Stockbrokers’ Institute, ASHON Renew Collaboration for Market Development
Kayode Tokede
In a decisive move to upscale technical skills of their members, uphold professional ethics and deepen market development, the leadership Chartered Institute of Stockbrokers (CIS) and that of Association of Securities Dealing Houses of Nigeria (ASHON) have strengthened collaboration.
The CIS comprises individual securities dealers commonly referred to as Stockbrokers while ASHON is the umbrella body for all securities dealing firms in Nigeria.
In his welcome address during the courtesy visit of ASHON leadership, led by its Chairman, Sam Onukwue to CIS, the President and Chairman of Council, CIS,
Oluropo Dada, explained that the two bodies should work together in all areas of professionalism ton enhance advocacy and overall market development.
“Your presence is of particular importance to us because of the long-standing relationship between CIS and ASHON which has fostered naturally over the years. As we all know, CIS is the duly Chartered professional body of all individual securities dealers in Nigeria, and as an Institute, we acknowledge the contribution of ASHON to the development of our market as the umbrella body of all the Securities Dealing Firms in the country. So, in essence, we are both part of one family and should be working together for the same mutual interest
“We strongly believe that CIS and ASHON should work together in every area that will uplift and further develop our market. Specifically, the two bodies should collaborate to ensure a big and strong market, jointly engage in public advocacies, present joint position papers on issues affecting the capital market to government and its agencies, develop position papers on economic and capital market related issues, organise joint workshops on Economic and Capital market issues amongst others,” Dada said.
Responding, Onukwue lauded CIS on its initiatives on digitalization of its operations, including introduction of e-Examinations across the board. He underscored the need to intensify efforts to attract millennials, Gen. Z , Gen Alpha and others in the category as they form the core group of future investors. He lamented the rate at which stockbrokers are treated on Vending Agreement during market issues.
He also noted that ASHON frowned at the current trend in the recapitalisation of banks whereby some of them have opened portals to attract investors directly by passing stockbrokers, saying these should be looked into by the two bodies.
