‎Market regulators, operators pledge support for CIS

REGULATORS, operators and stakeholders showered encomiums on the Chartered Institute of Stockbrokers (CIS), pledging support for efforts to globalise its operations.

At the unveiling of the new headquarters, the foremost Stockbroker and Founder of First City Monument Group, Otunba Subomi Balogun with top Capital market regulators and operators, the Institute was given remarkable support.

The 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 recognised 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
She noted that the acquisition and relocation to the new office complex would aid the Institute in saving costs and strengthening its underpinning role for the development of the capital market.

Otunba Balogun, who pledged continuous support of his company towards moving the Institute to the next level, while describing The Nigerian Stock Exchange (NSE) as the centre of the Nigerian economy, urged both the organised private sector and the government to support its growth and development.

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

In his special presentation, the immediate past president of The Exchange, Mr Aigboje Aig. Imokhuede spoke extensively on the primacy of the Capital market to the overall development of the economy and the relevance of Stockbrokers in the process of capital formation and mobilization in any economy. He assured the Institute of strong support for continuous development in order to attain full-fledged global status.

The CIS’ President, Mr Oluwaseyi Abe eulogised his predecessors, the current management of the Institute and Stockbrokers generally for their supportive role towards moving the Institute to the next level.

He described the acquisition of the new office as a milestone after 25 years of existence of the Institute, expressing delight that it signalled growth potential despite the inclement operating environment.

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According to him, the significance of the move to Ikoyi is better appreciated in view of the prevailing economic climate which has tended to constrain the operations of many corporate bodies.

“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 domino effect on the capital market (the primary constituency of the Institute), but the unity of purpose and unalloyed commitment of its members and continues deployment of creativity and astute management of funds has helped the Institute to keep its head above waters.

“The Institute places a high premium on effective cost reduction and control measures and has distinguished itself as an Institute of integrity in the professional certification of stockbrokers and another investment professional, and with wide acceptance across the financial service industry.”, said, Abe,

Virtues of the Institute were extolled by many dignitaries including The Exchange’s former Director General, Professor Ndi Okereke-Onyuike, the Chief Executive Officer, Mr Oscar Onyema, Managing Director, Central Securities Clearing Systems (CSCS) Plc, Mr Haruna Jalo-Waziri, Chairman, Association of Stockbroking Houses of Nigeria (ASHON), Chief Patrick Ezeagu and President, Institute of Chartered Accountant of Nigeria (ICAN), Mr Ismail Zakari among others.

The Institute was established by Act 105 of 1992 as an organization that trains and certifies professionals in the Investment and securities market.