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Tag: Chartered Institute of Stockbrokers (CIS)

  • Managing Director of First Securities Brokers Limited, Fiona Ahmed Ahimie, Breaks Barriers as First Elected Female President of the Chartered Institute of Stockbrokers

    Managing Director of First Securities Brokers Limited, Fiona Ahmed Ahimie, Breaks Barriers as First Elected Female President of the Chartered Institute of Stockbrokers

    The Chartered Institute of Stockbrokers (CIS) has announced the election of Fiona Ahmed Ahimie, Managing Director, First Securities Brokers Limited, a subsidiary of FirstHoldCo Plc., as its 14th President, making her the first woman to be elected President and Chairman of Council in the Institute’s history.

    Her emergence is more than a leadership change; it is a defining milestone that signals the rising influence of women at the highest levels of Nigeria’s financial services industry and underscores the evolving face of capital market leadership.

    With close to two decades of distinguished experience spanning stockbroking, investment banking, private equity, real estate, wealth management and business development, Fiona brings deep market insight, global exposure and a proven track record of delivering growth and market impact.

    She began her career at one of Nigeria’s prominent Stockbroking firms, where she built a solid foundation in capital market operations and foreign investor deal flows. She later joined FBN Capital (now FirstCap) as Head of Sales Trading, playing a pivotal role in managing both international and domestic institutional deal flows. In 2015, she was appointed Managing Director of African Alliance Securities Nigeria, where she drove significant expansion in market share, client base, and cross-border transactions.

    Since joining First Securities Brokers Limited in 2016, she has led a remarkable transformational growth, positioning the firm among Nigeria’s top-tier brokerage houses by 2018 through enhanced execution capabilities and increased global investor participation.

    Beyond executive management, Fiona has held several board and board committee roles and currently serves on the boards of First Funds (the private equity arm of FirstHoldCo Group), NGX Real Estate Limited (a subsidiary of NGX Group), Japtini Logistics, and Awabaah (a micro- pensions business). She is also a member of the Statutory Audit Committee of the Central Securities Clearing System (CSCS).

    An advocate of continuous learning and thought leadership, Fiona has received executive education from MIT Sloan School of Management (USA), IESE Business School (Spain), and INSEAD (France). She is a Doctorate candidate at Afe Babalola University Business School. Her professional affiliations include being a Chartered Stockbroker, Chartered Accountant, and Chartered Director, she is also an Honorary Member of the Chartered Institute of Bankers of Nigeria, she also serves on the Curriculum Review Committee of Lagos Business School and has been a mentor on the WIMBIZ Women on Boards Programme for four consecutive years.

    Beyond corporate leadership, Fiona is deeply committed to philanthropy, supporting multiple institutions and sponsoring the education of young people reflecting her passion for inclusive growth and generational impact.

    Her leadership philosophy is guided by enduring principles, excellence in execution, a refusal to settle for mediocrity, and an unwavering commitment to integrity and fairness.

    Fiona’s presidency comes at a pivotal time for Nigeria’s capital market, as it navigates increased global integration, regulatory evolution, and rapid digital innovation. As President, she is poised to advance strategic priorities, including deepening the market, strengthening professional standards, enhancing investor confidence, and nurturing the next generation of capital market professionals.

    Fiona will assume office on April 30, 2026, with her formal investiture scheduled for June 25, 2026, where key stakeholders across Nigeria’s financial ecosystem are expected to gather to mark this historic leadership transition.

  • CIS, ASHON Express Concerns over Proposed Central Bank Amendment

    Stakeholders in the capital market have voiced reservations over the proposed amendments to the Central Bank of Nigeria (CBN) Act No. 7 of 2007, warning of potential adverse economic consequences. The Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) have raised concerns that the bill could undermine the independence of the Central Bank of Nigeria (CBN).

    The legislation, which has passed its second reading and is scheduled for a public hearing on May 30th, seeks to modify the CBN’s autonomy by subjecting its budget to National Assembly approval and establishing a new Coordinating Committee for Monetary and Fiscal Policies. Critics argue that these changes could introduce political interference in monetary policy decisions, hampering the central bank’s ability to manage the economy effectively and objectively.

