The Chartered Institute of Stockbrokers (CIS) has gone into partnership with five frontline professional bodies to float an umbrella body known as the Chartered Institute of Securities and Investment of Nigeria (CISI) for capital market growth.
Mr. Olatunde Amolegbe, President, CIS, said this in a statement made available to the Newsmen on Friday in Lagos.
According to the statement, the G-6 coalition, whose other members are the Institute of Capital Market Registrars (ICMR), the Financial Market Dealers Association of Nigeria (FMDA), the Fund Managers Association of Nigeria (FMAN), the Association of Issuing Houses of Nigeria (ASHON) and Association of Investment Advisers and Portfolio Managers (AIPM) have signed a Memorandum of Understanding (MoU).
Amolegbe said that the launch of the CISI had become imperative to bring capital market professionals under a platform with common objectives.
He said that a CISI Bill being sponsored by the Chairman, House Committee on Capital Market, Mr. Babangida Ibrahim, sought to replace the CIS Act 105 of 1992 that set up the Chartered Institute of Stockbrokers.
“As a demonstration of the unity of purpose, the G-6 coalition are awaiting the passage into law soon.
“By the MOU, the collaboration is not intended to impose legally enforceable obligations against the individual members and does not include financial or other commitment.
“However, Parties shall be committed to using their best efforts to achieve collective goals.
“The MOU also provides for the establishment of a Governing Council of between 25 and 30 members, a stakeholders’ committee, technical committee, governance committee and transition arrangement for harmonization of all members’ certifications.
“The Chief Executive Officer of the CISI does not have to be a member of the CISI, but membership of CISI may be an added advantage,” he said.
Amolegbe commended the members for the foresight which would further globalize their professionalism, as the Bill had the historical process and the MoU had strengthened the commitment of the members towards the same ideals.
Mrs. Tope Omojokun, the President, Fund Managers Association of Nigeria (FMAN), called on the National Assembly to expedite action on the passage of the Bill.
Omojokun said: “We at FMAN identify with CISI Bill. All professionals operate with licenses and coming together shall promote standardization.
“We also urge the National Assembly to expedite action on the passage of the Bill to enable the collaboration to become effective.
Chief Onyenwechukwu Ezeagu, ASHON’s Chairman, according to the statement, was an observer at the MoU signing.
Prince Abimbola Olashore, President, Association of Investment Advisers, and Portfolio Managers (AIPM) said that there was a need for standardization in the sector.
Olashore said: “We share common goals and there is a need for standardization to enhance our advocacy. The AIPM subscribes to the ideals of the proposed Chartered Institute of Securities and Investment (CISI) in Nigeria.
“Our collaboration will bring about the rapid development of the entire financial system. Nigeria is in dire need of funds for infrastructure development.
“Substantial part of the fund can be mobilized from the capital market. We implore the National Assembly to hasten the passage of the Bill in the overall interest of the economy,” he said.