UK to train Nigerian stockbrokers 19 March 2012Nigeria Reporter: Georgina Lavers
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The Chartered Institute of Stockbrokers (CIS) will send some of its members from Nigeria to the UK for training on securities lending, in preparation for the opening of securities lending on the Nigerian Stock Exchange.
The scheme was created in 2011, after local training of stockbrokers proved insufficient to deal with the dense market.
CIS president Mike Itegboje said last year: "We are concluding arrangements and by the November training will commence. Stockbrokers should not miss the training so that when the securities lending becomes operational in the market, they will be actively involved."
“The CIS has been training some of the brokers who showed interest in securities lending and it has been done in Nigeria. But now they will proceed for further training overseas, where we have markets that specialise in securities lending and have experience,” a senior broker said.
CEO of the NSE Oscar Onyema expressed confidence that the Nigerian market would close on a positive note this year.
“The reforms are still ongoing and with government support, we remain confident that by the year’s end the market will be well on its way to recovering its vibrancy.”
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