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SECTION ONE
1.0 INTRODUCTION
1.1 STUDENTS’ INDUSTRIAL WORK EXPERIENCE SCHEME (S.I.W.E.S): THE
CONCEPT AND ITS MEANING
The Students’ Industrial Work Experience Scheme (S.I.W.E.S) is a system imbued
with the ability to provide tertiary-level students with the opportunity of gaining
practical-based work experience in relation and addition to what they have learnt in
school within the time framework of their undergraduate academic tutelage. It is
designed to prepare students for the industrial working situation they will likely face
after graduation by bridging the gap between theory and practice.
The Federal University of Technology, Akure (F.U.T.A.) being a tertiary
institution with the vision of producing technologically sound and self-reliant graduates
has made the SIWES programme an integral part of the requirements for the award of
Bachelor of Technology graduate degree for her students.
The Students’ Industrial Work Experience Scheme (S.I.W.E.S), a programme
initiated by the Federal Government is organized and managed by the Industrial
Training Fund (I.T.F.) for a period of 3 months to 1 year depending on the institution
involved. The SIWES programme was initiated by the Federal Government in 1971
during the second national development plan under decree number 47 of 1971. It was
saddled with the responsibility of promoting and encouraging the acquisition of skills in
commerce and industry with a view to generating numerous locally trained manpower,
sufficient to meet the needs of the country.
The duration of the programme in FUTA is six months for fourth year (400
Level) students commencing from the end of the first semester of their academic
session.
1.2 OBJECTIVES OF SIWES
The Students Industrial Work Experience Scheme (SIWES) aims at:
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1. Enhancing the industrial skill acquisition and work experience of students thus
augmenting their theoretical knowledge to make them efficient at solving the
practical problems of the work environment.
2. Ensuring the involvement of the related industries and organizations in the
training, education, exposure and development process of the students which
they will in turn recruit as their staffers after their academic experience.
3. Exposing students to different categories and classes of people to improve their
people skills, interactional abilities and team spirit and enhance their abilities to
build positive working relationships with a wide range of individuals and
organizations.
4. Increasing the marketability and entrepreneurial skills of students by exposing
them to the odds of fieldwork and the challenges of meeting personal and
organizational expectations by preparing students for the industrial situation
they will likely meet after graduation.
6. Affording students the additional opportunity of learning how to write field
reports.
7. Contributing to the quality and size of the nation’s manpower, technological
development and overall skill levels.
1.3 OBJECTIVES OF THIS REPORT
The objectives of this report include the under-listed:
1. To put into writing the practical experience gained and industrial knowledge
acquired during the SIWES programme at Resort Securities &Trust Limited Head
Office.
2. To offer useful suggestions and proffer recommendations as the case may be.
SECTION TWO
2.0 THE S.I.W.E.S SITE: RESORT SECURITIES & TRUST LIMITED
2.1 THE ORGANIZATION AND HER HISTORICAL BACKGROUND
Located on the 10th floor, NECOM House, 15 Marina, Lagos, Resort Securities &
Trust Limited, a private company limited by shares was incorporated in Nigeria on 18
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May, 1990 as a non-banking financial institution to “carry out inter-alia, capital market
operations, corporate finance series and investment advisory functions.”
Providing capital market services vis-a-vis stock-broking, issuing house
functions, bonds/debentures and equities trading, sourcing of loan stocks, capital
sourcing and trading of annuities, mutual funds and unit trust holdings, Resort
Securities & Trust Limited also offers corporate finance packaging services vis-a-vis
investment advisory functions and consultancy, hybrid of equity projects,
fund/portfolio management, feasibility studies, management services and many more
within the scope of her operational capabilities.
With an eleven-member board chaired by Femi Ekundayo (Esq.), an
accomplished management executive and entrepreneur, also a fellow of both the
Institute of Directors (IoD) and the Chartered Institute of Bankers of Nigeria (CIBN), the
company’s assets are currently in excess of N2 billion with 15 shareholder funds in
excess of N1 billion. Led by Mr. Nyemike Ogbechie, a seasoned stockbroker who is the
Managing Director, the top management team comprising of Alhaji Jibril Ibrahim, the
Executive Director and Mr. David Olusegun Adefolaju, a fellow of the Chartered Institute
of Stockbrokers (CIS) who is the Assistant General Manager has a combined
brokerage/financial experience in excess of 50 years.
