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Tag: Association of Securities Dealing Houses of Nigeria (ASHON)

  • CIS, ASHON Express Concerns over Proposed Central Bank Amendment

    Stakeholders in the capital market have voiced reservations over the proposed amendments to the Central Bank of Nigeria (CBN) Act No. 7 of 2007, warning of potential adverse economic consequences. The Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) have raised concerns that the bill could undermine the independence of the Central Bank of Nigeria (CBN).

    The legislation, which has passed its second reading and is scheduled for a public hearing on May 30th, seeks to modify the CBN’s autonomy by subjecting its budget to National Assembly approval and establishing a new Coordinating Committee for Monetary and Fiscal Policies. Critics argue that these changes could introduce political interference in monetary policy decisions, hampering the central bank’s ability to manage the economy effectively and objectively.

    Oluropo Dada, President and Chairman of the Council of CIS, emphasized the pivotal role of the central bank in maintaining economic stability and preserving international credibility. “Safeguarding the independence of the Central Bank of Nigeria is crucial for aligning with global economic best practices and ensuring decisions are driven by sound financial principles, free from undue influence,” Dada stated emphatically.

    Sam Onukwue, Chairman of ASHON, highlighted the potential impact on investor confidence. “An independent central bank is a cornerstone for maintaining the country’s standing in the global financial community, which directly affects investor confidence, credit ratings, and the overall economic outlook,” Onukwue cautioned.

    While both organizations acknowledged the merit of some proposed amendments aimed at enhancing corporate governance and compliance, they stressed the importance of considering the broader ramifications. “It is imperative to ensure that fiscal authorities do not encroach upon the central bank’s operational independence, as this is vital for effective and timely monetary policy responses,” Dada emphasized.

    As the public hearing approaches, financial market participants, economists, and analysts will closely monitor the proceedings and subsequent legislative actions. The outcome will have far-reaching implications for Nigeria’s economic policy framework and its position in the global economic landscape.

  • SEC, NGX Group, ASHON, and Others Praise 13-year of Oscar Onyema stint at the Capital Market

    SEC, NGX Group, ASHON, and Others Praise 13-year of Oscar Onyema stint at the Capital Market

    The Securities & Exchange Commission (SEC), Nigerian Exchange Group Plc, Association of Securities Dealing Houses of Nigeria (ASHON) among other key stakeholders on Tuesday celebrated the outgoing Group Chief Executive Officer of Nigerian Exchange Group Plc (NGX Group), Mr. Oscar N. Onyema, OON for his contribution to Nigerian capital market in the past 13-year.

    Onyema, who was first CEO of the Nigerian Stock Exchange (NSE) for 10 years and the Group Chief Executive Officer of Nigerian Exchange Group Plc (NGX Group) for 3 years, saw his tenure ended 2023 and was celebrated on the floor of NGX by NGX Group, Chartered Institute of Stockbrokers (CIS), Association of Securities Dealing Houses of Nigeria (ASHON), Central Securities Clearing System Plc (CSCS), NG Clearing, among others.

    The Director-General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda at the ceremony stated that Mr. Oscar Onyema’s visionary leadership has not only stirred NGX Group through significant milestones but also spared a successful demutualization, marking a pivotal moment in the Nigeria’s financial landscape.

    The DG, who was represented by Mrs. Hafsat Rufai, Director, SEC Lagos Office stated that under Onyema guidance, NGX Group consistently showcased innovation and resilience.

    In his welcome speech, the Group Chairman, NGX Group, Alhaji (Dr) Umaru Kwairanga congratulated Mr. Oscar Onyema on the completion of his remarkable leadership term at the helm of NGX Group.

    “It cannot be stressed enough that Mr. Oscar Onyema contributed immensely to modernisation of the Exchange as we have it today. NGX Group in its current state is far more advanced technologically, strategically, and operationally than it was when he resumed in 2011,” he said.

    He highlighted some of his achievements that include the launching of the Exchange trading platform,  X-GEN that propel the Exchange into the modern era; designing a robust Business Continuity Plan, which saw the Exchange seamlessly maintained remote trading for over two years in the wake of Covid-19 pandemic, and implementing a world-class regulatory regime focused on fairness, stability, collaborative rulemaking, risk-based supervision, and robust corporate governance standards.

    “This steadfast commitment to regulation and transparency restored investor confidence and positioned the Exchange as a credible, trusted platform,” Kwairanga said.

    He added further that, “Perhaps most notably, Mr. Oscar Onyema ‘s visionary stewardship has created immense value for NGX Group’s shareholders.

    “Under his tenure, the Group has experienced an incredible turnaround, with Return on Equity reaching an impressive 13.8per cent for the 2023 fiscal year and payment of N1.5billion in dividends to shareholders – a resounding affirmation of the Group’s operational efficiency and strategic direction under his exemplary leadership.

    Kwairanga, thus, expressed gratitude to Mr. Oscar Onyema for his pioneering vision, transformative accomplishments and the indelible mark he has etched on the Nigerian capital market landscape.

