CIS Honours Gowon, Obasanjo, Babangida, Dangote for Market Devt

The Chartered Institute of Stockbrokers (CIS) has conferred its first honorary fellowships on Yakubu Gowon, Olusegun Obasanjo, Ibrahim Babangida and Aliko Dangote in recognition of their contributions to the growth and development of the Nigeria’s capital market. By this new status, the eminent Nigerians shall become members of the Institute.

Speaking at the CIS 2017 Stockbrokers’ Conference in Lagos, the President of the Institute, Mr. Oluwaseyi Abe noted that Gowon’s conferment was on the strength of his enduring support for the capital market. According to him, Gowon is noted to have laid a substantial part of the foundation for the exponential growth witnessed in the Nigerian capital market in the last four decades through the promulgation of the Nigerian Enterprises Promotion Decree, also known as the Indigenisation Decree 1972.

“The enactment of that law was a bold step that radically changed the landscape of the Nigerian capital market. The sale of large state-owned enterprises and multinationals to private investors through public listing gave Nigerians their desired involvement in the commanding heights of the economy and created more employment for Nigerians,” Abe said.

He described Obasanjo as an advocate of ‘’genuine’’ private sector –led economy of which the capital market is the back bone.

“He has consistently called out to the government to leverage long term funds from the market to drive growth and development. The banking consolidation exercise of 2004 under his presidency was monumental and created a more diversified, strong and reliable banking sector” he said.

Abe said Babangida liberalised the capital market which led to its enhanced growth.

“He implemented the privatisation and commercialisation exercise as a component of the conditionality of the Structural Adjustment Programme (SAP) introduced in 1986. The exercise which translated to a more equitable distribution of national wealthy gave every citizen the opportunity to buy into the privatised entities. He signed into law, Act 105 of 1992 which established the CIS. For that, we are immensely grateful.”

The CIS boss explained that Dangote, a former President of the NSE is a foremost contributor to the development of the Nigerian capital market because listed three of his companies namely, Dangote Sugar Refinery (2007), Dangote Flour Mill (2008) and Dangote Cement (2010), successively on the NSE, which is considered as a selfless and patriotic act. Listing of a company implies the willingness to share wealth with the investing public.

Commenting on the status of Fellow, Abe said it was the highest that a member of the Institute could attain, and holders are treated with the highest degree of recognition, honour and respect in the community of financial experts within and outside Nigeria.