UPDATE 3-Nigeria's SEC aims for new stock exch mgmt by 2011

Fri Sep 3, 2010 3:23pm GMT

[-] Text [+]

* Demutualisation could lead to new products

* New management to be in place by next year

* Brokers set to have licences revoked

(Adds comments on products, oil company listings)

By Carolyn Cohn

LONDON, Sept 3 (Reuters) - Nigeria's stock exchange will have new management by the beginning of next year at the latest and listing the bourse will be among their priorities, the Securities and Exchange Commission (SEC) said on Friday.

The SEC removed the head of the stock exchange a month ago and suspended its chairman and members of its governing council in a bid to restore investor confidence amid a raft of governance concerns.

"The process of bringing these people (replacements) in is extremely competitive. We are looking both inside and outside the exchange," SEC Director General Arunma Oteh told a conference in London. Continued...

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