Ndubuisi Francis in Abuja
The Nigerian Capital Markets Institute (NCMI), the educational and training arm of the Securities and Exchange Commission (SEC), has signed a memorandum of understanding (MoU) with United Kingdom-based Chartered Institute for Securities & Investment (CISI) in a move to stimulate capital market growth.
At the MoU signing ceremony in Lagos Tuesday, the SEC acting Director General, Ms. Mary Uduk said the vision of the SEC management was for the NCMI to become a world-class training institute and the first among its peers, adding that It was in furtherance of this vision that the Commission entered into the partnership with the CISI to ensure professionalism in the market.
“As you all know, the Securities and Exchange Commission (SEC) has a dual mandate to regulate and develop the Nigerian capital market. In furtherance of its developmental mandate, the Nigerian Capital Market Institute (NCMI) was established in 2004 to promote human capacity development and bridge the knowledge gap in the financial services sector with particular reference to the capital markets.
“The Nigerian Capital Market Institute (NCMI) offers a wide range of specialized training designed to equip market practitioners with the skills and technical knowledge needed for the efficient operation of our capital market. The institute also organises regulatory examinations for sponsored individuals of capital market operators to ensure that they possess the requisite skills, knowledge and competence to engage in capital market operations and also to determine their suitability as fit and proper persons,” Uduk stated.
In a statement issued by SEC, she said both institutions shall collaborate to develop and strengthen the regulatory examinations currently being run by the NCMI as well as work closely to develop Nigeria-specific content for CISI’s professional refresher which shall form part of the Continuous Professional Development (CPD) for market operators in Nigeria.
“Finally, the Nigerian Capital Market Institute (NCMI) will undergo the accreditation process and be recognised as an Accredited Training Partner (ATP) of Chartered Institute for Securities and Investments (CISI) which will enable it conduct training sessions for market participants who choose to undertake CISI’s Introduction to Securities and Investments (IISI).
“To ensure the sustainability of the partnership, train-the-trainer sessions will be delivered to the Nigerian Capital Market Institute (NCMI) trainers,” she added.
In his remarks, Chief Executive Officer of CISI, Mr. Simon Culhane expressed delight at the collaboration which he said would benefit investors in the capital market greatly.
Culhane expressed optimism that the signing of the agreement would lead to a relationship that would help improve standards in the Nigerian Capital markets in a bid to make it perform better.
“The CISI is a 45,000 strong, global not-for-profit professional body with members in over 100 countries. It has been working in Africa since 2012 offering exams and membership across the continent, with regulatory approval for its exams in eight countries.
” It opened its first African office in Kenya in June. Over the last 18 months, almost 3,500 CISI exams have been conducted in Africa, making it CISI’s fastest growing market.
“The CISI will develop a Nigerian capital market regulatory examination. In combination with CISI’s International Introduction to Securities & Investment, this will form part of the mandatory training for Potential Capital Market Operators (PCMO) run by NCMI,” he added.
To ensure the sustainability of the partnership, train the trainer sessions will be delivered to NCMI trainers, and the CISI will undertake a process to accredit NCMI as an Accredited Training Partner (ATP) in Nigeria.
“The CISI and NCMI will additionally work together to develop continuing professional development (CPD) content specific to the Nigerian capital market which will be available via CISI’s e-learning platform, Professional Refresher”.