Chairman, Association of Stockbroking Houses of Nigeria (ASHON), Mr. Emeka Madubuike, said stock brokers have renewed calls for the demutualisation of the Nigerian Stock Exchange (NSE), saying it should be implemented before recapitalisation of stockbroking firms.
Mr. Madubuike made this call on behalf of the stockbroking community, while speaking with journalists in Lagos last Friday.
The council of the NSE has plans to demutualise the Nigerian bourse but the process has been slow.
The Director General of the Securities and Exchange Commission (NSE), Ms Arunma Oteh had recently hinted that one of the regulator’s agenda for 2013 is to ensure that stockbroking firms are well recapitalised to be able to operate better in the market.
However, Madubuike said while recapitalisation was good for the market, he stressed the need to conclude the demutualisation of the NSE before embarking on a major recapitalisation of the operators that would put huge financial burden on them.