Friday, June 22, 2018 3.00PM / Proshare WebTV
The adoption of the Global Investments Performance Standards, will boost investor confidence and perception of Nigeria.
Mr Paul Smith the President & CEO of the Chartered Financial Analysts, Global shared this at the GIPS sensitization seminar hosted by the CFA Society Nigeria at the Wheatbaker Hotel, Ikoyi, Lagos.
Mr Smith believed Nigeria with a massive population and enormous resources, had a lot to gain if its corporations and businesses embrace the GIPS guidelines.
Speaking further the CFA Global President noted that through the GIPS, the Nigerian financial services industry will experience quality services and value, which will be of crucial consequence to the nation’s economy.
Giving further insight into the role of CFA Global, Smith described Nigeria as its fastest growing member with around 300 members, at a growth rate of 35% per annum growth.
According to him “As the leading investment professional body, the CFA will play a key role in pushing the GIPS that will give the right signals to investors across the globe, about Nigeria”.
In his remarks the CFA Society Nigeria President Mr Banji Fehintola, asserted that hosting the workshop was part of its advocacy role of having a positive impact in the Nigerian investment finance space.
Mr Fehintola listed the following as benefits of the GIPS for Nigeria; Showcasing to the Globe that Nigeria has Ethical firms, Showcasing that Companies are measuring up to global standards and Building trust from the clientele, which is key to attracting investments.
He believed that at the end of the workshop, companies in Nigeria will show more commitment to GIPS which the financial services industry in the country is ripe for.
“With the GIPS, Nigeria has a great opportunity to access a large pool of resources, which can be utilized to grow the economy” Fehintola said.
On his part the Chairman of the GIPS Committee Nigeria Mr Dave Uduanu, CFA in his own perspective said the GIPS will promote the financial services industry in the country and create the platform for attracting more Foreign Direct Investments into the country.
In a presentation Leilani Sanders Hall, CFA listed the following as objectives of GIPS; ensuring accurate & consistent data, obtaining worldwide acceptance of a single standard for calculating and preseting performance, promoting fair, global competition amongs investment firms, promoting industry self-regulation on a global basis and promoting investor interests and instilling investor confidence.
She shared that the five key steps in implementing the GIPS are; Learn, Analyze, Build, Implement and Stay which all have outlined procedures to drive compliance.
The GIPS workshop was attended by CFA members in the country and stakeholders in the investment, asset management, financial and capital market space across the nation.