The Nigerian Stock Exchange’s (NGSEINDX’s) Nasdaq OMX Group Incorporated (NDAQ) trading platform will be operational by the third quarter of this year, the Chief Executive Officer, Oscar Onyema, has said. The system is being tested, the CEO said last week in an interview in Lagos. The Director-General, Securities and Exchange Commission (SEC), Arunma Oteh, said last December that it would probably take all of 2013 to make the system functional. The platform will allow the bourse to trade options in 2014 and futures in 2015 to help...

The Nigerian Stock Exchange says the NASDAQ OMX group INC Trading platform will be operational by the third quarter of this year. The chief executive officer Oscar Onyema says the system is currently being tested. The platform will allow the exchange to trade options in 2014 and futures in 2015 to help deepen the market. The Director-General of Securities and Exchange Commission; Ms Arunma  Oteh, said last year that Nigeria is targeting a $1 trillion market value for the exchange by 2016. So far the Nigerian all-share index has advanced...

A legal practitioner, Ikechukwu Ikeji while speaking on Sunrise Daily on Monday stated that the National Assmebly’s demand that  President Goodluck Jonathan remove the Director General of the Security and Exchange Commission (SEC) Aruma Oteh, is unusual. Mr. Ikeji submitted although the demand is unusual, it is not normal for one arm of government to excercise some amount of power over another. He said that in line with checks and balances, “ it’s appropriate for some arm of government to have some form of control over the other...

A capital market operator and lawyer, Mr. Zik Obi,  On Monday said the House of Representatives’ resolution which demands that President Jonathan remove the Director General of the Security and Exchange Commission (SEC) Aruma Oteh, is doing more harm than good. “This kind of resolution causes a lot of damage to the capital market, especially in a situation where efforts have been made to re-build the market that collapsed a few years ago, getting resolutions that never seem to end creates a lot of problems in the market and give...

Lawyer, Chukwuma Ezeala while speaking on Channels Television’s Breakfast Show Sunrise Daily, on Friday stated that the National Assembly’s resolution to remove the Director General of Security and Exchange Commission, Aruma Oteh is not binding on her. Mr. Ezeala explained that resolutions of the House do not bind the Executives and that only laws passed by the National Assembly is binding on them. “If the preposition of the DG qualification is a problem then the court should be notified to find out what should be the qualification?”...

A legal practitioner Chukwuma Ezeala has said that the House of Representative does not have the power to remove the director general of Security and Exchange Commission, Aruma Oteh ; stating that the Senate alone can do so. Speaking about the House of Representative’s call to remove Oteh, Mr. Ezeala explained that the appointment was made by the president and thereafter sent to the Senate, not the national assembly, for confirmation. Hence, the removal can only be done through the Senate. He added that Oteh can’t be removed except...

•Lawmakers accuse Jonathan of disobeying House resolution By Iheanacho Nwosu, Abuja The House of Representatives yesterday cried foul over poor implementation of its resolutions by the Presidency. The lawmakers flayed President Goodluck Jonathan’s refusal to sack the Director-General of Securities and Exchange Commission(SEC), Ms Arunma Oteh, in line with the House resolution last year. The House said it showed the Presidency had little respect for the National Assembly. The federal legislature gave zero allocation to SEC in the 2013...

The House of Representatives on Thursday urged President Goodluck Jonathan to implement its resolution by sacking the Director-General of the Securities and Exchange Commission (SEC), Ms Arunma Oteh. The News Agency of Nigeria (NAN) recalls that the house, after investigating the near collapse of the capital market, resolved not to have anything to do with the commission. The house promised that it would not rescind its decision on the issue unless Oteh was sacked for not having the minimum professional qualification prescribed for the...

NEW YORK: A group of Chesapeake Energy Corp  noteholders on Tuesday challenged the company’s authority to redeem $1.3bn of notes, saying the plan was improper and would shortchange them. Reuters reported on Tuesday that the natural gas company, in a lawsuit on Friday, asked a Manhattan federal judge to declare that it had until March 15 to tell investors of its right to redeem the notes, and to block bond trustee Bank of New York Mellon Corp from interfering. Chesapeake said it feared having to pay an additional $400m to holders of...