Highest paid executive in NSE earns above N60m

On October 22, 2012 ·

 

By MICHAEL EBOH

….Two executive officers paid over N40m
The highest paid executive staff of the Nigerian Stock Exchange, NSE, currently earns above N60 million per annum, according to the 2011 annual report and accounts of the NSE.

Also, the report, presented to stakeholders and pasted on its website, further disclosed that two other executive staffers currently receive gross annual emoluments within the range of N40 million and N50 million in 2011.

According to the report, in the 2010 financial year, one executive staff’s gross annual emoluments fall within the range of N50 million and N60 million, while one person was paid emoluments in the range of N60 million and above in 2010.

A breakdown of the average number of persons employed, shows that the NSE has 20 Managerial staff, 101 senior staff, 35 junior staff while 82 person were employed as contract staff. This is in contrast to 16 managerial staff in 2010, 42 senior staff, 81 junior staff and 63 contract staff in 2010.

In the 2011 financial year, 34 staff and 81 contract staff were within the emoluments range of N0 to N2 million, compared to 34 staff and 63 contract staff in 2010; 88 staff and one contract staff fall within the N2 million and N10 million emoluments range, compared to 65 permanent staff in 2010, while 16 permanent staff fall within the N10 million and N20 million emoluments range compared to 17 permanent staff in 2010.

Nine permanent staff received emoluments in the range of N20 million and N30 million, compared to 19 staff in the same range in 2010, while one person received emolument in range of N40 million and N50 million, compared to two staff in 2010.

In the executive category, two staff received emoluments in the range of N40 million and N50 million, while one staff received emolument in the range of N60 million and above compared to the same figure in 2010.

Continuing, the NSE informed stakeholders that it is involved in series of litigations amounting to N2.668 billion.

According to the NSE, these claims, most of which arose in the normal course of business, are being contested by the Exchange.

“As at 31 December 2011, estimated contingent liabilities stood at N2.667, compared to   (2010:N934,900,782). There are inherent uncertainties involved in assessing the outcomes of these cases due to a number of factors such as, the stage of the legal proceedings; uncertainties in timing of litigation; and the entitlement of the parties to an action to appeal a decision, amongst others,” the NSE maintained.

However, it stated that 10 per cent of the estimated contingent liabilities have been provided for in the 2011 financial statements.”