    Oluropo Dada, President and Chairman of the Council of CIS, emphasized the pivotal role of the central bank in maintaining economic stability and preserving international credibility. “Safeguarding the independence of the Central Bank of Nigeria is crucial for aligning with global economic best practices and ensuring decisions are driven by sound financial principles, free from undue influence,” Dada stated emphatically.

    Sam Onukwue, Chairman of ASHON, highlighted the potential impact on investor confidence. “An independent central bank is a cornerstone for maintaining the country’s standing in the global financial community, which directly affects investor confidence, credit ratings, and the overall economic outlook,” Onukwue cautioned.

    While both organizations acknowledged the merit of some proposed amendments aimed at enhancing corporate governance and compliance, they stressed the importance of considering the broader ramifications. “It is imperative to ensure that fiscal authorities do not encroach upon the central bank’s operational independence, as this is vital for effective and timely monetary policy responses,” Dada emphasized.

    As the public hearing approaches, financial market participants, economists, and analysts will closely monitor the proceedings and subsequent legislative actions. The outcome will have far-reaching implications for Nigeria’s economic policy framework and its position in the global economic landscape.

  • SEC, NGX Group, ASHON, and Others Praise 13-year of Oscar Onyema stint at the Capital Market

    SEC, NGX Group, ASHON, and Others Praise 13-year of Oscar Onyema stint at the Capital Market

    The Securities & Exchange Commission (SEC), Nigerian Exchange Group Plc, Association of Securities Dealing Houses of Nigeria (ASHON) among other key stakeholders on Tuesday celebrated the outgoing Group Chief Executive Officer of Nigerian Exchange Group Plc (NGX Group), Mr. Oscar N. Onyema, OON for his contribution to Nigerian capital market in the past 13-year.

    Onyema, who was first CEO of the Nigerian Stock Exchange (NSE) for 10 years and the Group Chief Executive Officer of Nigerian Exchange Group Plc (NGX Group) for 3 years, saw his tenure ended 2023 and was celebrated on the floor of NGX by NGX Group, Chartered Institute of Stockbrokers (CIS), Association of Securities Dealing Houses of Nigeria (ASHON), Central Securities Clearing System Plc (CSCS), NG Clearing, among others.

    The Director-General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda at the ceremony stated that Mr. Oscar Onyema’s visionary leadership has not only stirred NGX Group through significant milestones but also spared a successful demutualization, marking a pivotal moment in the Nigeria’s financial landscape.

    The DG, who was represented by Mrs. Hafsat Rufai, Director, SEC Lagos Office stated that under Onyema guidance, NGX Group consistently showcased innovation and resilience.

    In his welcome speech, the Group Chairman, NGX Group, Alhaji (Dr) Umaru Kwairanga congratulated Mr. Oscar Onyema on the completion of his remarkable leadership term at the helm of NGX Group.

    “It cannot be stressed enough that Mr. Oscar Onyema contributed immensely to modernisation of the Exchange as we have it today. NGX Group in its current state is far more advanced technologically, strategically, and operationally than it was when he resumed in 2011,” he said.

    He highlighted some of his achievements that include the launching of the Exchange trading platform,  X-GEN that propel the Exchange into the modern era; designing a robust Business Continuity Plan, which saw the Exchange seamlessly maintained remote trading for over two years in the wake of Covid-19 pandemic, and implementing a world-class regulatory regime focused on fairness, stability, collaborative rulemaking, risk-based supervision, and robust corporate governance standards.

    “This steadfast commitment to regulation and transparency restored investor confidence and positioned the Exchange as a credible, trusted platform,” Kwairanga said.

    He added further that, “Perhaps most notably, Mr. Oscar Onyema ‘s visionary stewardship has created immense value for NGX Group’s shareholders.

