BusinessDay

Babangida bags fellowship of Chartered Institute of Stockbrokers

Nigeria’s former Military Head of State, Ibrahim Babangida (Rtd General) has been awarded an honorary Fellowship of the Chartered Institute of Stockbrokers (CIS).

Babangida was awarded an honorary Fellowship of CIS for his exceptional contributions to the growth and development of the Institute from its formative years, in continuation of phase two of the Institute’s 30th Anniversary celebration which kicked off on Friday, November 4, this year.

Babangida, who ruled Nigeria from 1985 to 1993, was credited with the promulgation of the Decree that granted Chartered status to the Institute in 1992, which later became an Act. Besides, Babangida’s administration was instrumental in some radical economic policies that transformed the Nigerian financial system.

Conferring the prestigious award on him at his country home, Minna, Niger State, yesterday, the Institute’s President, Oluwole Adeosun, explained that Babangida’s administration midwifed the setting up of the Technical Committee on Privatization and Commercialisation (TCPC) of Enterprises in Nigeria, which transformed into Bureau of Public Enterprises (BPE).

“Today, we have come have come all the way here to Mimma as a mark of recognition and exceptional respect that the Institute has for her 6th investee. General Ibrahim Badamasi Babangida, is one of the most eminently qualified persons to be admitted as a Fellow of the Chartered Institute of Stockbrokers. Apart from the obvious fact that he was President and Commander in Chief of the Armed Forces of the Federal Republic of Nigeria between 1985 – 1993, the following milestones of his administration stand him out for this honour:

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“Under his administration, the Structural Adjustment Programme (SAP) was initiated in 1986 and this economic policy brought radical transformation to the Nigerian financial industry. His administration promulgated the Decree that established the Technical Committee on Privatisation and Commercialisation (TCPC), now Bureau of Public Enterprises (BPE) in order to ensure transparency, credibility and widespread ownership of shares of the privatized enterprises The shares were divested through The Nigerian Stock Exchange (now NGX), thus enabled more Nigerian citizens to become shareholders of companies in commanding heights of the economy.

“Most importantly for us, it was under General Ibrahim Badamasi Babangida that the Decree that established the Chartered Institute of Stockbrokers, Act 105 of 1992, was promulgated. So, the history of this great institute cannot be complete without mentioning this great leader,” said elated Adeosun.

Babangida expressed his heartfelt gratitude to the Institute’s Governing Council and Management for this historic honour and assured them of his support at all times.

Adeosun, noted that as part of the phased 30th Anniversary celebration, the Institute had scheduled more worthy Nigerians for the unique award in due course.

The first eminent Nigerian to be conferred with the Institute’s Honorary Fellowship was a former Head of State, General Yakubu Gowon. Other beneficiaries were a consummate banker, Atedo Peterside, the Chief Executive Officer, Bank of Industry, Olukayode Pitan, former Presidents of The Nigerian Stock Exchange (now NGX), Aliko Muhammed and Goodie Ibru respectively.

The colourful investiture ceremony was witnessed by three of the Institute’s past Presidents- Deacon Henry Olayemi, Mike Itegboje and Adedapo Adekoje and some top stockbrokers. The former Group Managing Director and Chief Executive Officer of Access Bank, Aigboje Aig-Imoukhuede and other dignitaries were also in attendance.