    In acknowledging Mr. Oscar Onyema’s leadership, the Group Chief Executive Officer, NGX Group, Mr. Temi Poopola, emphasized the profound impact of Mr Onyema’s leadership style. He commended his ability to navigate diverse perspectives with respect, having prioritized the broader interests of the capital market. The Group CEO expressed gratitude for the numerous sacrifices, both personally and for the organization.

    In his part, the former President of NSE, Dr. Oba Otudeko said Mr. Oscar N. Onyema’s professionalism is outstanding and his unusual confidence, very convincing to deliver and his presence, always humble and noble. According to him, the Oscar’s uniqueness was fairly evident during the Council’s search for a CEO, notching him the job.

    The Chairman, ASHON, Mr. Sam Onukwue at the “Pull-Out Ceremony” stated that during the 13-year tenure of Oscar Onyema, technology on the Exchange was upscaled, new minimum operating standards for market operators was introduced, among other transformational initiatives aimed at achieving best international practices were also pursed under his leadership.

    “Of particular note was the impact of the demutualization of the Exchange during his tenure. This was no mean feat given the history of previous attempt,” he said.

  • NGX Group, Female Leaders Call for Investment, Deeper Inclusion for Women

    NGX Group, Female Leaders Call for Investment, Deeper Inclusion for Women

    Nigerian Exchange Group (NGX) and its subsidiaries joined the rest of the world on Friday, March 8, 2024, to commemorate the International Women’s Day (IWD) by leveraging its Closing Gong Ceremony to “Ring the Bell for Gender Equality”. With the theme, “Invest in Women: Accelerate Progress”, the event focused on individual actions, conversations, behaviours and mindsets that will accelerate progress and impact on the advancement of women across all spheres of life.

    The event, organized in partnership with the International Finance Corporation (IFC), UN Women, the United Nations Global Compact Network Nigeria (GCNN), Chartered Institute of Stockbrokers (CIS), Central Securities Clearing System (CSCS), the SterlingOne Foundation and Association of Securities Dealing Houses of Nigeria (ASHON) brought together prominent female leaders within the ecosystem.

    Delivering her opening remarks, Dr Irene Robinson-Ayanwale, Divisional Head, Business Support Services Division, NGX welcomed all to the 10th Ring the Bell for Gender Equality. She said, “When I learnt of this year’s theme, “Invest in Women: Accelerate Progress”, it resonates deeply with us. It serves as a powerful reminder of the need to establish equal opportunities for everyone while fostering an enabling environment for women across all sectors. This initiative represents a significant step forward in our efforts to promote gender equality and support women’s economic empowerment. Through innovative financial instruments such as gender bonds, we can mobilise capital towards projects that benefit women and advance gender equality across various sectors of the economy”.

    Dahlia Khalifa, Regional Director, Central Africa and Anglophone West Africa, IFC, who was represented by Alexandra Celestin, Regional Industry Manager, Financial Institutions Group, Anglophone West Africa and Central Africa, said “This Ring the Bell for Gender Equality event highlights the importance of gender equality for economic development and growth. Economies that reduce barriers to women as leaders, employees, and entrepreneurs promote inclusive societies and pave the way for sustainable development. Collective, coordinated, and bold action by private sector leaders will be instrumental in accelerating progress towards gender parity and igniting greater resilience. IFC continues to collaborate with partners and stock exchanges like the Nigerian Exchange Group to improve diversity, equity, and inclusion in the private sector.”

    On her part, Mrs Elizabeth Ebi, Group Chief Executive Officer, Futureview Group said “The implications of a truly equal and balanced world; a world where men and women make equal contributions to the society, enjoy equal opportunities, and even enjoy the same rewards and benefits. Going by the growing body of evidence out there, it is safe to conclude that the multiplier effect on families, businesses, communities, economies and ultimately, nations would be indeed phenomenal.” 

    The event served to raise awareness about the importance of investing in women, to inspire inclusive leadership and to advocate for gender responsive policies. By championing these principles, stakeholders can create empowering environments where every individual can thrive and contribute to collective success.

    Bolanle Austen-Peters, Founder, Terra Academy for the Arts said, “We use art to change the narrative about women. Our story telling in the past has mostly been done by foreigners which heavily skews the image of Nigerians and Nigerian women. Our focus is to tell the stories of female heroes, champions in history like Funmilayo Ransome-Kuti. These are the kind of women we celebrate today.”

    During the Closing Gong Ceremony, Mrs. Yemisi Ayeni, Chairperson, NASCON Allied Industries called for increased female representation in corporate organisations, equitable inclusion in workplace and more participation in the society, in line with the sustainable development goals.

    Present at the closing gong included Hafsat Rufair, Director, Securities and Exchange Commission, Ms. Fiona Ahimie, Director, NGX RelCo and 2nd Vice President, Chartered Institute of Stockbrokers; Amina Mohammed, Director, NGX RegCo; Onome Komolafe, Divisional Head, Business Services and Client Experience, Central Securities and Clearing System; Peju Ibekwe, CEO, Sterling One Foundation; Tomilayo Aluko, Head, Marketing & Corporate Communications, CSCS and Lillian Olubi, Director, NGX. 