    “Under his tenure, the Group has experienced an incredible turnaround, with Return on Equity reaching an impressive 13.8per cent for the 2023 fiscal year and payment of N1.5billion in dividends to shareholders – a resounding affirmation of the Group’s operational efficiency and strategic direction under his exemplary leadership.

    Kwairanga, thus, expressed gratitude to Mr. Oscar Onyema for his pioneering vision, transformative accomplishments and the indelible mark he has etched on the Nigerian capital market landscape.

    In acknowledging Mr. Oscar Onyema’s leadership, the Group Chief Executive Officer, NGX Group, Mr. Temi Poopola, emphasized the profound impact of Mr Onyema’s leadership style. He commended his ability to navigate diverse perspectives with respect, having prioritized the broader interests of the capital market. The Group CEO expressed gratitude for the numerous sacrifices, both personally and for the organization.

    In his part, the former President of NSE, Dr. Oba Otudeko said Mr. Oscar N. Onyema’s professionalism is outstanding and his unusual confidence, very convincing to deliver and his presence, always humble and noble. According to him, the Oscar’s uniqueness was fairly evident during the Council’s search for a CEO, notching him the job.

    The Chairman, ASHON, Mr. Sam Onukwue at the “Pull-Out Ceremony” stated that during the 13-year tenure of Oscar Onyema, technology on the Exchange was upscaled, new minimum operating standards for market operators was introduced, among other transformational initiatives aimed at achieving best international practices were also pursed under his leadership.

    “Of particular note was the impact of the demutualization of the Exchange during his tenure. This was no mean feat given the history of previous attempt,” he said.

  • NGX Group, Female Leaders Call for Investment, Deeper Inclusion for Women

    NGX Group, Female Leaders Call for Investment, Deeper Inclusion for Women

    Nigerian Exchange Group (NGX) and its subsidiaries joined the rest of the world on Friday, March 8, 2024, to commemorate the International Women’s Day (IWD) by leveraging its Closing Gong Ceremony to “Ring the Bell for Gender Equality”. With the theme, “Invest in Women: Accelerate Progress”, the event focused on individual actions, conversations, behaviours and mindsets that will accelerate progress and impact on the advancement of women across all spheres of life.

    The event, organized in partnership with the International Finance Corporation (IFC), UN Women, the United Nations Global Compact Network Nigeria (GCNN), Chartered Institute of Stockbrokers (CIS), Central Securities Clearing System (CSCS), the SterlingOne Foundation and Association of Securities Dealing Houses of Nigeria (ASHON) brought together prominent female leaders within the ecosystem.

    Delivering her opening remarks, Dr Irene Robinson-Ayanwale, Divisional Head, Business Support Services Division, NGX welcomed all to the 10th Ring the Bell for Gender Equality. She said, “When I learnt of this year’s theme, “Invest in Women: Accelerate Progress”, it resonates deeply with us. It serves as a powerful reminder of the need to establish equal opportunities for everyone while fostering an enabling environment for women across all sectors. This initiative represents a significant step forward in our efforts to promote gender equality and support women’s economic empowerment. Through innovative financial instruments such as gender bonds, we can mobilise capital towards projects that benefit women and advance gender equality across various sectors of the economy”.

    Dahlia Khalifa, Regional Director, Central Africa and Anglophone West Africa, IFC, who was represented by Alexandra Celestin, Regional Industry Manager, Financial Institutions Group, Anglophone West Africa and Central Africa, said “This Ring the Bell for Gender Equality event highlights the importance of gender equality for economic development and growth. Economies that reduce barriers to women as leaders, employees, and entrepreneurs promote inclusive societies and pave the way for sustainable development. Collective, coordinated, and bold action by private sector leaders will be instrumental in accelerating progress towards gender parity and igniting greater resilience. IFC continues to collaborate with partners and stock exchanges like the Nigerian Exchange Group to improve diversity, equity, and inclusion in the private sector.”

