Chike-Obi Bags CIS Fellowship, Pledges Support for Margin, Securities Lending

The Chartered Institute of Stockbrokers (CIS), has invested the pioneer Chief Executive Officer of Asset Management Corporation of Nigeria (AMCON) and the Chairman of Fidelity Bank Plc., Mr Mustafa Chike Obi, as a Honourary Fellow, even as Chike-Obi pledged to work with the Institute to initiate moves to re-open discussions on margin lending in the Nigerian capital market.

In his acceptance speech, Chike-Obi, who appreciated the board of fellows and the entire council members of the Institute for the great honour, said he had always regarded himself as a stockbroker.

He explained that when he took the appointment at AMCON, the biggest problem was debt in the financial market and he realized that he needed to reach a solution very early.

According to him, he was ready to work with the Institute to reopen the processes that will make margin-lending work in the capital market.

“With margin lending, the Nigerian capital market in addition to all the recent achievements and regulation can bounce back again. Margin lending will increase the volume of transactions in the market. It will create hedging opportunities and value propositions. Until we do that, we are going to be a stone-age capital market. This is not for just equities but debts as well. Now that I am a honourary Fellow. I shall devote time and efforts to support the market. We shall make sure that margin lending is a reality in the Nigeria in the next two years, “Chike-Obi said.

Earlier in his welcome address, the CIS’ President,Mr Oluwole Adeosun, extolled the virtues of Chike-Obi as a thoroughbred professional and commended his continuous support to the growth and development of the economy. He explained the justification for conferring honourary Fellowship to deserving people.

” The Governing Council of the Chartered Institute of Stockbrokers, in its wisdom a few years ago, decided to admit

into our membership community, persons who have distinguished themselves as thoroughbred professionals of the calibre deserving of being a Stockbroker. As a result of this Council resolution, ten eminent Nigerians have been admitted as Honorary Fellows of the Chartered Institute of Stockbrokers, out of which seven have been invested. Today, we have gathered here to celebrate yet another trueicon of the Nigerian corporate community who is being admitted into the CIS family.