The President of the Chartered Institute of Stockbrokers (CIS), Mr Olatunde Amolegbe, at his investiture as the 11th President of the Institute on Tuesday, identified the key areas of focus under his administration.
State Governors and captains of financial institutions have pledged their willingness to collaborate with the Institute whose members are agents of capital formation and mobilisation in order to enhance Nigeria’s economic growth and development.
In his acceptance speech after his swearing-in by the Institute’s Assessor, Disciplinary Tribunal, Justice Adesuyi Olagbegi, and having been decorated with the insignia of office at the of physical and virtual ceremony, Amolegbe assured the financial market community and the government of his administration’s determination to address immediate needs of the Institute while medium and long term strategic focus would be vigorously pursued.
‘I will work in harmony with our distinguished council members to ensure that we take CIS to the next level in all aspects. These include the areas of conducting examinations, policy advocacy, membership relationships, and trainings and professional development. However, I pledge firmly that we will carry all our critical stakeholders along in everything we do.,’ he said.
He reiterated his earlier position that regulators should not increase the minimum capital base of market operators as the current operating environment would not support such a move.
‘We will continue to work in close partnership and cooperation with the Securities and Exchange Commission (SEC), the Association of Securities Dealing Houses of Nigeria (ASHON) and all the registered securities trading platforms in the country; and may I at this juncture make a strong plea that any plans to increase minimum share capital requirement for Capital Market Operators be suspended for now. It will simply not be right in the face of the gargantuan operational and revenue challenges currently facing the industry.
‘The essential need of the Nigerian Capital Market, especially stock trading at this moment, is access to trading liquidity. It was liquidity that enabled our stock market to grow in quantum leaps during the historic bull market run of 2005 – 2007, and that in turn galvanized the primary market where several companies and governments at various levels were able to raise massive capital for expansion and development projects. We will work assiduously to return the market to that level, albeit with a more effective, stronger and coordinated regulatory mechanism.’
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