First Bank Endorses Ashon’s Renewed Advocacy

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First Bank Endorses Ashon’s Renewed Advocacy

Apparently determined to deepen the Nigeria’s Capital Market through strategic engagement with stakeholders, Association of Stockbroking Houses of Nigeria (ASHON) has secured endorsement of the management of First Bank of Nigeria Holdings (FBNH) Plc.

Besides, First Bank Holdings has commended ASHON for its series of initiatives, including floating of Lagos Commodity and Futures Exchange (LCFE) as   Indices that shall move the capital market to the next level.

Speaking during a courtesy visit of ASHON’s Executive Officers to the management of First Bank Holdings ,  Chairman,ASHON, Chief Patrick Ezeagu explained that stockbrokers were always eager to get fresh information from quoted companies to enhance their investment advisory role for the clients.

According to him, stock market is information driven and quoted companies are obliged by The Nigerian Stock Exchange’s Post Listing Requirements to ensure regular dissemination of information to the market to enable stockbrokers serve as a rally point for the market, quoted companies and shareholders.

Ezeagu who led the ASHON’s team to the management of FBNH said: “ It is important that we have regular information concerning what is happening within the companies that are
quoted on the Exchange so that the brokers will appropriately appreciate the efforts of the people who are running those companies, and know exactly what they are planning to do.

“This will help stockbrokers to advise their clients effectively. The engagement will be a continuous one  because that is the only way that we can be sure that they are operating in a very transparent manner and that we too are abreast with what is happening within the company’s space.  This is because the market is actually driven by information,

“Prices are made based on perception of the company in question and the value they actually carry. You cannot know the value except when you get information concerning what they have done, what they are doing at the moment, what they have done and some of the measures that the companies  have put in place in order to ensure that they are able
to manage their risk.

“If quoted companies are able to show evidence that they are managing their risk effectively and also mitigating against unforeseen risk, they can be assured that stockbrokers shall advise their clients to buy the companies’ shares.”Ezeagu said.

Responding, The Group Managing Director, FBNH,  Mr Urum Kalu Eke noted with delight the collaborative efforts of ASHON to move the market forward.According to him, this is a meeting that should have happened years back .

Eke explained that the  FBNH considered it a corporate recognition for being worthy of partnership with ASHON. “We know the primary role that stockbrokers play in deepening the market and creating awareness. And so, for us, this is a partnership that should be strengthened. I was quite delighted that they have an agreement and understanding on how to move forward in terms of helping to build capacity and I was particularly delighted to learn of the plan to get into Commodity Exchange that ASHON is promoting
“ I think it supports the government initiative towards deepening the market. On our part, we are going to provide our platform, which is the First Bank of Nigeria Limited. The commercial bank will support the commodity exchange initiative. We will definitely partner with them. It is a great development for the market.”

Speaking further, Eke charged ASHON to take its activities beyond the commercial cities and go to the hinter land and create massive awareness. He noted that the market had become a lot more exciting and the credit has to go to ASHON because its members are the major movers and they understand market sentiments. “We need to expand ASHON’s activities across the country to become a bigger body that can influence government policies and market policies”.

Eke said explaining the rationale for ASHON’s strategy, the Vice Chairman, Mr Akin Akeredolu-Ale, said “ This administration led by Chief Ezeagu has
deliberately decided to do a face-to-face advocacy particularly for quoted companies on the premium board of The Nigerian Stock Exchange, and First Bank Holdings is one of them.

“We are so enlightened by the face-to-face discussion we had with The Group Managing Director. This on its own is part of the value proposition that we are going to be given to our members so that they can make an informed decision. He stated.” said Akeredolu-Ale ASHON’s team also included the former Chairman, Mr Rasheed Yussuff , General Secretary, Mr Sam Onukwe, PRO, Mrs Ify Ejezie, Treasurer, Mrs Olubunmi Ajayi and  Executive Secretary, Mr Athan Ogbozor among others.

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