Onyema is Stock Exchange boss

A NEW boss was named yesterday for the Nigerian Stock Exchange (NSE). He is Mr Oscar Onyema, computer engineer and finance expert.

He replaces Mr. Emmanuel Ikazoboh, the interim administrator appointed by the Securities and Exchange Commission (SEC).

Onyema’s appointment was ratified by the 56th meeting of the NSE yesterday.

The appointment of Mr. Ade Bajomo as Executive Director, IT and Market Operations, was also approved.

SEC spokesman Lanre Oloyi said the Commission was extremely pleased with the rigorous and transparent process that produced Onyema and Bajomo.

SEC urged the NSE Council to conclude the executive selection process with the appointment of the additional Executive Directors for Strategy & Business Development and Listings.

Onyema holds a B.Sc Computer Engineering degree from Obafemi Awolowo University, Ile-Ife, Nigeria and an MBA, Finance and Investments, Ziklin School of Business, Baruch College, New York.

Bajomo is head, IT Programmes and Business Transformation, Africa and Indian Ocean, Barclays Bank, United Kingdom.

He holds a B.Sc degree in Engineering from the University of Ife, now Obafemi Awolowo University, an M.Sc with distinction in Information Systems and an MBA from South Bank University, and City University (CASS) Business School, London.

Bajomo has over 23 years experience in Information Technology and Business Aligned Transformations, having worked at various times in South Bank University, Deutsche Bank, Generale Bank, Fortis Bank and Pearl Insurance Group, UK.

Also yesterday, the NSE announced the names of the stock brokering firms suspended from trading since Tuesday.

Some leading firms, such as Afrinvest West Africa Limited, Diamond Securities Limited and Intercontinental Securities Limited, are among the 58 firms suspended for failure to shore up their capital base to the sum of N70 million.

The number of firms on the suspension list reduced by one, with the striking out of the name of Midas Stockbrokers Limited.

According to the NSE, Midas was included because it did not notify the Exchange of its intention to drop the dealer aspect, but remained only a broker.

As a broker, you buy for clients only while as a dealer you buy for yourself as an entity, the NSE explained. The capital base for brokers is N30 million. It is N70 million for broker/dealers.

Stockbrokers were shocked by the NSE’s decision to immediately implement the suspension threat.

Other companies on the list include: BGL securities Limited, Adamawa Securities, Alangrange Securities Limited, Belfry Investment and Securities Limited, Calyx Investment and Securities Limited, Cardington Securities Limited, Cashville Investment and Securities Limited, Century Securities Limited, Colvia Securities Limited, Consolidated Investment Limited, Cowry Asset Management Limited, Dakai Securities Limited, DBSL Securities Limited, De-lords Securities Limited, Dependable Securities Limited, Empire Securities Limited, Enterprise Stockbrokers Plc, ESS Investment and Trust Limited, Eurocomm Securities Limited, Express Discount Asset Management Limited, FBC Trust and Securities Limited, First Inland Securities and Asset Management Limited, First Allstate Securities Limited, First Equity Securities Limited, FIS Securities Limited, Genesis Securities and Investment Limited and Heartbeat Investment Limited.

Reacting to the development, the Chief Executive Officer of Afrinvest West Africa Limited, Mr Ike Chioke, said: “The exchange was unfair. All parties to the issue met on January 7, 2011 and were given up till March 31, to put their houses in order. We are only in January and the exchange came up with this.”

Another major player, BGL Securities Limited, said it was taken by surprise.

The Head, Corporate Communications, Flora Fabyan, said: “We were taken by surprise because we were taking set to meet the requirements stated by the Nigerian Stock Exchange. We are currently working with the Stock Exchange to update their records and are confident that this matter will be resolved within the next 24 hours.”

President of Association of Stock Brokering Houses of Nigeria (ASHON), Alhaji Rasheed Yusuf, said the market regulators should have honoured the brokers’ plea to wait till April when AMCON would complete the buying of toxic loans.

Yusuf said the suspension would send wrong signals to the investing public, and affect investors’ confidence.

The Nation

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