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CIS President urges SEC to jettison move to increase capital base

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By Peter Egwuatu

The new president of the Chartered Institute of Stockbrokers, CIS, Mr    Olatunde Amolegbe, has called on the Securities and Exchange Commission, SEC, to jettison the move to increase minimum capital base for capital market operators, stressing that  the current operating environment would not support such a move.

Meanwhile, 11th  President, Amolegbe was  yesterday    sworn-in, by a renowned jurist, Justice Adesuyi Olateru-Olagbegi, the Assessor of the Institute’s Disciplinary Tribunal.

The historic investiture, which marked Amolegbe’s assumption office with presidential insignia, and send-off for the immediate past president, Mr Adedapo Adekoje, was immediately applauded by the Governors of Kwara State, AbdulRaham AbdulRazak and his Kaduna State counterpart, Mallam Nasir El-Rufai, both pledged support for stockbrokers institute.

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Amolegbe, an economist and investment analyst, assured the financial market community and the government of his administration’s determination to address immediate needs of the Institute while medium and long term strategic focus would be vigorously pursued.

He stated: “The regulators should not increase the minimum capital base of market operators as the current operating environment would not support such a move.

“I will work in harmony with our distinguished Council Members to ensure that we take CIS to the next level in all aspects. These include the areas of conducting examinations, policy advocacy, membership relationships, and, trainings and professional development. However, I pledge firmly that we will carry all our critical stakeholders along in everything we do,” Amolegbe said.

Vanguard

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