Our Profile
OBJECTIVES OF IAPM
The objectives of the Association are:
- Provide a structured and qualitative world class training programme in investment management and financial advisory to individuals who are interested to be qualified as Professional investment advisers and portfolio manager.
- Qualify and enroll/induct qualified individuals to become members of the Association of Corporate and Individual Investment Advisers of Nigeria (The SEC approved Self-Regulatory Organisation (SRO)) for Investment Advisers in Nigeria.
- Set standards of professional excellence and integrity for Securities, Investment, wealth management and financial planning professionals and providing qualifications and promoting the highest level of competence to members, individuals and firms.
- Protect investors by equipping its members with requisite professional knowledge and discipline to enable them provide appropriate professional advice and sound investment management practices under the highest ethical standards devoid of conflicts and abuse.
- Conduct training sessions, workshops, seminars, symposium and certificated educational programmes in cognate areas of finance and investment management.
- Promote professionalism, high standards of integrity, public responsibility, and competence in the investment advisory profession regarding the investment and wealth management industry through a robust financial planning activities and processes.
- Propagate global standard financial planning and investment management education and practices in our domestic industry through robust training programmes.
- Self-regulate duly registered practitioners through structure and practice standard requirements, provide benefits, services, and products that will assist and add value to member firms in their course of doing.
- Create the appropriate forum for further protecting the direct interests of all investors in the market.
- Establish the appropriate structure or platform through which professional recognition will be given to deserving members in terms of certification and other relevant endorsements.
- Collaborate with other professional bodies, government institutions and institutions of higher learning in developing the practice of all-round professional investment and wealth management through structured and qualitative education and certification.
- Provide well structured Continued Professional Education (CPE) for it members.
- Organise Members’ forums and conferences to educate members and members of the public on current trends in the financial markets and investment management and providing information on best practices and networking among members.
- Carry on all other relevant functions in the capital market as may from time to time required by SEC, CBN and other relevant market regulators in ensuring adequate protection of investor clients and their hard-earned moneys.
Our Profile
Strengthening your future with
sound investment guidance
and training to serve clients responsibly.
Strengthening your future with sound investment guidance
ACHIEVEMENTS
a) Harmonisation of Public and Private Sector Pension Committee
Chief Ajibola Ogunshola, who was the President of the Association and Mr. R. K. Tukuru a Council member of APFIM at that time were appointed by the Obasanjo led federal government to served on the committee to harmonise the public and private sector pension as the committee’s Chairman and member respectively.
b) The Repeal of Investment and Securities Act (ISA) 1999
The Association submitted several memorandums and participated actively in the public hearing of the ISA bill. The bill at the initial stage classified pension funds under collective investment schemes, a situation that would negated the principle of pension base on the human depreciation concept, that any employer who utilises the services of an employee for an extended period of time has a moral obligation to make some contribution towards the individual retirement needs; the investment income of such contributions and capital gains are not taxable. Therefore pension funds by the nature of it creation is fundamentally different from collective investment schemes by the provisions of the relevant laws that established the two and management requirements.
c) Pension Reform Act 2004
Before the ideas which cumulated into the promulgation of the Pension Reform Act 2004, the Association had been at the forefront calling for the regulation of the Pension industry which at that time was marred with unwholesome practices, mismanagement and frauds both in public and private pension schemes, which lead to the collapsed of many privately managed pension schemes and government funded schemes, thereby making the Pension Reform Act 2004 a welcome development to the Association.
However, the events that lead to the passage of the bill into law were not an easy task. The Association submitted several memorandums to the government challenging some of the obnoxious sections of the bill which lead to many draft version of the bill by the committee and many public hearings. Dr. Olufemi Oyetunji who was the President of IAPM at that time served on the committee and the contribution of the Association through him was commended.
d) FSS2020 Committee
The Association was represented on the Committee of the Financial System Strategy (FSS2020) by Mr. Akin Adeniyi a Council member and Mr. Akinduro Philips the Executive Secretary of the Association.The Financial System Strategy 2020 (FSS 2020) is the blueprint for engineering Nigeria's evolution into an international financial centre and for developing the financial sector into a growth catalyst that will enable Nigeria's transformation into one of the 20 largest economies in the world by year 2020.
