A few individuals who were once highly respected have turned NASD, a once-benign institution, into a playground for personal power an institution now best described as being “monkeyed” beyond recognition.
For over a decade, some board members have held onto their seats, presiding over a dismal and lackluster performance that has robbed the economy of real value and stalled the ambitions of a workforce trapped in inertia.
I’ve come into possession of a letter written by a disgruntled shareholder, Adelabu Muriamo, who categorically demanded that the Chairman step down immediately. In his letter which should probably have been addressed to the hardworking and affable SEC DG, Mr. Agama Muriamo highlighted that the continued stay of the chairman and other directors directly contravenes the SEC circular released in July. That circular explicitly sets a 10-year term limit for all directors.
The letter further noted that their continued presence on the board not only violates SEC rules but also contradicts the Business Facilitation Act of 2023, which requires that at least one-third of board members be independent directors. Currently, NASD has just one.
As someone with an intrinsic connection to NASD conceived in the BGL boardroom with the late Albert Okumagba as a key driver, I find this deeply troubling. The institution was intended to provide an alternative capital market platform for firms unable to meet the NGX’s stringent listing requirements.
Yet, since inception, the NASD has been plagued by visionless leadership, consistently placing at the bottom in every performance metric.
Take a look at its current shareholding structure and you’ll see why Adelabu is livid. The chairman, clinging to power, owns just 5% of the company 25 million units likely acquired at par value out of 500 million shares held by 234 shareholders. The top 10 shareholders control 62% of the company, with firms like VFD Group, NSE Consult, Heirs Holdings, Chapel Hill, and others holding a collective 38%.
This is now a textbook case of corporate bullying, where a minority shareholder abuses the goodwill of his colleagues by refusing to vacate the chairmanship after 12 years in open defiance of regulations and the spirit of corporate governance.
Such arbitrariness erodes market confidence. It’s this same decay the SEC aims to combat with its recent circulars. But the real question remains: Does the SEC have the resolve and political will to enforce the rules and remove these entrenched gladiators?
How can someone whose term expired two years ago now preside over an AGM designed to elect his own successor? That, to me, is the final insult.
Before writing this piece, I spoke with several insiders. What I found was appalling ego-driven stubbornness, hints of ethnic superiority, and manipulation of strategic relationships with regulators. All in a desperate bid to retain control. It’s shameful.
Worse still, some of these board members are individuals I once held in the highest regard as a young stockbroker. That they would resort to “capturing” a self-regulatory institution in such a disgraceful manner is beyond disappointing.
It’s this same mindset that led to the ousting of the “Emperor” at FMDQ. I hear it took near-federal-level influence to unseat him, and even then, finding a successor has been chaotic due to a lack of due process.
Why do otherwise brilliant men fall so hard when they get a taste of power? A wise man once said, “Give a manpower and you’ll know who he really is.”
Why would you, as a minority shareholder, cling to the Chairmanship for 12 years, issue dividends only once 20k with a 1-for-5 bonus in 2024 and still tie yourself to the seat with cello tape?
The same wave of reform that swept the NGX must now hit the NASD. The NGX, under vibrant leadership, is thriving the All-Share Index is on a historic run, companies are breaking the ₦100-per-share barrier, and Nigeria’s bourse is one of the world’s best performers, helping the government sell its economic story.
Meanwhile, NASD can’t even recognize the opportunities in innovations like Nick Okoye’s Digital Asset revolution the next frontier. This is what happens when the boardroom is full of cataracts and not catalysts.
The SEC must act firmly and decisively to restore confidence in our capital markets. They must show that the era of regulatory indifference is over.
As for me, I believe the current NASD board should stop the monkey business, do the honorable thing, and resign immediately.
It’s no longer funny.
They may now come and beat me.
