Securities Dealing Houses Advocate Professional Standard Reset

The newly inaugurated chairman of the Association of Securities Dealing Houses of Nigeria (ASHON), Seinde Adenagbe, has called for a standard reset in the Nigerian capital market, insisting that professional discipline, ethics, and stronger governance must define the next phase of the industry.

Adenagbe, the sixth chairman of ASHON, stated that the market could not grow on weak structures or compromised values.

He urged operators to recommit to transparency, integrity, and ethical conduct, describing these as the pillars on which investor confidence is built.

Adenagbe warned that recent policy headwinds risk undermining the confidence ASHON seeks to strengthen.

He highlighted the sharp N6 trillion drop in market capitalisation in November, following the government’s sudden introduction of Capital Gains Tax (CGT) on securities.

He appealed to President Bola Tinubu to urgently review the policy, noting that market capitalisation had climbed to N95 trillion by October before the decline.

On the expected recapitalisation of operators by the Securities and Exchange Commission (SEC), the new chairman emphasised that the exercise must enhance market efficiency, rather than eliminating firms through unrealistic capital thresholds.

“Capital raising should not lead to the demise of promoters but guarantee the survival of firms, employees, and the broader ecosystem,” he said.

Adenagbe outlined a 10-point agenda aimed at reinforcing professionalism across the market, saying “key priorities include unified advocacy across the capital market, speedy resolution of conflicts, an upgraded ASHON Secretariat, establishment of an ASHON Think Tank, deeper collaboration with the Chartered Institute of Stockbrokers (CIS), increased investor education, and accelerated technology adoption in line with global practices.”

Immediate past chairman, Sam Onukwue, reaffirmed his support for the new administration and highlighted key achievements of his tenure, including the Digital Transformation Programme for ASHON members, fundraising for the Secretariat, waivers on Financial Reporting Requirements, contributions to the Defence and Securities Bill, now the 2025 ISA and capacity-building collaborations with the Indian Stock Exchange Academy, NGX Academy, and NG Clearing.

The group chairman of Nigerian Exchange Group Plc, Alhaji Umaru Kwairanga, praised ASHON members for their role in market development and urged the new leadership to strengthen investor education to boost market participation.