What Is The Difference Between Stock Exchange And Stock Market The Removal of the Director General and President of the Nigerian Stock Exchange by SEC

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The Removal of the Director General and President of the Nigerian Stock Exchange via SEC

It is an issue of putting off Prof. With Okereke-Onyiuke and Alhaji Alinko Dangote, Director General and President of the Nigerian Stock Exchange (NSE) respectively the management of the Securities & Exchange Commission (SEC) on August 5, 2010. has been identified for a wide variety of controversies.

This got here as a wonder as many buyers are in search of brighter days because the NSE not too long ago stated the operation of the Asset Management Company (AMC) as a excellent software to restore the inventory marketplace.

Interestingly, the NSE is the self-regulatory frame of the Nigerian Stock Market and a non-governmental group with a board of administrators that oversees the operations of the trade. They additionally see to it that they get to the bottom of any monetary disputes involving house owners/buyers and marketplace operators.

The Securities and Exchange Commission however is an independent frame that oversees the control of the Nigerian inventory marketplace and the registration of all monetary corporations in response to the Companies and Allied Matters Act, CAMA. They additionally obtain all of the most sensible or fashionable inventory listings from all of the inventory buying and selling corporations as a part of following the principles and laws of the inventory marketplace.

First, let us take a look at what ended in the removing of the highest two NSE managers.

There has been a sour face-off between the Director General and the NSE President extra time. This has been mirrored in ongoing proceedings, allegations of monetary mismanagement, governance problems, and ongoing delays within the trade fee gadget. Recently, Alhaji Alinko Dangote got here out with a bombshell that NSE is broke. This additional bolstered the disloyalty accorded to him via the Nigerian complainants.

According to the DG of the SEC, Mrs. Arunma Oteh, the day past (August 5, 2010) introduced that “the dismissal of the Director-General of the Nigerian Stock Exchange (NSE), Prof. Ndi Okereke-Onyiuke and its President, Alhaji. Alinko Dangote was interested mainly by the capital market and investors as set out in the Investment and Securities Act (ISA) 2007”.

The Poser

Do you assume the SEC management used to be fast of their determination to take away the aforementioned folks with out right kind investigation into the subject ahead of bringing out the sledge hammer? Or it used to be performed in excellent religion to offer protection to the capital marketplace in Nigeria in line with Ms. Arunma Oteh? Also, would you approve the appointment of a felony knowledgeable, Mr. Emmanuel Ikhazoboh to guide the NSE within the quick time period with out figuring out a lot concerning the Nigerian Stock Market?

With the continued shake up of NSE, are we going to have some other meltdown like what came about within the banks with Sanusi Lamido Sanusi led via the CBN? The distinction between the NSE shake-up and the CBN Reforms used to be that the previous didn’t examine what used to be shaking the NSE ahead of taking motion.

Would you are saying that what has been performed via the SEC will convey Addition or Pain to the Nigerian Capital Market as Nigerian buyers aren’t positive concerning the uncertainty of the Nigerian Capital Market?

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