The Head Office oversees the operations of branches in Abeokuta, Abuja, Ado-
Ekiti, Port-Harcourt, Warri, Kano, Ikeja, Lekki, Onitsha and Owerri all of which are
established in tandem with the requirements of the Nigerian Stock Exchange (N.S.E).
Currently among the top 10 players in the business of stock-broking in the
Nigerian Capital market, Resort Securities & Trust Limited aims to expand its tentacles
to other African countries at the conclusion of the on-going process to integrate and
merge all African capital markets.
2.2 VISION, MISSION AND CORE VALUES OF RESORT SECURITIES & TRUST
LIMITED;
Just like every corporate entity that aims at making giant strides in its operating
sector of the economy, Resort Securities & Trust Limited has a well defined three-
pronged vision that propels it to action. Its vision includes:
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1. Becoming a leading financial service organization with great reputation for
efficiency
2. Rising to the pinnacle of brokerage business and becoming one among best three
brokerage firms in Nigeria and best ten in Africa.
3. Ensuring customer satisfaction to the highest level possible.
The company’s mission statement which defines in precise and unambiguous
terms the type and quality of service it will strive to provide entails “being committed to
excellence using well-equipped and a highly motivated workforce for customer delight
and enhanced stakeholder values.” This mission statement is hinged on the belief that a
company’s mission determines the quality of service it will render, while the service
rendered produces a public image or client perception which in turn culminates into
financial profitability/reward.
Her core values which serve as the bedrock upon which the mode and quality of
her relations and interactions with both corporate and individual clients are built are
contained in the acronym ‘FITED’ meaning:
F- Friendliness
I- Integrity
T- Team Spirit
E- Excellence
D- Dedication
2.3 ORGANIZATIONAL STRUCTURE OF RESORT SECURITIES & TRUST LIMITED
Resort Securities & Trust Limited has a typical modern-day organizational
structure. A board consisting of 11 directors headed by the board chairman sits atop the
hierarchical chain of organization. This board meets at an agreed periodic interval to
deliberate on decisions relating to the direction, financial state and overall business of
the company. The board directors along with other executive shareholders also meet
with the management team at least twice each financial year to evaluate the company’s
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profitability and vote on decisions bordering on dividend pay out and other important
financial issues.
The everyday activities of the company are manned and overseen by the
management team. Though led by the Managing Director, the team which includes the
Executive Director and the Assistant General Manager who also doubles as the Head of
Business Development Department collaborates with the various heads of departments
who are next to them in the leadership chain. Staffers of the seven departments form
the workforce that carry out the daily business of the company. The professional staff
members some of whom are chartered stockbrokers are placed higher ahead in the
organizational structure ahead of the non-professional staff members (drivers, cleaners,
security guards, office assistants).
2.4 OPERATIONAL DIVISIONS OF RESORT SECURITIES & TRUST LIMITED
Providing an array of brokerage and corporate client functions, the seven
departments that make up Resort Securities & Trust Limited work closely together to
ensure maximum customer satisfaction, optimum efficiency and smooth running of all
her business operations.
The departments are as follows:
1. CUSTOMER SERVICE/FRONT DESK DEPARTMENT
2. BUSINESS DEVELOPMENT DEPARTMENT
3. OPERATIONS/STRATEGY AND CONTROL DEPARTMENT
4. FINANCE AND ACCOUNTS DEPARTMENT
5. INFORMATION TECHNOLOGY DEPARTMENT
6. HUMAN RESOURCES DEPARTMENT
7. FACILITATIONS DEPARTMENT
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SECTION THREE
3.0 BUSINESS SERVICES AND DIVISIONAL FUNCTIONS OF RESORT SECURITIES
& TRUST LIMITED
3.1 SERVICES PROVIDED BY RESORT SECURITIES & TRUST LIMITED
With the scope of her initiating Memorandum of Understanding (MOU) broadly
embracing the business of corporate finance packaging and capital market services,
Resort Securities & Trust Limited is involved in a wide range of non-banking financial
functions. The services offered by the company can be discussed under the following
two headings:
3.1.1 CAPITAL MARKET SERVICES
The capital market serves as a medium of exchange of equities and
shareholdings, a source of financial gearing and leverage for businesses and above all,
an institutionalized platform for investment and profit making.
