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Tag: Stockbrokers

  • Stockbrokers’ institute awards scholarships to 31 journalists

    The Chartered Institute of Stockbrokers (CIS) has awarded scholarships to 31 financial journalists to undergo the institute’s Diploma Progamme in Securities and Investment Market.

    At a ceremony at the weekend to confer the awards in Lagos, the institute said the scholarships further demonstrated its determination to invest in human capital for overall development of the market, especially in information dissemination.

    According to the institute,  the programme will not only deepen the beneficiaries’ knowledge of the market, but pave the way for them to aspire to become professional securities dealers.

    CIS President, Adedapo Adekoje said the awards were part of the corporate social responsibilities (CSR) of the institute aimed at improving the skills of those who cover the capital market for professional reportage.

    He noted the propensity for market information by stakeholders in the capital market ecosystem and the roles of financial journalists in the process.

    “It is hardly contestable to say that investors, especially in Nigeria, form their opinion of the capital market from what they read in the mass media. In recent years, this has been further amplified by the social media. It is, therefore, critical that financial journalists are well- informed about the market such that they can give enlightened and balanced reporting,” Adekoje said.

    According to him, in recognition of the very important role of journalists  in  the  securities  and  investment  industry,    the  CIS  council approved  a  scholarship  scheme  that  will  enable  outstanding  financial  journalists undertake the CIS Diploma in Securities and Investment (DSI) programme at no cost. The scholarship will cover registration fees, examination enrolment fees and study materials.

    He pointed out that the CIS Professional Diploma  in  Securities  and Investment  will  give participants immense  opportunities  to understand  the  capital  market  better  and  position them just  one  step  away  from becoming  chartered  stockbrokers.

    “Domestic investors need  education  and  enlightenment.  They need  to  know  the  facts behind the numbers that are unleashed on them every day. They need to appreciate that, over the long term investors in properly constructed stock portfolios will be net winners, as consistently reported by researchers. The  youths  must  be educated , market operators must be assisted to continually upgrade their skills, and most importantly, investors must be given the right and adequate information to protect them from losing their hard earned money. In all this, financial journalists, play a major role,” Adekoje said.

    He explained that the CIS now offers students the choice of becoming a full-fledged omnibus broker or specialist in any of five stand- alone professional areas, including fixed income dealing, investment advisory services, equity dealing and commodity trading among others.

    Guest Speaker and BusinessDay Publisher, Frank Aigbogun, who spoke on the “Roles of Financial Journalism in Fostering Capital Market Literacy “, urged the awardees to uphold the highest tenet of professionalism in order to contribute immensely to the growth and development of the market.

    He advised them to be on top of the global developments in the financial market and leverage their professional and technical knowledge to drive debates on topical economic issues in order to influence public policy positively.

    CIS Registrar, Adedeji Ajadi explained that the scholarship had a life span of one year within which the beneficiaries would write examination twice. According to him, the examination is June and September.

  • Govt, stockbrokers to join hands for economic growth

    The Federal Government and stockbrokers have reiterated their commitment to work towards the development of the economy.

    At an interactive session in Lagos, key members of the government’s Economic Management Team and capital market operators agreed on the importance of the capital market in national economic growth and development.

    Representative of the Vice President and Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah said the government was willing to partner the market operators to achieve growth.

    Outlining the government’s plans and achievements, Enelamah said the government has been making efforts to ensure sustainable economic growth.

    According to him, programmes, such as Ease of Doing Business in Nigeria, industrial policy and competitiveness, special economic zones, targeted sector policy reforms and trade agreements, among others, are aimed at providing enabling environment for sustained economic development.

    He urged stockbrokers to continue to make input to government policies as well as specific requirements for the market, assuring that government will always consider such input.

    Nigeria Investment Promotion Commission (NIPC) Chief Executive Officer, Ms Yewande Sadiku outlined efforts being made by the Commission to attract investors across the globe into Nigeria through an array of incentives.

    She advised stockbrokers to visit the NIPC website regularly and make input on how to attract investors.

    The interactive session generated discussions on how taxation is impacting negatively on stockbrokers’operations and the way forward.

