Stockbrokers award BoI MD, Kayode Pitan with Honorary Fellowship

21 Jul Stockbrokers award BoI MD, Kayode Pitan with Honorary Fellowship

The Chartered Institute of Stockbrokers has conferred an Honorary Fellowship on the Managing Director, BoI, Kayode Pitan for his outstanding achievements with significant contributions to the growth and development of the Nigerian economy; and BoI’s pivotal role in the growth and development of MSMEs in Nigeria.

The CIS’ President and Governing Council Chairman, Mr Olatunde Amolegbe

said, “We in the Nigerian capital market community are particularly excited by the work that Mr Pitan and BoI are doing to incubate Micro, Small and Medium-scale Enterprises that not only serve as major sources of employment generation in the country but provide a clear path toward industrialisation of the Nigerian economy.

“Suffice to say that BoI also provides a pipeline to the potential listing of these entities on the various securities markets. We expect that through the efforts of Mr Pitan and his team, more of the likes of Friesland Campina WAMCO Nigeria Plc that was incubated by the bank will get listed on the various bourses on which we stockbrokers trade.”

In his acceptance speech, disclosed that the Bank of Industry has said it raised a total of $3bn from the international market in the past three years.

He said the financing included a $750m syndicated medium-term loan in 2018 from, working with the African Export-Import Bank, a €1bn syndicated loan with 24 financial institutions and investors in March 2020 as the COVID-19 lockdown started, and a $1bn syndicated loan from working with 64 financial institutions and investors in the international market.

He was quoted as saying, “The BoI is enjoining tremendous support from the Ministry of Finance and Central Bank of Nigeria. We have a lot more to achieve for over 40 million micro industries in Nigeria.

“We have recognised the urgent need for specialised investment banking and we shall encourage the beneficiaries of our bank loan to seek quotation on the securities exchanges.

“We shall offer concessionary rates to support and also seek patience capital from the government to enhance the growth of our Micro, Small and Medium-scale Enterprises.”