Stockbrokers’ Institute unveils Honour Roll, seeks funding Support

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Stockbrokers’ Institute unveils Honour Roll, seeks funding Support
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The Chartered Institute of Stockbrokers (CIS) has unveiled Roll of Honour for 57 companies and 24 individuals that supported its acquisition and renovation of a new corporate headquarters even as it is seeking grants and other forms of financial support from the market regulators.

As part of its strategic positioning for enhanced training and certification of securities professionals in Nigeria, the Institute has acquired and renovated a state-of -the art Office at highbrow Ikoyi axis of Lagos.

Welcoming guests at the unveiling of the Roll of Honour and inauguration of Special Facilities in the new Head Office, the President and Chairman of the Council, Mr Olatunde Amolegbe appreciated all institutions and individuals that contributed towards acquisition and renovation of the new Secretariat and appealed for others’ support.

Amolegbe explained that the Institute needed more funds to enable it  operate optimally, given its strategic roles of capacity building, certification and advocacy.

“ As the training and certification body within the Capital Market, our Institute requires sustainable financing that goes beyond members’ annual subscription. I therefore, request that our regulators take a second look at the funding structure within the capital market with the objective of accommodating the CIS in the structure.

“ By this , an arrangement could be made that provides CIS with annual grants from the various regulatory bodies and platforms within the market. This will no doubt enhance the Institute’s ability to discharge its statutory roles optimally”, said Amolegbe.

In his goodwill message, the Director-General, Securities and Exchange Commission (SEC), Dr Lamido Yuguda explained that the Institute played crucial roles in Nigeria and its influence in the market had continued to grow.

Yuguda who was represented by the Commission’s Director of Monitoring, Mr Isyaku Tilde, noted that the Institute had through its training, produced seasoned professionals who had contributed in many ways to the development of the market.

“ I am confident that with the acquisition of this new secretariat, the Institute will be more efficient and better empowered to effectively and efficiently perform its duties and responsibilities.

“ The CIS plays an important role in the Nigerian Capital market and over the years. Its influence on the market has continued to grow. In particular, the CIS , has through its training programmes produced seasoned professionals who have in several ways contributed to the development of the market and the improvement of standards and practices”, said Yuguda.

The Group Chief Executive Officer, NGX, Mr Oscar Onyema stated that The Nigerian Exchange Limited would continue to support the Institute in various capacities, given the relevance of stockbrokers to the nation’s economic growth and development.

The Special Guest of Honour and Nigerian oldest practisingstockbroker, Otunba Olasubomi Balogun in his remarks said his establishment of the first Nigerian wholly owned stockbroking company, CSL Securities had continued to endear him into the capital market operations and pledged to remain committed to the ideals of the Institute.

Corroborating him, the former Director General of NGX, Professor Ndi Okereke- Onyuike who is also a stockbrokerurged stockbrokers to be proud of the profession saying they are the heart of the market and without stockbrokers, securities exchanges cannot thrive.

Commenting on the Institute’s Honour Roll, Amolegbe said:

“ As most of you are aware, the Chartered institute of Stockbrokers (CIS), for the first 25 years of her life inhabiteddifferent rented apartments all over Lagos; from the sub-urban slum of Mushin to the busy commercial hub in Lagos Island. The last of our rented offices was the Bookshop House on Broad Street, where we were paying a significant percentage of our revenue as rent every month.

“ We received grants,donations and contributions from various corporate bodies and individuals in support of thisnoble project.  Today, history is being made as we  set to  unveil a Roll of Honour on some of these distinguished individuals and corporate entities”,

The event attracted many seasoned Chief Executives Officers in the financial market.


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