By Itohan Abara-Laserian
Lagos, Jan. 5, 2020 Mr Olatunde Amolegbe, the President, Chartered Institute of Stockbrokers (CIS), has called for a stronger partnership between investors and stockbrokers to minimise risks and maximise returns.
Amolegbe made the remark in a 2021 goodwill message to stockbrokers and investors on Tuesday in Lagos.
He made the remark against the backdrop of the impressive performance of the Nigerian Stock Exchange (NSE) by Bloomberg.
He advised local investors to take advantage of the superior return on investment (ROI) by increasing their investments in the capital market.
He said the CIS would review its Membership Rules and Regulations to reflect the current market realities and emerging new roles of stockbrokers.
“May I welcome you all to this new year, 2021, with thanksgiving to God for seeing us through 2020 which to many, was one of the most difficult and disturbing years in recent memories.
“In a year that most economic indicators turned red for Nigeria, the Nigerian stock market brought great joy, wealth and fulfillment to millions of investors; local and international.
“By close of trading on Dec. 31, 2020, the NSE All Share Index had achieved a Year-To-Date appreciation of 50.03 we cent, making Nigeria the best performing stock markets/investment destinations in the world.
“This is clearly the result of the massive work done by you, Chartered Stockbrokers, in partnership with our regulators and various trading platforms in the country,” he said.
Amolegbe reassured local investors that the Nigerian Capital Market, both equity and debt platforms, remained one of the best, transparent, and reliable outlets available to them for saving and income earning purposes.
He urged local investors to return to the market with confidence and patronise stockbrokers for investment advice.
Amolegbe, however, said the index performance alone did not tell the full story of 2020.
According to him, the corona virus pandemic, which lasted throughout the year, and the more recent social upheavals that trailed the otherwise peaceful #EndSARs protests also defined 2020.
“These combined to set the Nigerian economy back by several trillions of Naira, worsening the already fragile and precarious states of unemployment, foreign exchange rate and inflation in the country.
“None of these prevented us, Stockbrokers, from meeting the expectations of our numerous clients, domiciled in Nigeria, Europe, America, and other parts of the world,” said Amolegbe.
He added that the institute was one of the first to embrace technology at the on-set of the COVID-19 pandemic.
“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.
“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.
Setting the expectations for 2021, Amolegbe said the new syllabus recently approved by the Council for examination would commence in 2021.
He added that the institute would introduce new membership rules that would 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 the Institute. I, therefore, call on you all to continue in the spirit of cooperation, creativity and support that you displayed in 2020.
“I am sure that, with you by our side, the long journey of restoring the Nigerian Capital Market and our Institute to the path of glory will reach its ultimate destination,” Amolegbe added.