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Nairaland Forum / Nairaland / General / Politics / Fasinro To Take Over At Stock Exchange ! (3990 Views)
Sanusi, Oteh Demand Listing Of Multinationals In Stock Exchange / Dangote Is Now Stock Exchange President / Rules And Regulations Of Nigerian Stock Exchange (NSE), Sec, Isa (2) (3) (4)
Fasinro To Take Over At Stock Exchange ! by wales(m): 5:51am On Aug 06, 2010 |
The Securities and Exchange Commission yesterday named Emmanuel Ikhazobor as interim administrator to oversee the Nigeria Stock Exchange (NSE) pending the appointment of a new director general, but sources say Yvonne Fasinro, JP Morgan Chase Country Lead for Nigeria, will soon be named the substantive director general. Mrs Fasinro, a seasoned banker, has an impressive pedigree. Her husband is Habeeb Fasinro, the House of Representatives member representing Eti Osa federal constituency, Lagos State whose father is the first town clerk of Lagos City Council. Her father, Christopher Kolade, was Nigeria's former high commissioner to Britain, and a management expert. When contacted yesterday, Udoma U Udoma, the chairman of the stock exchange said, "I am not aware of that so I cannot confirm it. I am not the spokesperson for SEC or stock exchange." Similarly, a SEC official was reluctant to confirm the appointment yesterday. Mrs Fasinro is a Senior Vice President at JP Morgan Chase, one of the world's biggest financial services institutions with assets worth $1.1 trillion and operations in more than 50 countries. She is an Ernst and Young trained Chartered Accountant who holds a BSc in Economics. She joined JP Morgan in 1994 and in that time has worked in the private bank, investment bank, and in a variety of roles in the fixed income, credit, equity,and equity derivatives businesses. Investigation commences Meanwhile, the SEC has commenced investigations into the activities of the stock exchange over allegations of financial irregularities in the exchange. The commission's director general Arumah Otteh who addressed a press briefing to officially announce measures taken by the commission to address integrity and governance concerns that has plagued the NSE in the last two years, said: "Like all of you, the commission has closely followed the development in the Nigerian Stock Exchange, particularly with the ongoing litigation, implementation of the succession plan, allegations about financial impropriety and corporate governance lapses at the exchange." She said in view of its immediate findings, it was in the best interest of the market for the commission to take drastic measures in order to restore sanity into the system. "The allegations purport that the exchange is insolvent and may soon face bankruptcy and it will not be able to meet its financial obligations." She said. Mrs Otteh explained that the commission has not been able to prove these allegations as the NSE has not yet submitted its audited financial statements for the year 2009 as statutorily required. "A formal investigation will therefore serve to shed more light on the situation." She said, adding that the removal of Ms Okereke-Onyiuke and president of the NSE council, Aliko Dangote was to stop the drift in the stock exchange. Mr. Dangote, after weeks of infighting, last week declared that the NSE was insolvent due to mismanagement and lack of corporate governance. He therefore called for an investigation into the financial records of the stock exchange to determine its true state as a going concern. Ms Otteh announced Mr Ikhazoboh as the interim administrator and Balama Manu, former chairman of the Federal Inland Revenue Service (FIRS), as interim president of the council of the NSE. She also said the interim administrator will run the exchange until a substantive director general is appointed. "By the very nature of an interim role, he will be ineligible to compete or vie for the position of the director general of the exchange," she said. Mr. Ikhazobor is the immediate past chairman and CEO of Akintola Williams Delloite, for West and central Africa which also acts as external auditors for the NSE. http://234next.com/csp/cms/sites/Next/News/Metro/Politics/5603517-146/fasinro_to_take_over_at_stock.csp
