The Chartered Institute of Stockbrokers says it is committed to fighting quackery in the profession with a view to protecting investors and building requisite market confidence.
The Chairman, Organising Committee of the CIS National Workshop, Alhaji Umaru Kwairanga, said this while commenting on the future of the stock-broking profession in Nigeria.
The institute, he noted, had been very proactive in ensuring that its members attain and maintain the highest standards in terms of professionalism, knowledge and character, adding that any investor dealing with a licensed member of the institute was assured of dealing with a professional who knew his onions and would always abide by the highest standards of integrity.
“At the same time, the CIS is also waging a relentless war against quackery in the profession to ensure that investors in the Nigeria’s market are protected at all times,” he reiterated.
He said investors should make investing a regular habit after thorough research and seeking the opinion of a professional stockbroker. “Keep an eye on your investments and the fundamentals of the companies you invest in. Buy low, sell high. Our stock market has growth potentials as many stocks are still trading below their intrinsic values. This is a good time to move in,” the stockbroker advised.
According to him, the capital market has been on a rebound in 2017, especially, from the end of the first quarter till now.
Recent initiatives taken by the Central Bank of Nigeria to solve the problem of chronic scarcity of forex, he noted, had boosted the economy and the capital market in particular, explaining that the All-Share Index had swung into positive territory after months of persistent declines and trading volumes had increased dramatically in the last couple of months.
Commenting on the institute’s forthcoming national workshop slated for Abuja, themed, ‘Transiting from recession to a global power: A working template for Nigeria’, Kwairanga said what happed last year in the market was an aberration.
He added, “Nigeria with its bountiful human and material resources and untapped opportunities should be on a consistent growth trajectory to taking its rightful place as a global power. Some mistakes were however made over the years especially in the last four decades that have consistently held back our potential.
“Our belief as an institute is that with the right strategies in place and proper implementation, we can reset this country and fast track it to its rightful place in the comity of nations. We see the recession as a temporary blip and are confident that with the right template, we can attain our rightful status as a global power.”
Speaking on the merits of a vibrant capital market, he said the funding of government deficits was an ongoing issue and could not be tied to the current year’s budget alone.
“The capital market exists to bridge the gap between investors who have funds to invest and users whether government or the private sector who need funds at any particular time. As long as the Federal Government puts in place policies and mechanisms to ensure prudence and accountability and offers competitive returns, the capital market will remain a viable option for funding its deficits,” he said.
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