Olukayode Pitan MD BoI
The Chartered Institute of Stockbrokers (CIS) has confered the institute’s Honorary Fellowship on the Managing Director, Bank of Industry (BoI), Mr Olukayode Pitan.
The CIS President and Chairman of its Governing Council, Mr Olatunde Amolegbe, said this in a statement on Wednesday in Lagos.
Amolegbe ascribed the rationale for the institute’s conferment of the fellowship on Pitan to the bank’s pivotal roles in the growth and development of Micro, Small and Medium Scale Enterprises in Nigeria.
He added that the institute was anticipating listing of some of the companies that had benefited from the BoI loans on various securities exchanges in Nigeria.
According to him, Pitan has emerged the third Nigerian to earn the prestigious honorary fellowship of the Institute while other four Nigerians have been shortlisted for the award.
Amolegbe explained that the honorary fellowship was conferred only on persons who had recorded outstanding achievements with significant contributions to the growth and development of the Nigerian economy.
“We in the Nigerian capital market community are particularly excited by the work 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.
“ Our expectation is that through the efforts of 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.
“You undoubtedly have what it takes to be instrumental to the anticipated listing of more companies, including Dangote Refinery in the near future,” said Amolegbe.
In his acceptance speech, Pitan, who commended the Institute’s Governing Board for the honour, noted that he had led BoI to successfully raise about three billion from the international market over the last three years.
“The BOI is enjoining tremendous support from the Ministry of Finance and the 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 government to enhance the growth of our Micro, Small and Medium Scale Enterprises,“ Pitan said.
The Guest Speaker and Chairman of the Board, Absa Nigeria, Mr Adedotun Sulaiman, said there had been a general consensus that efficient capital market could promote growth of any economy through sustainable low-cost distribution channel for multiple financial products and services.
“ The Bank of Industry (BoI) is a partner in progress in the actualisation of an industrialised economy in Nigeria and will continue to take deliberate steps towards addressing issues around funding across all business segments,” Sulaiman said.
Past recipients of the honorary fellowship included Gen. Yakubu Gowon and Mr Atedo Peterside, while Chief Olusegun Obasanjo, Gen. Ibrahim Babangida, Alhaji Aliko Dangote and Mr Aig Imoukhuede are to be conferred with the award at later dates.