Onyema Consolidates Control as NSE Sacks 17 Employees

02 Apr 2012

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NSE DG, Oscar Onyema

By Goddy Egene

The management of the Nigerian Stock Exchange (NSE) last Friday relieved 17 members of staff of their duties, saying the move was  aimed at  streamlining its operations for more efficient performance.

Although  the Exchange did not give a breakdown of category of the affected employees, some operators said the exercise was a way by the new management team   of exchange to consolidate its hold on the Nigerian bourse.

“Top senior management of the Exchange, who worked under the former management  were affected by the sacking,  which is an indication that the new team is putting people  it can trust in place because of the apparent suspicion that  some of them they met on ground  may still be loyal to the former management,”  a senior broker told THISDAY.

Although the four affected senior management staff were said to have already given their notices of resignation before last Friday, the exchange did not wait for the notice to expire before they were asked to leave along the sacked employees.

The senior management staff include:  Mr. Adolphus Ekpe, who was in charge of the training department; Mr. Abdulmumini Yola (administration); Mr.  Funsho Fatobi (branch network) and Mr. Mohammed Momoh (broker dealer regulation).

However, the Exchange explained in a statement it got the approval of its National Council to carry out  the staff reduction exercise.

“As part of the NSE’s on-going effort aimed at streamlining its operations, its management with the approval of The National Council, completed a staff reduction exercise today (Friday). The NSE will continue to invest in developing its employees (that is, training, performance based reward system) as they are considered the company’s greatest asset that will enable it to achieve its organisational objectives in 2012 and beyond,” the Exchange said.

It added that all efforts have been made to ensure that all affected employees receive all entitlements due to them. 

Reacting to the insinuations of 'cleansing', NSE spokesman, Mr. Dapo Martins,THISDAY that  there were  still employees  who have spent over 15 years and were not affected by the rationalisation exercise. 
According to him, the management was not out to witch hunt any member of staff, stating that the Exchange would also ensure that employees whose services are adding value are retained and well taken of.

The Chief Executive Officer of the Exchange, Mr. Oscar Onyema recently said that  since the his team assumed duty between April 4  and July 4, 2011, it had  worked tirelessly to lay the right foundation for the growth and development of the NSE and the capital market.

According to him, last year the National Council of the NSE welcomed a handful of new members and accepted the resignation of two other members, explaining that the Council Committee structure was reconstituted and six council committees were formed to guide the management of the Exchange.

“The council and the management team will continue to carry out market reforms to champion the acceleration of Nigeria’s and Africa’s economic development.  The new NSE provides a vehicle for long-term ‘saving’ and ‘borrowing’, and hence, efficient use of financial resources,” he said.

Tags: Business, Nigeria, Featured, NSE, Oscar Onyema

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