    At the event organised by the Chartered Institute of Stockbrokers (CIS), stockbrokers urged the government to further take advantage of investment opportunities in the capital market to mobilise funds to execute development projects.

    Besides, they identified communication gap between the government and the market as one of the reasons for the government’s inability to put the market on the front burner of Nigeria’s economic revival strategy, urging the government to place the market on the same pedestal with money market without delay.

    Chartered Institute of Stockbrokers (CIS) President, Mr.Adedapo Adekoje said the government should use the market to fund this year’s  fiscal budget with ease.

    According to him, the government’s investment through savings bond and similar asset classes could not fully finance infrastructural deficit, hence, the urgent need to float revenue bonds in addition to general purpose bonds.

    He reiterated the need to re-constitute the board of the Securities and Exchange Commission (SEC) and accord the Commission a status of independence like the Central Bank of Nigeria (CBN) in line with the global best practices.

    In his presentation on “Strategies to achieve double-digit growth for Nigeria: The capital market option”, Mr. Mike Itegboje noted that developed economies leveraged  the market for growth and development.

    He urged the government to borrow a leaf from countries, such as the United States and China, which  place premium on the use of their  markets for development.

    “The U.S. capital markets are the bedrock of the nation’s economy and the deepest and most liquid in the world. That depth and efficiency is evidenced by the size of the gross domestic product, the strength of the US commercial sector, the level of home ownership, and the vast national infrastructure across the fifty states in comparison to the rest of the world”, Itegboje, a former president of CIS, said.

    SEC Acting Direcctor-General Ms Mary Uduk called for privatisation of moribund government enterprises through the market.

    According to her, such move this would not only ensure revival of the companies, but also deepen the market after listing.

    Uduk said the essence of the Commission’s Ten-Year Development Plan was to make market competitive.

     

  • Govt, stockbrokers hold parley on economy

    Stockbrokers and top economic management team of the Federal Government led by Vice President Yemi Osinbajo will this Sunday hold a top-level meeting aimed at enhancing Nigeria’s economic growth.

    The meeting, under the auspices of the Chartered Institute of Stockbrokers (CIS), is expected to chart the course for accelerated economic growth and development. The event scheduled for Lagos has the theme: “Strategies to Achieve Double Digit Growth for Nigeria: The Capital Market Option”.

    Registrar and Chief Executive, Chartered Institute of Stockbrokers (CIS), Mr Adedeji Ajadi said that the meeting would enhance government’s implementation of the 2019 fiscal budget.

    He said that the institute has always provided fora for critical analysis of issues that could bring about economic growth, noting the link between the national economy and the capital market, which is currently under pressure as foreign portfolio investors and their Nigeria’s counterparts dump shares over macroeconomic uncertainties and political risks.

    According to him, the meeting shall provide a veritable platform for some of the best minds in the financial market to dissect the current challenges facing the economy and propose concrete areas where government at all tiers can leverage investment opportunities in the capital market to mobilize medium and long term funds to finance the embattled economy.

    The event is believed to be part of the outcome of a recent retreat by the institute on the way forward for Nigerian economy and the capital market.  The Council of CIS has consistently urged that stockbrokers should be involved in all spheres of economic issues as they play pivotal role in the financial market.

    President and Chairman of Governing Council, Chartered Institute of Stockbrokers (CIS), Mr Adedapo Adekoje had upon assumption of office last year reiterated the essence of government’s cordial relationship with the capital market operators in order to build investor confidence.

    According to him, there is a linear relationship between the growth and development of any economy and that of its capital market.

    He explained that the stock market had always been a barometer that mirrors the true position of the economy as the economy remains the underlying asset for the market.

    Adekoje underscored the need for the government to always consider the implications of every political and economic decision on the capital market.

  • Stockbrokers to brainstorm on national economic growth

    Stockbrokers and other major stakeholders in the Nigerian economy will take a long view of the post-election period to chart ways for sustainable national growth and development.

    At the 22nd annual conference of the Chartered Institute of Stockbrokers (CIS) scheduled for next week in Lagos, financiers and economic experts will dissect critical issues that must be addressed to attract both domestic and global investors to the Nigerian capital market and build a strong capital base for national growth.

