The Council, Chartered Institute of Stockbrokers on Thursday said it had approved the request of the institute’s President and Chairman of Council, Mr. Albert Okumagba, to step aside, pending the (conclusion of the) ongoing investigation by the Securities and Exchange Commission into BGL Plc, where Okumagba is the Group Managing Director and Chief Executive Officer.
A statement by the Registrar and Secretary to Council, Mr. Adedeji Ajadi, said, “In approving the request, the Council has authorised the First Vice-President, Mr. Oluwaseyi Abe, to act in the capacity of President and Chairman of Council of the institute.”
The SEC had recently suspended the board and management of BGL Group and constituted an interim management team for it after investigating complaints about its operation.
According to SEC, the report of the IMT will determine its next line of actions.
Our correspondent gathered that Okumagba’s decision to step aside was to enable him face matters at BGL and to protect the CIS.
Meanwhile, the CIS has returned to profitability after six years of losses. This was disclosed at its Annual General Meeting, which was held in Lagos on Thursday.
According to the CIS statement, the institute posted a profit of N64m after declaring losses for years.
The gains had come on the back of many initiatives implemented by the Okumagba-led CIS to re-brand, grow membership, benchmark its operations with the global standards and play pivotal roles in the growth of the Nigerian capital market.
The CIS noted in its annual report and financial statements, “From a financial perspective, the institute recorded a surplus of N64m, 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 institute also indicated that it would 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 would be used as a platform to support knowledgeable professionals that would help deepen the financial inclusion in Nigeria.
The statement noted that stockbrokers commended the new administration for its outstanding performance within one year and the aggressive approach which had made the institute more visible.
At the event, the Acting President and Chairman of Council, Mr. Oluwaseyi Abe, was quoted as urging the stockbrokers to support the on-going transformation by paying their membership and practising fees promptly.
In terms of its membership drive, the institute said it had strengthened its Professional Diploma in Securities and Investment to create opportunities for the youth that were interested in pursuing a career in the financial market.
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Source : Punch