The Nigerian Capital Markets Institute (NCMI), the educational and training arm of the Securities and Exchange Commission (SEC) has signed an agreement with the Chartered Institute for Securities & Investment (CISI).
According to Mary Uduk, the SEC’s acting director, the commission’s vision is for the NCMI to become a world-class training institute and the first amongst its peers.
Uduk said that it is in furtherance of this vision that the Commission entered into the partnership with the CISI (UK) to ensure professionalism in the market.
At the signing ceremony in Lagos on Tueday, June 11, Uduk said,“as you all know, the Securities and Exchange Commission (SEC) has a dual mandate of regulating and developing Nigerian capital market.
She explained that both institutions shall collaborate to develop and strengthen the regulatory examinations currently being run by the NCMI and also work closely to develop Nigeria-specific content for CISI’s professional refresher which shall form part of the Continuous Professional Development (CPD) for market operators in Nigeria.
“Finally, the Nigerian Capital Market Institute (NCMI) will undergo the accreditation process and be recognised as an Accredited Training Partner (ATP) of Chartered Institute for Securities and Investments (CISI) which will enable it conduct training sessions for market participants who choose to undertake CISI’s Introduction to Securities and Investments (IISI).
To ensure the sustainability of the partnership, train-the-trainer sessions will be delivered to the Nigerian Capital Market Institute (NCMI) trainers” she added.
In his remarks, Chief Executive Officer of CISI, Mr. Simon Culhane expressed delight at the collaboration which he said would benefit investors in the capital market greatly.
Culhane expressed optimism that the signing of the agreement would lead to a relationship that would help improve standards in the Nigerian Capital markets in a bid to make it perform better.
He said:“The CISI is a 45,000 strong, global not-for-profit professional body with members in over 100 countries. It has been working in Africa since 2012, offering exams and membership across the continent, with regulatory approval for its exams in eight countries. It opened its first African office in Kenya in June. Over the last 18 months almost 3,500 CISI exams have been conducted in Africa, making it CISI’s fastest growing market.
Cullhane assured that the CISI will develop a Nigerian capital market regulatory examination. “In combination with CISI’s International Introduction to Securities & Investment, this will form part of the mandatory training for Potential Capital Market Operators (PCMO) run by NCMI.”
To ensure the sustainability of the partnership, he said, train the trainer sessions will be delivered to NCMI trainers, and the CISI will undertake a process to accredit NCMI as an Accredited Training Partner (ATP) in Nigeria.
“The CISI and NCMI will additionally work together to develop continuing professional development (CPD) content specific to the Nigerian capital market which will be available via CISI’s e-learning platform, Professional Refresher,” said Cullhane.