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Stakeholders explore value of GIPS adoption for Nigeria’s financial market

Proshare

Tuesday, November 21, 2017 7.00pm / Proshare WebTV 

The maiden Nigeria Investment Performance Stakeholders Forum hosted by KingsThrones Advisory Limited, brought key stakeholders from the various spheres of the financial market to discuss the theme “Market Approach to Performance Reporting Standards with the adoption of the GIPS”. 

GIPS is the Global Investment Performance Standards a robust performance reporting process for firms, which is globally recognized and plays a key role in positioning financial markets as viable and credible. 

Giving the opening remarks at the conference Mr Akin Adebiyi CRO, KingsThrones Advisory, described the forum as an opportunity to explore value of the GIPS, which speaks to the quality of managers investment decision making process. 

According to Mr Akinbiyi “The GIPS is a powerful enabler, that brings proficiency and trust in the Nigerian money market”. He believed its adoption will entrench transparency, accountability and probity in the market. 

Speaking further he noted that adopting GIPS was in the interest of clients and the effectiveness of managers, bringing a new era in reporting and compliance for the asset management or buy side of the local market. 

The CEO of Financial Derivatives Mr Bismarck Rewane in his remarks asserted that Nigeria was in dire need of a market with reliable information, that has data integrity. 

Rewane decried the fact that Nigeria had challenges in the area of a comprehensive population data, that is a true reflection of the entire sphere of the country. 

He posited that the first step to an effective GIPS adoption will require the authenticity of its population data as a nation. 

Mr David Adeoye, CFA  CEO of Fritova Economics in his presentation on “Market Rules and Regulations on Performance Measurement” highlighted the fact that Investment market competition has gone global, same with regulations. He said “We are moving from country regulations for investment reporting to global regulation for investment reporting”. 

Adeoye stressed that Investment performance is being used in key aspects of portfolio management and, in particular manager engagement, portfolio planning & reporting, manage search & selection. The options for Nigeria on GIPS adoption according to Adeoye, was voluntary adoption by firms, client retention and competition which will see the country witness a leap. 

In her goodwill message Mrs Toyin Sanni the Group Chief Executive Officer of United Capital lauded the initiative behind the maiden “Nigeria Investment Performance Stakeholders Forum”. She listed the benefits of the GIPS adoption by firms in Nigeria, to include; credibility in reports, creating an attractive market and boosting investor confidence. 

The forum also featured presentations and panel discussions on “Performance Reporting Framework and Market Expectations” and “Adopting the GIPS Standards in Nigeria”. 

Nigeria is among the leading drivers of the Global Investments Performance Standards in Africa alongside South Africa and Ghana. 

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