To create a top-notch securities market in Nigeria, the Chartered Institute of Stockbrokers has stated that it will continue to collaborate with the board and management of the Nigerian Exchange Limited.
Oluwole Adeosun, president of the CIS, made this statement at the closing-gong ceremony honoring the CIS and marking the anniversary of the exchange in Lagos’ return to full physical trading.
“I am happy to say that the working connection between CIS and NGX has grown stronger over the years and will continue to do so because we will assist the exchange with the help of the members on the trading floor of NGX”, He said.
“We will continue to collaborate with the exchange as partners and provide assistance for its efforts to establish a top-tier securities market in Nigeria, we reiterate,” Oluwole added.
Oluwole praised the NGX for its tenacity and inventiveness in ensuring that the market continued to function throughout the COVID-19 epidemic in 2020, noting that the exchange did not let the pandemic dominate trading as investors saw gains during the time.
The CIS President then promised to work closely with NGX to restore the status of fixed-income trading platforms and asked the board of NGX to uphold its zero-tolerance stance on market manipulation.
Abubakar Mahmoud, the chairman of the NGX board of directors, said in his opening remarks that the capital market has been deepened and repositioned for effective service delivery to the general public and its valued stakeholders over the course of 30 years thanks to strategic partnerships and ground-breaking initiatives.
Yomi Adeyemi, a non-executive director on the board of the NGX, served as Mahmoud’s representative. Mahmoud stated, “The capital market, notably the NGX, has no doubt enormously benefited from the calibre of professionals that have gone through the ranks of the institute”.
“We fervently hope that we may continue to rely on the institute to uphold this unblemished record of turning out outstanding individuals who have the highest sense of duty and devotion to the growth of the capital market ecosystem”. He said
“There is no question that to properly address the change and uncertainty at the outset of COVID-19, NGX had to rely on the collaboration of important parties, including CIS”.
He further said, “We are very happy to report that NGX transitioned to remote trading effectively, with zero downtime seen during the entire period. This is a significant accomplishment that would not have been achievable without the institute’s collaboration and the steadfast support of its members”.
We are certain that the capital market will benefit from the return to fully physical trading and achieve better results, which will restore investor confidence and stimulate the market to contribute more to the economy.
Alhaji Umar Kwairanga, chairman of the NGX Group, commended the institute for working to improve confidence in the financial services industry over the past 30 years by boosting standards for education and training.
Temi Popoola, the CEO of NGX, said in his remarks that the CIS are the market’s gatekeepers and added, “We truly do hope that the stockbrokers come back on the floor.
“Although we are aware that most people are accustomed to trading remotely, we would like for the trading floor to once again have that atmosphere”.
