Sehinde Adenagbe, ASHON’s chairman, made the call in a statement released to The PUNCH on Wednesday, noting that while the current rally on the Nigerian Exchange Limited (NGX) has generated enthusiasm among investors, some securities are witnessing sharp price gains that are not supported by fundamentals such as earnings growth or robust corporate governance.
“The decisive action by NGX in suspending Zichis Agro-Allied Limited over irregular trading underscores the importance of maintaining market integrity,” the statement read, highlighting recent regulatory interventions as a reminder of the need for orderly market conduct.
ASHON attributed the rally to renewed investor confidence, improving macroeconomic sentiment, and broader participation across asset classes. However, the association emphasised that market gains must be grounded in fundamentals, including corporate earnings, governance, and broader economic indicators. Investors were warned against speculative excesses reminiscent of the 2008–2009 global market crash.
The association also called on regulators, including the Nigerian Capital Market Regulator (RegCo), to strengthen market surveillance and enforce compliance with trading rules. Listed companies were urged to meet free float requirements and take steps to attract new listings, which ASHON said would help deepen market liquidity and expand investment opportunities.
ASHON reaffirmed its commitment to professionalism, ethical standards, and investor protection. The association stressed that while optimism in the market is positive, it must be balanced with responsibility to ensure a stable and sustainable capital market that contributes to Nigeria’s economic growth.