July 17, 2019 / 12.25PM / Ottoabasi Abasiekong for
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A vibrant capital market is critical to sustainable financing of infrastructure in Nigeria.
Former Minister of Power, Works and Housing Mr. Babatunde Raji Fashola, SAN made this assertion as the Chairman of the launch of the book “Frontier Capital Markets And Investment Banking: Principles and practice from Nigeria” in Lagos.
The book co-authored by Dr. Temitope Oshikoya an economist and Mr. Kehinde Durosinmi-Etti a chartered accountant and seasoned banker, according to Fashola was an opportunity to explore the value of the capital market and investment banking to the economy.
He cited the fact that Lagos State was able to raise about N167bn in a decade (2002-2012) through the capital market, which was deployed to finance projects that impacted the lives of its citizens.
The Former Governor of Lagos State also identified the Sukuk Bond raised in the first term of the Muhammadu Buhari administration through the capital market, which has been channelled to 25 critical roads across the country, creating jobs and addressing, to an extent, Nigeria’s infrastructure challenge.
According to, Fashola, the Sukuk Bond was also a choice asset class that attracted Nigerian investors.
Fashola was excited that investor appetite for Nigeria was still bullish despite the challenges the nation has been facing from the socio-political space.
The former Minister reiterated the fact that infrastructure is important to building social capital and long-term financing was critical to Nigeria’s economic transformation.
The Chairman of the book launch also noted that Nigeria was Africa’s biggest frontier capital market and observed that even private companies were taking advantage of the capital market, by raising ten-year tenure market instruments.
Co-Author of the book Durosinmi-Etti a former MD/CEO of three different banks namely; Midas Bank, Eko International Bank and Skye Bank, said publishing the book was a way of giving back to society and contributing to the growth of the economy.
Book reviewers Professor Konyinsola Ajayi, SAN (Partner, Olaniwun Ajayi LP), Professor Ndubuisi Nwokoma (Economist, University of Lagos) and Mr. Chuka Eseka (CEO, Vetiva Capital) all agreed that the book was timely and insightful. They pointed out that the book set a template for Nigeria for repositioning investment banking and the capital market, to raise long-term capital to address issues like infrastructure, that will improve the quality of lives of Nigerians and lead the nation along the path of double-digit growth.
They recommended the book to students, capital market operators, investment bankers, business leaders, scholars and even regulators.
Highlights of the event were the unveiling of the book by the Oba of Lagos HRH Rilwan Akiolu alongside other dignitaries.
Notable personalities who attended the event include; The Oba of Ikorodu-HRM Kabiru Shotobi , Former CEO and Co-Founder Guaranty Trust Bank- Mr Fola Adeola, Dr Uche Olowu-President, Chartered Institute of Bankers, Nigeria, Mr Kayode Falowo- President, Nigeria-British Chamber of Commerce and Mr Jude Chiemeka, Divisional Head, Trading Business, Nigeria Stock Exchange.
The book has 16 chapters and was published by Routledge Taylor & Francis Group International and is available on Amazon. It discusses the role of capital markets and investment banking in Nigeria, the largest frontier market economy on the African continent.