Past presidents of the Chartered Institute of Stockbrokers (CIS) have identified the challenges and the way forward for the institute as it celebrates its 25th anniversary alongside its annual conference for this year.
The presidents, who pointed out challenges facing the institute, including crumbling businesses of its members arising from the global market crash of 2008 and 2009, disunity among members and investor apathy to the market over the years, however, commended it for weathering the storm and forging ahead in all its activities.
By the Act 105 of 1992 that established the institute, it has been in existence for 25 years as an organisation that trains and certifies professionals in the investment and securities market. The Silver Jubilee coincides with the institute’s annual conference with the theme, “Adapting to Dynamic Changes in the Financial Market”.
In his review of the activities of the institute in recent time, the President between 2014 and 2016, Alhaji Ariyo Olushekun, made a poignant summary of the challenges and the way forward, saying, “my tenure coincided with the period of global economic meltdown. The Nigerian stockmarket was badly affected and that came with its attendant financial difficulties. Almost all stakeholders had difficulty in meeting their financial obligations to the institute. The institute therefore had to operate with a lean purse.
“The institute had quite some achievements during my tenure including forbearance of debts owed by stockbroking firms to AMCON, waiver of VAT and Stamp Duty on stock market transactions, six-year strategic plan for CIS and launch of CIS Building Fund, among others.
“Stockbrokers need to be well equipped to continue providing excellent service to the investing public with integrity. Regulators need to continue to support and collaborate with CIS to develop the capital market. Investors should ensure that their investment decisions are based on sound fundamental and technical analysis,” Olushekun said.
Commenting on the Institute’s activities , the President from 2010 to 2012, Mr Mike Itegboje explained that the global market crash of 2008 put many Stockbroking firms into difficult position .
“ The biggest challenge was how to revive the business of our members after the crash of 2008 and 2009. That was why we pleaded for debt forgiveness. It has been a tough journey.
“Now at 25, we can only thank God. The baby has become an adult, having won the battles for survival. My vision is to see that CIS produces and certifies Secutities and Investment dealers, investment analysts and advisers to meet the national need “, said Itegboje.
Corroborating Itegboje, Mr Oladiipo Aina who was the President of the Institute from 2006 to 2008 noted that CIS had gone through series of challenges over the years and the way forward is to raise the bar in all its activities
“We have overcome various challenges over time ,and more will come and we must be prepared.The market is dynamic and we must be prepared intellectually and must be creative in terms of ideas and products.
“This is imperative in view of the imminent demutualisation of the Nigerian Stock Exchange. We are all here for a long haul. We are the three legs of a tripod, the investor, the regulator and the brokers.
“We are stakeholders in the commonwealth called the capital market.We are there for each other. We need each other for a vibrant market that can transform the economy and the well being of the citizens of this republic.”, said Aina
In a similar vein, another past president, Mr Henry Olayemi whose tenure was from 2003 to 2006 re-called how lack of unity among the stockbrokers had affected the Institute in the past. He however confirmed that the situation had been brought under control.
“The Institute has suffered from lack of unity among stockbrokers. But we have built a strong bridge among ourselves that foster cordial relationship with all Stakeholders.
“ We have worked together for the common interest of developing the market without destroying one another. The ethical foundation that our word is our bond has become our guiding principle .
“ The profession may not fetch money immediately but harnesses long-term value, which will find food even at old age. I wish our Institute happy silver jubilee celebration and the Lord will continue to guide us to achieve our noble objectives of preparing and training professionals that will take the profession to higher heights. I wish the President and other Principal Officers a happy silver jubilee celebration”, he stated.
Commenting on the Institute’s activities, the President from 2008 to 2010 Mr Oladipo Williams noted that one of the unique characteristic features of his tenure was the introduction of credit system into the Professional Examination of the CIS and the new system has created value for many students of the Institute.
“ Naturally there were challenges but we were able to overcome such with the help of God Almigthy and the team of intelligent and dedicated colleagues that work for the Institute.
“We thank God for His mercies over the past 25 glorious years and I look forward to an Institute that will be in the forefront of producing men and women ( City gentlemen) who would move our great nation to enviable heights.”, said Williams
Meanwhile, an array of activities have been scheduled for the Institute’s Siver Jubilee and the Conference such as the sounding of the opening gong on The Nigerian Stock Exchange by the current President of the Institute, Mr Oluwaseyi Abe, impact procession by all stockbrokers in their ceremonial uniform from Tinubu Square to CMS, courtesy visit of the Institute’s Fellows to the Lagos State Governor, impact visit to orphanage and friendly football match between old and young stockbrokers, Fellows and Associate members of the CIS among others.
Only recently, the Organising Committee of the Conference held an interactive session with the financial press where Mrs Lilian Olubi addressed the Capital Market Correspondents on the substance and essence’ of this year’s Conference and the high profile Institute’s Silver Jubilee Anniversary celebration