CIS president urges partnership between investors, stockbrokers

Iheanyi Nwachukwu Jan 5, 2021

The President, Chartered Institute of Stockbrokers (CIS), Olatunde Amolegbe has urged investors to partner with stockbrokers to minimize risk and maximize returns.

Amolegbe, who eulogized the performance of the Nigerian Stock Exchange (NSE) advised local investors to take advantage of superior return on investment (ROI) by increasing their investment in the capital market.

In his 2021 goodwill message to stockbrokers and investors, Amolegbe stated that the CIS would soon review its Membership Rules and Regulations to reflect the current market realities and emerging new roles of stockbrokers.

He expressed condolences on the passing away of one of the Institute’s Past Presidents, Albert Okumagba and some stockbrokers in 2020.

“May I welcome you all to this new year, 2021, with thanksgiving to God for his immense mercies, seeing us through the outgoing year 2020 which to many, was one of the most difficult and disturbing years in recent memories.

“Going further, and on behalf of the Governing Council, Management and staff of our beloved institute, the Chartered Institute of Stockbrokers (CIS), I wish to thank in a very special way, all of you, members and colleagues, for your steadfastness, support and endurance all through the outgoing year; your collective efforts has clearly stood our profession and institute out as one of the few shining lights in the Nigerian socio-economic system.

“In a year that most economic indicators turned red for Nigeria, aptly summarized by the country’s slump into another round of economic recession in just 5 years, the Nigerian stock market brought great joy, wealth and fulfillment to millions of investors; local and international. By close of trading on December 31, 2020, The Nigerian Stock Exchange’s All Share Index had achieved a Year-to-Date appreciation of 50.03percent, making Nigeria the best performing stock markets / investment destinations in the world (a fact duly acknowledged by internationally respected news agencies like Bloomberg and others). This is clearly the result of the massive work done by you, Chartered Stockbrokers, in partnership with our regulators and various trading platforms in the country. We have every reason to be proud and thankful.

“To our millions of local investors, I wish to use this opportunity to reassure them that the Nigerian Capital Market, both equity and debt platforms, remain one of the best, transparent, and reliable outlets available to them for saving and income earning purposes. They should therefore return to the market with confidence, patronize stockbrokers for investment advice and eschew quacks.

“However, the index performance alone does not tell the full story of 2020. The corona virus pandemic, which lasted throughout the year, and the more recent social upheavals that trailed the otherwise peaceful #EndSARs protests, combined to set the Nigerian economy back by several trillions of Naira, worsening the already fragile and precarious states of unemployment, foreign exchange rate and inflation in the country. None of these prevented us, Stockbrokers, from meeting the expectations of our numerous clients, domiciled in Nigeria, Europe, America, and other parts of the world.

“It is on record that the Nigerian stockbroking community was one of the first to embrace the new order forced on the society by the corona virus pandemic. The transition to full-blown technology-driven operations was immediate and seamless in the Nigerian Capital Market. Dealers were trading remotely on a full time basis, new issues were done, and companies were paying dividends and bonuses to their clients as usual. The Chartered Institute of Stockbrokers (CIS) was a pace setter in the process, as we held our Annual Conference, Presidential Investiture and dozens of training programs virtually and excellently, to the admiration of the rest of the world.

“May I use this opportunity to assure you, my dear colleagues, that the New Year, 2021 will be even more remarkable and productive than the outgoing. The magnificent facelift given to our secretariat building in Ikoyi is only a symbol of the great things that we plan to achieve in 2021.The implementation of the new syllabus recently approved by Council for our examination is expected to commence in 2021, while we hope to berth a new membership rule that will reflect the new market realities of the twenty first century before the end of the year. Of course, tenacious efforts will intensify to see to the passage of various amendments to the CIS Act along with our partners.

“2021 therefore is shaping up to be an interesting year for your Institute. I therefore call on you all to continue in the spirit of cooperation, creativity and support that you displayed in 2020. Please rest assured that the Principal Officers and Council have your interests above all else. I am sure that, with you by our side, the long journey of restoring the Nigerian Capital Market and Our Institute to the path glory will reach its ultimate destination. I must acknowledge and pay homage to the colleagues we lost in the outgoing year including one of our Past Presidents, Albert Okumagba. We pray Almighty God to grant their souls eternal rest”, says Amolegbe.