Thursday, July 15, 2021 / 5:30 AM / CIS / Header Image Credit: International Banker
The Chartered Institute of Stockbrokers (CIS), recently said that the rationale for the conferment of an Honorary Fellowship on the Managing Director, Bank of Industry (BOI), Mr. Olukayode Pitan was the bank's pivotal role under his leadership in the growth and development of Micro, Small and Medium Scale Enterprises in Nigeria.
Besides this, the Institute expects the listing of companies that have benefited from BOI loans on securities exchanges in the country.
Mr. Pitan emerged as the third Nigerian to be awarded the prestigious Honorary Fellowship of the Institute while another four Nigerians have been shortlisted for the award.
Addressing participants at the award in Lagos, 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 the BOI are doing to incubate Micro, Small, and Medium Scale Enterprises that not only serve as major sources of employment in the country but also provide a clear path to the industrialization of the Nigerian economy. Suffice to say that BOI also provides a pipeline for the potential listing of these entities on security markets".
"We expect that through the efforts of Mr. Pitan and his team, more of the likes of Friesland Campina WAMCO Nigeria PLC that were incubated by the bank would get listed on the various exchanges in which we stockbrokers trade. You undoubtedly have what it takes to be instrumental to the anticipated listing of more companies on the local exchanges, including the expected Dangote Refinery.", said Amolegbe.
In his acceptance speech, Pitan, who commended the Institute's Governing Board for the honor, noted that he had led BOI to successfully raise about $3bn from the international market over the last three years, including a $750m syndicated medium-term loan for the bank in 2018, working with the Africa Export-Import Bank (AFREXIM Bank), 1bn 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 enjoying tremendous support from the Ministry of Finance and Central Bank of Nigeria. We have a lot more to achieve for over 40m micro industries in Nigeria. We have recognized the urgent need for specialized investment banking and we shall encourage the beneficiaries of our bank loans 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, Mr. Adedotun Sulaiman, said that there was a 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 noting that "The Bank of Industry (BOI) is a partner in progress in the actualization of an industrialized 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 Mr. Atedo Peterside while Chief Olusegun Obasanjo, General Ibrahim Babangida, Alhaji Aliko Dangote, and Mr. Aig Imoukhuede are to be conferred at later dates.
The Honourable Minister, Industry, Trade and Investment, Otunba Niyi Adebayo, and his predecessor, Dr. Okechukwu Enelamah were among the dignitaries at the ceremony which coincided with Pitan's birthday.