Barring any last minute change, the council of the Nigerian Stock Exchange (NSE) may announce the D-G designate  early August following the expiration of the directive by the Securities and Exchange Commission (SEC) to have a new successor for Professor Ndi Okereke-Onyiuke.

SEC had granted an extension in June to end of July after a plea by the council of Exchange that it should be allowed  time to look for a credible successor.

Checks by the Sunday Tribune  showed that the Exchange had concluded its search  but is holding the name for now.

A reliable source informed that the Exchange would have named the D-G designate in July, but for the litigation   bedevilling the market, wherein a warrant of arrest is still out on Alhaji Aliko Dangote, president of the council.

“Now that the Federal High Court, presided over by Justice James Tsoho, had revoked the warrant of arrest, which was also extended to Onyiuke and the Secretary to the Exchange, Ms. Josephine Igbinosun, the market may, anytime in August, announce the d-g designate,” he  added.

Sunday Tribune’s sister paper had earlier reported that Onyiuke may proceed on a terminal leave any moment from now.

Further investigations at the weekend showed that,  prior to the SEC directives, the NSE was already flouting its own rules, which stipulates that a D-G designate must be in place nine months before the exit of the substantive one.

Council members of the NSE believe that Onyiuke’s terminal leave will allow  a more transparent succession plan,  the barometer through which the economy is measured.

Stakeholders and operators in the capital market had advised Onyiuke to proceed on terminal leave and appoint a D-G designate for the NSE.

Speaking against this background, the President of Renaissance Shareholders Association of Nigeria (RSAN), Boniface Okezie, said, “by now, she should be on disengagement leave, four or six months in advance to her retirement; she can only come to the Exchange to crosscheck whatever the person she appoints is doing.”