Barring unforeseen circumstances, the Association of Stockbroking Houses of Nigeria (ASHON), may soon announce a new structure for enhanced corporate governance in line with its ongoing repositioning exercise.
By the proposed new structure, which is still kept under wraps, the current Executive Committee of ASHON may emerge as a Governing Council, the highest decision making body.
Besides, there are strong indications that the new structure may usher in additional responsibilities for the current Executive members. The structure is coming on the heels of a new constitution, which will become effective any moment from now.
ASHON’S Chairman, Patrick Ezeagu, had at the Association’s last Annual General Meeting explained that the new constitution would be operational soon.
“With our renewed energy and change in strategic plan, we are poised to focusing on the challenges of the Association, and resolving them as they confront us.
“‘The Executive Committee is taking steps to implement the provisions of the new constitution accordingly. We expect that the new structure provided for in the constitution will take effect as soon as we tidy up the processes,” Ezeagu said
According to him, ASHON has been turning economic challenges into opportunities for its members through strategic thinking and innovativeness aimed at solving problems.
Ezeagu explained that in order to seek additional income for its members, the Executive Committee commenced the establishment of the Lagos Commodities and Futures Exchange (LCFE)
“The birth of LCFE is to create another platform that will provide additional means of income for our members. In spite of the many challenges that have adversely impacted the Nigerian economy and the Capital Market, we have strived to maintain a good working relationship with our regulators to moderate the impact of Minimum Operating Standard (MOS), Brokers Categorisation, Demutualisation, Debt Capital, Direct Cash Settlement (DCS) and Universal Insurance Policy for Capital Market Operators (CMOs) among others.”