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Stockbrokers institute seeks passage of CISI Bill

By BusinessNews Staff on September 4, 2014

The Chartered Institute of Stockbrokers has said it is working closely with the National Assembly to ensure the passage of a bill that will transform it into the Chartered Institute of Securities and Investment.

According to the institute, the passage of the bill will boost its drive to ensure professionalism in the securities and investment industry as the CISI, when created, will among other things act as the body responsible for the accreditation of all professionals in the capital market.

A statement from the institute on Monday quoted its President, Mr. Albert Okumagba, as saying that the ongoing efforts to reposition the institute was aimed at ensuring that operators in Nigeria’s capital market uphold global standards.

Okumagba, who was represented by the institute’s First Vice-President, Mr. Oluwaseyi Abe, spoke in Lagos at a forum for CIS students.

He said, “The new leadership will pursue the passage of our bill, which is at the third reading stage at the National Assembly for change of its name to Chartered Institute of Securities and Investment.

“In the new dispensation, the institute is poised to bring all the practitioners in the securities and investment industry to its fold to ensure that the minimum training and certification is maintained for the advancement of the industry in accordance with its statutory powers as it is practiced in other developed market.”

Okumagba, who explained at the forum was organised to keep the students abreast of new development and to get their views on key issues, stressed that the transformation drive was aimed ultimately at making the institute competitive globally.

He said, “The institute deemed it necessary at this point to organise this forum in order to create an avenue for the exchange of ideas between the management and the students. This, I hope, will give you students the opportunity to ask relevant questions, make suggestions and contributions to any of the institute’s programmes.”

The Registrar and Chief Executive Officer, CIS, Mr. Adedeji Ajadi, advised the students to, on their part, devote more time to their studies.

He assured them that the institute had started some programmes aimed at ensuring seamless preparation for examinations, particularly for those who are very busy and those who live outside Lagos with limited access to coaching centres.

The statement said the students and other participants expressed delight at the forum and urged the institute to keep them informed on developments in the future.

Other speakers at the event, the statement said, included a former President, Mr. Mike Itegboje, and the Second Vice-President, Mr. Dapo Adekoje.

Okumagba had been elected as the CIS President for a two-year term in May to replace Mr. Ariyo Olushekun, whose tenure expired at the conclusion of the institute’s Annual General Meeting on April 29.

He had since unveiled a plan to reposition the institute, diversify its income streams and boost the operations of market operators by providing them with professionals needed to succeed.

He disclosed recently that the CIS was working with stakeholders in the capital market to resolve issues concerning margin loans and ensure that they were beneficial to the capital market and the country at large.

[Punch]

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