More on Emmanuel Ikhazobor (named interim Director General of the NSE) and Ballama Manu, the new interim NSE council president.
Ikazaboh holds a degree in Accountancy and Finance from the Yaba College of Technology, MBA in financial management from the Manchester University Business School, UK, as well as a client service management degree from North Western University, Chicago USA. He is also a fellow of the Chartered Association of Certified Accountants (FCCA) and Institute of Chartered Accountants on Nigeria (FCA).
The new administrator has over 25 years of experience in public accounting and financial management. He was until yesterday the chief executive of Hedonmark Management Services, a management consulting firm, business process outsourcing and contract employee management.
For his part, Manu holds a first class honors Bsc Accounting degree from the Ahmadu Bello University Zaria and an Msc. in Accounting and Finance from the London School of Economics, UK.
He was until yesterday the chief executive of Sicom Capital Services Limited, consulting in project finance, banking and taxation. He an executive director of Union Bank, was chairman of the Federal Inland Revenue Service and also worked at the Nigerian Deposit Insurance Corporation (NDIC).
There is also speculation from NEXT that a new, substantive NSE Director-General has already been selected, and will step into office after the interim Ikhazobor period runs its course. Ndi Okereke-Onyiuke, the sacked former D-G, had been due to step down anyway, in a month's time, after a 10-year reign. So it is quite possible here replacement had already been lined up.
NEXT believes (based on "sources") Mrs. Yvonne Fasinro will soon be named substantive Director-General of the Exchange. They say of her:
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.
Though, if in fact she is named to the post, her appointment would more likely be linked to these facts:
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.
The ever-excellent Business Day reports KPMG have been contracted to conduct a forensic audit of the Nigerian Stock Exchange, and further suggests the possibilty of "criminal prosecutions of some past and present Nigerian Stock Exchange (NSE) officials over allegations of financial infractions and insider abuses over the last few years."
That phrase "insider abuses" should throw up danger signs for Mrs Okereke-Onyiuke, as I doubt her involvement in the creation of Transcorp would survive the "conflict of interest" test. Ironically, her chief accuser, Alhaji Dangote, and his bitter rival, Femi Otedola, may also have to answer questions about Transcorp.
Oh, what am I saying? There is no way to properly investigate the creation of Transcrop without implicating a whole bunch of powerful politicians ... so if KPMG finds anything, I am sure it will be swept under a thick carpet.
Speaking of KPMG's potential audit findings, I must include these reader comments on the NEXT site. There was an interesting tid-bit at the end of the NEXT article, mentioning, without elaboration, that the firm of Akintola Williams Deloitte act as external auditors for the Nigerian Stock Exchange .... adding, again without further comment, that the man the SEC just appointed as interim Director-General of the NSE, Emmanuel Ikhazobor, is the "immediate past chairman and CEO of Akintola Williams Delloite, for West and central Africa".
If the SEC trusts the financial reports that have been made by Akintola Williams Delloite, then by definition Dangote's accusations should not have prompted such an over-the-top reaction from the SEC. On the other hand, if the SEC thinks there may be an iota of fact to what Dangote has said (so much so that they are getting KPMG not Akintola Williams Delloite to do a forensic audit of the books), then why place a company man from Akintola Williams Delloite in charge of the NSE?
A couple of reader comments on the NEXT site indicate I am not the only one worried about the conflict of interest issues
Posted by adetilewa@keromail.com on Aug 06 2010
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. has he ever report any foul play in the NSE account he had been auditing? he is there to put final cement on the burial tomb of the stolen money, while Balama Manu, former chairman of the Federal Inland Revenue Service (FIRS), as interim president of the council of the NSE. another most corrupt venture after nepa, the account of FIRS is more shady than NNPC. oh God of creation come to our rescue.
Posted by chibuzorsam@yahoo.co.uk on Aug 06 2010
I am just too worried that the appointment of Ikhazobor, the immediate past chairman and CEO of Akintola Williams Delloite, for West and central Africa which also acts as external auditors for the NSE is another breach of conflict of interest in corporate governance. It is very clear that this man, haven worked with an auditing firm serving as the external auditor to the agency will compromise in the discharge of the duties expected of him. His appointment as the interim administrator of the agency should be seen by many as a mere invitation for this man to cover up the compromising attitude of the external auditor, who ought to have since expressed an independent opinion about the weak and corrupt nature of the agency before now. We need an independent person who has no any known relationship, past and present, directly or indirectly, to guide the affairs of the agency
No comments:
Post a Comment