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ASHON’s brace for demutualisation

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Stockbroking firms under the aegis of the Association of Securities Dealing Houses of Nigeria (ASHON) have reconstituted its governing council ahead of the expected demutualisation of the Nigerian Stock Exchange (NSE).

ASHON’s members are the largest group of members of the NSE and are expected to form same largest group of owners after demutualisation.

A court-ordered meeting of members of the Exchange where the Scheme of Arrangement shall be considered for approval, among others has been scheduled for March 3, 2020 at Civic Centre, Victoria Island, Lagos.

Demutualisation is the process of conversion from a member-owned mutual organisation to a public limited liability company owned by shareholders.

As a prelude to the emergence of the reconstituted Council, ASHON had in October 2019 conducted election into its council during the 10th annual general meeting (AGM) of the association.

The reconstitution was to enable the association to reflect changes due to the leadership of the Lagos Commodities and Futures Exchange (LCFE), which it promoted.

Under the reconstituted council, ASHON’s chairman, Chief Oyinyechukwu Ezeagu retained his position as he is still serving his tenure. Mr Akin Akeredolu-Ale, the First Vice Chairman exited the council by virtue of his new role as the Chief Executive Officer of LCFE.

The former Second Vice Chairman, Mr Sam Onukwue emerged the First Vice Chairman while a council member, Mr Sehinde Adenagbe scaled up the corporate ladder to emerge the Second Vice President.

Other council members included Mrs Bunmi Ajayi, Ms Ifeyinwa Ejezie, Mr Dare Adejumo and Mr Andy Tsaku while Reverend Emeka Madubuike remains the ex-officio member.

Ezeagu had explained that ASHON had embarked on series of initiatives to prepare for demutualisation of the NSE.

“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,” Ezeagu said.

He outlined that the association had embarked on strategic restructuring to bolster members’ image, consolidate a formidable team and review internal processes among others.

Ezeagu noted that as the process of demutualisation of the NSE is approaching a climax, it is important that members of the Exchange prepare themselves for the change in status which expectedly comes with some responsibilities and new realities.

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