ASHON Expresses Confidence as NGX Holds Post-demutualisation AGM


By Dara Adebisi

Members of the Association of Securities Dealing Houses of Nigeria (ASHON) have expressed confidence in the Nigerian Exchange Group Plc (NGX Group) and its new structure.

This is coming as the NGX has announced that it is set for its maiden Annual General Meeting (AGM) after its demutualisation,

Besides, ASHON, whose members were the original owners of NGX Plc have endorsed the company’s plan to hold the post-demutualisation and 60th AGM in Abuja tomorrow as a symbol of current diversified ownership and sustained national outlook.

The NGX Group completed its demutualization in late March 2021 to improve the market in the areas like technology, human capital, and processes with enhanced income generation.

It is also expected to make the exchange focus on its core mandate,

As part of the post-listing requirements for quoted companies, NGX Group’s scheduled meeting is a platform where the shareholders interact with the company’s board and management for shareholders’ appraisal, in line with corporate governance principles.

Top on the proposed resolutions at the meeting include shareholders’ endorsement of long- term incentives for staff, comprising Deferred Bonus Plan (DBP) and Employees Share Purchase Plan (ESPP) and Employee Trust to manage both schemes and re-election of retiring Non-executive Directors.

In a Statement from ASHON, its Chairman, Onyewenchukwu Ezeagu explained that the association’s members had always partnered with The Exchange. According to him, Dealing Member Houses played pivotal roles during all the stages of demutualisation and shall continue to support the market in all areas of development.

“Our members are fully prepared for the 60th Annual General Meeting of NGX Group Plc and the first to hold after the demutualisation exercise. As major shareholders, we were involved in all the processes of demutualisation.

“We are comfortable with the agenda of the meeting as we have been part of the whole processes. The proposed resolutions had been made public in the course of the demutualisation. The meeting will bring about renewed relationship between the NGX Group and its stakeholders, “said Ezeagu.

The meeting will attract numerous institutional and retail investors as the demutualisationhas paved the way for everyone to become a shareholder in the new entity.

The demutalisation of NGX Group led to establishment of three subsidiaries; the Nigerian Exchange Limited (NGX), NGX Regulation Limited (NGX REGCO), and NGX Real Estate Limited (RELCO).

Similarly, the new NGX Group led to the emergence of Mr Oscar Onyema as the Group Chief Executive Officer, Nigerian Exchange Group Plc; Temi Popoola, Chief Executive Officer, Nigerian Exchange Limited and Tinuade Awe, Chief Executive Officer, NGX Regulation Limited.

Culled from ThisDayLive