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.