L-R: President, Chartered Institute of Stockbrokers CIS), Oluwole Adeosun, 2nd Vice Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Ify Ejezie, Chairman, Governing Council, ASHON, Sam Onukwue, Public Relations Officer, Olubunmi Ajayi and Immediate Past President, Chief Onyenwechukwu Ezeagu at ASHON’s Annual General Meering (AGM) in Lagos yesterday.
Members of Association of Securities Dealing Houses of Nigeria (ASHON), have been urged to deploy new strategic direction to cope with the challenges of the operating environment.
Prior to the demutualisation of the former bourse- The Nigerian Stock Exchange, which is now Nigerian Exchange Limited and listing of NGX Group PLC by introduction, ASHON had embarked on rebranding, including repositioning by its Dealing Firms through massive investment in Information and Communications Technology (ICT) to upscale their skills and enhance competitive edge.
Addressing the members during the Annual General Meeting (AGM) for the year ended 31 December, 2021, at the weekend, the Chairman, Mr Sam Onukwue, advised the members to ensure speedy implementation of their respective new business models to widen their scope of operation and deliver superior products and service to numerous customers.
” We came into office some six months after the Demutualisation of the erstwhile Nigerian Stock Exchange, which signaled a paradigm shift in the operating focus of the Exchange. This also redefined our status from Dealing Members to Trading License Holders and shareholders as well as necessitated some adjustment to our operating model. It therefore became imperative for us to be proactive in guiding our members.” ,says Onukwue.
The Kernel of the Story
– The Council organized a retreat themed: “Rethinking the Business of Securities Dealing in a Changing Market Structure” for Council Members, Trustees and Past Council Chairmen of ASHON.
– The historic retreat exposed the participants to compelling need to reposition, restructure and upscale their businesses to cope with post-demutualisation challenges
– The retreat underscored the essence of technological advancement for all Dealing Members.
– Commenting on the Trade Group’s activities for the review period, Onukwue, noted that ASHON engaged with the Securities and Exchange Commission (SEC) on several issues, including unprecedented increase in renewal of annual registration fees of Capital Market Operators (CMOs), participation in the Commission’s Financial Literacy Committee and holding of Quarterly Meetings with Central Securities Clearing Systems PLC, and NG Clearing.
– ASHON continued to maintain a cordial working relationship with the NGX Group, despite the changes in its operating models as a demutualised Exchange. The Association has also been working closely with NASD PLC, FMDQ and Lagos Commodities and Futures Exchange (LCFE) for seamless trading of its members on the platforms of the various markets.
– The Association has continued to collaborate with Chartered Institute of Stockbrokers (CIS) on a range of issues, including CISI Bill, review of ISA Act, reintroduction of Capital Gain Tax (CGT) and admission of CFA holders among others.
– In order to remain a strong voting block in the demutualised Exchange, ASHON is working on a voting trust arrangement . It has also continued to play active roles in the ongoing initiative of African Stock Exchanges on the African Exchanges Linkage Project which began a few years ago.
– ASHON has created a strong Research Unit by signing a Memorandum of Understanding (MoU) with Unicorn Capital to provide research services for members by subscription.
– ASHON has continually contributed market development through investor education and constructive engagement with the government and capital market regulators.
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