New ASHON Chairman Advocates Professional Standard Reset

The newly inaugurated Chairman of the Association of Securities Dealing Houses of Nigeria (ASHON), Seinde Adenagbe, has called for a standard reset in the Nigerian capital market, insisting that professional discipline, ethics, and stronger governance must define the next phase of the industry.

Adenagbe, who was officially decorated as ASHON’s 6th Chairman in Lagos, said the market cannot grow on weak structures or compromised values. He urged operators to recommit to transparency, integrity, and ethical conduct, describing these as the pillars on which investor confidence is built.

“Whatever is true, honest, just, pure, lovely, and of good report should define our conduct,” he said. “Our word must remain our bond.”

Adenagbe warned that recent policy headwinds risk undermining the confidence ASHON seeks to strengthen. He highlighted the sharp ₦6 trillion drop in market capitalization in November, following the government’s sudden introduction of Capital Gains Tax (CGT) on securities. He appealed to President Bola Ahmed Tinubu to urgently review the policy, noting that market capitalization had climbed to ₦95 trillion by October before the decline.

On the expected recapitalisation of operators by the Securities and Exchange Commission (SEC), the new chairman emphasized that the exercise must enhance market efficiency, not eliminate firms through unrealistic capital thresholds.

“Capital raising should not lead to the demise of promoters but guarantee the survival of firms, employees, and the broader ecosystem,” he said.

Adenagbe outlined a 10-point agenda aimed at reinforcing professionalism across the market.