By PETER EGWUATU

The members of the Chartered Institute of Stockbrokers, CIS have been advised to explore opportunities in the entertainment industry in order to boost Nigerian economy. The Chief Executive Officer, ?Kalafrika Limited, Mr.Dede Mabiaku, gave the advice at the CIS Brunch with the President, Albert Okumagba, held over the weekend in Lagos.

According to him “There are so much money in the entertainment industry yet untapped and the capital market operators are required to create instruments that will create wealth.

If the entertainment industry is well organised it will create employment opportunities for the teeming unemployed youths in the country. The industry gives us life and will bring more life to the financial sector. It is the unit that is going to be the highest spinning money in the next five years if well tapped.”

Consequently, he called on operators not to neglect the industry but to tap on it and get the best, so that the industry would help to generate foreign exchange and boost the Gross Domestic Product, GDP of the country.

Speaking at the CIS Brunch event, Mr. Okumagba charged members of the institute to wake up and take their positions in developing the economy.

According to him, “As part of our repositioning programme, the institute will visit the Ministry of Agriculture to discuss about the Nigeria Commodity Exchange as nothing stops one of the stockbrokers to run that platform.” Continuing, he said “We are going to position some of our members to be considered in some of the key government position to reflect our importance in the society.”

In his goodwill message, Mr. Dipo Williams, who represented the Chairman, Board of Fellows of CIS charged Associate members who are due to become fellows to come on board and get recognized.

According to him “These members must not shy away from becoming fellows. We need them so that we can jointly build the institute. We assured the present executive officers of our support and counseling to build the institute.”

Mr. Abubakar Lawal, the Chief Executive of GTI , in his good will message said “It is worrisome for the institute to have a negative assets of N109 million. We need to reposition the institute as quickly as possible. We are so fortunate as an institute because there is no other professional associations that meet on daily basis to discuss business.

We are supposed to be on top of our profession and we are not yet there, so that is why we need to re-brand. It is necessary we look at the position of our finance and be able to take it to higher level.

Also, is the issue of our secretariat. We need to have our own building. We have a target of N5 billion mark and we have identified the banks, quoted entities, governments, etc to fraternize with to help us achieve this.”

Speaking as well, the Deputy Chairman, House Committee on Capital Market, Mr. Chris Azubogu, stated that the capital market is grossly underdeveloped and that is why the House of Representative is sponsoring a bill on private companies conversion and listing bill.