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CIS to partner AfDB to strengthen Stock Market

By BusinessNews Staff on September 8, 2015

The Chartered Institute of Stockbrokers (CIS) has said it plans to partner the management of African Development Bank (AfDB) to grow Nigeria’s Capital Market.

Under the new plan, the two institutions are to work together in ensuring the viability of the commodities market and listing of Agro Allied companies to boost activities in agriculture in line with the federal government’s plan to diversify income base by shifting attention from oil.

Addressing Capital Market Correspondents at the weekend, the Institute’s acting President, Mr. Oluwaseyi Abe who congratulated the newly appointed President of AfDB, Dr. Akinwumi Adesina explained that the CIS had been working closely with Adesina during his tenure as the Minister of Agriculture.

Abe said the CIS and AfDB had many things in common, especially in the areas of creating awareness on the benefits of promoting active commodities exchange and the listing of companies in the agro allied industry.

“We need active and transparent commodities exchange in order to develop our agricultural sector as a huge source of income rather than depend on crude oil. This is in tandem with the Federal Government Policy of diversification of the economy. The agro allied companies require standardization of products and effective pricing mechanism to thrive. The CIS trains manpower in this regard” Abe said.

According to him, other areas of partnership with AfDB include listing of power related institutions to access capital through the various relevant market platforms, and partnership with CIS for empowerment on its Diploma Programme to create employment and support financial inclusion programme of the government, especially into the rural communities.

“The CIS is willing to engage AfDB on how we can harmonise our Diploma Programme. The ultimate is to empower the holders of our Diploma to create employment and enhance the government’s financial inclusion programme especially into the rural communities”, added.

Speaking in the same vein, the Institute’s Second Vice President, Mr. Dapo Adekoje reiterated the plan to deepen the market through effective operation of the Commodities Exchange.

The Institute’s Registrar and Chief Executive, Mr. Adedeji Ajadi, on his part, explained that the professional Diploma was already generating interest in the public as many youths are now writing the examination.

Abe announced that the Institute’s 2015 Annual Conference of Stockbrokers would hold on October 29 and 30 with the theme: “Entrepreneurship and the Capital Market: Fast Tracking a New Economy for Africa.” He explained that the focus of the Institute’s Professional Diploma was not only to grow membership but to develop a new generation of entrepreneurs who would become foot Solders in the various sectors of the financial market.

[ThisDay]

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