By NKIRUKA NNOROM
The Chartered Institute of Stockbrokers and the New York Institute of Finance, NYIF, are on the verge of entering into a strategic partnership to upscale human capital development in the Nigerian capital market.
Memorandum of Understanding will soon be signed to this effect, according to Patrick Fitzgerald, Managing Director/CEO, NYIF.
Speaking while on a courtesy visit to the Nigerian Stock Exchange, NSE, Fitzgerald explained that series of meetings have been held by both institutes to fashion out a working relationship.
“In the 92 years of NYIF, we have built a global learning institute where working professionals come together to study, work and exchange ideas and information regarding financial products and also to discuss legal and regulatory issues affecting the global financial market.
“The Nigerian Stock Exchange has a long history of success and New York Institute of Finance look forward to partner with the institute of chartered stockbrokers,” he stated.
Speaking at the event, Mr. Ariyo M. Olushekun, President, CIS, said that the relationship between CIS and NYIF has been on as far back as 2009 during the re-activation of the bond market in Nigeria, adding that 27 Nigeria stockbrokers were on tour of New York Institute of Finance for fixed income and alternative investment training.
“However, due to the market melt down in 2009/2010, the relationship was suspended, but with the market recovery, the two institutes have reached an understanding that CIS and NYIF will partner whereby the CIS will be the outpost for NYIF, not just in Nigeria but also in Africa,” he stressed.
Alhaji. RasheedYussuff, the doyen of the stockbrokers, whie welcoming the team of NYIF, commended them for being instrumental for training of financial gurus in the New York, saying, “We are aware that if New York sneezes, the whole of America catches cold. It is our expectation that your coming here and working with our institute will result to a similar situation that when Lagos Exchange sneezes, the rest of Africa will catch cold.”
Yussuff said that the collaboration is expected to boost the Nigerian capital market performance.
He drew an analogy with the New York banking sector where the banks have a model that is called correspondent relationship, whereby a big American bank will have a correspondent relationship with a small Nigerian bank and through that, develop a relationship between them which include training, marketing and developing.
He said that NYIF and CIS should fashion such a similar model whereby, a broker here in Nigeria can be linked through NYIF to work together to explore the potentials in the Nigerian capital market.