Elakama stuns brokers, says there was crisis in NSE

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Lance Musa Elakama on Wednesday stunned stockbrokers as he blew open the lid on the succession crisis at the Nigerian Stock Exchange (NSE) which many thought was a secret before he formally bowed out of the exchange.   

Elakama retired from the NSE on Wednesday after 15 years of service. He joined the exchange in 1995 as an assistant general manager (AGM) and rose to the position of assistant director general (ADG) in 2002. Throwing more light into the succession debacle while addressing stockbrokers during his pulling out ceremony, he said, "I cannot pretend that there was no issue as to who becomes the new director general (DG). There was indeed crisis, I will not shy away from the fact that I stood with my conviction that I was adequately qualified to be DG.   

Even though I was denied the number one seat at the Exchange, I am fulfilled, because I was part of the team that built the stock market from a market capitalisation of N171 billion to N13 trillion in 2008 and now N6.5 trillion. I am also happy because there is always an opportunity in every bad situation." The former ADG maintained that he was qualified to become the DG of the exchange, adding that he has no regrets or apology for the indication of his interest in the succession battle for the DG of the NSE.   

Quoting from Joseph Conrad, an American author, Elakama said: "All ambitions are lawful except those which climb upward on the miseries or credulities of others".   

His words: "I agree to earlier resign but later changed my mind because I felt I was eminently qualified to be DG. Yes, I had previously agreed to retire. But somehow I changed my mind because of changing circumstances including the market meltdown. Aside from this I felt that I was eminently qualified to do so, therefore I have no apology for doing so, because as human beings we are all flexible and we all have the right to change our minds if the need arises."   

He explained that he chose the part of honour after the council of the Exchange waded into the crisis and decided that he should retire. According to him, the NSE as a family should be able to settle its problems amicably. Elakama disclosed that he would return to the NSE as a trader on the trading floor of the Exchange, stressing that "I feel much fulfilled. I am fulfilled because The Exchange has several other capable hands that can provide the needed leadership. The Exchange as a system runs an auto cruise. Whether the DG is around or not, the Exchange runs without hitches.   

"As a fulfilled man, even though I did not get the number one seat of the exchange, I will engage in the practice of stockbrokage in the near future. "I am leaving the exchange as a regulator, but I will remain in the stockbroking profession now as a trader because I am one of you," he told the brokers.   

Speaking earlier, the director general, Ndi Okereke-Onyiuke said her decision to disengage as the DG of the exchange has not changed, as she will bow out in November, as she disclosed earlier in January. She said four members of the management had agreed in April 2008 to retire in the wake of the restructuring programme of the NSE.   

She said the restructuring plans would see all the top management being retired so as to pave the way for young employees that would be groomed for top management position. The DG maintained that nobody was forced to resign his/her appointment, noting that the Exchange had a 10-year succession plan in place.   

"We decided that we should groom the young ones among us. The decision to restructure was not decided by one man, never, it was the management's decision and we engaged Accenture, a world renowned actuaries company to carry out the restructuring", she added.

Elakama stuns brokers, says there was crisis in NSE

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