Sitting in front (L-R): Ist Vice President, Chartered Institute of Stockbrokers (CIS), Fiona Ahimie; Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Sam Onukwue; President, CIS, Oluropo Dada and 2nd Vice President , ASHON, Ify Ejezie, and other top dignitaries, during courtesy visit of ASHON Leadership to CIS in Lagos yesterday
News Focus
In a decisive move to upscale technical skills of their members, uphold professional ethics and deepen market development, the leadership Chartered Institute of Stockbrokers (CIS) and that of Association of Securities Dealing Houses of Nigeria (ASHON) have strengthened collaboration.
The Institute comprises individual securities dealers commonly referred to as Stockbrokers while ASHON is the umbrella body for all securities dealing firms in Nigeria.
Kernel of the Story
– A courtesy visit of ASHON leadership was led by its Chairman, Sam Onukwue to CIS yesterday.
– The President and Chairman of Council, CIS,
Oluropo Dada, explained that the two bodies should work together in all areas of professionalism ton enhance advocacy and overall market development .
– Dada acknowledged the contributions of ASHON to market development.
– He stated that the two bodies should work together for advocacy and present joint papers on market development.
– Onukwue lauded digital initiatives of the Institute , particularly the e-Examinations that can attract millennials, Gen. Z, Gen.Alpha etc into the market.
– He took a swipe at the way stockbrokers are treated during vending agreement and how some banks have bypassed stockbrokers by creating portals to attract investors directly in the on-going recapitalisation .
– ASHON aligns with collaboration with CIS to develop the market.
What Dada says
Your presence is of particular importance to us because of the long-standing relationship between CIS and ASHON which has fostered naturally over the years. As we all know, CIS is the duly Chartered professional body of all individual securities dealers in Nigeria, and as an Institute, we acknowledge the contribution of ASHON to the development of our market as the umbrella body of all the Securities Dealing Firms in the country. So, in essence, we are both part of one family and should be working together for the same mutual interest
” We strongly believe that CIS and ASHON should work together in every area that will uplift and further develop our market. Specifically, the two bodies should collaborate to ensure a big and strong market, jointly engage in public advocacies, present joint position papers on issues affecting the capital market to government and its agencies, develop position papers on economic and capital market related issues, organise joint workshops on Economic and Capital market issues amongst others.”, Dada said.
Views of Onukwue
Responding, Onukwue lauded CIS on its initiatives on digitalization of its operations, including introduction of e-Examinations across the board. He underscored the
need to intensify efforts to attract millennials , Gen. Z , Gen Alpha and others in the category as they form the core group of future investors. He lamented the rate at which stockbrokers are treated on Vending Agreement during market issues. He also noted that ASHON frowned at the current trend in the recapitalisation of banks whereby some of them have opened portals to attract investors directly by passing stockbrokers, saying these should be looked into by the two bodies.
Onukkwe stated that ASHON aligned with the need to have a joint position with the Institute on critical areas of market development . According to him, the two bodies should present a joint position to the Capital Market Committee of the Securities and Exchange Commission on market developmen. He noted that a joint workshops and seminars by the two bodies was desirable to create awareness on the market and advise the government and market regulators on the way forward.
Attendance
The meeting was attended by the office holders of CIS and ASHON, Past President of the Institute, Mr Olatunde Amolegbe, Past Chairman of ASHON, Chief Onyenwechukwu Ezeagu, some Council Members of ASHON and other top officers of both bodies.
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