    Addressing capital market correspondents yesterday in Lagos, Chairman, Conference Committee of CIS, Mrs Lilian Olubi said this year’s conference was designed to address developmental issues that would move the market to the next level.

    According to her, the growth of the Nigerian economy largely influences the growth within the capital market, thus key policies already designed by the government and associated authorities would be worthy of consideration.

    “Nigeria and all stakeholders have cast focus to the 2019 general elections which is already fast approaching. The end of the election will either retain the incumbent who will be focused on improving his achievements in his first four years or produce a new government that may likely develop new framework to achieve his own ambition. Regardless of the outcome, it is apparent that focus would be on improving the Nigerian economy, thus we deem it fit to also channel discussions what the focus should be after 2019 elections,” Olubi said.

    She added that regulatory approach to capital market architecture would also form a vital part of discussion at the conference noting that a digital economy has been a key driver of growth in major developments markets across the world.

    “Digitization of activities and transactions has helped to boost market depth, investor participation and seamless operations. In Nigeria, FINTECHs are fast becoming a tool for pooling retail savings, executing similar technology to pool retail investments would help boost investor participation,” Olubi said.

    First Vice President, Chartered Institute of Stockbrokers (CIS), Mr Olatunde Amolegbe said the annual conference has remained a major platform where capital market regulators, top-level government functionaries and members of the Organized Private Sectors discuss issues that affect the economy and the way forward.

    He noted that leaders of shareholders’ associations are usually invited to the conference for their inputs as part of stakeholders in the capital market ecosystem

    Commenting on low level of product development by stockbrokers, a member of the Conference Committee, Mr Akeem Oyewale said it was not for lack of ideas or unwillingness but due to regulatory issues such as taxation and its effects on finance business in Nigeria.

    He noted that the annual conference allows capital market operators and regulators to continually explore ways to resolve issues and ways to development the market and the economy generally.

    Registrar and Chief Executive Officer, Chartered Institute of Stockbrokers (CIS), Mr Adedeji Ajadi said the annual conference has been contributing to national policy making pointing out that many government’s policies had emanated from the previous conferences of the institute.

    Ajadi cited the concepts and ideas of debt resolutions and forbearance that led to the creation of the Asset Management Corporation of Nigeria (AMCON) as part of the gains of the annual conference.

     

  • Stockbrokers elect Adekoje president

    •Institute unveils scholarship for journalists

    The Governing Council of the Chartered Institute of Stockbrokers (CIS) has elected Mr Adedapo Adekoje as its president. Prior to his election, Adekoje was the institute’s first vice president.  He succeeds Mr Oluwaseyi Abe, who has completed his tenure.

    Adekoje’s election was endorsed by the Council at a closed- door meeting immediately after the institute’s annual general meeting (AGM) at the Nigerian Stock Exchange (NSE). The election was in line with the institute’s seamless succession plan whereby the first vice president emerges the president. By the latest structure, Mr Tunde Amolegbe, who was the second vice president, has been elevated as first vice president while Mr Wole Adeosun was elected as the second vice president.

    Adekoje, a fellow of CIS and  Chief Executive Officer, Professional Stockbrokers is a  multi-talented executive with cognate experience spanning management, finance, sales and marketing. With a  Masters  Degree in Management from the University of Hull, United Kingdom, Adekoje has held several management positions both in Nigeria and abroad.

    Prior to his election at the weekend, Adekoje had held several positions at the institute, including head, Membership Committee, among others.

    Meanwhile, Abe had announced the Council’s approval for scholarship for the capital market correspondents to pursue a career in investment and securities market to enhance their reportage  of capital market activities.

    Abe explained that the Nigerian capital market has been on the global map over the years and the role of the financial press cannot be underestimated.

    According to him, the market is dynamic and there is a need to empower the press by ensuring that capital market correspondents understand the dynamics of the market for professional reportage of the market.

    He stated that details of the award including specialised training and provision of course materials would be worked out by the Secretariat and the institute’s media consultant soon.

