Ibtc Pension Manager

NSE Moves to Deepen Capital Market

 NSE Building, Lagos

By Goddy Egene and Eromosele Abiodun

In a bid to ensure good corporate governance and attract multinational companies to list their shares, the Nigerian Stock Exchange (NSE) has strengthened its Council by appointing 10 new members.

The financial body has also introduced seven committees to help bolster its oversight functions, its Chief Executive Officer, Mr. Oscar Onyema, has said.

Issues including weak corporate governance and internal controls were part of the reasons the Securities and Exchange Commission (SEC) intervened in the NSE last August. The intervention led to the exit of former Director-General, Prof. Ndi Okereke-Onyiuke and appointment of Onyema.

Speaking during his maiden press briefing Thursday, Onyema said that the Council of NSE approved the appointment of the Managing Director of Shell Nigeria, Closed Pension Fund Administrator, Mrs. Yemisi Ayeni; Managing Director and Chief Executive of Financial Derivatives Limited, Mr. Bismarck Rewane, as new members.

Others include Managing Director, Aso Savings and Loans Plc, Mr. Hassan Usam; Partner, Dikko and Mahmoud (Solicitors and Advocates), Mr. Abubakar Mahmoud;   Partner, Chris Ogunbanjo & Co, Mrs. Bimbo Ogunbanjo, SAN; Principal Partner, Dorothy Ufot & Co, Mrs. Dorothy Ufot, SAN.

Four dealing member firms - APT Securities & Funds Limited, City-Code Trust & Securities Limited, ICON Stockbrokers Limited and Stanbic IBTC Stockbrokers Limited also made the new Council.

He said that each member has subscribed to a code of conduct for Council members, noting that the Exchange see corporate governance as a very strong competitive tool for any organisation that wants to be reckoned with.

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