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 demutualisation 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, Oyinyechukwu Ezeagu retained his position as he is still serving his tenure. Besides, 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, Sam Onukwue has emerged the First Vice Chairman while a council member, Sehinde Adenagbe has scaled up the corporate ladder to emerge the Second Vice President.
Bunmi Ajayi, Ify Ifejeize, Dare Adejumo and Andy Tsaku are all council members while Emeka Madubuike is the Ex-Officio member.
Ezeagu had late last year explained that ASHON had embarked on series of initiatives to prepare for demutualization 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 demutualized 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 Demutualization 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
As a further move towards demutualization, a court ordered meeting of members of The Exchange where the Scheme of Arrangement shall be approved, among others has been scheduled for the 3rd day of March this year at Civic Centre, Victoria Island, Lagos.
