Investors have been advised to deploy their skills in identifying opportunities in investment banking amidst the challenges posed by the ongoing economic reforms of the current administration in Nigeria.
The reforms such as removal of subsidies on petrol and foreign exchange overhaul in the form of free floating of the naira, have no doubt brought significant changes in the Nigerian economy in the last five months in the form of rising cost of things driven by the subsidy removal and depreciation of the naira as a result of the forex reforms.
This precarious situation presents challenges in economic activities including the investment banking industry but to the immediate past President, Association of Issuing Houses of Nigeria (AIHN), Ike Chioke, behind the cloud of hiccups presented by the implementation of the reforms, there is a silver lining in terms of opportunities tap into.
Chioke, the Managing Director of Afrinvest West Africa Limited, who spoke during the Investment Banking Awards Night held in Lagos, noted that the elimination of fuel subsidies and the free-floating of the currency had an effect on important economic sectors.
“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,” Chioke stated, adding that the “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 stated that notwithstanding the difficulties in implementing the reforms, they have created significant opportunities for investment banking and urged those who are worried to take advantage of these chances to put their best knowledge and abilities to use.
“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.
Also, in the Equity Capital Markets Category, the Equity Deal of 2022 Award was won by three companies- namely Stanbic IBTC Capital Limited, UCML Capital, and Rand Merchant Bank.
Additionally, Stanbic IBTC Capital Limited won the Best Equity House 2022 Award within the category.
In the Financial Advisory Category, Stanbic IBTC Capital Limited won the M&A Deal of 2022 Award while Chapel Hill Denham Advisory Limited won the Best Financial Advisory House 2022 Award.
The Investment Banking category saw Stanbic IBTC Capital Limited take the prize as the winner, Best Investment Bank 2022 Award.
The Lagos State Government was awarded the Capital Markets Titan Award, within the Capital Markets Titan category.
Speaking at the event, the newly elected President of AIHN, Kemi Awodein, said the winners were acknowledged for their outstanding work in their many fields of expertise, which inspired them to strive even harder.
Awodein pledged to uphold and enhance the financial markets’ growth and culture of excellence for the benefit of clients, investors, and the whole economy.