Chartered Institute of Stockbrokers in Nigeria has unfolded key tactics, as part of interim measures to boost income stream and grow membership base to strengthen its operations.
President and Chairman of the CIS Governing Council, Mr. Olatunde Amolegbe, said the body had, last year, approved a recovery strategy for the huge outstanding membership dues and other applicable fees, which ran into millions of naira, with graduated sanctions for defaulters.
According to him, the institute slashed the registration fee for the September 2020 Diet professional examination by 20 per cent to apparently cushion the effect of the Coronavirus Disease on purchasing power of candidates.
He explained that the council had endorsed suspension of members in default below five years and removal from the Register of Stockbrokers, those whose indebtedness exceeded five years.
The institute is believed to have earlier deployed moral suasion and debt relief to no avail, he added.
He also noted that due to the lockdown occasioned by COVID-19, CIS postponed its March diet. However, it announced that the diet should hold five weeks immediately after total lifting of lockdown.
“Already, it has opened the Examination Portal to enable candidates register, but deferred the commencement of its new Certification Scheme to Associate Members and reviewed syllabus till March next year.”
Meanwhile, the Registrar and Chief Executive of the institute, Mr. Adedeji Ajadi, explained that the council had taken decision on defaulting stockbrokers since last year, but implementation was put on hold due to the COVID-19 lockdown.
The defaulters have a grace of three months to regularise their accounts or face penalty, he noted.