e) The Nigeria-UK Capital Markets Project
The Association was represented on the committee by Mr. Akinduro Philips. The Nigeria-UK Capital Markets Project, is a collaborative initiative of the Emerging Capital Market Taskforce (ECMT) in both Nigeria and United Kingdom in 2015. The Chairman and the Co-Chair were Mr. Aigboje Aig-Imoukhuede, former President of Nigerian Stock Exchange and Mr. Roger Gifford, former Lord Mayor of London. The initiative was to shore up confidence in Nigeria capital market as well as ensure increased capital flows between Nigeria and the UK.
REBRANDING OF APFIM
EDUCATION AND TRAINING
The Association’s mission is to protect investments by equipping its members and the investment community with requisite professional training and discipline to enable them provide professional and sound investment advisory to investors under the highest ethical standards, devoid of conflicts and abuse, thereby preventing unwholesome conducts and practices by other service providers; and in furtherance of this mission IAPM over the years have conducted hundreds of training courses, workshops, seminars and certificated programmes of international standards, which has been well patronised by participants across the financial industry and the public sector.
IAPM OBJECTIVES
The objects for which the IAPM was formed are:
- Promotion of professionalism, high standards of integrity, public responsibility, and competence among members in the investment advisory profession regarding the investment and wealth management industry through a robust financial planning activities and processes.
- Propagate global standard financial planning and investment management education and practices in our domestic industry through robust training programmes.
- Self-regulate duly registered practitioners through structure and practice standard requirements, provide benefits, services, and products that will assist and add value to member firms in their course of doing business.
- Create the appropriate forum for further protecting the direct interests of all investors in the financial market through training and retraining of financial market operators.
- Establish the appropriate structure or platform through which professional recognition will be given to deserving members in terms of certification and other relevant endorsements.
- Collaborate with other professional bodies and government institutions in developing the practice of all-round professional investment and wealth management in Nigeria.
- Carry on all other relevant functions in the financial industry to ensure adequate protection of investor clients and their hard-earned moneys.
GOVERNANCE STRUCTURE
To fast track the development of the Association to a world class body representing all sectors of the financial industry, the Council of the association was enlarged to accommodate professionals in all fields of the financial industry. This has hastened the transformation of the Association into a more influential organisation well recognised both locally and internationally.
Over the years the Association has benefited immensely from the astute and selfless contributions of its Council members and officers, amongst who were Late. Dr. Gamaliel O. Onosode OFR; founding President (1981-2001); Chief (Dr.) Ajibola Ogunshola (2001-2003) former Chairman of Punch Newspapers and Chairman Continental Reinsurance Plc; Late Mr. Felix A. Akpe (2003-2009) founder of First Pension Consultant Ltd. First Stockbrokers and Chief Executive of Institute of Financial Planning; Dr. Olufemi B. Oyetunji (2009-2016) former Managing Director of Continental Reinsurance and Current Chairman of Salam Insurance Plc; Mrs Oluwatoyin Sanni (2016-2018), former GCEO, United Capital Plc and Founder of Emerging Africa Group Limited and the current Chairman of the Association is Prince Abimbola Olashore.
Those who have, at one time or the other, held executive position as the Executive Secretary/Chief Executive officers of the Association were Mrs. Juliet Ekwegh (1992-2003); Mr. R. K. Tukuru (2003-2006) and Mr. Adebayo Alabi (2006-2015). The current Executive Secretary of the Association is Mr. Akinduro S. Philips.
COLLABORATION WITH OTHER PROFESSIONAL BODIES
(i) Affiliation with University of Lagos
In furtherance of the core mandate of the Association which is to provide qualitative education to the financial sector, IAPM in 2005 started an Executive Diploma programme course on Pension Fund Administration and Investment Techniques in collaboration with the University of Lagos as senate approved course. With the first set of graduates of the programme, the institute began to admit individuals as members of the Association.
In 2009 the syllabus was restructured and upgraded with it scope widened to cover all areas of Investment Management to certified individuals after the completion of the course programme and have met other requirements as prescribed by the bye-laws of the Association for the award of Associate member of IAPM.