    The Council meanwhile commended Abe whose administration had raised the bar for the professional body in all performance indicators.  The Council noted some of the achievements of Abe to Council’s approval of conferment of Honourary Fellowship on four eminent Nigerians for the first time in the history of the institute, acquisition of a Secretariat for the institute and introduction of Specialised Professional Certification (SPC).

    Other highpoints of Abe’s tenure included partnership with tertiary institutions for early enrolment of youth into the CIS, significant improvement in members’ participation in the institute’s functions, an indication of renewed confidence, returning the Institute to profitability, re-launch of Nigerian Stockbroker Magazine for enhanced professionalism and award of scholarship for capital market correspondents for deeper knowledge of capital market operations, among others.

    Addressing members during the AGM, Abe expressed optimism that the institute will continue to improve. “We believe that 2018 holds promises for improved operating performance, given the renewed interest in the securities dealing profession arising from the 2017 performance of the Nigerian capital markets, and a reinforcement of our strategies to widen membership and student base,” Abe said.

    Commenting on Abe’s tenure, a stockbroker, Mr Garba Kurfi, noted that the acquisition of a new head office and returning the institute to profitability stood out among other achievements.

    He urged stockbrokers to ensure prompt payment of their annual dues to support the institute’s financial obligations.

  • Stakeholders rally supports for stockbrokers’ institute

    Capital market stakeholders yesterday underscored the important roles of the Chartered Institute of Stockbrokers (CIS) in the development of the Nigerian capital market and the economy as the self regulatory organisation commissioned its new corporate headquarters.

    The CIS was established by Act 105 of 1992 as the institute that trains, certifies and regulates professionals in the investment and securities market.

    Capital market regulators, operators and other stakeholders yesterday showered encomiums on the institute at the commissioning of its new corporate headquarters in Lagos, pledging supports for the efforts to globalize its operations. The new headquarters, located at 71, Raymond Njoku Street, Ikoyi South West, was unveiled by the oldest surviving stockbroker in Nigeria and founder, First City Monument Group, Otunba Subomi Balogun.

    Acting Director General, Securities and Exchange Commission (SEC), Ms Mary Uduk in her address pledged continuous support of the Commission for the Institute. Uduk who was represented by the Director, Lagos office of SEC, Mr Stephen Falomo commended CIS for ensuring that its qualification is widely recognized globally and should not rest on its oars.

    “As we share the joy of inaugurating the Institute’s new home and congratulate all those who have collaborated to make this achievement possible, we also embrace its shared vision and commitment to safeguarding the quality assurance of the training of capital market operators. It is gratuitous to note that the institute’s qualification is widely recognized both within and outside Nigeria as a professional business qualification and this is all the more reason why the Institute cannot afford to rest on its oars, as it has to step up its activities. In order to meet up with the challenges of technology and other innovative developments in the financial world today,” Uduk said.

    Balogun commended the past presidents of the institute and the present administration for achieving this laudable goal despite the challenging operating environment.

    He noted that the capital market is the centre of Nigerian economy, urging both the organized private sector and the government to support its growth and development.

    President, Chartered Institute of Stockbrokers (CIS), Mr Oluwaseyi Abe also commended the past leaders of the institute, describing the acquisition of the new office as a milestone after 25 years of existence of the institute.

    “The dramatic acquisition highlights the resilience and determination of the institute in the face of the odds. It has not been a bed of roses for the institute in view of the economic headwind and its effect on the capital market, the primary constituency of the institute, but the unity of purpose and unalloyed commitment of its members and continuous deployment of creativity and astute management of funds has helped the institute to keep its head above waters,” Abe said.

  • Stockbrokers’ council streamlines certification

    The Governing Council of the Chartered Institute of Stockbrokers (CIS) has approved the newly introduced Specialised Professional Certifications (SPC), otherwise known as the Stand-Alone-Programme.

    Under the new professional qualification, the holder shall be granted a license to practise in specific areas of the capital market as a core duty.

    The SPC, which is in line with global trends, will cover many core areas, including commodity trading and derivatives, equities dealing, share registration and custodianship services, investment management and financial advisory.

