Besides, Ezeagu, has confirmed that stockbrokers in Nigeria were ready to commence trading on Commodity Futures as soon as ASHON concludes the processes of registration with the Securities and Exchange Commission.
Addressing ASHON members at the Annual General Meeting (AGM) in Lagos at the weekend, Ezeagu commended the members for their ability to weather the storm and remain in business despite the tough operating environment .
He explained that investors must be properly guided by Stockbrokers in order to make optimum use of the capital market.
“Investors should take advantage of stockbrokers’ professional advice to look properly at the numbers and the fundamentals and see where they can take positions because normally people want to offload to be able to retain some liquidity.
“This is an investment opportunity for those who are very wise. They should be able to take advantage of those who are offloading and then buy at that relatively lower prices because within the next three months after the beginning of the year you will start seeing result, especially for banks and other organisations that their year end is December and that naturally would put spike on the prices
“ The rational investor that invested within this period that every person is bailing out naturally reaps handsome reward’, he said.
Ezeagu, noted that as a pro-active professional body, ASHON has partnered with a number of institutions to enable its members take advantage of an array of investment outlets.
“In search of new businesses, we have partnered with the Debt Management Office (DMO), to enable our Members provide an alternative investment vehicle for our clients and to trade on Federal Government Savings Bond. We are also in constant engagement with the FMDQ, NIBSS, FMAN, National Insurance Commission etc for partnership and for additional business opportunities for our Members.
“We have also made a giant stride in African Capital Market by recently signing an MOU with the Association Professionnelle des Societes de Bourse (APSB) of Morocco to synergize in the area of training, communication, regulation, brokers access and above all cross border listing. We also participate actively in the West African Capital Market Integration Council (WACMIC).
In the same vein of seeking additional income for our Members, the Executive Committee has commenced the establishment of Lagos Commodities and Futures Exchange (LCFE).
Commenting on the Association’s Commodity and Futures Exchange,
he explained that it would soon become operational as the result of the recently concluded Private Placement would be followed by registration with the SEC.
According to him, Stockbrokers are ready to trade in Commodity Derivatives but they must upgrade their capacity for enhanced professionalism.
“The birth of LCFE is to create another platform that will provide additional means of income for our Members. It will also interest you to know that a successful LCFE Private Placement offer closed few days ago and we are very pleased with the figures so far.
“In spite of the many challenges that has adversely impacted the global economy, the Nigerian economy as well as the Capital Market, we have strived to maintain good working relationship with our regulators to moderate the impact of MOS, MCR, Brokers Categorization, Demutualization; Net Capital; Direct Cash Settlement (DCS); Universal Insurance policy for CMOs etc on our Members..
“As part of our efforts to rejuvenate our market, we took deliberate steps to change the perception of our Members by the investing public by retaining a Media Consultant. This singular effort has helped in changing the erstwhile negative perception of our Members.
“While we are working relentlessly to execute most of the foregoing projects to the benefit of all our Members and the overall interest of the market, we request all Members to be committed by meeting their financial obligation to the Association promptly as well as participate actively in ASHON”, Ezeagu said
Corroborating him, a past President, Mr Emeka Madubuike urged ASHON’s members to upscale their skills in order to qualify for vacancies in the regulatory institutions whenever such opportunities arise.
A member, Alhaji Umaru Kwairanga commended ASHON members for upholding the highest level of ethical standard.
and then