CIS may collaborate with NBA, ICAN for professional synergy

There are strong indications that the Chartered Institute of Stockbrokers (CIS) may soon sign a tripartite memorandum of understanding with the Nigerian Bar Association (NBA) and Institute of Chartered Accountant of Nigeria (ICAN) to enhance synergy among the three professional bodies.

The move, which is expected to crystalise any moment from now, is consistent with the ongoing repositioning of the institute to become a major player in the financial market.

Addressing the participants at the institute’s second edition of a new programme called “brunch with the president,” the first vice president of CIS, Oluseyi Abe, said the plan to formalise collaboration among the institute, NBA and ICAN would be concluded very soon.

According to Abe, the CIS would also collaborate with more professional bodies to reinforce professional services in the Nigeria’s financial market. In his goodwill message, the Nigerian Stock Exchange’s president, Aigbojie Aig-Imokhuede congratulated the new administration of the institute for initiating the new programme, to bring about cross fertilisation of ideas among the operators, regulators and other stakeholders in the financial market.

Aig-Imokhuede urged the stockbrokers to be conscious of the enormous responsibilities imposed on them by the nature of the profession, emphasising the need for co-operation between the institute and the exchange for common goal.

The chairman, Board of Fellows of the CIS, Sammy Olagbaju, enjoined all stockbrokers to take the bull by the horns in ensuring that they contribute their quota to the development of the institute as every stockbroker knew the vision and mission of the institute.

The institute’s president, Albert Okumagba, tasked the stockbrokers to ensure maximum participation in the annual national conference for this year, scheduled for October 30 to 31. Speaking on the efforts being made by the new administration of the institute, Okumagba said consultations were going on with the market regulators on the issue of recapitalisation, demutualisation of the Nigerian Stock Exchange, making commodities exchange active and how to attract the companies in the telecoms sector to get their shares listed on the market.

On the need for more active trading on the collective investment scheme, he advised the participants that the CIS would monitor the scheme in order to protect investors who do not have professional advisers.

The chairman, Association of Owners of Stockbroking Firms, Emeka Madubuike, explained that a minimum standard was being worked out for all stockbroking firms to ensure compliance with the best practices. The institute’s registrar/CEO, Adedeji Ajadi, urged the stockbrokers to support the ongoing membership drive, including the need for those who were long overdue to become to regularise their status without further delay.

The institute’s second vice president, Dipo Adekoje, advised the members to encourage their back-up staff to enroll for the Diploma Programme in order to attain the minimum standard expected of such service in the entire financial market. The CEO of NASD, Bola Ajomale, explained that the Over-the Counter (OTC) market had been more active and would continue to support the entire market development. His view was corroborated by his colleage at FMDQ plc, another (OTC) platform. The success story of Transcorp Hilton took a centrestage and the company was commended.