Stockbrokers have been urged to prepare intellectually, be creative in terms of ideas and products so as to continue to survive the challenges in the nationâ€™s capital market in particular and the economy in general.
A former President of Chartered Institute of Stockbrokers (CIS), Mr. Oladipo Aina, made the call while reviewing the activities of the institute in that past 25 years. Aina, who served from 2006 to 2008, spoke along with other past presidents of CIS.
He said: “We have overcome various challenges over time and more will come and we must be prepared. The market is dynamic and we must be prepared intellectually and must be creative in terms of ideas and products. This is imperative in view of the imminent demutualisation of the Nigerian Stock Exchange (NSE). We are all here for a long haul. We are the three legs of a tripod, the investor, the regulator and the brokers. We are stakeholders in the commonwealth called the capital market. We are there for each other. We need each other for a vibrant market that can transform the economy and the well being of the citizens of this republic.”
On his part, Mr. Mike Itegboje, who served from 2010 to 2012, explained that the global market crash of 2008 put many Stockbroking firms into difficult position.
“â€‹The biggest challenge was how to revive the business of our members after the crash of 2008 and 2009. That was why we pleaded for debt forgiveness. It â€‹has been a tough journey. Now at 25, we can only thank God. The baby has become an adult, having won the battles for survival. My vision is to see that CIS produces and certifies Secutities and Investment dealers, investment analysts and advisers to meet the national need “, said Itegboje.
In a similar vein, another past president, Mr. Henry Olayemi, whose tenure was from 2003 to 2006 re-called how lack of unity among the stockbrokers had affected the Institute in the past.
“The institute has suffered from lack of unity among stockbrokers. But we have built a strong bridge among ourselves that foster cordial relationship with all Stakeholders. We have worked together for the common interest of developing the market without destroying one another,â€ he said.
The president from 2008 to 2010, Mr. Oladipo Williams noted that one of the unique characteristic features of his tenure was the introduction of credit system into the Professional Examination of the CIS and the new system has created value for many students of the Institute.