    On her part, Mrs Elizabeth Ebi, Group Chief Executive Officer, Futureview Group said “The implications of a truly equal and balanced world; a world where men and women make equal contributions to the society, enjoy equal opportunities, and even enjoy the same rewards and benefits. Going by the growing body of evidence out there, it is safe to conclude that the multiplier effect on families, businesses, communities, economies and ultimately, nations would be indeed phenomenal.” 

    The event served to raise awareness about the importance of investing in women, to inspire inclusive leadership and to advocate for gender responsive policies. By championing these principles, stakeholders can create empowering environments where every individual can thrive and contribute to collective success.

    Bolanle Austen-Peters, Founder, Terra Academy for the Arts said, “We use art to change the narrative about women. Our story telling in the past has mostly been done by foreigners which heavily skews the image of Nigerians and Nigerian women. Our focus is to tell the stories of female heroes, champions in history like Funmilayo Ransome-Kuti. These are the kind of women we celebrate today.”

    During the Closing Gong Ceremony, Mrs. Yemisi Ayeni, Chairperson, NASCON Allied Industries called for increased female representation in corporate organisations, equitable inclusion in workplace and more participation in the society, in line with the sustainable development goals.

    Present at the closing gong included Hafsat Rufair, Director, Securities and Exchange Commission, Ms. Fiona Ahimie, Director, NGX RelCo and 2nd Vice President, Chartered Institute of Stockbrokers; Amina Mohammed, Director, NGX RegCo; Onome Komolafe, Divisional Head, Business Services and Client Experience, Central Securities and Clearing System; Peju Ibekwe, CEO, Sterling One Foundation; Tomilayo Aluko, Head, Marketing & Corporate Communications, CSCS and Lillian Olubi, Director, NGX. 

    The event also featured notable personalities like Adejoke Silva a Nigerian actress – philanthropist and a strong supporter of women’s emancipation and empowerment, contributing to their education, training and progress.

  • NGX Group, Nigerian Capital Market Community paid condolence visits to Ogunbanjo and Wigwe’s Families

    NGX Group, Nigerian Capital Market Community paid condolence visits to Ogunbanjo and Wigwe’s Families

    Representatives of the board and management of Nigerian Exchange Group (NGX) and key stakeholders from the capital market community paid condolence visits to the families of late Bamofin Abimbola Ogunbanjo and Dr. Herbert Wigwe.

    Led by Alhaji (Dr) Umaru Kwairanga, Group Chairman of NGX Group, the delegation included representatives from Chartered Institute of Stockbrokers (CIS), Association of Dealing Houses of Nigeria (ASHON), Central Securities Clearing System (CSCS) Plc, and NG Clearing.

    Expressing deep condolences to the Ogunbanjo family, Alhaji Kwairanga highlighted Bamofin Ogunbanjo’s esteemed leadership in the capital market, emphasizing his kindness and humility.

    Temi Popoola, Group CEO of NGX Group, acknowledged Ogunbanjo’s significant impact on the Nigerian capital market and his transformative leadership during his tenure as Council President of the Exchange and the first Group Chairman of NGX Group. Outgoing Group CEO, Oscar N. Onyema, mourned the loss, stating, “It is a very painful loss, and only God can grant this family the strength to bear this loss.”

    The CIS president, Oluwole Adeosun, remembered Ogunbanjo as a dependable and trustworthy supporter of the institute, while Haruna Jalo-Waziri, CEO of CSCS, described him as a good man to the core.

    Tinu Awe, CEO of NGX Regulation Limited (NGX RegCo), consoled the Ogunbanjo family, sharing tales of the wonderful times they had shared and noting how irreplaceable he was in their lives.

    The visit also extended to the family of late Dr. Herbert Wigwe, where Alhaji Kwairanga conveyed the capital market’s shock and pledged ongoing support. He acknowledged him not just as a corporate mogul but also as a renowned philanthropist committed to community service and the progress and development of the nation. Dr. Wigwe played a pivotal role, bringing his exceptional passion, energy, and expertise to the transformation of Access Bank and the financial sector.

