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Tag: Institute

  • Stockbrokers’ chiefs set agenda as institute clocks 25

    Past Presidents of the Chartered Institute of Stockbrokers (CIS) have identified continuing capacity building and amenable operating environment as some of the ways to further enhance the practice of stockbroking in Nigeria.

    The Presidents, who spoke against the background of the 25th anniversary of the CIS, noted that though the institute and stockbroking profession have made many great strides, there is need to focus on consolidating the achievements of the past two and half decades.

    The Presidents who pinpointed challenges facing the institute such as crumbling businesses of the members arising from the global market crash of 2008 and 2009, disunity among members and investor apathy to the market over the years, however, commended it for weathering the storm and forging ahead in all its activities.

    By the Act 105 of 1992 that establishes the institute, it has been in existence for 25 years as an organisation that trains and certifies professionals in the Investment and securities market. The Silver Jubilee coincides with the Institute’s Annual Conference with the theme:  Adapting to Dynamic Changes in the Financial Market

    In his review of the activities of the institute in recent time, the President between 2014 and 2016, Alhaji Ariyo Olushekun, made a poignant summary of the challenges and the way forward:

    “My tenure coincided with the period of global economic meltdown. The Nigerian stock market was badly affected and that came with its attendant financial difficulties. Almost all stakeholders had difficulty in meeting their financial obligations to the institute. The institute therefore had to operate with a lean purse,” Olushekun said.

    He noted that the institute had made some achievements during his tenure including forbearance  of debts owed by stockbroking firms to Asset Management Corporation of Nigeria ( AMCON), waiver of Value Added Tax (VAT) and Stamp Duty on stock market transactions, six-year strategic plan for CIS and launching of CIS Building Fund among others.

    “Stockbrokers need to be well equipped to continue to provide excellent service to the investing public with integrity. Regulators need to continue to support and collaborate with CIS to develop the capital market. Investors should ensure that their investment decisions are based on sound fundamental and technical analysis,” Olushekun said.

    Commenting on the institute’s activities, the President from 2010 to 2012, Mr Mike Itegboje, explained that the global  market crash of 2008 put many Stockbroking firms into difficult position .

    “The biggest challenge was how to revive the business of our members after the crash of 2008 and 2009. That was why we pleaded for debt forgiveness. It  has been a tough journey. Now at 25, we can only thank God. The baby has become an adult, having won the battles for survival.  My vision is to see that CIS produces and certifies Secutities and Investment dealers, investment analysts and advisers to meet the national need, “ said Itegboje.

    Corroborating Itegboje, Mr Oladiipo Aina, who was the President of the institute from 2006 to 2008, noted that CIS had gone through series of challenges over the years and the way forward is to raise the bar in all its activities.

  • Govt to reposition Michael Imoudu Labour Institute

    Govt to reposition Michael Imoudu Labour Institute

    The Federal Ministry of Labour and Employment is to collaborate with the National Board for Technical Education (NBTE) to reposition the Michael Imoudu Institute for Labour Studies, to train the manpower neded in all sectors of the economy.

    Minister of State for Labour and Employment Prof. Stephen Ocheni, who made this known to a group of select journalists in his office, said the Ministry would approach the NBTE and other accreditation agencies to come and inspect the institution and tell them what is required to bring it to standard.

    Ocheni said the ministry would also set a daily target for its workers, adding that there is going to be a reorientation in the ministry if it must attain the growth plan of the President.

    He said: “The Ministry has a Labour Institute which is a training arm. It is my desire to ensure that the institute is strengthened further to be able to offer programmes and award certificates that are not only needed in the Labour Ministry, but will be of immense benefit to other ministries and agencies in the entire public service.

    “For example, if you are running a certificate in Labour Inspection or in any other aspect of Labour and management, we can strengthen the institution in collaboration with other government agencies that are responsible for the accreditation of such programmes, such that qualifications obtained from there will be acceptable to other employers of labour in the country.

    “We are going to do this by collaborating with institutions like the National Board for Technical Education. We can appeal to them to come and inspect the facilities in our training institute and tell us what we need to do to meet their standard. If we are able to meet their standard, we may aspire to award diploma certificates that are comparable to diplomas awarded by Polytechnics and colleges  of technologies in the country.

