FG lauds Stockbrokers’ Leadership, assures Support

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FG lauds Stockbrokers’ Leadership, assures Support
L-R: Past President, Chartered Institute of Stockbrokers (CIS) Adedapo Adekoje; Past President, Olatunde Amolegbe; Registrar and Chief Executive, Josiah Akerewusi; President and Chairman, Governing Council, Oluropo Dada; Vice President of Nigeria, Kashim Shettima ;1st Vice President, CIS, Fiona Ahimie, Immediate Past President , CIS , Oluwole Adeosun, Council Member, Garba Kurfi; Council Member, Edoka Nkoli and Special Adviser to the President on Political Affairs,  Dr Akeem Baba-Ahmed, during courtesy visit of CIS leadership to Vice President Shettima in Aso Rock Villa, Abuja at the weekend
News Focus
The Federal Government has commended the leadership of Chartered Institute of Stockbrokers (CIS) on the Institute’s efforts at attracting investors into the capital market through its advocacy and urged it to attract more youths into the market.Kernel of the Story
– The leadership of CIS , led by its  President, and Chairman of Governing Council, Mr Oluropo Dada, paid a courtesy visit to the Vice President of Nigeria, Kashim Shettima , in Aso Rock Villa, at the weekend,

– Vice President  Shettima, commended the Institute and promised that its activities would be supported by the federal government for the development of the capital market.

– He urged the Institute and other leaders in the capital market  to attract more youths into the market through  advocacy .

– Dada commended the government’s ongoing reform of the economy through various policies and reiterated the need for privatization of some moribund public enterprises and secure them for listing on the securities exchanges.

– Dada stated the commitment of its members to highest standard of professionalism,

What Shettima says
” The Institute’s position in the economy is critical. It has been grossly underutilized over the years. Leaders in the Nigerian capital market should restructure the system with a view to deploying strategies that would attract more youths to leverage opportunities in the sector.

” There is a need to think outside the box to get more people to participate in the stock market. You need to develop and put in place strategies to engage more youths to take advantage of the opportunities in the capital market. A vibrant stock market can lead to positive growth in the economy, hence the need for all stakeholders to develop a keen interest in happenings in the market.”, said Shettima.

Dada’s Comments
” Despite its relatively low patronage, the Nigerian capital market has shown several glimpses of what it can do, in terms of contribution to economic growth and development in the country. A few significant examples are: Serving as a tool for the success of the Indigenisation Policy of 1972 -77; Enabling the massive success of the Central Bank of Nigeria’s banking recapitalization exercise of 2004; Sukuk financing of various infrastructural projects in the country, and several others.

” We wish to reiterate the position held worldwide, that privatizing public enterprises through the capital market is the most effective way to democratise the exercise and make the process transparent. A well-developed capital market serves as the major tool for infrastructure financing and a successful Public-Private Partnership regime in the country. We call for frontal action to develop the Nigerian capital market, which in turn will accelerate GDP growth to meet the Federal Government’s targetof $1trillion in GDP.”, Dada said .

For the Record
Other members of the CIS delegation included the first Vice President, Mrs Fiona Ahimie; Registrar/Chief Executive, Mr. Josiah Akerewusi; past presidents of the council, Mr Oluwole Adeosun, Mr Olatunde Amolegbe and Mr Dapo Adejoke, and Council members,
Mr Garba Kurfi and Mrs Nkoli Edoka.

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