Goddy Egene
Chairman of the Association of
Securities Dealing Houses of Nigeria (ASHON), Chief Patrick Ezeagu
has advised members of the association to work as a team in order to
take advantage of the...
proposed demutualisation of the Nigerian Stock
Exchange (NSE).
Demutualisation is a process by which
the NSE will convert from a private organisation, limited by guarantee
to a public limited liability company whose shares can be traded on an
organised stock market. ASHON, whose members are currently the owners
of the NSE, had embarked on strategic restructuring to bolster the
members’ image, consolidate a formidable team and review internal
processes among others.
Speaking at the 10th annual
general meeting (AGM) of ASHON in Lagos, Ezeagu stressed the need
for unity of purpose in pursuit of common professional goal as
demutualisation and other emerging institutions in the capital market
would provide more opportunities for securities dealers to earn multiple
income.
He said: “The process of demutualisation
of the NSE is approaching a climax. We expect that we shall transform
from being members to shareholders soon. It is important that we prepare
ourselves for the change in status which comes with some
responsibilities and new realities. All our members representing us both
at the Advisory Committee and the NSE Council have been working
tirelessly to defend our collective interests in the demutualisation
process. In order to effectively reposition the image of the
Association, we redesigned and changed the brand identity of the
Association with a logo of progressive bars of different vibrant colors
to depict the new thinking and divergent positive outlook of the
association.
“ By the recommendations of the
Transition Committee, the association changed the nomenclature of its
Executive Committee to Governing Council and aligned it with the
amendment in the constitution. Thus, the following are the new structure
of the Governing Council; Chairman, 1st Vice Chairman, 2nd Vice
Chairman, Treasurer, 4 Council Members and 1 Ex-officio Member.
“The Nigerian capital market continued
unabated in its downward trend and our members were the worst hit as
they watched all market indices slide southwards. Instead of bemoaning
our condition, the association has set out to reposition herself and
members to expand our horizon by exploring the potentials of trading in
other securities like commodities and fixed income,” he added.
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