    By the new certifications, which commence in March this year, the examination shall run concurrently with the institute’s current professional examinations, which hold annually in March and September.

    Registrar and Chief Executive, Chartered Institute of Stockbrokers (CIS), Mr Adedeji Ajadi, said the requirements for the SPC are the same as the Professional Examinations noting that the holder of the specialized certificates shall be addressed as stockbroker who is a specialist in one particular area of the securities and investment industry.

    “They are licenced to practise only in that specific area. Although an individual can acquire as many different SPC licences as possible. Four specialised certificates will qualify the holder to become an Associate Member of the Institute,” Ajadi said.

    CIS indicated that after induction, the institute’s SPC graduates shall be called specialists in their chosen area, although they will be inducted and licenced under the same conditions as the omnibus professional examination graduate.

  • Nigerian, Moroccan stockbrokers sign agreement on mutual development

    Nigerian, Moroccan stockbrokers sign agreement on mutual development

    Nigeria and Morocco have extended the economic agreements between the two countries with the signing of a Memorandum of Understanding (MoU) between Association of Stockbroking Houses of Nigeria (ASHON) and Association Professionnelle des Sociétés de Bourse (APSB) of Morocco.

    The MoU, which was signed in Lagos yesterday by ASHON’s Chairman, Mr Patrick Ezeagu and his APBS counterpart, Mr Rachid Outariatte was a follow-up to the MoU between the Nigerian Stock Exchange and Casablanca Stock Exchange aimed at enhancing inter-connectivity between the two Exchanges.

    Speaking after the signing ceremony at the Nigerian Stock Exchange, Ezeagu said the MoU brings the relationship between the NSE and Casablanca Stock Exchange to the level of stockbrokers, adding that the relationship would enhance professionalism and accelerate market development in both Exchanges.

    According to him, the MoU provides a framework through which the two professional bodies could strategize in order to realise the mutual objectives of growth and development.

    He added that the overriding objective is how to move the two markets forward through innovative products, development of human capital and regular exchange of information.

    In his remarks, Outariatte said the two professional associations have similar interest and the new relationship would bring about mutual development.

    He pointed out that Nigeria remains a big market in Africa and a place of choice for any client who intends to diversify portfolio.

    Outariatte assured that Moroccan investors would be encouraged to take advantage of investment opportunities in the Nigerian capital market.

    According to the MoU, the two professional bodies shall co-operate on the strength of exchange of experience between the two professional bodies through mutual visits of stockbrokers and analysts of each association in order to take advantage of both markets, establishment of a broker access system, exchange of information within the limit of confidentiality on the issues affecting Nigerian and Moroccan’s capital markets and the national economy.

    The MoU also includes study tour of staff for enhanced knowledge of capital markets in both countries, sharing knowledge and best practices pertaining to trading and post trading, developing processes and procedures for a dual listing of both Moroccan companies on the NSE and Nigerian companies on the Casablanca Stock Exchange.

    Others include organising joint events , conferences and workshops to improve understanding of the capital markets in both countries and analyzing  business opportunities, risks, threats and trade limitations on both markets.

     

  • ‘Stockbrokers should have access to CBN’s discount window’

    ‘Stockbrokers should have access to CBN’s discount window’

    As the Chartered Institute of Stockbrokers (CIS) celebrates its 25th anniversary, the Executive Vice Chairman, Capital Assets Limited and former President and Chairman of Governing Council of the CIS, Mr. Ariyo Olushekun, speaks on stockbroking in the context of the activities of the Institute and opportunities in the capital market