In her capacity as a major player in the Nigerian capital market, Resort Securities
& Trust Limited provides client stock-broking services which include execution of
individual and corporate share purchase and sales mandates, cross-dealings, processing
of physical share certificates to the Central Securities Clearing System (CSCS) online
depository amongst a myriad of stock-broking functions. Also registered as an issuing
house, the company is involved in issuing house functions for public offers, private
placements, convertible redeemable bonds, debentures, treasury bills, unit trust
holdings, mutual funds, annuities, loan stocks and much more.
The company as well facilitates the ‘listing by way of introduction’ of companies
wishing to go public (i.e. becoming listed on the Nigerian Stock Exchange) and helps
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already listed companies to ensure that their business are carried out in line with the
dictates of the Nigerian Stock Exchange (N.S.E) and Securities and Exchange
Commission (S.E.C). Providing capital market investment services, Resort Securities &
Trust caters for the needs of high net worth individual and organizations such as asset
management companies, pension fund managers/administrators, pension fund
custodians, insurance companies, discount houses, state governments, ministries,
mutual benefit organizations etc.
3.1.2 CORPORATE FINANCE PACKAGING
Covering a wide range of services from fund/portfolio management, investment
advisory functions to amalgamations, liquidations, mergers, management services,
feasibility studies and consultancy, corporate finance packaging covers numerous issues
bordering on funds and its management.
Making investment advisory decisions and financial projections based on
feasibility studies from a standpoint of profit, Resort Securities & Trust Limited offers
consultancy services on existing product line/packages and expanding businesses.
Facilitation of business mergers, absorptions and amalgamations as well as liquidations
are all part of her professional capabilities and functions.
Management of client portfolios and their investment packages at various
discretionary levels and maturity tenors as well as fund management based on
negotiated terms form the core of the company’s Asset/Portfolio/Funds Management
Service package.
3.2 OPERATIONAL DIVISIONS OF RESORT SECURITIES & TRUST LIMITED AND
THEIR SERVICE LEVEL MANDATES
Every operational division/department of the Resort Securities & Trust Limited
is saddled with the responsibility of ensuring that all her service level mandates (i.e.
designated duties) are taken to with all sense of dedication and commitment. The
operational divisions and their responsibilities are as follows
3.2.1 CUSTOMER SERVICE/FRONT DESK DEPARTMENT
The department as the name implies caters for all customer enquiries, client
complaints and official correspondences. Providing answers to questions bordering on
client account details and cash balance, stock-holding positions, transfer certificates
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processing state, certificate lodgement details, transaction alerts etc, the customer
service department ensures that all clients are satisfied to the maximum level possible.
Staffers of this department make all efforts to respond satisfactorily to all
enquiries presented either physically or electronically via phone calls, faxes or e-mails.
They also refer clients to the relevant departments on matters requiring further
clarification and ensure that all official correspondences are followed up. The staffers of
this department are responsible to the Head, Department of Strategy and Control.
3.2.2 BUSINESS DEVELOPMENT DEPARTMENT
With a service level mandate accommodating a wide range of key
responsibilities, this department can be said to be the power centre of the company. The
department covers responsibilities bordering majorly on revenue mobilization and
client base expansion as well as budgeting, branch co-ordination and funds allocation,
corporate liaison roles, fund/portfolio management and corporate conflict resolution.
Her functions also include the processing of indemnity documents, ‘no-objection’
documents for credit facilities, service level agreement (SLA) negotiations, client
business briefings, agency commissioning, marketing activities etc.
Staffers of this department secure clients –corporate and individual– seeking to
transact business in the capital market, and make efforts to route such dealings through
the company to secure a brokerage commission and ensure profitability. They also
serve in advisory and decision-making capacities as portfolio/fund managers providing
qualitative overall market analyses, professional portfolio evaluation, price projections,
market indices analyses, portfolio briefings and as many conditions negotiated with the
clients whose portfolio(s) are in focus.
