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Who succeeds Otudeko as NSE president?
August 4, 2009

Stakeholders in the Nigerian capital market are waiting anxiously on who succeed Dr. Oba Otudeko as new president of the Nigerian Stock Exchange (NSE).
A new president of the Nigerian Stock Exchange (NSE) is expected to emerge this Thursday after 48th annual general meeting of the NSE.

The council of the NSE usually elects a new president every three years to preside over its affairs. The president is non-executive council member. The election of the president is done in the council room of the NSE by the council members alone immediately after the close of the AGM on the 13th floor of the NSE.

The incumbent Dr. Oba Otudeko will step down after the AGM having served the mandatory single tenure of three years.
Under normal circumstances, Alhaji Aliko Dangote, the first vice-president should have got the ticket to preside over the council.

But the recent turn of event between him and Mr. Femi Otedola over alleged manipulation of African Petroleum Plc shares is likely to make him unattractive to the other council members on the ground of integrity.

Normally, the office of the president is regarded as "sacred and sancrosant" and it is usually occupied by personality that are considered to be above board in the economy so as not to bring disrepute to the NSE.

There are indications that if Dangote losses out, the slot may go to Chief Reginald Abbey Hart, 2nd vice president of the NSE.If this happens, then it would be the second time the council has changed the process of emerging as president of the NSE.
The first was when Late Are Moshood Abiola emerged as president without prior service on the council either as first vice-president or second vice-president and the second was when Mr. Pascal Dozie, former chairman of Diamond was favoured over Mr. Goodie Ibru on age consideration.

It was learnt that the council of the NSE would meet today (Monday) with a source close to it saying that feelers on who would emerge as the president might emerge from that meeting.

An operator in the market said a lot of things were wrong from the beginning on how the president of the NSE is appointed.
The operator said the management of the NSE usually bring in their friends in and appoint them as presidents, adding that even dealing members are hand picked.
It was learnt that the director-general of the NSE is the one that usually determines who becomes the president and the council do not usually appoint an independent minded person to that office.

The operator said most of the presidents over the years hardly contribute to the growth and development of the NSE.

The Financial Standard, Tuesday August 4, 2009

 

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