The Chartered Institute of Stockbrokers (CIS), has ascribed the rationale for the Institute’s conferment of Honorary Fellowship to the Managing Director, Bank of Industry (BOI), Olukayode Pitan to the bank’s pivotal roles in the growth and development of Micro, Small and Medium Scale Enterprises in Nigeria.
Besides, the Institute is anticipating listing some of the companies that have benefited from BOI loans to list on various securities exchanges in Nigeria.
Pitan has emerged as the third Nigerian to earn the prestigious Honorary Fellowship of the Institute while the other four Nigerians have been shortlisted for the award.
Addressing participants at the award ceremony in Lagos Tuesday, the CIS’ President and Chairman of Governing Council, Mr Olatunde Amolegbe explained that Honorary Fellowship was conferred only on persons who have recorded outstanding achievements with significant contributions to the growth and development of the Nigerian economy.
“ We in The Nigerian Capital Market Community are particularly excited by the work that Mr Pitan and BOI are doing to incubate Micro, Small and Medium Scale Enterprises that not only serve as major sources of employment generation in the country but provide a clear path toward industrialization of the Nigerian economy. Suffice to say that BOI also provides a pipeline to the potential listing of these entities on the various securities markets.
“ Our expectation is that through the efforts of Mr Pitan and his team, more of the likes of Friesland Campina WAMCO Nigeria Plc that was incubated by the Bank will get listed on the various Bourses on which we stockbrokers trade. You undoubtedly have what it takes to be instrumental to the anticipated listing of more companies, including Dangote Refinery in the near future.”, said Amolegbe.
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In his acceptance speech, Pitan, who commended the Institute’s Governing Board for the honour, noted that he had led BOI to successfully raised about USD 3 billion from the international market over the last three years, including $750 million syndicated medium-term loan for the bank in 2018, working with Africa Export-Import Bank (AFREXIM Bank), One Billion Euro syndicated loan with 24 financial institutions and investors in March 2020, at the onset of Covid-19 lockdown and conclusion of a $1 billion syndicated loan, working with 64 financial institutions and investors in the international market.
“ The BOI is enjoining tremendous support from the Ministry of Finance and Central Bank of Nigeria. We have a lot more to achieve for over 40 million micro industries in Nigeria. We have recognized the urgent need for specialized investment banking and we shall encourage the beneficiaries of our Bank loan to seek quotations on the securities exchanges. We shall offer concessionary rates to support and also seek patient capital from the government to enhance the growth of our Micro, Small and Medium Scale Enterprises. “, Pitan said.
The Guest Speaker and Chairman of the Board, Absa Nigeria, Adedotun Sulaiman, stated that there had been a general consensus that an efficient capital market could promote the growth of any economy through a sustainable low-cost distribution channel for multiple financial products and services saying:
“ The Bank of Industry (BOI) is a partner in progress in the actualization of an industrialised economy in Nigeria and will continue to take deliberate steps towards addressing issues around funding across all business segments”.
The Honorary Fellowship had been awarded to General Yakubu Gowon and Atedo Peterside while Olusegun Obasanjo, General Ibrahim Babangida, Aliko Dangote and Aig Imoukhuede are to be conferred on later dates.
The Honourable Minister, Industry, Trade and Investment, Niyi Adebayo and his predecessor, Okechukwu Enelamah were among the top dignitaries at the high profile ceremony which coincided with Pitan’s birthday.