Their responsibilities entail “all activities officially pronounced or otherwise
with inherent opportunities of expanding the marketing frontiers and client base of the
Resort Securities & Trust Limited.” Their service level mandate is to “bring business to
Resort Securities & Trust Limited and ensure that the business is done.”
3.2.3 OPERATIONS/STRATEGY AND CONTROL DEPARTMENT
The activities of this department can be explained under these under-listed
headings:
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(a) Transaction jobbing and Trade-running: Before the close of work each day,
this department collates all duly authorised transaction mandates (purchase,
sales and cross-deals) and key them into the jobbing book for the next day’s
trading at the company’s trading booth on the Stock Exchange floor and the
online trading terminal at the office. This involves making calculations on
purchase prices, price limits and quantity to be purchased or sold within the
range of such a client’s available account balance (for purchase mandates) and
stock-holding position (for sale mandates). At the end of each day’s trading, they
run the day’s trade, ensure that all trade details are updated and check for
deviations from the duly authorised transaction mandates for rectification.
(b) Share transfer processing and Registrar functions: Also involved in the
process of transferring physical share certificates of companies issued to owners
of such share securities purchased on the primary market through public offers,
private placements, reconstructions etc., to the online depository on the Central
Securities Clearing System (C.S.C.S), this department ensures the smooth sailing
of share transfers and transmissions. They ensure that documents such as
banker’s confirmation, indemnity documents, sworn affidavits, court injunctions,
newspaper publications of death, death certificates (for estate accounts)
required by the various registrars of such companies for this process are made
available by the clients to ensure a speedy and hitch-free share transfer process.
Representations are also made by this department on behalf of the
company at various Registrar offices as at when required, clarifying knotty
issues, ensuring speedy processing and following up on all official
correspondences with registrar companies.
(c) Client account registration and Stock Exchange relations: When new client
accounts are opened, they have to be registered with the Stock Exchange and put
on the Central Securities Clearing System (CSCS). This department ensures that
this is perfected within the shortest time possible for such clients to commence
transactions and dealings. The department also caters for matters such as
transaction alert registration, change of name, change of address, client account
viewing clearance etc., and other documents required to be submitted to the
Nigerian Stock Exchange office for processing.
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(d) Internal Control and Standards Compliance: This involves ensuring that the
financial activities of the company are carried out in compliance with industrial
standards, internal code of conduct and acceptable ethical boundaries.
3.2.4 FINANCE AND ACCOUNTS DEPARTMENT
Commissioned to ensure a healthy financial state of the company, this
department carries out various functions.
Being a non-banking financial service organization, Resort Securities & Trust
Limited does not accept cash thus making commercial banking and its attendant
responsibilities inevitable. Acceptance and clearance of cheque deposits, bank
overdrafts, bank transfers, international money wires, bank cash lodgements etc., are
done by this department. They receive updated account statements of the company
from all banks commissioned to carry out business on her behalf on a daily basis so as
to ensure that the internal books of the updated in line with all customer deposits and
withdrawals.
Issuance of cheques, internal auditing, provision of profitability indices and
financial internal control documents are all done by this department. They also make
representations on behalf of the company when occasions for financial expertise arise at
banking houses, corporate financial departments, negotiation tables and industrial
standard control organizations.
3.2.5. INFORMATION TECHNOLOGY DEPARTMENT
Overseeing all matters relating to information and communication technology,
this department is in charge of providing the most reliable and advanced technology
within reasonable and acceptable budgetary limits required for the daily business of the
company.
Networking and maintenance of the company’s computer systems and
communication lines at various clearance levels, provision of adequate security to the
company’s website and online office are all part of the department’s functions. They are
also saddled with the responsibility of selecting from the plenteous midst of available
financial programming packages those most suitable for the daily business of the
company.
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The department is also involved in the production of the company’s official
newsletter, official brochures as well as the updating of the company’s website,
programming packages and daily trading and transaction details.