    “By so doing, we are strengthening the institutional capacity of the training institute and at the same time, producing graduates that are acceptable to other sectors of the economy. We must not train ourselves and our staff for only the Labour Ministry. We will try as much as possible to diversity the knowledge that will be acquired from that institute so that they will be of benefit to other employers.

    “There are other short seminar and trainings that can improve in the employee productivity. We should, as much as possible be able to embrace the private sector orientation.”

    Ocheni said there should be daily target for civil servants, saying there is going to be a total reorientation in the ministry if we must attain the goal of economic recovering and growth plan of the President.

    “We must work hand-in-hand to ensure the success of this economic recovery and growth plan. It is not for the politicians alone, neither is it for public office holders alone.

    Civil servants have a role to play in the realisation of the objective of government’s plan for total economic recovery of this country.

  • Institute seeks financing option for infrastructure deficit

    With N3 trillion required yearly to meet Nigeria’s infrastructural deficit, the Nigerian Institute of Quantity Surveyors (NIQS) has called for project financing as an option to develop  infrastructural projects.

    This option was mulled at the just-concluded two-day specialised workshop organised by the body in Lagos, with the theme: “Finance and development of capital projects-emerging solutions”.

    The institute’s President, Mrs. Mercy Iyortyer, condemned the tradition of government financing capital projects from allocations from fiscal budgets alone, without the contribution of finance from other sources like the private sector, as unsustainable especially in view of the present economic situation of the country, which she traced to falling oil prices, high exchange rate, double digit inflation rate, unstable foreign exchange rate, low budget performance and liquidity constraints on the fiscal budget.

    The situation, she further noted, has been compounded by commercial banks, who have made themselves short-term lenders- a development that is not suitable for long term investment projects. This is why it has become crucial that alternative sources of investments with larger and more patient pools of capital are incentivised to participate in infrastructure financing.

    “There is need for us as a people, especially as professionals, to consider emerging solutions to these challenges and to benchmark with other countries such as China and Dubai which have had success stories in this area. The private sector is expected to become increasingly involved in the creation of financing solutions to develop Nigeria’s frail infrastructure,” she said.

    Although Iyortyer noted that project finance in the country is still in its infancy, coupled with the attendant pressing challenges in this regard, positive trends, she said, are beginning to emerge. Notwithstanding, the NIQS boss observed that the progress made so far in this direction has provided a strong foundation for hope.

    Quantity surveyors, she explained, have an understanding of the measurement of cost and value, including the necessary combination of financial analytical skills and market knowledge to rise to the occasion required for capital project finance and development.

    In a communiqué signed by Iyortyer at the end of the workshop, the body said the approach of project financing is unsustainable given the present economic pressures, which was listed to include falling oil prices, high exchange rate, double digit inflation rate, unstable foreign exchange rate, low budget performance and liquidity constraints on the fiscal budget.

    The communiqué said there was the need for professionals to consider emerging solutions to these challenges and to benchmark other countries, such as China and Dubai who have had success stories in this area. It also urged the private sector to become increasingly involved in the creation of financing solutions to develop Nigeria’s frail infrastructure.

    The communiqué also noted that with the understanding of the measurement of cost and value among others, quantity surveyors would lead the way in the quest to ensure private sector financing of capital projects.

  • Institute to launch arbitration scheme for small businesses

    The Chartered Institute Of Arbitrators (CIArb) Nigeria Branch will launch its Micro, Small and Medium Enterprises (MSME) Arbitration Scheme on Thursday at the Lagos Court of Arbitration (LCA), 1A, Remi Olowude Street, Lekki, Lagos, by 11:00am.

    The branch chair, Mrs. Doyin Rhodes-Vivour, said the scheme was in line with the Institute’s commitment to making access to ADR to a wider category of business owners with reduced costs and quick timelines.

    “The MSME scheme is applicable for disputes of monetary value between N250,000 and N5million. The arbitrators’ fees have been capped to ensure that the expense does not prevent access to settlement by MSMEs,” she said.

    Mrs Rhodes-Vivour said benefits of the scheme include minimised fees and predetermined costs, speed, minimised formalities, simplicity, privacy and confidentiality, and enforceability of awards like a court judgment.

    Chairman of the Schemes Committee, Mr. Juwon Adenuga, said it was modeled on the Business Arbitration Scheme (BAS) of the Chartered Institute of Arbitrators International.

