The Securities Dealing Association of Nigeria (ASHON) has reconstituted its Governing Council in line with the tradition of seamless change of baton for enhanced professionalism as the wind of demutualization is on the horizon.
As a prelude to the emergence of the reconstituted Council, ASHON had in October last year conducted its characteristic peaceful election of which the results were announced during the 10th Annual General Meeting (AGM).
Under the reconstituted Council, ASHON’s chairman, Chief Oyinyechukwu Ezeagu, retained his position as he is still serving his tenure. Besides, Mr Akin Akeredolu-Ale, the First Vice Chairman has exited the Council by virtue of his new role as the Chief Executive Officer of Lagos Commodities and Futures Exchange.
The former 2nd Vice Chairman, Mr Sam Onukwue, has emerged the First Vice Chairman while a council member, Mr Sehinde Adenagbe, has scaled up to emerge the Second Vice President. Mrs Bunmi Ajayi, Ms Ifeyinwa Ejeize, Mr Dare Adejumo and Mr Andy Tsaku are all council members while Reverend Emeka Madubuike is the Ex-Officio member.
Ezeagu had late last year explained that ASHON had embarked on series of initiatives to prepare for demutualisation of the Nigerian Stock Exchange.
“ We represent firms that will transit from members to shareholders of the Exchange. We are gearing up to this new responsibility and the benefits to flow from the laudable venture. Our members are being repositioned to operate under the demutualised Exchange. ASHON’s members are currently the owners of The Nigerian Stock Exchange.
We have embarked on strategic restructuring to bolster the members’ image, consolidate a formidable team and review internal processes among others. The process of demutualisation of the NSE is approaching a climax. 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”, he said.