By Peter Egwuatu

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, who was officially decorated as ASHON’s 6th Chairman on Friday in Lagos, said the market cannot 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.

“Whatever is true, honest, just, pure, lovely, and of good report should define our conduct,” he said. “Our word must remain our bond.”

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 Ahmed Tinubu to urgently review the policy, noting that market capitalization 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 emphasized that the exercise must enhance market efficiency, not eliminate 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. 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.

He also renewed calls for a befitting ASHON House, acknowledging support from NGX Group, CSCS, and several dealing firms. Thanking past leaders for laying a solid foundation, the new chairman pledged transparent and dedicated service he said: “ASHON must be seen, known, and heard. This standard reset begins with us.”

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.

Chairman of the occasion and 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.

Guest Speaker and Co-Founder/CEO of Trovotech Ltd., Obiefuna Ezenwugo, speaking on “Tokenization in Financial Services,” encouraged stockbrokers to deepen their understanding of tokenization, noting its global acceptance and wide investment opportunities.

The event drew a distinguished group of senior stockbrokers and top executives, including the Chairman and Chief Executive of the Investment and Securities Tribunal (IST) , Honourable Aminu Junaidu; the Chief Executive Officer of  Nigerian Exchange Limited (NGX), Jude Chiemeka; the Chief Executive Officer of NGX Regulation, Olufemi Shobanjo; the 13th President of the Chartered Institute of Stockbrokers (CIS), Oluropo Dada; the 1st Vice President, CIS, Fiona Ahimie; the Managing Director of NASD PLC, Eguarekhide Longe; and the Managing Director of the Lagos Commodities and Futures Exchange (LCFE), Akin Akeredolu-Ale.