By Peter Egwuatu
The outgoing President and Chairman of Council of the Chartered Institute of Stockbrokers (CIS), Oluropo Samuel Dada, has expressed cautious optimism about Nigeria’s capital market outlook for the second quarter of 2026, Q2’26, citing improving investor confidence, regulatory reforms, and stronger corporate performance as key drivers.

Speaking in an interview to mark the end of his tenure, Dada said the market is poised for sustained growth despite lingering macroeconomic risks, including inflation and exchange rate volatility.

“The outlook for Q2’26 is cautiously optimistic,” he said. “We expect gradual improvement in market activity driven by macroeconomic stabilisation, policy reforms, and renewed investor interest.”
The market has already shown strong momentum, recording a 51 per cent gain in 2025 and approximately 40 per cent growth as of April 21, 2026. According to Dada, this performance reflects renewed investor confidence, largely attributed to stricter ethical governance and regulatory oversight by the Securities and Exchange Commission Nigeria (SEC) and the Nigerian Exchange Group (NGX).
He added that improved financial results from listed companies are expected to further support market expansion, though short-term fluctuations driven by profit-taking may persist.
Institutional reforms and market trust
Dada emphasised that strengthening ethical standards and professional conduct within the stockbroking community was central to his administration’s agenda. He noted that CIS played a key role in restoring market trust through advocacy, enforcement of ethical practices, and collaboration with regulators.
“By promoting professionalism and improving investor education, we have helped reduce information asymmetry and enhance market confidence,” he said.
Under his leadership, the Institute implemented governance reforms, expanded digital learning platforms, and enhanced internal processes to align with global best practices. The Institute also prioritised human capital development through training programmes, examination reforms, and continuous professional education.
Strategic initiatives and institutional expansion
Beyond regulatory and ethical reforms, Dada highlighted a series of strategic initiatives that strengthened the Institute’s institutional capacity and influence across the financial ecosystem.
He said his administration fostered collaboration within CIS while deepening partnerships with trade groups and professional associations in the capital market. The Institute also led high-level engagements with federal and state governments, as well as the Nigeria Revenue Service (NRS), to advance policy alignment and sector growth.
According to him, prudent resource management and structured policy implementation helped CIS maintain a strong balance sheet throughout his tenure.
In recognition of its growing influence, the Federal Government identified CIS as a key contributor to Nigeria’s ambition of building a $1 trillion economy.
Dada further disclosed that the Institute recorded a sharp increase in student enrolment for its professional examinations, with a notable rise in participation from non-finance professionals seeking to regularise their membership. This, he said, reflects expanding interest in the securities profession.
He added that internal restructuring efforts ensured the retention of a highly skilled workforce, positioning the Institute for sustained growth and operational efficiency.
Tackling fraud and boosting investor participation
Dada highlighted ongoing efforts to curb fraudulent investment schemes, following regulatory actions that led to the shutdown of over 400 Ponzi operations. He said CIS has worked closely with regulators to strengthen certification standards, promote financial literacy, and improve public awareness.
“We are focused on helping investors identify and avoid fraudulent schemes through education and ethical enforcement,” he said.
Despite improvements, retail investor participation remains relatively low. Dada noted that CIS is working with asset managers and regulators to promote retail-friendly products, including mutual funds, while simplifying access to investment platforms.
Challenges persist
The CIS president identified several structural challenges facing Nigeria’s capital market and stockbroking firms, including macroeconomic instability, low liquidity, high operating costs, and regulatory compliance burdens. Limited adoption of technology and capital constraints also continue to affect competitiveness.
He also pointed to broader global risks, including geopolitical tensions such as the US-Israel-Iran conflict, which he said could indirectly impact Nigeria through oil price volatility, foreign exchange pressures, and shifting investor sentiment.
Policy impact and long-term outlook
Dada welcomed the passage of the Securities and Investment Bill Nigeria, describing it as a major milestone that has strengthened regulatory clarity, enhanced investor protection, and modernised the legal framework of the capital market.
Looking ahead, he expressed confidence in Nigeria’s long-term prospects, citing its large population, youthful demographics, and expanding digital economy as key advantages.
“If structural reforms are sustained, the capital market will become an even more important driver of wealth creation and infrastructure financing,” he said.
Leadership legacy and advice
Reflecting on his tenure, Dada said he hopes to be remembered for strengthening professionalism, enhancing institutional credibility, and positioning CIS for future growth.
He urged his successor to deepen reforms, embrace innovation, and strengthen collaboration with stakeholders, while maintaining high ethical standards and expanding retail investor participation.
“For Chief Executive Officers, the lesson is clear,” he added. “They must build resilient and adaptable strategies, strengthen risk management, and remain proactive in responding to global uncertainties.”
Dada, who assumed office in July 2024, concluded that maintaining ethical governance and market integrity will remain critical to sustaining investor confidence and long-term growth in Nigeria’s capital market.