BY PETER EGWUATU & NKIRUKA NNORUM
Association of Stockbroking Houses of Nigeria, ASHON, said market operators are very hopeful and looking forward to a capital market with 40 million investors from the current five million.
Speaking at an award ceremony, the Chairman of ASHON, Mr. Emeka Madubuike, said “We are also expecting a state-of-the-art trading platform that promises great customers and operators experience, $1trillion market capitalisation and one that is the main driver of economic development,” he said.
The ASHON chairman called for the support and cooperation of all stakeholders in the efforts to attract more patronage to the market.
“To our partners on this project called the capital market, our fellow regulators, investors and other stakeholders, we ask for support, understanding and cooperation as we work collectively to position the market to play it pivotal role in the development of our economy,” he said.
He further noted that the intervention of Assets Management Corporation of Nigeria, AMCON, in the financial sector by buying off delinquent loans from banks, cleaning up their balance sheets and reposition them to perform their role of economic financing and development of the country was commendable.
At its inaugural Capital Market Night in Lagos, ASHON honoured AMCON as the Capital Market Institution award, which has just been introduced by the brokers to recognise outstanding institutions that have made significant contributions to the development of the financial sector and economy in general.
According to ASHON boss “ The forbearance package given to brokers that have to do with margin loan also complemented AMCON’s intervention in the banking sector. “Without AMCON, no one knows where the Nigerian economy would have been by now. The cleaning up of banks’ balance sheets impacted positively on the economy in general and the capital market in particular because the banking sector and capital market works together to grow the economy. In recognition of its contributions, ASHON decided to recognise AMCON as the Capital Market Institution for 2013.” he said.