FG Can Raise $500bn From Capital Market – CIS

The newly sworn-in as the 13th president and chairman of Governing Council of Chartered Institute of Stockbrokers (CIS), Mr. Oluropo Dada stated that the federal government can raise $500 billion from the Nigerian capital market.

The investiture ceremony held in Lagos, marked the commencement of Dada’s two-year tenure as the Institute’s president and send-off for Oluwole Adeosun, the immediate past president.

Dada assured that “his administration would advance inclusive participation of all stakeholders in the financial market. My vision is to build a Nigerian capital market and in which securities professionals get the attention and patronage that they deserve.

“We want a market that is all-inclusive, with all stakeholders working as partners. My team and I will work assiduously towards upgrading capacity building in our community, while at the same time ensuring that there is a symbiotic relationship between securities dealers and all trading platforms in the country.”

He stated that the federal government under the leadership of President Bola Tinubu, has articulated the vision of attaining a $1 trillion economy during its tenure, saying that “to do this, the economy must attain a double-digit growth in Gross Domestic Product (GDP). It is therefore my conviction that the capital market alone can generate up to at least half of the envisaged $1 trillion.

“It is therefore imperative that the size of the informal sector in Nigeria be substantially reduced, if we are to attain the objectives of accelerated GDP growth. Appropriate policies should be crafted to encourage all public limited liability companies in Nigeria to obtain listing and public quotation on any of the SEC-registered securities exchanges in the country.

“Our Institute aligns with the ongoing recapitalisation programme in the Banking sector. We have made a 10-point recommendation to the government and Capital Market Regulators on how the new capital injection in the banking industry can be implemented seamlessly.”

The immediate past president of CIS, Mr. Oluwole Adeosun, presented some of the major achievements during his tenure and commended Dada for his sterling contributions as the 1st Vice President during the period.

Vice President, Kashim Shettima, urged the Institute to partner with the federal government in order to transform the economy.

Shettima, who was represented by his special adviser on Economic Matters, Dr. Tope Fasua explained that the economy would experience significant growth once the country overcomes the ongoing reforms,

Governor of Ekiti State, Abiodun Oyebanji commended the Institute, assuring of the State support for Dada’s Administration through partnership with the Institute for market development.

He showered encomiums on Dada as a man of integrity with track records of performance.