CIS Posts N64m Surplus after Six Years of Losses

As against series of losses for six consecutive years, the Chartered Institute of Stockbrokers (CIS) yesterday announced a N64,000,000 surplus.

This is as the council of CIS approved the request of the President and Chairman of the Council, Mr. Albert Okumagba, FCS, to step aside, pending the on-going oversight activities of the Securities and Exchange Commission (SEC) at BGL Group, where he is also Group Managing Director/ Chief Executive Officer.

In approving the request, the Council has authorised the First Vice President, Mr. Oluwaseyi Abe, FCS, to act in the capacity of President and Chairman of Council of the Institute.

Besides, the institute which held a successful 20th annual General Meeting (AGM) recently has embarked on many initiatives to re-brand, grow membership, benchmark its operations with the global standard and play pivotal roles in the growth and development of the Nigerian Capital Market.

Generally, Stockbrokers commended the new administration for its outstanding performance within one year and the aggressive approach which has put the Institute on the National consciousness.

In his remarks, the Acting President and Chairman of Council, Mr. Oluwaseyi Abe urged the Stockbrokers to support the on-going transformation by paying their membership and practising fees promptly. Abe implored them to show more interest in the Institute’s activities.

By the institute’s current Annual Report and Financial Statements, “From a financial perspective, the institute recorded a surplus of N64 million, a significant landmark as it represents reversal of the series of losses recorded in the last six years. This is accounted for by four main factors- a massive debt recovery drive which achieved modest results, higher income from self-financing activities, efficient cost management and control, and receipt of grant from the Nigerian Stock Exchange”

The Financial Statement also indicates that the institute shall undertake a comprehensive rebranding to take its rightful place in the financial market, ensure revamping of its finances, and initiate a process through which it will be used as a platform to support knowledgeable professionals that would help deepen the financial inclusion in Nigeria.

On membership drive, the institute has strengthened its Professional Diploma in Securities and Investment to create opportunities for the youths that are interested in pursuing a career in the financial market. By this role, the institute would supply the manpower requirement of the nation towards achieving the national saving strategy and financial inclusion plan.

“To this end the CIS professional Diploma Examination has been re-designed as fully computer-based test holding every month as opposed to twice a year.