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Re: Fasinro To Take Over At Stock Exchange ! by OAM4J: 7:01am On Aug 06, 2010 |
interesting! |
Re: Fasinro To Take Over At Stock Exchange ! by ud4u: 12:14pm On Aug 06, 2010 |
Confusion every where |
Re: Fasinro To Take Over At Stock Exchange ! by bidemi12(m): 12:29pm On Aug 06, 2010 |
mumu people. dem go put person wey get vested interested to handle stock exchange. dem no know say e go do everything and anything in his power to favor imself? |
Re: Fasinro To Take Over At Stock Exchange ! by Nuriel22: 1:24pm On Aug 06, 2010 |
Thanks for the info! [img]http://2.s07.flagcounter.com/count/DymW/bg=FFFFFF/txt=FFFFFF/border=FFFFFF/columns=1/maxflags=1/viewers=3/labels=0/[/img][img]http://s07.flagcounter.com/count/DymW/bg=FFFFFF/txt=FFFFFF/border=FFFFFF/columns=1/maxflags=1/viewers=3/labels=0/[/img][img]http://2.s01.flagcounter.com/count/3DIf/bg=FFFFFF/txt=FFFFFF/border=FFFFFF/columns=1/maxflags=1/viewers=3/labels=0/[/img] |
Re: Fasinro To Take Over At Stock Exchange ! by warripekin(m): 1:38pm On Aug 06, 2010 |
Correct me if i am wrong. The papers this morning says its Emmanuel Ikhazubor. |
Re: Fasinro To Take Over At Stock Exchange ! by MrCork1: 2:26pm On Aug 06, 2010 |
Ok, am the former Managing Director of NASA |
Re: Fasinro To Take Over At Stock Exchange ! by 981Tommy: 5:21pm On Aug 06, 2010 |
Source?? EDIT: Sorry, I didnt see the link thanks http://234next.com/csp/cms/sites/Next/News/Metro/Politics/5603517-146/fasinro_to_take_over_at_stock.csp |
Re: Fasinro To Take Over At Stock Exchange ! by OAM4J: 7:13pm On Aug 06, 2010 |
warripekin: Read the whole story. Ikhazubor is an Interim administrator.
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Re: Fasinro To Take Over At Stock Exchange ! by kobikwelu(m): 8:08pm On Aug 06, 2010 |
recipe for disaster!!! power plays with our market instead of these clowns to try and put the exchange on the map with stability and respectibility what we have is the opposite, court injunctiions, damaging newspaper writeups, EFCC petitions, its a disgrace, |
Re: Fasinro To Take Over At Stock Exchange ! by Akosbaba(m): 1:33am On Aug 07, 2010 |
She seems qualified |
Re: Fasinro To Take Over At Stock Exchange ! by Nuriel22: 5:31pm On Aug 07, 2010 |
Re: Fasinro To Take Over At Stock Exchange ! by canuck(m): 10:34pm On Aug 07, 2010 |
bidemi12: Tell dem oh, Oga Soja! |
Re: Fasinro To Take Over At Stock Exchange ! by 4Play(m): 9:08am On Aug 08, 2010 |
Sounds eminently qualified for the position. Yvonne Fasinrohttp://www.thechampions.org.uk/award05_yvonneFas.htm |
Re: Fasinro To Take Over At Stock Exchange ! by sulad82i(m): 6:07am On Aug 09, 2010 |
Now they are talking. The right people in the right position. Someone who knows what they are doing |
Re: Fasinro To Take Over At Stock Exchange ! by davidif: 7:50am On Aug 09, 2010 |
Why do we seem to always hire the wrong people all the time? Don't we have a vetting process to screen out people like this? Why was Dangote hired in the first place? |
Re: Fasinro To Take Over At Stock Exchange ! by favouredjb(f): 8:06am On Aug 09, 2010 |
Let the best person be appoited the DG |
Re: Fasinro To Take Over At Stock Exchange ! by muchacho: 8:13am On Aug 09, 2010 |
Madam Ndi is very qualified for the job, but greed became her watch word, let see Madam Fasinro too is qualified but let see how sson greed will set it in tooooo, 9jaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa |
Re: Fasinro To Take Over At Stock Exchange ! by Golfer: 11:18am On Aug 10, 2010 |
I am just wondering when all this man know man will stop in Nigeria. She might be qualified but how about looking for all those with the more relevant experience, whose parents or family are not connected within the Nigerian society. wales: |
Re: Fasinro To Take Over At Stock Exchange ! by Nobody: 10:40am On Aug 12, 2010 |
She is currently the Europe , Middle East and Africa[b] head of Business Risk [/b] for the Private Bank. y'all sure u wanna do this - i can see naijaking and co lambasting this woman some 6 months from now for destroying the stock market if she also decides to clean house |
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