Chartered Institute of Stockbrokers Hail BOI’s Role, Makes Pitan Fellow

The President and Chairman of Governing Council, Chartered Institute of Stockbrokers (CIS) Mr. Olatunde Amolegbe, has hailed the role the Bank of Industry(BOI) is playing the in the growth and development of micro, small and medium scale enterprises (MSMEs) in Nigeria, saying the capital market community is expecting the listing some of the companies on various securities exchanges.

Amolegbe stated this while speaking at an investiture ceremony to confer Honourary Fellowship of CIS on the Managing Director of BOI, Mr. Olukayode Pitan in Lagos.

“We in the Nigerian capital market community are particularly excited by the work that Mr. Pitan and BOI are doing to incubate MSMSEs that not only serve as major sources of employment generation in the country but provide a clear path toward industrialisation 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,” he said. The CIS boss explained that their 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 would 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,” Amolegbe said. 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 $ 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 (AFREXIMBank), 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 quotation on the securities exchanges. We shall offer concessionary rates to support and also seek patience capital from government to enhance the growth of our Micro, Small and Medium Scale Enterprises, “Pitan said.