Nigeriaâ€™s Securities and Exchange Commission said it approved the selection of Oscar Onyema as the new chief executive officer of the nationâ€™s stock exchange.
Ade Bajomo has also been appointed as executive director of market operations at the bourse, Lanre Oloyi, a spokesman for the Abuja-based commission, said in an e-mailed statement today.
â€œThe commission is optimistic that Onyema and Bajomo would bring their professional experiences and expertise to bear in transforming the Nigerian Stock Exchange into a world-class exchange,â€ Oloyi said.
The SEC removed former bourse head Ndi Okereke-Onyiuke in August as part of measures to address â€œinadequate oversight of the exchange,â€ it said. Abuses such as share-price fixing on bourse, sub-Saharan Africaâ€™s second-biggest, fueled a 64 percent slump in stock prices from the start of 2008 to the end of 2009.
The West African nationâ€™s central bank used 620 billion naira ($4.1 billion) to bail out lenders and fired chief executive officers of eight institutions after they amassed bad debts that posing a threat to their survival. It also set up the state-owned Asset Management Corp. of Nigeria that bought non- performing loans from 21 of the nationâ€™s 24 banks for about 2 trillion naira at the end of last year.
Onyema has held senior management positions at the New York Stock Exchange and the American Stock Exchange, according to the statement. Bajomo is currently head of IT programs and business transformation for the Africa and Indian Ocean region at Barclays Bank Plc, the SEC said.
The 215-member All Share Index climbed for a second day, adding 0.5 percent to 27,385.53 by 12 p.m. in Lagos.
To contact the reporter on this story: Vincent Nwanma in Lagos via Accra at email@example.com.