Capital market stakeholders yesterday underscored the important roles of the Chartered Institute of Stockbrokers (CIS) in the development of the Nigerian capital market and the economy as the self regulatory organisation commissioned its new corporate headquarters.
The CIS was established by Act 105 of 1992 as the institute that trains, certifies and regulates professionals in the investment and securities market.
Capital market regulators, operators and other stakeholders yesterday showered encomiums on the institute at the commissioning of its new corporate headquarters in Lagos, pledging supports for the efforts to globalize its operations. The new headquarters, located at 71, Raymond Njoku Street, Ikoyi South West, was unveiled by the oldest surviving stockbroker in Nigeria and founder, First City Monument Group, Otunba Subomi Balogun.
Acting Director General, Securities and Exchange Commission (SEC), Ms Mary Uduk in her address pledged continuous support of the Commission for the Institute. Uduk who was represented by the Director, Lagos office of SEC, Mr Stephen Falomo commended CIS for ensuring that its qualification is widely recognized globally and should not rest on its oars.
“As we share the joy of inaugurating the Institute’s new home and congratulate all those who have collaborated to make this achievement possible, we also embrace its shared vision and commitment to safeguarding the quality assurance of the training of capital market operators. It is gratuitous to note that the institute’s qualification is widely recognized both within and outside Nigeria as a professional business qualification and this is all the more reason why the Institute cannot afford to rest on its oars, as it has to step up its activities. In order to meet up with the challenges of technology and other innovative developments in the financial world today,” Uduk said.
Balogun commended the past presidents of the institute and the present administration for achieving this laudable goal despite the challenging operating environment.
He noted that the capital market is the centre of Nigerian economy, urging both the organized private sector and the government to support its growth and development.
President, Chartered Institute of Stockbrokers (CIS), Mr Oluwaseyi Abe also commended the past leaders of the institute, describing the acquisition of the new office as a milestone after 25 years of existence of the institute.
“The dramatic acquisition highlights the resilience and determination of the institute in the face of the odds. It has not been a bed of roses for the institute in view of the economic headwind and its effect on the capital market, the primary constituency of the institute, but the unity of purpose and unalloyed commitment of its members and continuous deployment of creativity and astute management of funds has helped the institute to keep its head above waters,” Abe said.
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