Adeosun sworn-in as 12th President of Stockbrokers

A multidimensional chartered stockbroker, Mr Oluwole Adeosun was sworn-in as the 12th President of Chartered Institute of Stockbrokers (CIS) at the weekend with pomp and pageantry.

The high profile event also included the send off of the Institute’s immediate past President, Mr Mohammed Amolegbe and swearing-in of the 1st and 2nd Vice President, Mr Oluropo Dada and Mrs Fiona Ahimie.

In his acceptance speech, Adeosun articulated six pillars that will drive his tenure among others. He assured that his administration would build on the solid foundation laid by the founding fathers of the Institute and successive presidents.

Adeosun with over three-decade experience, in the financial market announced six pillars that will drive his tenure as ; aggressive membership drive, strengthening the Institute’s brand positioning, advocacy, review of the enabling Act that establishes the Institute to expand the scope of its functions, collaboration with stakeholders in the capital market ecosystem and members’ development.

“ We shall restore the prime position of Securities and Investment as one of the first options for Nigerian youths, as career of choice and grow the membership base of the institute exponentially, with more concentration on the younger population.

We shall pursue aggressive membership drive through collaboration and partnership with major educational institutions and professional bodies, some of which have already signed MOUs with us and adopted Securities & Investment Studies in their curriculum. We will also aggressively drive our Diploma courses which is an alternative entry route to the profession.

“We shall further strengthen the brand valuation of the institute and our members through improvement in standards of service delivery, examinations content, and use of technology, to be comparable to the best anywhere in the world,” said Adeosun.

The Chairman of the occasion and a renowned industrialist,  Chief Olusegun Osunkeye, lauded the Institute’s Governing Council and Management for ensuring quality training for the members to enhance their service delivery.

Osunkeye advocated listing of Nigerian National Petroleum Corporation (NNPC) which has been converted to private company to enable it operate transparentlyand profitably.

“This year’s Investiture comes at a critical period in the global economy where countries, including advanced economies are under pressure to tackle rising inflation and at the same time maintain price, stability, a double-edged sword. The ultimate challenge is how the government, other capital market regulators and operators can work harmoniously to encourage investors. As a positive fallout of the Petroleum Industry Act (PIA), recently the news broke that the Nigeria National Petroleum Corporation (NNPC), has  been converted to a private company, NNPC  Limited.

The announcement has triggered the ongoing analysis of the company’s financial health, civil service orientation of its staff and other key performance indicators that will enable a discerning investor to purchase its shares. The new company can take advantage of Initial Public Offering (IPO to raise capital to boost its operations and generate tax for the government.

“The Federal Government to take a second look at the introduction of Capital Gain Tax (CGT),which the mode of implementation is not yet clear. The obnoxious tax increases the cost of funds to firms  and also reduces the value of capital appreciation to shareholders.

“The Government  can encourage startups to list on the securities market  by granting tax holidays  of about three years to those companies and  patronizing their products and services,” said Osunkeye.

There were outpouring of goodwill messages from the National Assembly, Lagos State Government, Osun State Government, Securities and Exchange Commission (SEC), NGX, ASHON, Chartered Institute of Bankers (CIBN), former Director General of The Nigerian Stock Exchange, Professor Ndi Okereke-Onyuike and a host of others.

The event was attended by many captains of industry, Adeosun’s aged mother, his wife and monitored online by many Nigerians and members of the international capital market.