SEC tasks CIS on innovations, competitiveness

Mary Uduk

 By Helen Oji

The Securities and Exchange Commission (SEC) has urged the Chartered Institute of Stockbrokers (CIS), to step up its game in order to meet the challenges of technology and other innovations in the world financial system.

The Acting Director General, SEC, Ms Mary Uduk, while speaking at the commissioning of the CIS new corporate headquarters in Lagos, commended the institute for ensuring that its qualification is widely recognised.
According to her, because its qualification is recognised both within and outside Nigeria as a professional business qualification, there is the need for the institute to stay ahead of trends and remain competitive in the global arena.
Uduk, who was represented by the Director, SEC Lagos office, Stephen Falomo, said: “As we share the joy of inaugurating the Institute’s new home, I congratulate all those who have collaborated to make this achievement possible. We also embrace its shared vision and commitment to safeguarding the quality assurance of the training of capital market operators.”
She noted that the acquisition and relocation to the new office complex would aid the Institute in saving costs and strengthening its underpinning role for the development of the capital market.
Also speaking, the founder, First City Monument Group, Otunba Subomi Balogun, while unveiling the new office, pledged the bank’s continuous support towards moving the institute to the next level.
He described the Nigerian Stock Exchange as the centre of the economy, and urged both the organised private sector and the government to support its growth and development.
He commended the past presidents of the Institute and the present administration for achieving this feat despite the challenging operating environment.
The immediate past president of the Exchange, Aigboje Aig-Imokhuede, outlined the nexus between the capital market and the nation’s economy growth, adding that stockbrokers play integral role in the process of capital formation of any given economy.
He assured the CIS of his strong support for continuous development in order to attain full-fledged global status.
The CIS President, Oluwaseyi Abe, commended both the past and present management of the Institute for their supportive role towards its progress, and described the acquisition of the new office as a milestone after 25 years of existence, saying that it signalled growth potential despite the inclement operating environment.
According to him, the significance of the new corporate office is better appreciated in view of the prevailing economic climate, which tended to constrain the operations of many corporate bodies.
“The dramatic acquisition highlights the resilience and determination of the Institute in the face of the odds. It has not been a bed of roses for the Institute in view of the economic headwind and its domino effect on the capital market (the primary constituency of the Institute).
“But the unity of purpose and unalloyed commitment of its members, and the continuous deployment of creativity and astute management of funds has helped the Institute to keep its head above waters.
“The Institute places a high premium on effective cost reduction and control measures and has distinguished it as an Institute of integrity in professional certification of stockbrokers and other investment professional, and with wide acceptance across the financial service industry,” he said.