrassing yourself. The Point is SEC regulates EVERYTHING that has to do with Stock Market including the private/self regulatory NSE, and FG has no hand on who become what in NSE

Dropping names will hardly help your cause.

The CEO of NSE is the chief executive of the exchange saddled with the functional running of the exchange. The President is basically a non-executive position.

I still put it to you that the CEO is an appointee and never elected.

Just tell us what Mr Oscar Onyema was doing in the NSE prior to his emergence as the DG of NSE. Does it make sense that a diasporan was elected to come and superintendent the exchange that have a lot of skilled domestic players?

We argue from the position of knowledge.

Below is an excerpt from Oscar Onyema's profile from Wikipedia:


"The Securities and Exchange Commission (SEC) of Nigeria, on 18 January 2012, approved the appointment of Mr Oscar N. Onyema as the new Chief Executive Officer of the Nigerian Stock Exchange (NSE).[6]".

maestroferddi:
Dropping names will hardly help your cause.

The CEO of NSE is the chief executive of the exchange saddled with the functional running of the exchange. The President is basically a non-executive position.

I still put it to you that the CEO is an appointee and never elected.

[s]Just tell us what Mr Oscar Onyema was doing in the NSE prior to his emergence as the DG of NSE[/s]. Does it make sense that a diasporan was elected to come and superintendent the exchange that have a lot of skilled domestic players?

barcanista:
Oscar Onyema isn't the President of NSE, he's the CEO of NSE, appointed by the NSE but his appointment was ratified by the DG SEC, who is the Chief Statutory regulator. The FG didn't hire Onyema, Onyema is in the employ of NSE, a private association. As CEO, Onyema acts on behalf of NSE Council. Btw The President of NSE is Aig Omokhe****(his name is too long), immediate past CEO of Access Bank. His immediate predecessor is Alhaji Aliko Dangote. You need to do some reading before embarrassing yourself. The Point is SEC regulates EVERYTHING that has to do with Stock Market including the private/self regulatory NSE, and FG has no hand on who become what in NSE

maestroferddi:
We argue from the position of knowledge.
Below is an excerpt from Oscar Onyema's profile from Wikipedia:
"The Securities and Exchange Commission (SEC) of Nigeria, on 18 January 2012, approved the appointment of Mr Oscar N. Onyema as the new Chief Executive Officer of the Nigerian Stock Exchange (NSE).[6]".

When you read, you comprehend. The SEC DG only ractified the Appointment of NSE CEO because the SEC regulates NSE. NSE is Private, SEC is government owned. The NSE Council appoints NSE CEO, the D-G SEC ratifies the appointment on behalf of the FG and the Minister of Finance. The NSE CEO is neither hired nor paid by the FG, he is in the employ of NSE. NSE is privately owned.

The Nigerian Stock Exchange (NSE) was founded in 1960 and today services the largest economy in Africa. A registered company limited by guarantee, it is licensed under the Investments and Securities Act (ISA) and is regulated by the Securities and Exchange Commission (SEC) of Nigeria. http://www.nse.com.ng/about-us/about-the-nse/corporate-overview

The Nigerian Stock Exchange (NSE) is privately owned and self-regulating, but the SEC maintains surveillance over it with the mandate of ensuring orderly and equitable dealings in securities, and protecting the market against insider trading abuses
http://en.wikipedia.org/wiki/Securities_and_Exchange_Commission_(Nigeria)

Learn and stop arguing

barcanista:
When you read, you comprehend. The SEC DG only ractified the Appointment of NSE CEO because the SEC regulates NSE. NSE is Private, SEC is government owned. The NSE Council appoints NSE CEO, the D-G SEC ratifies the appointment on behalf of the FG and the Minister of Finance. The NSE CEO is neither hired nor paid by the FG, he is in the employ of NSE. NSE is privately owned.



Learn and stop arguing

I have sufficiently refuted your cocktail of falsehood and misrepresentations.

You can continue indulging yourself in cyclical arguments and self-contradictions.

Any discerning person can see that you have since lost the argument and is only clutching at straws...

[quote author=Collynzo9 post=29751435]Idiotic, two faced Yorubas always looking for problems where there is none and creating tension where none exists.
I have never seen a set of people that specialize in stoking fire and jamming heads together like the Yorubas.
Next please..[/qquote
I understand that your pot of looting nairas is about to crack, like I used to say era of public funds looting will soon be over. Laugh in Ekiti

maestroferddi:
I have sufficiently refuted your cocktail of falsehood and misrepresentations.

You can continue indulging yourself in cyclical arguments and self-contradictions.

Any discerning person can see that you have since lost the argument and is only clutching at straws...

What is the falsehood my guy? You don't even know the difference between NSE and SEC and their functions. Sometimes you need to learn things beyond you and argue for the sake of exchanging knowledge/add to your knowledge than argue to win or lose. Anyway, I am glad to add to your knowledge, stay safe and enjoy your day

barcanista:
What is the falsehood my guy? You don't even know the difference between NSE and SEC and their functions. Sometimes you need to learn things beyond you and argue for the sake of exchanging knowledge/add to your knowledge than argue to win or lose. Anyway, I am glad to add to your knowledge, stay safe and enjoy your day

Sorry to disappoint you but you added nothing.

I have been consistent with all the points I raised. You were the person jumping up and down looking for extraneous material to prop up your weak/false premises.

You started with an inapposite analogy comparing NBA with NSE.

Just like I said earlier, exercise circumspection as you wade into unfamiliar territory...