The Association of Stockbroking Houses of Nigeria, (ASHON) in an exploratory move, is seeking partnership with a leading Mauritius based Information and Communications Technology ( ICT) company, Acoyvis Limited.
The foreign ICT firm has proposed an international workshop for ASHON to address the global best practices in technology governance and the need to enhance oversight functions of board members of Stockbroking firms and bring them closer to the staff in the back office for harmonious operations.
Specifically, Acovyis, adjudged as one of the leading companies in ICT training has proposed a comprehensive training programme for board members of Stockbroking firms and back office staff in line with the global best practices in technology governance and oversight functions.
If endorsed by ASHON, the proposed series of joint workshops will address a wide range of issues that will strengthen international competitiveness of its members.
Addressing ASHON’s Executive members, at the exploratory meeting, Acoyvi’s Chief Executive Officer, Susanne Alfs, stressed that the essence of continuous training of board members and back office staff is to upscale their skills in view of frequent challenges in ICT architecture.
Susanne explained that disruptive trends in the ICT world have brought into fore the imperative of acquisition of latest skills in technology.
According to her, with technology invading even the remotest corner of our organizations, it is moving up a few notches on a typical board agenda. But in the past, technology know-how was not typically sought after in board members. That is why many boards today struggle to keep up.”
Responding, ASHON’s Chairman, Chief Patrick Ezeagu, described her presentation as a management change that every board must embrace while adding that the presentation re-opened the on-going discussion on the fourth revolution and the need for every professional to be prepared for a change.
Ezeagu noted that despite the operating environment characterized by market volatility, frequent changes in technology and high cost of its acquisition, unstable government policies and uncertainty in the economy following unguarded utterances of the political class which is causing panic among investors, stockbrokers in Nigeria have remained resilient.
He also stated that ASHON’s members are in support of the ongoing demutualization of the Nigerian Stock Exchange but they are also interested in how the demutualizes market will impact their businesses.
Commenting on the challenges facing Stockbrokers in Nigeria, Susanne stated that many of them were technology based. She thereafter urged ASHON’s members to acquire technology skills saying the pace of velocity change will increase into the future.
“The Nigerian government should work on its reputation and increase the capital inflow to have a higher liquidity in the market to achieve a more positive outlook”, she added.