Ibru, Mohammed, 50 Stockbrokers bag CIS’ fellowship
Two past Presidents of The Nigerian Stock Exchange (now NGX), Alhaji Aliko Mohammed and Dr Goodie Ibru, were yesterday awarded honorary Fellowship of Chartered Institute of Stockbrokers (CIS) in recognition of their contributions to the growth of Nigerian economy.
At the event, marking the 30th Anniversary Ceremony of the Institute, 50 Associate Members also joined the prestigious group of Fellows.
In his acceptance speech, Ibru advocated the need for investment in the equity market, saying the average return in Nigeria and Africa is 30 per cent and 35 per cent respectively per annum.
But Ibru, urged the Institute to be in the vanguard of getting the government to review the land tenure laws in Nigeria to encourage investment in real estate.
“In today’s realities, the best investment is in equity. The average return in Nigeria and Africa is 30 per cent and 35 per cent per annum which is very attractive. A good equity market will encourage government to partner with the Private Sector to undertake infrastructure projects under a Public Private Policy Programme. Apart from the equity market, I had in another forum challenged the Institute to take a look at hospitality and real estate sectors. There is a deficit of about 20 million housing units. The Institute can creatively introduce new products which can be used to fund housing. The Institute should be in the Vanguard of in getting the government to review the land tenure laws to encourage investment in real estate,” Ibru said.
Speaking at the event, the Institute’s President, Mr Oluwole Adeosun, explained that the CIS had played pivotal role in the growth and development of the Nigerian capital market in the last 30 years including manpower training and certification in line with the global best practices.
“A few years ago, CIS introduced both the Diploma in Securities and Investment (DSI) scheme and the Stand-Alone Certification scheme which now enables our students to specialize in any capital market field of their choice, if they do not wish to go through the entire Professional Examination syllabus. These steps were steppingstones for upgrading the profile of the Institute to bring it at par with the best in the world. In the next few years, a lot of ground-breaking initiatives of the Institute will unfold, to push the Institute further up as the professional body of choice for Nigerian youths,” Adeosun said.
Alhaji Aliko Mohammed was represented by her daughter Maryam Aliko Mohammed at the colourful ceremony. Many stockbrokers were presented awards for exemplary service to the Institute.
The President, Association of Investment Advisers and Portfolio Managers (IAPM), Prince Oladele Olashore, who was the Guest Speaker explored the contributions of Stockbrokers to the Nigerian Financial Market over the years in his paper titled: “The Nigerian Capital Market: Past, Present and Future.”
The 30th Anniversary started with Thanksgiving service at Syrian Mosque, Ikoyi and RCCG Christ Church in Gbagada.
Adeosun, led his Principal Officers, 1st Mr Oluropo Dada, 2nd Vice President , Mrs Fiona Ahimie, Registrar and Chief Executive , Mr Josiah Akerewusi and Management Staff of the Institute to close trading on NGX PLC, AFEX Commodities Exchange, NASD OTC Securities Exchange and Lagos Commodities and Futures Exchange (LCFE).
