The Association of Issuing Houses of Nigeria (AIHN) has marked its 30th anniversary in Lagos, pledging to work with regulators, government, and investors to deepen the capital market and broaden participation. AIHN President, Kemi Awodein, made the commitment at the anniversary and yearly awards dinner. She noted that instruments such as green bonds and book-building were not available when the association was established three decades ago.
Awodein said the association would continue to promote transparency, good governance, and innovation to strengthen investor confidence and expand participation in the market. According to her, the capital market remains critical to mobilising funds for investment, economic growth, job creation, and national development. The association's commitment aims to build on its achievements over the past 30 years.
Nigerian Exchange Group (NGX) Chairman, Umaru Kwairanga, commended AIHN members for their significant contributions to the development of the market. He said they had raised capital for governments and businesses and handled major corporate transactions. Kwairanga noted that the market had evolved from manual processes to fully digital transactions, describing technology as critical to the industry's future.
Kwairanga cited the ongoing Dangote Refinery initial public offering (IPO) as an opportunity to bring more retail investors into the capital market. The offer targets 10 million investors, which could significantly expand the investor base. Nigeria has recorded fewer than six million capital market investors since independence. The Dangote IPO is expected to increase this number.
On the economy, Kwairanga said NGX had informed President Bola Tinubu that the capital market could play a major role in helping the Federal Government achieve its $1 trillion economy target. Market capitalisation has risen from below N50 trillion three years ago to more than N160 trillion, with NGX targeting N300 trillion. The group has urged the government to list more state-linked companies on the exchange.
Group Deputy Managing Director of Afrinvest, Victor Ndukauba, said the 30th anniversary was a significant milestone for the investment banking industry. He noted that Afrinvest and other market operators had participated in major deals, including bank consolidation, mergers and acquisitions, and bond issuances. Examples of these transactions include the merger that created United Bank for Africa (UBA) and Lagos State's pioneering bond issue.
Ndukauba added that digital platforms would increasingly drive the capital market by helping companies reach investors and allowing investors to subscribe to offers remotely. The ongoing Dangote IPO illustrates the direction of the market, with digital technology playing a central role in the offer. This shift towards digital platforms is expected to continue shaping the capital market.
Key points
- Association of Issuing Houses of Nigeria pledges to deepen capital market participation
- Nigerian Exchange Group targets N300 trillion market capitalisation
- Dangote Refinery IPO aims to bring in 10 million retail investors
