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Stockbrokers send 17 nominees for NSE Council membership

By BusinessNews Staff on June 19, 2014

The Association of Stockbroking Houses (ASHON) has sent names of dealing members that will represent stockbrokers on the Council of the Nigerian Stock Exchange (NSE), THISDAY checks have revealed.

Sources close the NSE disclosed that 17 nominees were sent, out of which seven would be selected.

THISDAY had exclusively reported that the ASHON, which is the umbrella body for owners of stockbroking houses, had begun the process of getting new representatives on the council.

The stockbroking houses, often referred to as dealing member firms, currently have seven representatives on the Council of the NSE.

The firms are: Partnership Securities Limited; Reward Investment and Services Limited; WSTC Financial Services Limited; APT Securities and Funds Limited; City-Code Trust & Investment Limited; ICON Stockbrokers Limited and Stanbic IBTC Stockbrokers Limited.

These firms will leave the council at the next annual general meeting scheduled for July 2014.

Sources close the NSE told THISDAY on Monday that ASHON has submitted 17 nominations to the council. After the screening, seven would be picked.

Those nominated, according to sources, are: Meristem Securities Limited, ICMG Securities Limited, Vetiva Securities Limited; BGL Securities Limited, Cashville Investments and Securities Limited, Signet Investment and Securities Limited, Stanwal Securities Limited; and Greenwich Trust Limited.

Others include: Sigma Securities Limited, Interstate Securities Limited; Fortress Securities Limited; Convenant Securities Limited; Gen Asset Management Limited, Rencap Securities Limited, Finmal Financial Services Limited, Nigerian Stockbrokers Limited and Trust Yield Securities Limited.
ASHON had started the process of sending the nominees in May when the chief executive officers of the firms where interviewed.

“I can confirm to you that some of the candidates have been screened by ASHON and those shortlisted have already been sent to the council for further screening and confirmation,” a stockbroker said.

THISDAY was told that the stockbroking community takes whoever will be on the council very seriously considering the fact that demutualisation of the NSE is now top on the agenda.

“Anyone who will represent the dealing member firms, at this point in time, must be someone who can be trusted because it is a very critical time in the life of the NSE.

“We are talking about demutualisation and it is a contentious issue that must be tackled well so that nobody will lose out in the process,” a broker had said.

The dealing members had in 2012 regained their seats on the Council of the exchange. The dealing members had lost their seats in 2010 when the Securities and Exchange Commission (SEC) intervened in the operations of the NSE, sacking Ndi Okereke-Onyiuke and appointed an interim Council.

SEC had said the appointment of some individuals then was in the interest of the public. However, the individuals, who were seven left in 2012 and the dealing members regained their seats.

[This Day]

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