    Aigboje Aig-Imokhuede, Chairman of Coronation Group, expressed gratitude for the acknowledgment of Dr. Wigwe’s contributions and pledged to uphold his legacy.

    NGX Group and Nigerian capital market community stand in solidarity with the bereaved families during this challenging time.

  • NGX, CIS, stakeholders honour Subomi Balogun

    NGX, CIS, stakeholders honour Subomi Balogun

    ...describes him as a market colossus

    Nigerian Exchange Limited (NGX), Chartered Institute of Stockbrokers (CIS) and other market stakeholders on Monday held a mock-trading session and Closing Gong Ceremony in honour of late Otunba Subomi Balogun, FCS, CON, the founder of FCMB Group.

    Speaking during the ceremony, the Chief Executive Officer, NGX, Mr Temi Popoola, emphasized that the late Subomi Balogun was a blessing to the capital market. “We are here to pay tribute to somebody that without him, we really cannot talk about our markets and I am sure that there are many careers here that he helped shaped and mine is a good example.

    “We can’t express our gratitude to him enough for what he did to help our industry expand. It is difficult to locate another family in Nigeria like the Subomis that can represent on the Exchange as they doing now. We are very grateful and we assure them that they can count on our support going forward as the family continues to drive their strategic goals,” Popoola said.

    In his remarks, the Chairman of NGX Group, Alhaji (Dr) Umaru Kwairanga, noted that Subomi had played a significant role in the development of investment banking in Nigeria and had laid the foundation for many of the nation’s first equity offerings while working at ICON Securities. “He leaves a significant legacy and a number of monuments that would serve as evidence of his greatness well into the future.”

    The Group Chief Executive Officer, NGX Group, Oscar N. Onyema, OON, said the market could take solace in the fact that Subomi led a great life and left a huge legacy that the capital market community will continue to talk about for years to come. “Otunba ensured that he looked out for the best interests of the capital market, especially during his tenure on the Council of the Exchange years ago.”

    On his part, the CIS President, Mr Oluwole Adeosun, said, “We are celebrating the life of a colossus, Otunba Subomi Balogun who was the pioneer first Vice President of our Institute. We commiserate with the family and will keep remembering his deeds in the capital market”.

    Mr Bolaji Balogun, the Group CEO, Chapel Hill Denham during his remarks said, “That you still remember our father, who retired 20 years ago, speaks a lot about him and the caliber of outstanding people you are. He was very concerned about this market, the harmony of this nation, and the youth of Nigeria. I want to reassure each of you that the work we perform is essential to the growth of this nation.”

    Commending the leadership of the Exchange and CIS, the Group Chief Executive, FCMB Group Plc, Mr Ladi Balogun, said this is an encouragement for the family to keep his legacy on.

    “Whilst this has being a very emotional time for our family, the way our father has been honoured by the Exchange, CIS and the entire country is truly inspiring to us. It is motivating us to go further, do better and make sure that his legacy lives on. We will not be alone in doing that. We will make sure we uphold his value and seek ways together with the exchange to transform the market and the economy”, Balogun said.

  • NGX commends Coronation Group’s regulatory recognition

    NGX commends Coronation Group’s regulatory recognition

    …says it is a start of an exciting chapter for the capital market

    Nigerian Exchange Limited (NGX) has commended the Board and Management of Coronation Group Limited’s recent regulatory recognition and added that this is a start of another exciting chapter for the barometer of Nigeria’s economy- the capital market.

    Its Chief Executive Officer, Temi Popoola stated this during a Closing Bell ceremony hosted in honour of Mr Aig-Imoukhuede’s investiture as an Honorary Fellow of the Chartered Institute of Stockbrokers (CIS) in Lagos on Wednesday.

    Mr Aig-Imoukhuede while commending the Securities and Exchange Commission (SEC) for granting the company a Capital Market Holding Company (CMHC) license, had stated that this will solidify its position as an investment management powerhouse in the African region.

    He also revealed that the company wants to extend from banking into insurance, investment management, technology, venture-building – that type of entrepreneurship and innovation spirit that seems to be around the things that it does.

