Business

Nigeria’s capital market remains one of the best in the world- CIS chief

President, Chartered Institute of Stockbrokers (CIS), Mr Olatunde Amolegbe has claimed that Nigeria’s capital market remains one of the best and reliable business destinations for investors.

He said that the capital market served as the silver lining for the economy in 2020 at a time when  most economic were in the bad shape.

Acccording to him, Nigerian Stock Exchange’s All Share Index achieved a full-year return of 50.03 per cent appreciation. He added that the feat makes global agencies rate Nigeria’s stock market best performing and investment destination in the world

He said: “To our millions of local investors, I wish to use this opportunity to reassure them that the capital market, both equity and debt platforms, remains one of the best, transparent, and reliable outlets available to them for saving and income earning purposes. They should therefore return to the market with confidence, patronise stockbrokers for investment advice and eschew quacks,” Amolegbe said.

He lauded the strong will and resilience of the stockbroking stakeholders throughout the challenging period

“It is on record that the Nigerian stockbroking community was one of the first to embrace the new order forced on the society by the coronavirus pandemic. The transition to full-blown technology-driven operations was immediate and seamless in the capital market. Dealers were trading remotely on a full time basis, new issues were done, and companies were paying dividends and bonuses to their clients as usual. The Chartered Institute of Stockbrokers (CIS) was a pace setter in the process, as we held our annual conference, presidential investiture and dozens of training programmes virtually and excellently, to the admiration of the rest of the world,” Amolegbe said.

“The implementation of the new syllabus recently approved by council for our examination is expected to commence in 2021, while we hope to berth a new membership rule that will reflect the new market realities of the 21st century before the end of the year. Of course, tenacious efforts will intensify to see to the passage of various amendments to the CIS Act along with our partners. 2021 therefore is shaping up to be an interesting year for your Institute. I therefore call on you all to continue in the spirit of cooperation, creativity and support that you displayed in 2020,” Amolegbe said

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