    He said it has proven effective in other jurisdictions, contributing to the growth and development of MSMEs.

     

  • Institute inducts 46

    The Institute of Capital Market Analysts has inducted 36 fellows and 10 associates during its maiden induction ceremony at the weekend.

    Speaking at the event in Lagos, the pioneer president of the Institute Gbadegesin Gbede said the institute is aims to promote integrity in the capital market by cooperating with other existing bodies to ensure the growth and development of the capital market.

    “Apart from buying and selling stocks, these professionals will also be responsible for the development of exotic securities that can make the capital flow in the Nigerians financial system to be faster, that can create value that can enable financial institutions to provide solutions needed to solve their financial problems,” he said.

    Fielding questions from journalists, Mobolanle Adesanya, Managing Director/CEO, SDF Credit Bureau, who was inducted as a fellow said being inducted into the programme puts more responsibility on her in terms of helping the economy “because if you are inducted in this kind of programme it means that so much confidence has been instilled on you.”

    She said it is a good development because people will now become aware that there is an institute that they can go to for information, for more in-depth analysis as oppose to what we have before now.

  • Institute, others to vet natural medicines

    Institute, others to vet natural medicines

    To enhance the efficacy of traditional medicines, the Nigerian Institute of Medical Research (NIMR) is to evaluate them, Nigerian Council of Physicians of Natural Medicine (NCPNM) Chairman Archbishop Magnus Atilade has said.

    The evaluation, he said, would be done in partnership with  NCPNM.

    Archbishop Atilade spoke during the signing of the Memorandum of Understanding (MoU) for the partnership.

    He said it took NCPNM over two decades to achieve the feat.

    His words: “NIMR in Yaba, Lagos is a medical research institute established by the Federal Government through the Research Institute Establishment Act of 1977, to promote national health and development.

    “Until the National Institute for Pharmaceutical Research and Development (NIPRID) in Abuja was opened, it was the only institute dedicated to medical research,” he explained.

    Archbishop Atilade said NIMR and NCPMN would conduct intensive research  into  natural medicinal products.

    NIMR Director-General Prof Babatunde Salako, and a senior  official, Dr. Olugbenga Aina, signed for NIMR, while Arch-bishop  Atilade, and the Registrar, Dr. Adedamola Bank-Kadejo, signed for NCPNM.

    The aim is to use NIMR expertise to  develop natural medicinal products  into scientifically-sound and globally-credible medicines and patents.

    According to the MoU, NIMR and NCPNM shall conduct investigation, clinical trials, pharmacokinetic, toxicity studies and others as may be needed.

    An advisory committee of the two bodies is to be set up to ensure that the objectives of the MoU are achieved.

    After signing the agreement,  Arch-bishop Atilade said the partnership would enhance indigenous traditional medicines for the benefit of the masses who could hardly afford imported orthodox drugs.

  • UNIZIK unveils alumni for Confucius Institute

    UNIZIK unveils alumni for Confucius Institute

    The cultural partnership between the Nnamdi Azikiwe University (UNIZIK) in Awka, Anambra State, and the Chinese government through Confucius Institute has been elevated with the inauguration of an alumni body of the institute.
    Deputy Consul-General of the Chinese Embassy in Lagos, Guan Zhongqi, was joined by the UNIZIK Vice-Chancellor (VC), Prof Joseph Ahaneku, to inaugurate the body.
    Zhongqi said the embassy was satisfied with the growing of cultural exchanges between China and Nigeria, saying: “Nigeria and China are brothers and partners; we share many similarities and common interests. The friendship between both countries has been deeply rooted and grown steadily since the establishment of diplomatic ties in 1971”.
    The envoy said China remained committed to solidifying its cooperation with Nigeria by establishing lasting, stable and mutually-beneficial partnerships in different sectors of common interest.
    He hailed the institute’s teachers and the university for supporting China-Nigeria cultural exchanges. While unveiling the Chinese Studies Alumni Association of Nigeria, Zhongqi expressed optimism that the institute would continue to play key role in bridging the cultural differences between China and Nigeria and cultivate more ways to promote Chinese culture in Nigeria.
    Prof Ahaneku recalled that partnership between the Chinese Confuscius Institute and UNIZIK started in 2008 to promote learning of Chinese language, culture, tradition and history. The VC said the HSK programme introduced by UNIZIK had created opportunities for students study Chinese language, adding that the school hoped to churn out graduates who would teach Chinese language effectively.
    He praised the Chinese embassy, language teachers and volunteers who, he said, showed commitment to the success of the partnership. He said the partnership had since gone beyond cultural exchange to science, medicine, agriculture and architecture.
    Ahaneku said: “Our students and scholars who are in various universities in China under scholarship are doing well. For three years running, they have done so well. Last year, the UNIZIK Confucius Institute was declared the best and the only institution in Africa that received that award.”
    The Director of Confucius Institute, Wang Bo, said the association is membered by Nigerians who completed their Chinese language studies on scholarships. He revealed that 80 per cent of Nigerian students studying in China are UNIZIK students, which was why the Chinese government established the institute in the university.
    Wang listed the objectives of the association to include harmonising and creating platform for students to relate with colleagues from different universities in China and further enhance the strong bilateral relationship between Nigeria and China in diverse sectors of the economy.
    Highpoint of the occasion was the conferment of Research Fellow on Zhongqi by the Chinese Cultural Research Institute in UNIZIK. The envoy and the VC pledged more support for the institute.

