Stockbrokers task market operators on job creation

The Chartered Institute of Stockbrokers has challenged Nigeria’s capital market operators, policymakers and regulators to move beyond improved market infrastructure and capital mobilisation to financing productive investments, expanding businesses, creating jobs and delivering shared prosperity.

The Institute recorded a historic expansion of its professional membership by inducting 509 Associates, its largest intake in history, while elevating 63 members to Fellowship and launching a N5bn endowment fund to promote research, professional education and human capital development.

These were among the major highlights of the Institute’s 30th Annual Conference held in Lagos, with the theme, ‘From Capital Mobilised to Prosperity Realised: Financing Nigeria’s Next Era of Growth and Global Competitiveness.’

CIS President and 14th Chairman of Council, Dr Fiona Ahimie, stressed that the success of the market must yield tangible economic outcomes. She noted, “The success of the capital market should be measured not only by market capitalisation, transaction volumes, and funds raised, but also by its contributions to infrastructure development, industrial growth, employment generation, and improved living standards.”

She described the market as a critical bridge between savings and businesses requiring long-term financing, emphasising that capital mobilisation must translate into productive investments capable of generating sustainable economic growth.

The Director-General of the Securities and Exchange Commission, Dr Emomotimi Agama, identified technology as a major driver of transformation in capital raising and securities trading. He disclosed that the Commission was deploying sophisticated technological solutions to strengthen market surveillance, enhance regulatory oversight and detect market abuses to protect investors and sustain market confidence.

At the conference’s first executive panel, Chief Executive Officer of Chapel Hill Denham, Bolaji Balogun, acknowledged the gains from recent reforms, including the Investments and Securities Act 2025, the transition from T+3 to T+2 and subsequently T+1 settlement cycles, and extended trading hours.

However, he cautioned that improved infrastructure alone would not suffice, saying, “Improved infrastructure will not automatically produce a deeper market.” Despite raising N6.49tn in 2025, the top 10 listed companies accounted for approximately 72 per cent of total market value, while market capitalisation represented about 37 per cent of gross domestic product.

He called for more quality listings, wider investor participation and innovative instruments, including project bonds, infrastructure funds, Sukuk, green and orange bonds, and convertible securities to finance critical infrastructure. He also urged the Federal Government to integrate the capital market into privatisation and infrastructure concession programmes.

Similarly, Director-General of the National Pension Commission, Omolola Oloworaran, identified pension assets as a major source of long-term capital for infrastructure, business expansion and employment generation. However, she warned, “Investments must be guided by prudence, sustainable returns, and protection of contributors’ retirement savings.”

She identified limited liquidity, weak price discovery, inadequate listings and market concentration as constraints to effective pension investment, challenging stockbrokers to attract quality companies and develop viable investment opportunities.

Director-General of the Debt Management Office, Patience Oniha, advocated deeper participation in the domestic bond market, diversified funding sources, innovative financing instruments and stronger collaboration with capital market operators. She emphasised, “There is a pressing need to deploy debt capital productively to finance infrastructure, generate economic returns, strengthen fiscal stability, and sustain investor confidence.”

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Chairman of the Manufacturers Association of Nigeria, Otunba Francis Meshioye, who spoke on financing infrastructure, manufacturing and small and medium-scale enterprises, argued that Nigeria’s financing challenge was structural. He stated, “Nigeria’s financing challenge is not merely the availability of capital, but the limited channels through which funds reach productive enterprises.”

To address Nigeria’s estimated $2.3tn infrastructure deficit, Meshioye advocated greater mobilisation of pension funds, infrastructure bonds, green bonds, Sukuk and public-private partnerships. He also called for long-term financing for manufacturers, alternative energy investments, export finance and credit guarantees to expand funding opportunities for SMEs.

In strategy sessions on attracting domestic and international investment, participants urged family-owned businesses and corporate founders to embrace listings on the Nigerian Exchange Limited, citing the N2.15tn Dangote Refinery initial public offering, which attracted investors from all 54 African countries, as evidence of the market’s capacity to mobilise substantial capital.

A major highlight was the launch of the N5bn CIS Endowment Fund, which Lagos State Governor, Babajide Sanwo-Olu, endorsed, pledging the state government’s support.

Sanwo-Olu, himself a stockbroker, disclosed that Lagos State had raised more than N200bn through the capital market to finance infrastructure development. The endowment fund is expected to support capital market research, scholarships, the establishment of a professorial chair, academic excellence and professional capacity development.

In his goodwill message, NGX Group Chairman, Alhaji Dr Umaru Kwairanga, urged operators to take a proactive stance in driving expansion. He said, “Stockbrokers must move beyond transaction execution and become proactive facilitators of economic development by identifying viable investment opportunities and helping businesses and government institutions access capital.”

He maintained that the market’s success should be measured by businesses supported, jobs created and economic value generated, while advocating stronger corporate governance, investor protection and cross-border investment through the African Exchanges Linkage Project.

Chairman of the Association of Securities Dealing Houses of Nigeria, Sehinde Adenagbe, also stressed the importance of proper issuer profiling and due diligence in protecting investors. He remarked, “Stockbrokers must thoroughly scrutinise fundraising objectives, project viability, risk exposure, and mechanisms for monitoring fund utilisation to strengthen transparency and accountability.”

Other goodwill messages came from Vice President Kashim Shettima, represented by his Economic Adviser, Dr Tope Fasua; Minister of Finance, Dr Taiwo Oyedele; and Chairman of the House of Representatives Committee on Capital Markets, Hon. Solomon Bob, among others.

The conference also witnessed the presentation of the inaugural Presidential Awards, introduced by Immediate Past President Oluropo Dada to honour excellence, innovation, accountability and professional dedication. The awardees included Christopher Aroniyo, Best Graduating Student; Abuja and Northern District, Best District; Nigeria Revenue Service, Most Supportive Non-Capital Market Organisation; and Meristem Group, Most Supportive Capital Market Operator.

Other activities included a prosperity walk, career talks for students, and visits to Vitafoam Nigeria Plc and Berger Paints Nigeria Plc.