The founder and chairman, Coronation Group, Aigboje Aig-Imoukhuede, has stressed the need to increase the number of Nigerians in the capital market to 100 million to drive growth in the economy, saying, the lack of long term financing is a constraint to the economy.
Aig-Imoukhuede, who was a past president of council of the Nigerian Exchange Group, while speaking at his investiture as a Honorary Fellow of the Chartered Institute of Stockbrokers (CIS) yesterday, noted that, he is committed over the next years to driving increased participation in the Nigerian capital market.
This is also as the Coronation Group has been granted a Capital Market Holding Company (CMHC) licence from the Securities and Exchange Commission (SEC).
Speaking on the NGX, Aig-Imoukhuede said, the capital market is a platform for mobilising financial resources and deploying them for investment and one of the relationships you find between vibrant and performing capital market is the level of economic advancement.
According to him, “if the country can replicate the success of deposit money banks in retail and commercial banking in our capital market in the areas of insurance and pension, Nigeria will take off. This is because the financing of infrastructure and productive capacity is really not done with loans alone. You must have equity and very long capital and the lack of such capital is a constraint to growth.
“Right now the number of Nigerians who actually invest in the capital market is not more than three million but we have to shift that to 100 million when we mobilise savings like that, there is no looking back and Nigeria will be like Singapore and that is what this investiture today has stimulated me to commit to in the next working years that I have.”
On the CMHC licence granted Coronation Group, Aig-Imoukhuede, “this transition marks our first five years of orchestrating the Coronation Group ecosystem. We established Coronation with the objective of democratizing access to investment, lending, and insurance, empowering individuals to achieve financial independence and build enduring legacies. We are excited about the future and our role as a key driver of growth in Africa.”
On his part, managing director/CEO of Coronation Group, Wole Onasanya, said: “your primary objective is to make wealth creation accessible to all Africans. Coronation Group is well-positioned to offer integrated financial services backed by exceptional talent, all accessible through cutting-edge technology platforms.
“We are dedicated to being trusted partners on our clients’ journeys to prosperity, helping them achieve outcomes that go beyond financial returns.”
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