Capital market should finance infrastructural deficit – CIS

The Chartered Institute of Stockbrokers of Nigeria has joined other capital market stakeholders in calling on the government to turn to the market in its bid to fund infrastructure projects.

The Acting President and Chairman of Council, CIS, Mr. Oluwaseyi Abe, said this while speaking on the recent activities of the institute.

He explained that the CIS had in recent times signed Memoranda of Understandings with many organisations as a way of attracting youths to the institute’s diploma in securities and investments to help tackle the unemployment problems in the country and aid the development of the capital market.

He added, “We are also in the forefront of advising governments at all levels on the benefits of utilising the capital market to finance infrastructural deficit.

We are also expanding the frontiers of our investor education because millions of Nigerians are yearning for education on the investment opportunities in the capital market.”

Abe had become acting CIS president and presided over the institute’s Annual General Meeting on April 30 after the President and Chairman of Council, Mr. Albert Okumagba, stepped aside due to an investigation by the Securities and Exchange Commission into the activities of BGL Group Plc where Okumagba was managing director.

Abe, who stressed that the CIS is operated professionally and based on due process, explained that following Okumagba’s decision to step aside pending the conclusion of the SEC’s investigation, the council met and unanimously agreed that he should become acting president to prevent a vaccum.

“Recall that this was announced at the said AGM and in line with our openness, effective and professional communication procedure,” he said.