Chairman of ASHON, Mr. Emeka Madubuike
The contributions of the Asset Management Corporation of the Nigeria (AMCON) that have led to relative stability in the nation’s financial sector has been recognised by the stockbroking community with the Capital Market Institution award bestowed on the corporation recently.
At its inaugural Capital Market Night in Lagos the Association of Stockbroking Houses of Nigeria (ASHON) honoured AMCON as the Capital Market Institution award, which has just been introduced by the brokers to recognise outstanding institutions that have made significant contributions to the development of the financial sector and economy in general.
Speaking on the award, the Chairman of ASHON, Mr. Emeka Madubuike, said the intervention of AMCON in the financial sector by buying off delinquent loans from banks cleaned up the balance sheets of banks and reposition them perform their role of economic financing and development of the country.
He added the forbearance package given to brokers that had to do with margin loan also complemented AMCON’s intervention in the banking sector.
“Without AMCON, no one knows where the Nigerian economy would have been by now. The cleaning up of banks’ balance sheets impacted positively on the economy in general and the capital market in particular because the banking sector and capital market works together to grow the economy. In recognition of its contributions, ASHON decided to recognise AMCON as the Capital Market Institution for 2013,” he said.
Madubuike commended the leadership of AMCON and pledged stockbrokers’ cooperation with the bad bank as all stakeholders work towards the restoration of full confidence in the stock market.
The ASHON boss also urged market operators should brace up for the changes coming with the market recovery.
He therefore called for a lot of hard work, integrity, transparency and collaborative efforts to confront the obvious changes that lie ahead.
“We believe that by working together, all of our members will survive in one form or the other. Our association –the front-line operators of the capital market, has gone through very difficult time in the last five years since 2008, but thankfully we are beginning to see a recovery, which gives us a lot of hope going forward,” he said.
He said the operators are very hopeful and looking forward to a market with 40 million investors from the current five million investors.
“We are also expecting a state-of-the-art trading platform that promises great customers and operators experience, $1trillion market capitalisation and one that is the main driver of economic development,” he said.
The ASHON chairman, who is also the managing director of Compass Investments and Securities Limited, called for the support and cooperation of all stakeholders in the efforts to attract more patronage to the market.
“To our partners on this project called the capital market, our fellow regulators, investors and other stakeholders, we ask for support, understanding and cooperation as we work collectively to position the market to play it pivotal role in the development of our economy,” he said.