3.1.6 HUMAN RESOURCES DEPARTMENT
Involved in a group relationship with companies such as DVCF Oil & Gas Limited,
Resort Savings & Loans Plc., Resort Consult Limited, and Resort Developers Limited
under the central headship of DEAP Capital Management & Trust Plc, Resort Securities
& Trust operates a group Human Resources Department
Though having the home office is situated at the group headquarters with DEAP
Capital Management & Trust, the department makes concerted efforts to ensure that its
presence and reach is visibly felt in all the companies involved in the group relationship,
Resort Securities & Trust Limited inclusive.
The department’s responsibility entails ensuring a satisfied and highly motivated
workforce to ensure in turn, maximum client satisfaction. The department oversees
matters such as staff promotions and appointments, allocation of leave periods,
recruitment and redeployment of staff members as well as maintenance of discipline,
control and compliance with company rules, job ethics and code of conduct among staff
members. This department also metes out punishments when required to erring staff
members and rewards to staff members who have proven worthy of such.
3.1.7 FACILITATIONS DEPARTMENT
The functions of this department involve ensuring the facilitation of all official
matters and the smooth running of the details concerning the daily operational
activities of Resort Securities & Trust Limited. All non professional staff members of the
company such as drivers, cleaners, office assistants and security guards work under this
department.
The activities of this department are overseen by the departmental head who
also doubles as the Secretary to the Managing Director. Designation of drivers and office
assistants for official assignments within and outside Lagos are all responsibilities
within the operational ambit of this department.
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SECTION FOUR
4.0 THE S.I.W.E.S EXPERIENCE
Though primarily attached to the Business Development Department of Resort
Securities & Trust Limited during my SIWES programme, I had the opportunity of
carrying out assignments, job descriptions, responsibilities, and learning processes that
cut across all departments of the company.
The activities I was involved include the following:
4.1 E-JOBBING AND EXECUTION OF TRANSACTION MANDATES
Responsibility for all the branches of Resort Securities & Trust Limited lies with
the Business Development Department –the department I was primarily assigned to.
Since all share transactions are executed from the Head Office, all branches are required
to send copies of duly authorised share purchase or sale mandates to the Head Office
through online means. I was responsible for certifying the validity of documents
required to execute these mandates as well as jobbing (i.e. authorisation and
preparation for trade executions by the broker) all mandates that satisfy these
conditions of validity. This involves doing this in consonance with client conditional
preferences such as price limits, sectoral preferences etc.
4.2 FUND/PORTFOLIO MANAGEMENT
High net-worth clients and corporate organizations seek opportunities for
investment in the capital market. Such clients commission brokerage agencies with the
expertise to provide Portfolio Management services with a view to increasing the initial
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capital base and ensuring profitability. I had the opportunity of managing a few client
portfolios.
4.2.1 SERVICE LEVEL AGREEMENT (S.L.A.) NEGOTIATIONS
Negotiations involving the terms and conditions of work and service as well as
decisions on discretionary allowances and possible provisional amendments are all
deliberated upon at this stage by representatives from the companies involved. A
document agreeing to service level conditions is signed by the duly authorised
representative of the companies involved at the conclusion of all negotiations.
4.2.2 MARKET ANALYSIS, PRICE PROJECTION AND INVESTMENT ADIVSORY
SERVICES
Analysis of investment options and opportunities are provided to the investing
client and joint decisions are made as to what and how to invest the funds made
available. The Portfolio Management team makes stock recommendations based on
price projections and market analyses. However, since the discretionary levels of
portfolios differ, the account officer can make investment decisions totally based on his
personal interpretation, judgment and expectations of market conditions subject to the
agreement reached with the investing client at the service level agreement (S.L.A)
negotiation stage.
Stock recommendations are however made available to all clients (having
portfolio management agreements or otherwise) via the company’s weekly newsletter.
4.2.3 CORPORATE LIAISON/BUSINESS BRIEFING FUNCTIONS
At an agreed periodic interval, clients are briefed as to developments in the
capital market as well as their investment portfolios. Clients without a specified
portfolio arrangement also have unhindered access to their account statement, stock
holding position, contract notes, certificate lodgement details and all such documents
regarding their accounts they may request for.
