By Ebriku John Friday
Commodity brokers under the auspices of Commodity Brokers Association of Nigeria, CBAN, has raised the alarm that the Chartered Institute of Securities and Investment Management, CISIM, bill, if passed will be counterproductive as it will negatively impact and create confusion in the financial sector which existing laws and bills already regulates activities.
This was contained in a statement signed by the President, CBAN, Hon Alrine Shehu Kajiji former Member House of Representative from Sokoto), where it described the CISIM bill as not relevant and controversial sponsors of the bill want to create and destabilize the economy.
The statement referred the National Assembly to the Chartered Institute of Commodity Brokers of Nigeria, CICBN, bill which is already in process of being signed into law that was sponsored at House of Representatives by Hon M. Abdullahi, while at the Senate by then senate leader and now President of the Senate, Senator Ahmed Lawal.
The statement reads in part, “A modification of Chartered Institute of Securities and Investment Management Bill (CISIM BILL), it will be counterproductive to the Nigerian Economy for the National Assembly to pass the said bill into law.
“Moreso, it will conflict many existing laws and Bills that have passed through lot of process of NAS, for example, the Chartered Institute of Commodity Brokers of Nigeria, sponsoredat Green chamber, Hon M. Abdullahi, while at Red chamber by then senate leader, His Excellency, Dr Ahmed Lawal, now President of the Senate.
“We want to mention that such moves to pass this bill into law will hamper the economic development and counter-productive to the financial sector.
“There is no reason to justify the bill currently CISIM Bill as sponsors of the bill claim when passed into law will bring capital market professionals under a common objective without encroaching on one another’s business, make regulation easier, and enhance global competitiveness.
“We do not see reason why a bill as this stating that ‘CIS provides that individual operators that deal in securities, including Stocks, Treasury Bills, Bonds, Commodities etc shall be trained and certified by the Institute’ on what grounds when there is already a bill at the National Assembly to that effect.”
The statement also added by appealing to the President of the Senate, Sen Ahmad Lawal, “We want the President of the Senate to closely assess and look into the prosposed CISIM bill as a way to create confusion and cause disaffection in the financial sector before it is too late because it is not in the interest of a stable and well regulated financial sector. We want NASS to wake up against the bill.”
