Vibrant Capital Market Critical to Sustainable Financing of Infrastructure in Nigeria –Fashola

Wednesday,July 17, 2019 / 12.25PM / Ottoabasi Abasiekong forProshare WebTV / Header Image Credit: WebTV

A vibrant capital market is critical to sustainable financing ofinfrastructure in Nigeria.

Former Minister of Power, Works and Housing Mr. Babatunde RajiFashola, SAN made this assertion as the Chairman of the launch of thebook “Frontier Capital Markets And Investment Banking: Principles andpractice from Nigeria” in Lagos.

The book co-authored by Dr. Temitope Oshikoya an economist and Mr.Kehinde Durosinmi-Etti a chartered accountant and seasoned banker, according toFashola was an opportunity to explore the value of the capital market andinvestment banking to the economy.

He cited the fact that Lagos State was able to raise about N167bnin a decade (2002-2012) through the capital market, which was deployed tofinance projects that impacted the lives of its citizens.

The Former Governor of Lagos State also identified the Sukuk Bondraised in the first term of the Muhammadu Buhari administration through thecapital market, which has been channelled to 25 critical roads across thecountry, creating jobs and addressing, to an extent, Nigeria’s infrastructurechallenge.

According to, Fashola, the Sukuk Bond was also a choice assetclass that attracted Nigerian investors.

Fashola was excited that investor appetite for Nigeria was stillbullish despite the challenges the nation has been facing from thesocio-political space.

The former Minister reiterated the fact that infrastructure isimportant to building social capital and long-term financing was critical toNigeria’s economic transformation.

The Chairman of the book launch also noted that Nigeria wasAfrica’s biggest frontier capital market and observed that even privatecompanies were taking advantage of the capital market, by raising ten-yeartenure market instruments.

Co-Author of the book Durosinmi-Etti a former MD/CEO of threedifferent banks namely; Midas Bank, Eko International Bank and Skye Bank, saidpublishing the book was a way of giving back to society and contributing to thegrowth of the economy.

Book reviewers Professor Konyinsola Ajayi, SAN (Partner, OlaniwunAjayi LP), Professor Ndubuisi Nwokoma (Economist, University of Lagos)and Mr. Chuka Eseka (CEO, Vetiva Capital) all agreed that the book wastimely and insightful. They pointed out that the book set a template forNigeria for repositioning investment banking and the capital market, to raiselong-term capital to address issues like infrastructure, that will improve thequality of lives of Nigerians and lead the nation along the path ofdouble-digit growth.

They recommended the book to students, capital market operators,investment bankers, business leaders, scholars and even regulators.

Highlights of the event were the unveiling of the book by the Obaof Lagos HRH Rilwan Akiolu alongside other dignitaries.

Notable personalities who attended the event include; The Oba ofIkorodu-HRM Kabiru Shotobi , Former CEO and Co-Founder Guaranty TrustBank- Mr Fola Adeola, Dr Uche Olowu-President, Chartered Institute ofBankers, Nigeria, Mr Kayode Falowo- President, Nigeria-British Chamber ofCommerce and Mr Jude Chiemeka, Divisional Head, Trading Business, Nigeria StockExchange.

The book has 16 chapters and was published by Routledge Taylor& Francis Group International and is available on Amazon. It discusses therole of capital markets and investment banking in Nigeria, the largest frontiermarket economy on the African continent.