  • Institute harps on ethical compliance by inductees

    The Chartered Institute of Purchasing & Supply Management of Nigeria (CIPSMN) has urged its latest graduands to adhere to professional and ethical standards in their conduct.

    Its President, Diekola Oyewo, said purchase and supply managers have critical roles to play in entrenching a non-corrupt business climate.

    Oyewo, who spoke at the send off for 43 graduates in Lagos, admonished them to protect their employer’s interest, give suppliers equal treatment and avoid bringing disrepute to the professional body.

    He implored the government to take advantage of the Institute’s resources by recruiting professionals tied to credible institutions.

    He said: “Professionalism and ethics are Siamese twins. Any attempt to separate them is sure to bring disrepute not only to the offenders, but also to the employers, the nation at large and the offenders’ nucleus families.”

    Oyewo reminded them that as professionals, they will be entrusted with huge sums of money for making purchases and that there is the likelihood that pressure will be mounted on them.

    “You must contend with various aspect of ethical conduct that relates to the procurement role from differing stand points. The inductees today have moved from student membership to graduands. Though they are qualified, we want them to reflect what they have learnt,” he said.

    Speaking on the theme “Procurement & supply chain management in Nigeria: The past, present and issues for policy consideration”, the keynote speaker, Mr. Muhammed Aliyu, urged the government to be proactive by planning ahead of challenges before anticipating solutions.

    “Why should the government wait for problems before running from pillar to post?”, he asked, noting that it is when economic conditions seem to be at their worst that people tend to come together to discuss what could be done.

    Aliyu pointed out that commerce is rapidly changing the way operations management and organisations do business. “Procurement and supply chain management has become crucial part of the process as demand becomes more specialised,” he said.

  • Institute wins WAEC’s top prize

    Institute wins WAEC’s top prize

    Like a star, Lumen Christi International High School, Uromi, Edo state shone brightest amongst its peers recently when it emerged the overall best performing school in the country.

    The school clinched the Augustus Bandele Oyediran trophy for producing the best overall results in the 2016 West African Secondary School Certificate Examination (WASSCE).

    The event coincided with WAEC’s 65th Annual Council meeting held in Abuja, which was declared open by Vice President Yemi Osinbajo.

    In his opening remarks, Vice President Osinbajo harped on the state of education in the country and the need to redirect teaching methodology towards practical and practicable results.

    According to him, current method of teaching is defective as students lack capacity of critical thinking for solution to problems. As a result, he said it has become expedient for educators to break from the past by setting a moral and ethical standard to define success.

    The school emerged winner with best aggregate, determined on the results of best 50 candidates based on their grades in English Language, Mathematics and a Science subject.

    The school which has won the prestigious awards instituted in 1985 five times in a row was the cynosure of all eyes, as it entered the hall of fame like other past winners such as Queens College, Yaba and Loyola Jesuit College, Abuja.

    Since 1985, only 12 schools have won the award. Queens College, Yaba won the maiden edition and five consecutive times. Loyola Jesuit College, Abuja has also won it six times in a row.

