The Central Bank of Nigeria’s (CBN) ongoing currency reforms have introduced both challenges and opportunities for the investment banking industry. During the Investment Banking Awards Night in Lagos, Ike Chioke, the immediate past President of the Association of Issuing Houses of Nigeria (AIHN), revealed that the free-floating of the naira and the removal of fuel subsidy have impacted key sectors of the economy,Daily Trust reports.
Chioke acknowledged that Nigeria is adapting to the effects of the new government, implementing what he termed as “non-orthodox policies.” These policies, such as the free-floating of the naira and the removal of fuel subsidy, have brought about difficulties and hardships, placing strains on various sectors of the economy.
Despite the challenges in implementing these policies, Chioke emphasized that they have created significant opportunities for the investment banking sector. He encouraged investors to leverage their skills and expertise to maximize these opportunities, highlighting the critical role of the investment banking industry in the Nigerian economy.
“The investment banking industry is a critical one for the Nigerian economy, and we represent the best brains and the best expertise in that space,” he stated.
The Investment Banking Awards Night, held at the Civic Centre in Lagos, provided a platform for top executives and middle-level staff within the financial markets industry to receive recognition for their outstanding performance in 2022.
Among the awardees in the Debt Capital Market Category, Chapel Hill Denham Advisory Limited received the Private Company Bond House 2022 Award, Best Commercial Paper House 2022 Award, and Best Bond House 2022 Award. Stanbic IBTC Capital Limited was honored with the Best Commercial Paper House 2022 Award.
The Equity Deal of 2022 Award was shared by three companies: Stanbic IBTC Capital Limited, UCML Capital, and Rand Merchant Bank. The Capital Markets Titan Award in the Capital Markets Titan category went to the Lagos State Government.
Kemi Awodein, the newly elected President of AIHN, expressed that the awards were a recognition of the excellent work done by the winners in their respective areas of specialization. She pledged to continue and enhance the culture of excellence and the development of financial markets for the benefit of customers, investors, and the overall economy.