The ongoing currency reforms instituted by the Central Bank of Nigeria (CBN) has presented challenges and opportunities for the investment banking industry.
The immediate past President, Association of Issuing Houses of Nigeria (AIHN), Ike Chioke, who disclosed this during the Investment Banking Awards Night in Lagos, said the free floating of the naira and removal of fuel subsidy have impacted on key sectors of the economy.
“Nigeria is obviously bracing up to the impact of the new government and they are already making changes to what I will call non unorthodox policies. These policies had also introduced pain and hardship with the free floating of the naira and removal of fuel subsidy forcing their weaknesses on various sectors of the economy,” he said.
Chioke said that despite the hiccups to the implementation of the policies, they have thrown up major opportunities for investment banking, urging investors to apply their best skills and expertise to make the best of the opportunities.
“As you know, 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 said.
The Awards night held at the Civic Centre, Lagos, and attended by both the top executives and middle level staff within the financial markets industry, presented opportunities for many players in the industry to receive awards, in recognition of their excellent performance in the year 2022.
In the Debt Capital Market Category, Chapel Hill Denham Advisory Limited, won the Private Company Bond House 2022 Award; Best Commercial Paper House 2022 Award and Best Bond House 2022 Award while the Best Commercial Paper House 2022 Award went to Stanbic IBTC Capital Limited.
The Equity Deal of 2022 Award was won by three companies- namely Stanbic IBTC Capital Limited, UCML Capital and Rand Merchant Bank.
The Lagos State Government was awarded the Capital Markets Titan Award, within the Capital Markets Titan category.
The newly elected President, AIHN, Kemi Awodein, said the recognition was a way of acknowledging the excellent work the winners are doing in their different areas of specialization.
She promised to continue and improve on the culture of excellence and development of the financial markets to the benefit of customers, investors and the economy.