Transactions in NASD OTC to hit N100 billion

VOLUME of transactions in NASD OTC Plc market is expected to hit N100 billion by the end of the year, the President, Chartered Institute of Stockbrokers (CIS), Albert Okumagba has said.

   The company is licensed by the Securities and Exchange Commission to operate and over-the-counter market for unlisted securities.

   Okumagba, who expressed optimism that the capital market would be used strategically to drive development in the economy, also pledged the institutes’ commitment to collaborate with capital market regulators to attract more investor’s participation in the market.

   Addressing members of the institute at the 2nd edition of ‘Brunch with the President’, held in Lagos at the weekend, 0kumagba, who is also the Group Managing Director of BGL Plc said the institute would achieve this by creating more channels for the distribution of capital market products through its platform.

   He explained that CIS, through its platform would create and support knowledgeable professionals in order to deepen financial inclusion strategy.

   According to him, the institute has concluded arrangement to introduce a monthly diploma examination in Securities and Investment with the objective of producing office workers for market operators and sales agents for the entire institution.

  He explained that with the transformation in the market platform, multiple commodity exchanges would emerge from agro-allied, solid minerals, among others, adding that stockbrokers would commence trading on commodity platform before the end of next year.

   “We have achieved a lot on our mobilization efforts, especially on how to bring the big players in the telecomm and power sectors and get them listed within the next two years. Also we are working to bring other agro-allied business into the market and connect these commodity markets to OTC and to the Nigerian Stock Exchange platform.”

   Okumagba pointed out that the institute is partnering with the Nigeria Commodity Exchange (NCX), formerly, Abuja Securities and Commodity Exchange Plc to establish working relationship in the areas of capacity building and certification programmes that would reinforce the growth of the Nigerian Capital Market, noting that there was need to move the market from the current domination of equities to becoming a debt market in a near future.

   The former President   of the institute, Mike Itegboje urged CIS members to ensure full participation on the plans to move the institute forward and develop the capital market.

  “The institute is leading the stage on the development of the nation’s capital market and we trust you will corporate fully with the institute to ensure that all the issues that bedeviled the market, we work hand in hand to resolved them. I am sure you are very much aware that the institute is working hard  to resolve those issues related to capitalization and I am sure as you are called upon to play your role as fellow and an associate of the institute, you will not relent on your efforts.,"he said.

  

Culled from thisdaylive.com