Nigerian capital market: NCMI partners with CISI UK


In its determination to strengthen the growth of the capital market, the Nigerian Capital Markets Institute (NCMI) on Tuesday partnered with the Chartered Institute for Securities & Investment (CISI).

The NCMI is the Securities and Exchange Commission’s educational and training arm of the Nigerian capital markets regulator.

Speaking at the signing of the Memorandum of Understanding in Lagos, South-West Nigeria, Ms Mary Uduk, SEC’s Acting Director-General, said that the commission’s vision was for NCMI to become a world-class training institute.

Securities and Exchange Commission (SEC) in furtherance of this vision, entered into partnership with the CISI (UK) to ensure professionalism in the market.

“As you all know, SEC has a dual mandate to regulate and develop the Nigerian capital market.

“In furtherance of its developmental mandate, NCMI was established in 2004 to promote human capacity development and bridge the knowledge gap in the financial services sector, with particular reference to the capital markets.

“The Nigerian Capital Market Institute (NCMI) offers a wide range of specialized training designed to equip market practitioners with the skills and technical knowledge needed for the efficient operation of our capital market,’’  she said.

Both institutions would collaborate to develop and strengthen the regulatory examinations currently being run by the NCMI.

She added that they would 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, NCMI will undergo the accreditation process and be recognised as an Accredited Training Partner (ATP) of 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 NCMI trainers,”  she added.

Also speaking, Mr Simon Culhane, CISI Chief Executive Officer, expressed optimism that the collaboration would benefit investors in the capital market greatly.

Culhane said 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.

“CISI has been working in Africa since 2012 offering exams and membership across the continent, with regulatory approval for its exams in eight countries.

“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, 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,”  Culhane said.

Mr Ismail Ville, NCIM acting Managing Director, said that the partnership would be beneficial to the Institute and the capital market community at large.

“The Institute has been identified by CISI to be an accredited training (ATP) provider that will provide global certification to capital market operators within Nigeria.

“And this certification is recognized within Nigeria and in the 100 other countries where CISI certification is recognized,’’  Ville said.

He added that the partnership would equip the professionals in the Nigerian capital market to be at global pedestal with their other counterparts.

Ville said that NCMI was established to provide human capacity development, bridge knowledge gap and train the trainers in the Financial Sector and the Nigerian capital market specifically.

The CISI is also an Associate Member of the Africa Securities Exchanges Association (ASEA) and is in the process of announcing a partnership with the X-Academy, the training institute of the Nigerian Stock Exchange.

The CISI’s mission is to help members attain, maintain and develop their knowledge and skills and to promote the highest standards of ethics and integrity in the securities and investment profession.

Based in London, with origins in the London Stock Exchange, CISI is a global organization with representative offices in financial centres such as Barcelona, Colombo, Dubai, Dublin, Edinburgh, London, Manila, Mumbai, Nairobi and Singapore.

Amaka E. Nliam