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Head of Nigerian Stock Exchange Fired

Nigeria's Securities and Exchange Commission has fired the head of the country's stock exchange after allegations of financial mismanagement and poor oversight.

A spokesman for the regulator said Director-General Ndi Okereke-Onyiuke was removed late Wednesday along with the exchange president and members of its council.

The SEC says the move was aimed at restoring confidence because of worries of inadequate oversight of the exchange, governance challenges and ongoing litigation.

Okereke-Onyiuke was scheduled to retire in November.

Emmanuel Ikazoboh, a former executive at financial consulting firm Deloitte in West and Central Africa, has been named the interim administrator of the stock exchange.

Some information for this report was provided by AFP and Reuters.