Reps reject mass retirement of NSE directors

Source: The Nation Newspaper Published:Monday, January 25th, 2010

The House of Representatives Committee on the Capital Market has opposed the planned mass retirement of the management team of the Nigerian Stock Exchange (NSE) without proper succession plan.

A letter by Committee Chairman, Hon. Ahmed Wadada, addressed to NSE Director-General, Prof. Ndidi Okereke-Onyiuke, highlighted the need for a clear cut succession plan at the NSE in line with the outcome of its oversight visit to the exchange.

The letter dated November 30, 2009 states: “The NSE should have a succession plan on ground whereby at the retirement of a Director-General, the next in succession (an Assistant DG) will succeed in order not to create an administrative vacuum.”

The committee expressed its opposition to “the idea of the present management team proposing to retire `en masse’ by year 2010 without any succession plan on the ground.”

Wadada said that “the committee views the plan as capable of jeopardising the gains of any appreciable market recovery of the present management team.”

The letter, which was also copied to the NSE President, requested the Exchange DG to furnish the committee with a copy of succession plan to enable it discharge its pending assignment.

Our gathered that the committee summoned the NSE DG to appear before it over the matter on January 27, 2010.

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