ASHON Boss makes case for integrated Capital Market

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ASHON Boss makes case for integrated Capital Market
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The Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Chief Onyenwechukwu Ezeagu, has advocated a more integrated capital market in the West African region to take advantage of emerging trading opportunities.

Besides, Ezeagu explained that the demutualisation of The Nigerian Stock Exchange would accelerate the transformation of the market as the investment destination of Nigeria.

Appraising the current state of the Nigerian Capital Market, he noted that all efforts must be geared towards enhancing global competitiveness and the government must also play pivotal role in this regard.

“ Africa needs a connected capital market that can compete globally with the dispensation of African Continental Free Trade Agreement (AfCTFA). At the core of AfCTFA) is the need to lift Africans out of poverty. It should be pointed out that there has been an existing model of the West African Market Integration (WAMI) which has a great potential for expansion. There is a compelling need to exploit this opportunity for global competitiveness.

“ The Exchange can achieve a market capitalization of about $200 Billion in 2022 with its approved demutualisation. For the umpteenth time, we are calling on the Federal Government to deepen the Capital Market through liberalization of moribund state assets and corporations to become profitable ventures.

“ With its demutualisation, The Nigerian Stock Exchange has joined the ranks of all demutualised markets globally. The process has taken our market several years to actualize and I commend all the stakeholders in the Capital Market ecosystem. Opportunities are there for demutualised exchanges in Africa to collaborate and and operate as a single hub to attract capital and investment.”, said Ezeagu.

Under the demutualisation of The Exchange, a new non-operating holding company, The Nigerian Exchange Group Plc (NGX Group) has been created. The Group has three operating subsidiaries – Nigerian Exchange Limited (NGX), the operating Exchange; NGX Regulation Limited (NGX REGCO), the independent regulatory company; and NGX Real Estate Limited (NGX RELCO), the real estate company – The entities have been duly registered at the Corporate Affairs Commission (CAC).

Mr. Oscar Onyema is now the Group Chief Executive Officer, Mr Temi Popoola, Chief Executive Officer, Nigerian Exchange Limited and Ms Tinuade Awe, Chief Executive Officer, NGX Regulation Limited.

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