BY PETER EGWUATU

The newly elected president and chairman of council of Institute of Capital Market Registrars (ICMR), Mr. Bayo Olugbemi has lamented that the Central Bank of Nigeria (CBN)’s ongoing reforms in the banking sector has affected the operations of registrars in the country negatively.

According to him, “The financial system is experiencing some turbulence and the Central Bank of Nigeria has embarked on a series of activities aimed at resuscitating the ailing system. The impact of the banking systems reform is affecting the registrars because we are part of the nation’s capital market which is yet to recover from the downturn the market experience in 2008. We will liaise with our regulators to ensure that members of ICMR are not short changed in the aftermath of the deluge of policies.”

Olugbemi who was elected president at the annual conference of the institute in Lagos unfolded a new agenda for the institute, saying, “The new council will not rest until the bill for an Act of Parliament to establish the Chartered Institute of Capital Market Registrars is signed into law by the President/Commander in Chief of the Armed Forces of the Federal Republic of Nigeria.”

He said efforts in the past to reposition their members for professionalism had been thwarted by the non chartered status of the institute, remarking that. as registrars, the ICMR is the platform that must be nurtured and encouraged to continue the struggle to getting their deserved recognition.

The new president said negative comments about share registration practitioners would be turned around with new ways of doing our business going forward, adding that they will organized series of brainstorming sessions and retreats to strategise on the way forward.

He said training and retraining of members of the institute would be given new fillip, adding that the institute will collaborate with other stakeholders in the Capital Market to improve its training activities.

He also said for members of the institute to be respected as professional in the capital market, efforts would be geared towards effective collaboration and cooperation with other professional in the market.

Olugbemi who also doubles as the managing director of First Bank Registrars noted that efforts were made before the capital market meltdown for the institute to have its own property, adding that the new council will strive to actualize it before the end of its tenure.

He said though their relationship with the regulator of the market has improved over the years, they will however; give it more bite to ensure that all pending issues including getting paid for secondary market transactions were resolved in their favour.

The new president observed that ICMR cannot succeed alone in this struggle without the support of its members. He therefore urged them to pay their annual subscriptions and other dues, attend all their mandatory trainings and other conferences, dinners and annual general meetings (AGMs.)

Others include the need to work very hard to promote the interest of the institute, conducting themselves positively in the market place, need to improve their image before the investing public and other operators and regulators as well as integrity, good conduct and honesty in the discharge of their duties as registrars in the market.