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Institute of Stockbrokers intensifies financial drive

By BusinessNews Staff on October 1, 2014

The Chartered Institute of Stockbrokers (CIS) is intensifying its financial drive to be able to fund its the ongoing repositioning and re-organisation.the institute to the next level. Speaking at a forum attended mostly by senior stockbrokers in Lagos, President of CIS, Mr. Albert Okunmagba explained that the institute needed some form of capital injection in order to cope with its heavy workload associated with the repositioning.

According to Okumagba, part of the plans is to acquire a state-of-the-art property in a choice area to serve that will serve as the headquarters for the institute.

He lamented the backlog of debts owed the institute by many of its members under the annual membership fee and low membership base over the years.

Okumagba disclosed that the present leadership of the institute had commenced a series of engagement with major stakeholders to secure their buy-in into various components of the strategy to make the market competitive.

“For instance, many well-meaning professional organisations, public and private sector chief executive officers and foreign relevant bodies are being contacted to identify with the institute in the on-going programme aimed at streamlining the entire operations,” he said.

Chairman, Finance Committee, CIS, Mr. Abubakar Lawal explained that there was a compelling need to refinance the institute through credible and cost-effective sources of finance to ward off the current negative position.

According to him the, the institute required a sum of N5 billion in order to execute most of the current projects.

Speaking on the membership drive, the Chairman, Membership Committee, Mr Dipo Adekoje announced that CIS had targeted about 200,000 membership in the next one year. Adekoje explained that the institute’s diploma programme had been converted to monthly examination to further stimulate the interest of young ones in the capital market, attract many fresh graduates to make a carrier in the securities and investment sector or become self-employed. He also noted that programmes such as career talks in the tertiary institutions would be expanded to accommodate other professionals in the economy.

Stockbrokers at the forum passed a vote of confidence in the operations of the institute, noting challenges affecting the institute were being addressed.
The stockbrokers, therefore, renewed their support for the efforts of the new leadership to move the institute to the next level.

[This Day]

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