    On the roles of the CIS in capital market development

    The Chartered Institute of Stockbrokers (CIS) has come a long way. Over 25 years, we have been able to standardise certification of operators in the capital market. Generally, when you hear people talk about stockbrokers, stockbrokers are not only those who do securities dealings-those who trade in the market, stockbrokers do more than that-they offer financial advisory services, they do asset management, funds management, custodianship, and you know they operate in all areas of the market. Now, what CIS has done is that it has been able to eliminate quacks from the capital market, everybody that is operating now has obtained one certification or the other and this has helped the market. People who operate in the market now know that they have something to lose if they misbehave and therefore are very careful. When you have worked several years to obtain a professional licence, you don’t want to lose because you are going to lose it forever. And like the Director-General of Securities and Exchange Commission (SEC) mentioned earlier, because of CIS activities in collaboration with SEC and the Nigerian Stock Exchange (NSE), we now have less complaint from the investors. I am the chairman of the Nigerian Stock Exchange Investigation Panel and I know the cases are very limited now; we have very few cases and complaints. I have been in CIS conflict resolution at different levels and I am still on the Disciplinary Tribunal; there are very few cases because people have certification, the institute is watching them. In fact, there is no reason for them to do anything negative because they are professionals now. So, over the years, we have been able to train several people, there are also people at various levels for the examinations, several students, about 10,000 students under the watch of the institute. We strategised certification and the practice in the market and we are grateful for that. Going forward, we hope we will be able to work with others to take the market to the next level.

     

    The relationship of the Debt Management Office (DMO) with banks and stockbrokers

     

    They don’t really deal with the banks per se but I understand where you are coming from, those institutions appointed as Primary Dealer-Market Makers (PDMMs) are mostly banks really. That is a wrong thing to do in the sense that it is not a problem to appoint market makers, the banks are in a better position to play that role because they have the liquidity but the problem is they should not be dealing directly with the retail investors. Market makers are supposed to sell, to buy in bulk and sell in lumps to brokers who will then sell to retail investors, it is not practiced anywhere in the world. It is an imbalance in the market, something the market needs to control very fast otherwise it is going to create some kind of problem. So, it is not the right thing to do, it is something DMO should correct immediately. Brokers in particular, Capital Market Master Plan Implementation Committee (CAMMIC) as a body, a larger body of the market, are engaging DMO and others so that this can be corrected.

     

    Need  to boost liquidity in the stock market by granting stockbrokers access to discount window of the Central Bank of Nigeria

     

    Well, I think it is the right thing to do; the discount window of the Central Bank of Nigeria (CBN) is opened and accessible to a number of sectors within the financial industry. If brokers have access to that window a lot of things that are not really happening will be happening. For instance, securities lending can be more effectively done, market making can be effective-then you will see price moderation because when a stock is tending to being overpriced, there are things that need to be done by certain operators in the market to bring the price to the correct level; that is not being done effectively now; you need liquidity for that to be done. If we have access to the discount window, brokers will be empowered, not just brokers; operators in the capital market will be empowered. The CBN needs not be afraid they can actually put some certain measures in place to ensure that the liquidity is not misused. It is something that is needed by the market.

     

    How the emergence of Chartered Institute of Securities and Investment (CISI) will impact on stockbrokers and the capital market

    I spoke earlier about stockbrokers being professionals who are knowledgeable and practising different areas of the market. To become a broker today or to become a member of CIS, you need to pass all the examinations but the reality is that you may not be interested in practising in all areas of the market. Perhaps you just want to do fund management alone, so why don’t you write the certification for only that, you become a certified fund manager and you become a member of the institute, you can start practising, you don’t have to write all the examinations. You want to play financial advisory role in several aspects, I mean there are several things financial advisers do, all you have to do is write a certification for that area and become a member. Therefore, as operators, people can specialise and need not spend their time obtaining certification in the areas they really don’t want to practise. So, it will boost the membership of the institute, it will also bring into the bracket so many operators who are currently in different areas who are not currently certified, it will standardise education in those specified areas and then you will see much more professionalism.

     

    On the outlook for the capital

    market in 2018

    Well, the market has done well this year. With regards to the outlook for the next year, you have to take into consideration that election starts basically in full swing at the end of first half of next year. In fact, some will say from the point of Anambra election, we have already moved into the election season because we are going to do Ekiti and Osun states in the early part of next year. So, all those elections and electioneering will have impact on the market. However, it also means funds will come into the system, these funds will find their way into the pockets of individuals, coupled with the fact that interest rate is likely to go down next year, all these portend well for the market. So, if people now have more access to funds or their savings go up, they can come to the market because the market has better returns than what the money market can do.

     

  • 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.