By Peter Egwuatu
FIRST Bank Nigeria    Holding Plc, FBNH, has charged Association of Stockbroking Houses of Nigeria, ASHON, to deepen capital market activities in order to be able to influence government policies. The bank also backed the moves by ASHON to establish a commodity exchange, stressing that it will help in deepening the market.

Sola Adeduntan, MD, First Bank of Nigeria Limited.

The Group Managing Director, FBNH, Mr. Kalu Eke, who stated this during a courtesy visit of ASHON’s Executive Officers to the management of First Bank, noted with delight the collaborative efforts of ASHON to move the market forward.

He said: “This is a meeting that should have happened years back. FBNH considered it a corporate recognition for being worthy of partnership with ASHON. 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 think this partnership 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 you. It is a great development for the market.”

Speaking, 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 their clients.

According to him, stock market is information driven and quoted companies are obliged by the Nigerian Stock Exchange’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.

“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.”