The Association of Securities Dealing Houses of Nigeria (ASHON) has accused banks of bypassing licensed stockbrokers in the ongoing bank recapitalisation process.
ASHON claims that banks are empowering their own staff, including non-professionals like drivers and receptionists, to handle share subscription forms, sidelining stockbrokers who are the registered receiving agents.
In a statement, ASHON’s Chairman, Sam Onukwue, and Secretary, Athan Ogbozor, expressed concern that this practice violates standard procedures and deprives investors of proper investment advice.
The association also warned of potential risks and abuses, urging issuers and investors to work directly with licensed stockbrokers to ensure sound professional guidance.