    There were also awards for individual performance in the international, national and sub-regional categories. The first international award for 1985 examination was presented in Monrovia in 1986 where Nigeria took the maiden award with Ishola Adedapo taking the star prize. Since then the competition for top spots has always been between Nigeria and Ghana but Nigeria was dominant between 1999 and 2008. From 2008 Ghana took over the international category carting away the three top spots except in 2011 when Miss Adeloye Ope took the third position and the latest with Ayodeji Oluwafisayomi coming second.

    Upbeat, the Principal of Lumen Christi International High school, Very Rev. Fr. Dr. Theophilus Itaman said the feat achieved by his wards was through diligence and dedication to the vision and mission of the founding fathers of the school.

    He said: “We are not really surprised but we are extremely happy because this is an indication that the school is on course as far as its mission and vision. We are able to achieve this feat with the foundation of the school and the ‘Light of Jesus’ has made it possible to succeed in our set objectives.”

    Expatiating, the clergyman said, “We’re able to achieve this feat because we have a standard that is even above WAEC standard. We have now won this award for the fifth time, made possible by our standard which is such that every single student is strictly and personally monitored by the staff. It is such that when we discover that a child is not measuring up, we enroll such students into personalised special programmes to bring them up to their mates. What we don’t do is to compromise our teaching and training standards. At Lumen Christi, we don’t play with supervision, training and retraining of our teaching and non-teaching staff.”

    Fr. Itaman also decried examination malpractices that appear to be gaining ground as a trend to boost school ratings. He identified lack of confidence to succeed on the part of the school, teachers, students and parents as the factor that inspires malpractices in examination.

    “For parents and teachers to collude to encourage their children to cheat in examination can only be explained from the point of view of lack of confidence. If the parent believed that the child can excel in an examination, there will be no reason to approach a teacher to assist in that direction, if the parents and the teachers have put in their best for the child. In Lumen Christi, we believe that examination malpractice is more costly for the student, parents and the society at large and that is why we inculcate confidence to succeed in our students. That is why it should not be encouraged and we will always speak and act against it.”

    The highpoint of the occasion was the presentation of the trophy to Lumen Christy, which was received on behalf of the school’s management by Rev. Fr. Dr. Theophilos Itaman by Dr Bello Ahmed, member, WAEC, Endowment Fund Board of Trustees.

  • Institute harps on quality service, ethics in public service

    The Nigerian Institute of Training and Development (NITAD) has stressed the need to enhance responsive governance through quality service delivery.

    It’s President and Chairman of Governing Council, Mrs. Janet K. Jolaso, said the Institute’s “2017 Learners Forum” was targeted at inculcating dedication and professionalism in the public service.

    Speaking during the NITAD’s yearly seminar on human resource development held in Lagos, with the theme: “Private Sector Mindset in Public Service”, Jolaso said there was a need for an attitudinal change among civil servants to bridge the entrenched performance dichotomy between the private and public sectors.

    At the event attended by executives from private and public sectors, the NITAD boss argued that the role of public servants in bringing about good governance could not be over-emphasised, even though the private sector was still more being business driven and profit orientated.

    She expressed the hope that the forum will, through experienced and successful senior career officers and their counterparts in the private sector, diagnose and calibrate its efficiency indices through a balanced analysis, value chains, prospects and challenges.

    “We hope, at the end of the day, to chart a way forward to guarantee a better future through a responsible and responsive public service structure, capable of embracing entrepreneurial spirit, strong enough to support the political class to deliver the dividends of democracy to the citizenry”, Mrs. Jolaso said.

    Speaking from industry perspective, the Group General Manager, Tower Aluminum, Dr. Olawale Fatolu, said the mind-set of those in the private sector was miles apart from the public sector, as they were mindful of profitability and efficient service to customers.

    He said this was unlike the public sector that depends on processing, compliance and application fees to earn revenue and, most times, multiple taxation at the expense of service to consumers.

    According to Fatolu, the bane of the public sector is the regulated and regimented environment. He argued that though they may have all the parameters and indices to perform, the operating environment remains a limiting factor.

    He, however, advised the government to encourage best global practices among workers to deliver good governance to the public.

    Dr. Banji Ogunbiyi, who spoke on professional practice and industrial relations, stated that in the private sector, discipline and sanctions are reactive and transcendentional unlike in the public sector with its bureaucracy that delays punishment for offenders.

    According to him, the Organised Private Sector (OPS) is highly competitive and pragmatic unlike civil servants who wait for their promotion, according to the number of years spent in service.