The Associated Discount House Limited (ADH) monday revealed that it had been granted final approval for a full Merchant Banking license by the Central Bank of Nigeria (CBN).

The licence approval followed the divestment from ADH by Access Bank Plc and Wema Bank Plc, in line with the central bank’s directive to commercial banks on divestment from non-bank subsidiaries.

The divestment was announced at the company’s 21st annual general meeting held recently, where the immediate past Chairman of the Board of Directors, Mr Aigboje Aig-Imoukhuede also announced the retirement of those directors representing the member banks.
The directors that retired with Aig-Imoukhuede were; Mr Herbert Wigwe, Mr Olusegun Oloketuyi and Mr. Nurudeen Fagbenro.

A statement explained that at the same meeting, the shareholders appointed Mr. Babatunde Folawiyo, Ms Evelyn Oputu and Mr. Adamu Atta as non-executive directors of the company. Folawiyo took over from Aig-Imoukhuede as the chairman of the company.

In his comments, the immediate past Chairman expressed gratitude to God, the shareholders and board members for the opportunity to serve the company and noted that they handed over a strong financial institutions, which according to them had one of the cleanest balance sheet in the industry.

According to him, “the acquisition of a merchant banking license marks an important step in the evolution of Associated Discount House to provide a broader range of services to our clients and participate more broadly in the revitalisation of Nigeria’s capital markets.

“I am delighted to be handing over to a new chairman of the calibre of Folawiyo and look forward to watching the company grow and fulfil its potential over the coming years.”

ADH had retained the year 2014 Augusto Rating and GCR of A- rating for the Company. The company also made a profit after tax of N1.61 billion for the year and grew its shareholders’ fund to N16.52 billion.

http://www.thisdaylive.com/articles/associated-discount-house-gets-merchant-banking-licence/209119/

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