13 August 2014

Nigeria: CIS Vows to Protect Brokers' Interest in Demutualisation of NSE

The President of Chartered Institute of Stockbrokers (CIS), Mr. Albert Okumagba, has vowed that the institute would protect the interest of stockbrokers in the demutualisation of the Nigerian Stock Exchange (NSE) and recapitalisation of capital market operators.

The Securities and Exchange Commission (SEC) has given new capital base for capital market operators, which is to be complied with by December 31, 2014. Also, the NSE is in the process of demutualisation, with brokers insisting that they must not be shortchanged in the process.

Speaking during his investiture as the President of CIS in Lagos on Monday, Okumagba assured that the institute would continue to play a leading role in advocacy to protect its members and their businesses.

"I would like to assure that the Institute will continue to play a leading role in advocacy to protect our members and their businesses and to ensure that we operate our market with globally acceptable standards. In the front burner at this time is the issue of recapitalisation of operations of operators and demutualisation of the NSE.

"These directly impact on the lives and survival of our members. I can assure you that we are at the forefront of engagement and discussions with the regulators to ensure a decision is reached that will both benefit the market as a whole, and ensure that our members are fairly treated," Okumagba said.

The CIS president said in the next 12 months the new leadership of the institute will put in place plans to completely boost the story of the institute, saying the finances which are currently unsustainable must change from negative to positive.

He added that CIS will use its platform to create and support knowledgeable professionals that will help deepen the financial inclusion plans of regulators.

According to him, the CIS working with market stakeholders, will craft a Nigerian savings strategy using all platforms in the financial system, insurance, pension, mortgage securities, mutual funds, commercial banking, merchant banking microfinance among others.

"The Institute will provide the requisite professionals to trade on the four market platforms, including the NSE, NASD Plc, FMDQ OTC and the Nigerian Commodities Exchange as stipulated in law backing the operations of the CIS," he said.

In his speech, the immediate past President of CIS, Ariyo Olushekun, said during his tenure he made sure that the institute made impact both locally and internationally.

According to him, he put in place a six-year strategic plan, succeeded in getting forbearance for stockbrokers, ensure that the market got a waiver of VAT and stamp duty on stock market transactions among others. He pledged to support Okumagba and his team as they continue with the task of improving the profile of the Institute.


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