    “I think that we have seen a few signs over the past two weeks that a big turnaround is about to take place in our nation. I believe that we have a nation of institutions within the financial services community that will provide the platform for this revolution that is about to take place in our economy and our lives to truly happen irreversibly. Nigeria is once again open for business”.

    Responding, Popoola, said the NGX is grateful for Aig-Imoukhuede’s exploits in the capital market and expressed confidence that the company’s CMHC’s license is another phase of growth seen in the capital market in the past few weeks.

    Earlier in a goodwill remark, the Group Managing Director, NGX Group, Oscar Onyema, OON, congratulated Aig-Imoukhuede’s honorary fellowship, adding that it was well deserved.

    Also speaking, the Chairman, NGX Group, Alhaji Umaru Kwairanga, said, the honorary fellowship will elevate Aig-Imoukhuede from a global player to a universal player and added that this will add value to the institute.

  • Feature- Muhammad Nami: Double honour for the nation’s tax czar

    Feature- Muhammad Nami: Double honour for the nation’s tax czar

    By Nkem Precious Esq

    The aphorism that there is no hiding place for the golden fish was practically manifested last week when the Executive Chairman of Federal Inland Revenue Service (FIRS), Muhammad Mamman Nami deservedly bagged double awards from reputable organisations. The nation’s number one tax collector at separate events was named winner of the Institute of Chartered Accountants of Nigeria (ICAN) Merit Award and the winner of the BusinessDay Excellence in Public Service Award.

    Since his assumption of office as the Executive Chairman of the FIRS in 2019, Mr Muhammad Nami has been going about his duty with uncommon zest, focus and vigour. Within the relatively little years of his stewardship as the helmsman of the nation’s biggest tax agency, he has raised the bar of leadership at FIRS by posting many remarkable strides in office.

    The FIRS Executive Chairman’s latest meritorious garland was bestowed on him at the 2023 annual awards of ICAN which took place at the Monarch Event Centre, Lagos, on Saturday 6 May, 2023. Muhammad Nami who was honoured in the non-members category at the event, was described by the President of ICAN, Mr Tijani Musa Isa, as a self-effacing and humble achiever who has steered the FIRS to excel in the national and international tax circle despite global economic downturns.

    While eulogising the nation’s number one tax chief for achieving several milestones in revenue collection, the ICAN President said the Merit Award is in recognition of Muhammad Nami’s positive impact in the society stressing that he has made significant contribution to the institute and to Nigeria. “The governing board deemed it fit to acknowledge the role you (Nami) have played and your outstanding achievements,” Isa emphasised.

    Muhammad Nami’s virtues as a leader imbued with exemplary and rare professional moral fibre were further captured in the citation read at the ICAN event, in which he was aptly described as “a go-getter and an ingenious leader.”

    The impactful reforms which he is implementing at FIRS did not escape the attention of the Institute as they were acknowledged as eloquent attestations to his dexterity, visionary leadership and patriotism. The citation took cognitive note of the fact that under his visionary leadership, the FIRS in 2022 achieved an unprecedented revenue collection of N10.1 trillion, the highest tax collection ever made in the annals of the country.

    At a similar event two days earlier in the same week, the FIRS boss was named the winner of the BusinessDay Excellence in Public Service Award 2022. The event took place on Thursday 4 May, 2023 at the BusinessDay States Competitiveness and Good Governance Awards.

    BusinessDay Newspaper explained that it named him the winner of the award for his “visionary and leadership qualities [that] have brought tremendous change to the FIRS.”

    It underscored Muhammad Nami’s landmark achievements by transforming the tax administration and compliance landscape in Nigeria. Prominent on the checklist of his strides in the transformative aspect is the introduction of the revolutionary TaxPro Max which is FIRS’ home-grown digital platform for tax administration. The hugely successful digital platform allows taxpayers to register, file returns and pay their taxes easily from any location other than their respective tax offices. TaxPro Max has proved an effective antidote of the delays and frustrations usually associated with the labyrinthine wholly manual process of the past that often lent itself to leakages, delays and frustrations.