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4.3 REGISTRAR FUNCTIONS
Registrars act as custodians and regulatory organizations concerning
information regarding share securities of various companies listed on the stock
exchange. Listed companies have the liberty of setting up their own registrar arms, so
long as they meet up with the requirements of the Nigerian Stock Exchange (N.S.E) and
Securities Exchange Commission (S.E.C) or appointing already existing registrars to act
on their behalf in an official capacity.
I had the opportunity of transacting various businesses with different registrar
companies on behalf of Resort Securities & Trust Limited. These activities include:
4.3.1 BATCHING, PROCESSING AND TRANSFER OF PHYSICAL SHARE
CERTIFICATES
For transactions to be possible on them all share certificates issued to the
owners during public offers, bonus declarations, private placements etc., they have to be
converted to the online depository format on Central Securities Clearing System (CSCS),
and these can only be done through stock-broking houses. The process involves
batching of these certificates with transfer forms and presenting them with all required
documents to the registrars on behalf of the client. Besides being involved in the
batching and processing of these certificates, I had the opportunity of catering for
special cases such as estate accounts (for the deceased), share transmission (in cases of
name changes) etc.
4.3.2 REVALIDATION OF STALE DIVIDEND WARRANTS/RETURN MONEY
When companies declare their profit at the end of their financial year at their
Annual General Meeting (A.G.M), decisions are made as to the issuance or otherwise of
dividend warrants. However since these warrants operate like cheques, though still
legally tenable, they expire after six months thus requiring revalidation. I had the
opportunity of providing revalidation services for clients by presenting the required
documents to various registrars on behalf of such clients so as to gain unhindered
access to their money. This involves provision of a covering letter, a letter of authority, a
valid means of identification and stock holding positions as the case may be.
4.4 PREPARATION OF FINANCIAL BOOKS
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Saddled with the responsibility of catering for the branches, the Business
Development Department where I was attached to prepares certain financial documents
for management decisions to be made. These include:
4.4.1 BUDGETING, COST ALLOCATION AND REVENUE PROJECTION
At the commencement of the new financial year, I was commissioned alongside
other staff members of the department to provide documents as regards budgeting, cost
allocation and revenue projection.
The process involved making recommendations based on the overall financial
situation of the operating area and incorporating them into a pre-designed budget
format in line with revenue expectations from the Head Office and all the branches.
4.4.2 WEEKLY/QUARTERLY/END-OF-THE-YEAR FINANCIAL REPORTS
At the end of each financial week, I was specifically commissioned to produce the
weekly report for the weekly management meeting alongside a senior colleague of the
Business Development Department. Preparation of this weekly financial report entails
calculations of brokerage commission due to share purchase and sales transactions as
well as calculations on revenue generated due to processing of certificates, indemnity
documents, ‘letter of no objection’ documents, embassy reference documents and other
miscellaneous sources of income.
I was also opportuned to participate in the preparation of two quarterly reports
and one end-of-the-year financial report. Cumulative figures derived from weekly
financial reports within the time span of the period being worked upon alongside other
important parameters are used in the preparation of quarterly and end-of-the-year
financial reports. The reports are then prepared in spreadsheet and graphical formats
with revenue generation levels broken down for all branches as well as the Head Office
serving as a tool for measuring effectiveness by the management and governing board.
4.5 REVENUE MOBILIZATION
Since the conditions of my industrial attachment were not as broad and stringent
as those of full time regular staff members, no revenue mobilization target was set for
me.
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I was however involved in helping secure a number of individual and corporate
new client accounts. Persuasiveness, tenacity, consistency, integrity, dedication and
transparency were key factors in winning the trust of these clients and securing their
financial commitment in opening and maintaining brokerage accounts and management
portfolios.
4.6 BRANCH MATTERS CO-ORDINATION
Certain information as regards client accounts and other related matters are
accessible only from the Head Office thus making it necessary for all branch offices to
maintain regular correspondence with the Head Office.
