Chief executive officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, has urged the newly inducted 27 stockbrokers to remain upright in the discharge of their duties in the capital market, warning that anyone caught involved in financial crime would not be spared or pitied.
In his address at the event, which took place in Lagos at the exchange on Tuesday, December 10, 2019, the NSE chief said any authorised dealing clerk found to commit capital market fraud would be handed over to the Economic and Financial Crimes Commission (EFCC) for necessary action.
“Please note that we have clear and enforceable rules, with a zero tolerance policy on all infractions.
“To accentuate this, we signed an MOU with the EFCC a couple years ago to increase cooperation and communication in the fight against financial crimes in the capital market.
“We will support you in developing your capacity and businesses. However, NSE will not hesitate to wield the big stick on any erring member that falls short on any of its rules,” Mr Onyema said.
He showered praises on the new stockbrokers, saying, “Your induction today is a testament to your years of dedication and hard work. It also marks the beginning of your journey as Authorized Dealing Clerks of the Nigerian Stock Exchange.
“With the extremely thorough and strict process leading to your qualification, I make bold to say that you are worthy to be practicing stockbrokers qualified to trade on any floor of the Nigerian Stock Exchange in Nigeria.”
Mr Onyema charged them to stay relevant in the industry by having “continuous training,” asking them to make use of the X-Academy of the exchange, which is the NSE knowledge-platform designed to provide education services to individuals for better understanding of various aspects of the capital market as well as new development.
“I urge you to take advantage of X-Academy, especially its recently launched e-learning platform, to stay up to date of market developments. I am very confident that your formal entry into our market will bring both you and us many more successes,” he said.
The newly inducted stockbrokers underwent rigorous training at the exchange, especially through the NSE’s Automated Trading System (ATS) training faculty, which is made up of seasoned capital market regulators and operators (SEC, NSE, CSCS, Registrars, ASHON and CIS).
The ATS training is a pre-requisite for participating in an oral examination, a rigorous exercise to ensure only suitable candidates secure the required regulatory approval to practice as Authorized Dealing Clerks of the exchange.
Out of 47 candidates who wrote the Chartered Institute of Stockbrokers (CIS) examination and went through the mandatory practical ATS training at the exchange, only 27 candidates passed the oral examination.