    BusinessDay commended Muhammad Nami for repositioning the operations and staff of the FIRS, as well as introducing technological tools to institute more transparency, accountability, and effectiveness, which in turn has translated into increased capacity to deliver on the mandate with outstanding results.

    The Executive Chairman’s response after receiving the ICAN Merit Award captured his professional trajectory from a humble beginning through the rungs to the higher rungs of professional excellence. He summed his professional odyssey this way: ”Since I left the university, over 32 years ago, I have had the privilege and luck to be directly and indirectly associated with ICAN members: from the PKF, to Manam Professional Services, and now I am working directly with well over 3,000 members of this Institute as the Executive Chairman of the FIRS.”

    He went on to dedicate the award to his alma maters (from primary to tertiary levels), his former colleagues at the Presidential Committee on Audit of Stolen Recovered Stolen Assets, members of the Tax Advisory Committee of the FIRS, all taxpayers, FIRS board members, management and staff of the FIRS plus his family members.

    A rundown of Muhammad Nami’s rich profile reveals a man who is properly trained and horned in the fields of tax, accounting and management. He is a thoroughbred professional with highly rated qualifications and practicing licenses from relevant professional bodies.

    An accountant, management professional, tax administrator and public officer, Muhammad Nami has more than three decades of practical working experience in auditing, tax management and advisory as well as management services to clients in the banking, manufacturing services and public sectors in addition to non- profit organisations.

    He is an expert in rendering advisory support services to investors in respect of new businesses. He has also continuously rendered outsourced services to clients in both trading, service and manufacturing sectors of the nation’s economy.

    A fellow of Chartered Institute of Taxation of Nigeria and the Association of National Accountants of Nigeria, the FIRS boss is also an Associate Member of the Nigerian Institute of Management (Chartered) and Chartered Institute of Stockbrokers (CIS) as well as a graduate member of the Institute of Chartered Accountants of Nigeria (ICAN).

    Like the great oak that grew from little acorns, Muhammad Nami started his career with PKF in 1993 and became a senior consultant in charge of tax management and advisory services. From October, 2018 to December, 2019, he also served as the Managing Consultant of Manam Professional Services, a Chartered Tax Practitioners and Advisers firm that had offices in Kaduna, Abuja and Minna.

    He is the current President of the Commonwealth Association of Tax Administrators (CATA). He is the Chairman of the Joint Tax Board (JTB), a statutory position he holds as the Executive Chairman of the FIRS. He is the immediate past Chairman of the African Tax Administrators Forum (ATAF). These roles have invariably conferred on him the need to contribute to the growth and development of Nigeria, Africa and the commonwealth nations.

    As a proactive and innovative leader, he has since proved bookmakers right that he is more than equal to the task. The reforms he is implementing at FIRS attest to his dexterity, visionary leadership and patriotism. Under his visionary leadership, the FIRS in 2022 achieved an unprecedented revenue collection of N10.1 trillion, which is the highest tax collection ever made in the history of the country.

    Recently, he earned accolades for audacious deployment of technology as well as the introduction of unprecedented reforms in Nigeria’s tax administration including data mining and strategic intelligence gathering for improved revenue generation.

    His sterling leadership and impressive scorecard have earned him and the FIRS several other awards. For instance, in October 2022, President Muhammadu Buhari conferred on him the Excellence in Public Service Award for Fiscal reforms at the FIRS while he also received the Leadership Newspaper Public Servant of the Year Award for 2022.

    Muhammad Nami’s exemplary leadership style has greatly helped to galvanise and motivate the management and entire workforce of the FIRS to be disciplined and amenable to basic etiquette of the Service.

    The fact that he is a man driven by ideas and positive results is attested to by the regular on-the-job trainings and brainstorming sessions he organises at the FIRS. He is a modern-era leader that is never weary of updating and introducing result-yielding innovative ideas and techniques.