(ii) Affiliation with CISI, UK.
IAPM signed an MoU with the Chartered Institute for Securities and Investment (CISI) of United Kingdom to first serve as the institute’s Accredited Training Partner (ATP) in Nigeria in 15th October 2019 after a painstaking processes in line with the policies and standards of the two bodies.
On 4th February 2021, CISI approved the integration of IAPM syllabus and the CISI syllabus as well as membership bounding such that Associate and Fellow members of IAPM automatically qualified as Associate (ACSI) and Full members (MCSI) of the Chartered Institute for Securities and Investment (CISI) and vis-a-vis respectively.
The Chartered Institute for Securities and Investment is a global professional body for those in financial and investment profession. It offers a wide range of qualifications and resources for professional development as well as setting standards and ethics for those in the industry. CISI qualification is recognised in over 75 countries.
(iii) Collaboration With Chartered Institute of Stockbrokers on CISIM Bill.
In order to increase her market share and relevance in the education and training in the capital market and to participate in setting standards for the securities traders and investment practitioners in Nigeria, IAPM have signed a Memorandum of Understanding (MoU) with the Chartered Institute of Stockbrokers and two other stakeholders (Fund Managers Association of Nigeria and Association of Issuing Houses of Nigeria) to repeal the Chartered Institute of Stockborkers Act of 2004 and provide for the establishment of the Chartered Institute of Securities and Investments Management (CISIM) to set standards of knowledge, ethical conduct and practice, certify, train, discipline and direct the practice of securities and investment profession and for related matters.
The bill after it enactment into law will provide areas of specialisation across board in the capital market operations and IAPM shall in accordance with the MoU provide training in the area of investment advisory and portfolio management; and in collaboration with other stakeholders set standards for qualification in this area.
CONFERENCES
Members Forum or Conference is a regular yearly event of the Association primarily to discuss and educate members and members of the investment community about current issues as relates to the financial industry and also serves as platform for members to network and make information about their products available to members and members of the public.
The major highlight of the forums/conferences is the induction Associate members of the institute and conferment of fellows and honorary fellowship of the institute on deserving individual members of the investment industry who have distinguished themselves as industry professionals and contributed immensely to the growth of the industry.
CREATION OF CIIA
The initiative to create a Self regulate body for investment advisory industry was first conceived by the Council of IAPM following the Association’s experience in it developmental stride of the capital market spanning several years. This initiative became more intent after the last global financial crisis and in line with global movement to strengthen the practice of investment recommendations and decision making on behalf of investors in the market. After series of engagements with the Securities and Exchange Commission (SEC) and other stakeholders the Association decided to sponsored the establishment of the Association of Corporate and Individual Investment Advisers of Nigeria (CIIA) to elevate the quality and profile of the investment advisory industry and to uphold the highest standards of professional practice, eliminate conflicts of interest, agency abuses in the market and investors protection generally.
The body was approved by SEC on 20th April, 2018 as the only recognised trade group for all registered corporate and individual investment advisers in the Nigeria capital market with the stated objective as follows:
- Promote professionalism, highest ethical standards and competence in the investment advisory profession.
- Champion the cause of advocacy at the highest policy level of governance in the matters of investment practice in Nigeria.
- Provide a platform for the development of investment advisory industry in Nigeria through the adoption of tested global standard value addition.
- Represent and self regulate all SEC registered investment advisers through structure practice requirements with a view to maintain markets integrity.
- Collaborate with government, other professional bodies and accredited international institutions to develop a well-rounded investment advisory practice and become a strong bulwark and reference point for investors’ protection in Nigeria.
TRANSFORMATION INTO AN INSTITUTE
The association is currently working to transform into a full fledge training institute to enable it focus on the provision of qualitative education on investment and financial management and to give corporate identity for investment advisers and portfolio managers, promote continuing education and intellectual growth of members by encouraging and enlightening them to become professional investment advisers and portfolio managers. The institute after establishment shall have the powers to collaborate with other institutions of higher learning and professional bodies in attainment of this goal.
MEMBERSHIP
IAPM is a member of World Pension Association and International Faculty of Finance (IFF).
