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FBN Holdings Lauds ASHON For Floating Commodities Exchange



Apparently determined to deepen the Nigeria’s capital market through strategic engagement with stakeholders, Association of Stockbroking Houses of Nigeria (ASHON) has secured endorsement of the management of First Bank of Nigeria Holdings (FBNH) Plc.

Besides, First Bank Holdings has commended ASHON for its series of initiatives, including floating of Lagos Commodity and Futures Exchange (LCFE) as indices that shall move the capital market to the next level.

Speaking during a courtesy visit of ASHON’s executive officers to the management of First Bank Holdings, chairman, ASHON, Chief Patrick Ezeagu, explained that stockbrokers were always eager to get fresh information from quoted companies to enhance their investment advisory role for the clients.

According to him, stock market is information- driven and quoted companies are obliged by the Nigerian Stock Exchange (NSE)’s post listing requirements to ensure regular dissemination of information to the market to enable stockbrokers serve as a rally point for the market, quoted companies and shareholders.

Ezeagu, who led the ASHON’s team to the management of FBNH said, “It is important that we have regular information concerning what is happening within the companies that are quoted on the Exchange so that the brokers will appropriately appreciate the efforts of the people who are running those companies, and know exactly what they are planning to do.”

He explained that “this will help stockbrokers to advise their clients effectively. The engagement will be a continuous one because that is the only way that we can be sure that they are operating in a very transparent manner and that we too are abreast with what is happening within the company’s space. This is because the market is actually driven by information.”

Responding, group managing director, FBNH, Mr. Urum Kalu Eke, noted with delight the collaborative efforts of ASHON to move the market forward. “We know the primary role that stockbrokers play in deepening the market and creating awareness, and so, for us, this is a partnership that should be strengthened.

“I was quite delighted that they have an agreement and understanding on how to move forward in terms of helping to build capacity , and I was particularly delighted to learn of the plan to get into commodity exchange that ASHON is promoting

“I think it supports the government initiative towards deepening the market. On our part, we are going to provide our platform, which is the First Bank of Nigeria Limited. The commercial bank will support the commodity exchange initiative. We will definitely partner with them. It is a great development for the market.”