As the wind of demutualization is blowing across the Nigerian Capital Market, the core potential shareholders by rights of first refusal, members of the Association of Securities Dealing Houses of Nigeria (ASHON) have been advised to work as a team in order to take advantage of the proposed market structure.
Demutualization is a process by which the Nigerian Stock Exchange (NSE) will convert from a private organization, limited by guarantee to a public limited liability company whose shares can be traded on an organized stock market. Besides, ASHON, whose members are currently the owners of the NSE has embarked on strategic restructuring to bolster the members’ image, consolidate a formidable team and review internal processes among others. ASHON’s Chairman,Chief Oyinyechukwu Ezeagu, had at the 10th Annual General Meeting ( AGM) at the weekend, underscored the essence of unity of purpose in pursuit of common professional goal as demutualization and other emerging institutions in the capital market will provide more opportunities for securities dealers to earn multiple income.
“The process of demutualization 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 demutualization 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”, he said.
According to Ezeagu, “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.