May 19, 2020

Stockbrokers Institute changes baton as Amolegbe emerges President

Millennials and the future of the Nigerian Stock Exchange

Nigerian Stock Exchange

By Peter Egwuatu

The Chartered Institute of Stockbrokers (CIS)  announced the election of Mr Olatunde Amolegbe as its new President and Chairman of the Governing Council, succeeding the incumbent President, Mr Adedapo Adekoje after the Institute’s maiden virtual Annual General Meeting (AGM).

Amolegbe, an accomplished investment analyst, and a fellow of the Institute was until his election, the First Vice President. Mr Oluwole Adeosun, the Second Vice President, has become the First Vice President while Mr Oluropo Dada, the Chief Executive Officer, Network Capital   won the keenly contested election to emerge the new Second Vice President.

In a statement by the Institute’s Registrar and Chief Executive, Mr Adedeji Ajadi, the following members were re-elected to the Council:  Mr Garba Kurfi, Mr Chiemeka Jude and Mrs Edoka Nkoli while the trio of Mr Babarinde Sunday, Mr Martins Olaolu and Dr Momoh Mohammed were elected.

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By the institute’s convention, Mr Adekoje will formerly hand over to Mr Amolegbe at a later date in a high profile ceremony, called investiture.

In his valedictory speech, Mr Adekoje who assumed office as the President in April 2018 expressed satisfaction that his administration was able to achieve landmark projects despite the inclement operating environment. He attributed this to divine intervention and unflinching support of every member of the Institute. He pledged to continue to support the Institute in whatever capacity and urged members to rally round the in-coming administration for sustainable achievements.

“ The  operating environment was, and still is, very challenging for our members, as a result of which only about 25% of them are able to pay their annual subscriptions to the institute. On top of this, the general macro-economic situation of the country also meant that getting grants from benevolent institutions became very difficult.

“ We tasked ourselves in Council, financially and otherwise; sacrificed a whole lot of our normal privileges, and like true Generals, led the battle from the front. By so doing, we gave inspiration to other members who came out to serve in various committees and other who expressed their support in various other ways.

“ It gives me exceeding fulfilment to note that I am leaving the office of President with a solid foundation laid for the financial recovery of the institute and our renewed march towards the restoration of the Securities and Investment profession as the major driver of the Nigerian economy well on course. I am very happy to announce that, not only have we fully paid for our secretariat building, but a transformational renovation is being carried out to create a truly befitting ambience and world class working environment for the staff.

“ The  Institute , through its very successful Special Membership Window, is beginning to address one of its major weaknesses, as we now have several fully qualified members in diverse sectors of the Nigerian economy, such as the academia, the public sector and the topmost echelon of corporate Nigeria.”