By Peter Egwuatu

THE Chartered Institute of Stockbrokers, CIS has commenced move to engage the National Assembly, NASS, towards passing the proposed Chartered Institute of Securities and Investment (CISI) Bill meant to internationalise the organization and make it competitive.

Speaking to Vanguard, the President of CIS, Mr. Oluwaseyi Abe, said the Council had, in 2016, approved the creation of Stand-Alone Certifications for candidates who wish to specialize and focus on their core career area, in conformity with global best practice, adding that the proposed Bill would facilitate this.

Commenting on the performance of the Institute in the 2016 financial year, Abe lamented that macroeconomic headwind had adversely affected operations of stockbrokers with attendant effects on their ability to pay membership fee and other levies. This, according to him, is impacting negatively on the Institute’s cash flow.

He, however, commended the stockbrokers for their resilience despite the tough operating environment, stressing that the CIS is poised to increase shareholders’ base and restore confidence in the Nigeria’s capital market.

“We are making collaborative efforts with the Securities and Exchange Commission, SEC, and the Nigerian Stock Exchange, NSE, toward making the market attractive, coupled with our continued engagement with the NASS, in order to secure approval of the bill enacted to transform its chartered status for global competitiveness,” he said.

Addressing the stockbrokers during the Institute’s Annual General Meeting (AGM) in Lagos, Abe stated: “The challenge before us is to join hands with other market regulators to restore the market to buoyancy, while continuing to raise the profile of the Institute” he said.