The Security and Exchange Commission (SEC) has named Emmanuel Ikhazobo, a former managing partner of Akintola Williams Deloitte as interim administrator of the Nigeria Stock Exchange a day after it fired Ndidi Okereke-Onyuike, the former director general.
Mr. Ikhazobo’s appointment came as the Commission finalized plans to brief the media later today. Meanwhile, there’s heavy police presence at the Exchange building but normal trading activities are going on.
“Given the gravity of the allegations around financial mismanagement of the Exchange, the Commission has also directed the conduct of an independent investigation into the allegations,” SEC said in a statement signed by Arunmah Oteh, its director general yesterday while announcing Mrs. Okereke-Onyuike’s removal.
Mrs Okereke-Onyuike’s leadership of the NSE has come under attack lately and she was supposed to leave office this year along with other senior members of the exchange. Early in the week, business magnate and former president of the exchange, Aliko Dangote said the exchange is broke and unable to meet its financial obligations.