Business
NSE: DG Bows Out, Okereke-Onyiuke Shifts Retirement To December
Mr Musa Elekama, an Assistant Director General of the Nigerian Stock Exchange (NSE), on Wednesday formally announced his voluntary retirement from the services of the exchange.
Elakama made the declaration in his “daily trading pull out address,” saying he had the desire to become the next director general of the NSE but later changed his mind.
Reports said that the retirement brought to an end earlier speculations as to who would succeed the incumbent Director General, Prof. Ndi Okereke-Onyiuke.
Okereke-Onyiuke, who was expected to quit her position at the exchange on November 2, said on the occasion that she would leave the NSE in December.
Elakama, who narrated his successes in his 15 years on the exchange, condemned the crisis currently rocking the NSE management over the succession issue.
“My 15 years in the exchange was actually fulfilling. I am glad that I was part of the team that rose the NSE from a capitalisation of N1.71 billion in 1995 to N13 trillion in 2008 which dropped to the present N6 trillion.
“I am so glad that I am leaving the exchange now that the market is recovering. I am equally happy that the NSE has one of the most reliable trading systems in the world.
“Other markets have had crises in the system, but our own in spite of the little hiccup has been stable,” he said.
Speaking on the issue of succession, Elakama said: “I cannot pretend that there was no issue. There was indeed an issue.’’
According to him, he previously agreed with his colleagues to retire, but later changed his mind because of certain circumstances, including the market meltdown.
“Apart from that, I felt I was eminently qualified to be the director general and I have no apology for doing that.
Okereke-Onyiuke also said on the occasion that four of the council members, including Elakama, had agreed to retire voluntarily to enable the NSE to go on with its crop of new leaders.
She said this led to the council’s decision in April 2008 to restructure the NSE for the future which brought in consultants, Accenture, in June 2008 to fast tract the restructuring process.
The director general said the restructuring plans would see all the top management staff being retired in succession and not at once to pave the way for young employees to be groomed.
“Nobody was forced to resign his/her appointment. With the NSE’s 10 years succession plan, we decided that we should groom the young among us. The decision for restructuring was never that of Accenture.
“The succession plan has been on since April 2008. It is the business of the council and it is the public that will decide for the council what to do and at the appropriate time, it will be fully announced,” she said.
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