While all staff members of the Business Development Department attend to
branch matters, I was however designated to attend to certain specific issues ranging
from e-jobbing of branch transaction mandates, processing of branch indemnity
documents to processing of transfer certificates, client account details, stock holding
positions and all such requests as may be made by Branch Offices
SECTION FIVE
5.0 RECOMMENDATIONS AND CONCLUSION
5.1 RELEVANCE OF TRAINING PROVIDED
The relevance of the training afforded me during my SIWES period at Resort
Securities & Trust Limited cannot be over flogged. While certain aspects of the training
provided can be spoken of in quantifiable terms, the psychological benefits, confidence
gained, team-playing abilities acquired and human relations lessons learnt are difficult
to calibrate in quantifiable terms. I was afforded the opportunity of learning first hand
important lessons of life with inherent abilities of making patient and willing
individuals great successes in their chosen fields of endeavour.
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It is however important for evaluation purposes to state clearly the relevance of
training provided during my period of internship at Resort Securities & Trust Limited.
They include but are unlimited to the following:
1. I was able to observe first-hand the drivers of the capital market as well as
factors influencing transaction volumes and price volatility while understudying
market movements during a financial recession- a phenomenon that occurs only
once in a while.
2. I also learnt the basics of corporate finance packaging and the internal workings
of an archetypal corporate environment.
3. Adequately trained in the fundamentals and processes involved in
funds/portfolio management, I was commissioned to act in that capacity for
certain client accounts –a relevant experience in my training as a Manager.
4. I learnt a great deal about financing, capital sourcing and credit facility
processing for different types of businesses, agriculture inclusive.
5. Also, important lessons on human relations, team skills as well as initiating and
maintaining business relationships were learnt during my SIWES period.
5.1 RECOMMENDATIONS
Having undergone the statutory period for the SIWES programme, it is difficult
to feign ignorance of the reality of what obtains during scheme. While the concept and
philosophy behind the scheme deserves applauses, like every other major programme
in Nigeria, execution and maintenance are issues that need to be addressed.
In line with what has been said above, my recommendations as regards the
Student Industrial Work Experience Scheme (S.I.W.E.S) include the following:
1. When requested, efforts should be made by the concerned departments to
provide internship opportunities for their students in line with individual
preferences, academic strengths and future focus. This will help in reducing the
difficulty many students face in securing SIWES placements.
2. To encourage participating students and lend them credence at their place of
work, the University should make efforts to carry out industrial visitations to
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these students. It was observed across board that no student was afforded the
seeming luxury of industrial visitations by University representatives.
3. Also, to cushion the effects of transportation, feeding and accommodation costs,
stipends and allowances should be provided by the Industrial Training Fund
(I.T.F.) and/or relevant agencies and parastatals for students on SIWES to reduce
the financial burden thrusted on them during their SIWES period.
5.2 CONCLUSION
In conclusion, it is highly important to recognize that the Students Industrial
Work Experience Scheme (S.I.W.E.S) provides an ample opportunity for students to
acquire relevant training and industrial experiential knowledge as regards their field of
study.
The thrust of my quest to gain comprehensive insider knowledge of the capital
market is borne out of the fact that agriculture has failed to maximally utilize the
opportunities inherent in the capital market in Nigeria unlike what obtains in other
developed nations.
Providing an all important platform for capital sourcing as well as leveraging and
gearing opportunities, the capital market has the potential of providing for what proves
to be the major problem agriculture faces in Nigeria -adequate capital. It is important to
observe that the banking industry maximally utilized these same opportunities which
are abundantly available in the Nigerian capital market by attracting local and foreign
investors during their capital sourcing for the N25billion capital base benchmark for
banking institutions.
Noteworthy is the fact that the Nigerian capital market is the second most
prolific in the world in terms of dividend payout history and bonus declaration and as
such investors are willing to make financial commitments to business schemes with the
potential of generating profit. Therefore, farms, agro-allied and agro-related industries
and organizations all stand the chance of sourcing sufficient capital for their businesses
-both existing ones and yet to be initiated ones- from willing Nigerian and foreign
investors who have learnt from experience the high rate of investment returns in the
Nigerian capital market.
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Therefore, the challenge is to ensure that new and upcoming agri-business
schemes prove to these willing investors that they contain the potentials for growth,
expansion and profit-making thus standing them a chance of securing a huge capital
base for their operations.
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