    Among other contributory factors to the astounding success of Muhammad Nami at the FIRS are his humble and honest attributes. Beneath the veneer of his gentle mien is the steely quality of a leader who does not compromise integrity and value in the discharge of duty. Certainly, the FIRS under the clear-headed, confident and chivalrous leadership of Muhammad Nami is primed for more plumage of honours and awards in future.

    • Nkem Precious is an Abuja-based lawyer
  • NGX CEO, Popoola honoured with CIS Fellowship

    NGX CEO, Popoola honoured with CIS Fellowship

    The Chartered Institute of Stockbrokers (CIS) has inducted the Chief Executive Officer of Nigerian Exchange Limited (NGX), Temi Popoola as a Fellow of the Institute on Monday, 8 May 2023.

    Delivering his welcome address at the event, the President and Chairman of Council, CIS, Mr Oluwole Adeosun, FCS, stated that the Fellowship of the Institute was the highest category of membership. “For a member of the Institute to become a Fellow, the individual must, in addition to professional excellence, pass the moral and integrity tests with flying colours. This gentleman has done just that.”

    In his acceptance speech, Mr Temi Popoola, FCS, CEO of NGX, thanked the Institute’s board of fellows and the full council members for the great honor, and pledged to continue to uphold the institute’s core values. “I am extremely delighted because I am emotionally connected to this market and I am grateful for the support received from CIS since I became the CEO of NGX. At NGX, we strive to always incorporate CIS in our strategy as the Institute ranks high among our critical stakeholders,” he said.

    Popoola added that he is looking forward to working with CIS to engage the incoming government to drive policies that will reposition the capital market for growth.

  • NGX charges newly inducted brokers to uphold ethics, embrace continuous learning

    NGX charges newly inducted brokers to uphold ethics, embrace continuous learning

    Nigerian Exchange Limited (“NGX” or “The Exchange”) has encouraged its newly inducted brokers to continue to uphold the high standard of ethics in the capital market and embrace a culture of continuous learning to keep up with the fast pace of developments and innovation in the financial space.

    At the induction ceremony for the 91 newly Authorised Dealing Clerks held at the Exchange on Thursday, 15 December 2022, the Chief Executive Officer, NGX, Mr Temi Popoola whilst delivering his opening remarks at the event, advised the newly inducted brokers to be advocates of integrity and impeccable character, with the penchant to place the market first in their decision making. Stating that NGX had enforceable rules, he noted that the Exchange had signed a Memorandum of Understanding with the Economic and Financial Crimes Commission (EFCC) in the bid to implement its zero-tolerance policy on infractions.

    Emphasising NGX’s technological drive, Popoola said, “Technology is increasingly going to drive our business operations and activities going forward. Over the years, The Exchange has demonstrated its readiness for the digital transformation as evinced by our seamless transition to virtual trading following the incursion of the COVID-19 pandemic. Our trading platform and real-time data service remain a game changer in the capital market. Through these platforms, we have improved market order flow, sustained increase in the number of trades, provided high availability and enabled direct market access and remote trading.”

    He urged the inductees to embrace a culture of continuous learning and take advantage of NGX’s specialised learning platform, X-Academy to gain more knowledge and maximise opportunities to stay up to date on market developments.

    The Doyen of the market, Alhaji Rasheed Yusuf, congratulated the ADC’s, highlighting that their induction was coming at a time of significant volatility and uncertainty in global markets and the world’s economy. “I will urge you all to be innovative, creative and ethical as the market is in need of your skills to increase its contribution to the economy. The Exchange and the capital market constitute a platform to turnaround the fortunes of the Nigerian economy and I encourage you to leverage every channel available to create impact.”

    Mr Sam Onukwue, the Chairman of the Governing Council of the Association of Securities Dealing Houses of Nigeria (ASHON) and Mr Oluwole Adeosun, President and Chairman of the Governing Council of the Chartered Institute of Stockbrokers (CIS) both further underscored the importance of keeping to the rules and regulations of the market to the new brokers and strive to make contributions to the development of the market.