    The event also featured notable personalities like Adejoke Silva a Nigerian actress – philanthropist and a strong supporter of women’s emancipation and empowerment, contributing to their education, training and progress.

  • NGX, CIS, ASHON to work with MOFI on market development, listings

    NGX, CIS, ASHON to work with MOFI on market development, listings

    Nigerian Exchange Limited (NGX), along with the Chartered Institute of Stockbrokers and the Association of Securities Dealing Houses of Nigeria (ASHON), have demonstrated their willingness to collaborate with the Federal Government through the Ministry of Finance Incorporated (MOFI) in facilitating market development and listings.

    This was disclosed during the Closing Gong Ceremony, held in honour of MOFI’s engagement with capital market stakeholders at the NGX trading floor in Lagos.

    Temi Popoola, the CEO of NGX, commended MOFI for its role as the custodian of government investments and assets, emphasizing that NGX is eager to collaborate with MOFI to facilitate capital access for listed entities and contribute to the advancement of Nigeria’s capital market. “This partnership is an opportunity for the capital market to actively play a key role in growing the economy under President Bola Tinubu’s agenda. This is an exciting time and you may have seen that our local investors really stepped up their participation in the market recently. We think that with a lot of foreign capital, together with the strengthening and enhancements that have been done, that the market is ready to support many initiatives from the government. We really look forward to working together towards the support in developing our markets”.

    On his part, Dr. Armstrong Takang, the CEO of MOFI, emphasized the importance of optimizing the value of government investments and assets, aiming to mobilize, structure, and deploy investment capital in priority sectors of the economy. He expressed the aspiration to grow MOFI’s asset under management (AuM) to at least N100 trillion. “MOFI intends to collaborate with NGX to guide companies in meeting governance, operational, and reporting requirements necessary for listing on the Exchange. This move also contributes to MOFI’s objective of professionalizing Government Owned and Government Linked entities (GOE and GLEs)”, he added.

    Expressing the institute’s enthusiasm for the partnership, Oluwole Adeosun, the President of the Chartered Institute of Stockbrokers (CIS), pledged cooperation with MOFI, particularly in areas like capacity development and other market-related initiatives. 

    Sam Onukwue, the Chairman of ASHON, noted that the partnership’s impact on the Nigerian economy would extend beyond financial gains to encompass broader socio-economic advantages that contribute to sustainable development.

    On her part, Tinuade Awe, the CEO of NGX Regulation Limited (NGX RegCo), highlighted the regulatory company’s commitment to collaborating with MOFI on matters of transparency, investor protection, and mitigating systemic risks.

  • NGX charges newly inducted brokers to uphold ethics, embrace continuous learning

    NGX charges newly inducted brokers to uphold ethics, embrace continuous learning

    Nigerian Exchange Limited (“NGX” or “The Exchange”) has encouraged its newly inducted brokers to continue to uphold the high standard of ethics in the capital market and embrace a culture of continuous learning to keep up with the fast pace of developments and innovation in the financial space.

    At the induction ceremony for the 91 newly Authorised Dealing Clerks held at the Exchange on Thursday, 15 December 2022, the Chief Executive Officer, NGX, Mr Temi Popoola whilst delivering his opening remarks at the event, advised the newly inducted brokers to be advocates of integrity and impeccable character, with the penchant to place the market first in their decision making. Stating that NGX had enforceable rules, he noted that the Exchange had signed a Memorandum of Understanding with the Economic and Financial Crimes Commission (EFCC) in the bid to implement its zero-tolerance policy on infractions.

    Emphasising NGX’s technological drive, Popoola said, “Technology is increasingly going to drive our business operations and activities going forward. Over the years, The Exchange has demonstrated its readiness for the digital transformation as evinced by our seamless transition to virtual trading following the incursion of the COVID-19 pandemic. Our trading platform and real-time data service remain a game changer in the capital market. Through these platforms, we have improved market order flow, sustained increase in the number of trades, provided high availability and enabled direct market access and remote trading.”

    He urged the inductees to embrace a culture of continuous learning and take advantage of NGX’s specialised learning platform, X-Academy to gain more knowledge and maximise opportunities to stay up to date on market developments.

    The Doyen of the market, Alhaji Rasheed Yusuf, congratulated the ADC’s, highlighting that their induction was coming at a time of significant volatility and uncertainty in global markets and the world’s economy. “I will urge you all to be innovative, creative and ethical as the market is in need of your skills to increase its contribution to the economy. The Exchange and the capital market constitute a platform to turnaround the fortunes of the Nigerian economy and I encourage you to leverage every channel available to create impact.”

    Mr Sam Onukwue, the Chairman of the Governing Council of the Association of Securities Dealing Houses of Nigeria (ASHON) and Mr Oluwole Adeosun, President and Chairman of the Governing Council of the Chartered Institute of Stockbrokers (CIS) both further underscored the importance of keeping to the rules and regulations of the market to the new brokers and strive to make contributions to the development of the market.