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ASHON mulls new structure to boost corporate governance

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The Association of Stockbroking Houses of Nigeria (ASHON) is concluding arrangement to usher in a new structure for enhanced corporate governance in line with its on-going repositioning exercise.
According to a statement from the association, 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.
The new structure may usher in some additional responsibilities for the current Executive members. The association noted that the new structure is coming on the heels of a new constitution, which will take effect in no distance time.
ASHON’S Chairman, Mr 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,” he said.
“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.”
He said 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 Lagos Commodities and Futures Exchange (LCFE).
He said : “The birth of LCFE is to create another platform that will provide additional means of income for our members. Despite the many challenges that have adversely impacted the Nigerian economy and the Capital Market, we have strived to maintain good working relationship with our regulators to moderate the impact of Minimum Operating Standard (MOS), Brokers Categorization, Demutualization among others.
Debt Capital,Direct Cash Settlement (DCS) and Universal Insurance Policy for Capital Market Operators (CMOs) among others.”
He however, advised ASHON members to support the Executive by meeting their financial obligations promptly.
Corroborating him, the Acting Chief Executive Officer of the proposed LCFE, Mr. Akin Akeredolu-Ale, explained that the LCFE would create a big business opportunity for all Dealing members. He described the LCFE as a market that is just there waiting to be tapped.
“It is a market that is just there waiting to be tapped. What we are just doing is bringing structure and organisation into an existing market system that is being done formally on daily basis. We are going to be trading on the electronic receipt and the first thing is the documents, which are the electronic receipts. They are going to be passed on to the Central Securities Clearing System (CSCS). It will follow the same dematerialization process and enter into the system. There will be proper transfer of ownership. It will be the same T+3 settlement system.” Akeredolu-Ale said.

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