NSE succession crisis: Dangote declines comment

Dangote

President of the Nigerian Stock Exchange (NSE), Alhaji, Aliko Dangote, has declined comment on the Succession crisis that is tearing through the management of NSE.

 He did not respond to our text message asking for his comment and what NSE was doing to control the crises. However, the cold war amongst the contenders including  Mr. Kene Okafor, General Manager, Quotation /Listings, Mr. Binos  Yaroe, General Manager, Market Operations& Information Technology, Mr. Farooq Oreagba, General Manager, Strategy/ New Products, Mrs. Taba Peterside, General Manager, Compliance/Special Projects and Lance Musa Elakama, Assistant Director General, has continued to rage.
 Despite NSE's denial of  the critical moment through a publication it put in a national daily, insider sources told Business Hallmark that the contest is heating up with more scheming, lobbying, high level intrigues and suspicion.
 Junior staffers are still confused as to where to shift loyalty since Prof. Ndi Okereke Onyiuke's days and time are ticking fast.  More worrisome to the junior workers is the thought that NSE may be forced to prune down its work force due to lack of funds to continue to pay salaries.
Another twist has emerged as it is now spoken in hush tones that Dr Onyewuchi Asinobi, who is currently the Managing Director of NSE's subsiduary, the Central Securities and Clearing System (CSCS), may be appointed the DG in order to calm nerves among the previous contenders.
 A visit to the NSE building last week betrayed an atmosphere of caution, as no staff wanted to be caught even exchanging pleasantries with any visitor let alone a reporter.
Analysts believe that this is the first time the position of the DG is hotly contested.
Over the years, the position of DG has been by appointment and most times, the next in command usually emerges. In year 2000, Ndi Okereke- Onyiuke the who was Deputy Director General, took over from Mr. Hayford Alile on retirement. Alile was appointed the Executive Director of Lagos Stock Exchange (LSE) as NSE was known then in 1976. In 1979, the LSE became NSE and Alile was appointed its Director General and Chief Executive. 
In fact, stakeholders are afraid that if the chaos situation at the exchange is not arrested, activities at the capital market may further subdued.