Sola Oni
The 30th annual conference of the Chartered Institute of Stockbrokers (CIS) challenged Nigeria’s capital market to move beyond improved infrastructure and capital mobilisation to financing productive investments, creating jobs and delivering shared prosperity.
Nigeria’s capital market has made considerable progress in building the infrastructure required to support economic growth. Faster settlement cycles, improved trading systems, regulatory reforms and increased capital mobilisation have enhanced its capacity to channel funds into the economy. However, the ultimate measure of success lies in translating these achievements into productive investments, business expansion, employment generation and improved living standards.
This was the central message of the 30th annual conference of CIS, which brought together policymakers, regulators, stockbrokers, investors and business leaders in Lagos from November 4 to 5, 2026.
Held under the theme, “From Capital Mobilised to Prosperity Realised: Financing Nigeria’s Next Era of Growth and Global Competitiveness,” the conference examined how the capital market could become a more effective financing mechanism for infrastructure development, industrial expansion and national competitiveness.
Its overarching conclusion was that while significant progress had been made in strengthening market infrastructure, the next frontier was market depth and the effective deployment of capital into the real economy.
Setting the agenda
The build-up included a visit to Nigerian Exchange (NGX), where CIS President and 14th Chairman of Council, Dr Fiona Ahimie, rang the closing gong. She urged stockbrokers to embrace innovation, strengthen professional competencies and intensify investor education.
The Second Vice President and Chief Executive Officer of the NGX, Jude Chiemeka, highlighted the exchange’s role in providing companies with medium- and long-term financing while creating liquidity for investors. Chairman of the Association of Securities Dealing Houses of Nigeria (ASHON), Sehinde Adenagbe, reaffirmed the longstanding partnership between both professional bodies.
A town hall meeting also provided members with an opportunity to discuss professional concerns and the Institute’s future direction.
From market reforms to economic impact
Opening the conference, Ahimie challenged stakeholders to broaden their definition of capital market success. She argued that performance should not be measured solely by market capitalisation, transaction volumes and funds raised, but also by the market’s contribution to business expansion, infrastructure development, employment and improved living standards.
She described the capital market as a critical bridge between savings and businesses requiring long-term financing, stressing that resource mobilisation must translate into national development.
The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, identified technology as a major force transforming capital raising and securities trading. He disclosed that the Commission was deploying technology to strengthen market surveillance, regulatory oversight and the detection of market abuses, thereby protecting investors, preserving market integrity and sustaining confidence.
Building the market of the future
At Executive Panel 1, themed, “Building the Capital Market of the Future: Leveraging Technology, Innovative Finance and Regulatory Excellence for Nigeria’s Global Competitiveness,” Chapel Hill Denham Chief Executive Officer, Bolaji Balogun, reviewed reforms that had improved operational efficiency.
These included the Investments and Securities Act 2025, the transition from T+3 to T+2 and subsequently T+1 settlement, and extended trading hours.
However, Balogun cautioned that improved infrastructure would not automatically produce a deeper market. Despite raising N6.49 trillion in 2025, the top 10 listed companies accounted for approximately 72 per cent of total market value, while market capitalisation stood at about 37 per cent of GDP.
He called for more quality listings, wider investor participation and innovative instruments, including project bonds, infrastructure funds, Sukuk, green and orange bonds, and convertible securities to finance roads, electricity, ports and housing.
He also urged government to integrate the capital market into privatisation and infrastructure concession programmes. Investment-grade ratings and domestic listings for government concessions, he argued, could strengthen transparency, accountability and liquidity. Positioning Lagos as Africa’s preferred capital market hub was another recommendation, leveraging Nigeria’s economic scale, professional expertise and substantial pension assets.
Pension funds and productive investment
In her keynote address, the Director-General of National Pension Commission (PenCom), Omolola Oloworaran, described pension funds as a significant source of long-term, patient capital capable of supporting infrastructure, business expansion and employment.
She emphasised, however, that their deployment must be guided by prudence, sustainable returns and protection of contributors’ retirement savings.
Oloworaran identified limited liquidity, weak price discovery, inadequate listings, market concentration and low investor participation as constraints to effective pension investment. She challenged stockbrokers to attract quality companies and create viable opportunities for converting long-term savings into productive economic activity.
Financing infrastructure, manufacturing and SMEs
Executive Panel 2 examined “Financing Productive Investments in the Real Economy: Spotlight on Infrastructure, Manufacturing and SMEs.”
Its lead speaker, who is the Chairman, Manufacturers Association of Nigeria (MAN), Otunba Francis Meshioye, argued that Nigeria’s financing challenge was not simply the availability of capital but the limited channels through which funds reached productive enterprises.
Using an economy-as-a-farm analogy, he likened capital to water and the capital market to a reservoir. Although the reservoir was filling, the pipes connecting funds to productive activities remained narrow.
He identified four financing mismatches: short-term funding for long-term projects; foreign-currency borrowing by businesses earning naira revenues; high lending rates; and limited credit access for small and medium-sized enterprises.
To address Nigeria’s estimated US$2.3 trillion infrastructure deficit, Meshioye advocated greater mobilisation of pension funds, infrastructure bonds, green bonds, Sukuk and public-private partnerships.
He said manufacturers needed long-term financing for equipment, medium-term working capital and alternative energy investments to reduce production costs. Export finance, trade guarantees and regional payment systems were equally important for competitiveness under the African Continental Free Trade Area.
For SMEs, he proposed credit guarantees, pooling small loans into marketable securities and using digital data to improve credit assessment.
He urged stockbrokers to prepare bankable projects, mobilise long-term naira capital, promote evidence-based risk pricing, widen SME financing and measure investment outcomes.
Mobilising domestic and international investment
The conference also examined strategies for attracting domestic and foreign investment into the Nigerian capital market.
Family-owned businesses and corporate founders were encouraged to reconsider their reluctance to list on NGX, which participants argued should become a preferred destination for companies seeking capital, liquidity and broader ownership.
The N2.15 trillion Dangote Refinery initial public offering, which attracted investors from all 54 African countries, demonstrated the market’s potential to attract substantial investment. Dual listings and Nigerian Depositary Receipts were also proposed as instruments for connecting Nigerian businesses with international investors.
With pension assets estimated at N31.8 trillion, participants called for attractive investment opportunities to diversify allocations beyond government securities.
A Nigerian Personal Investment Account scheme, supported by tax incentives and digital access, was proposed to encourage retail participation. Experiences from the United Kingdom, Japan, Malaysia and Kenya were cited as useful models.
Lessons from the London Stock Exchange(LSE) and Johannesburg Stock Exchange(JSE) highlighted the importance of credible institutions, effective regulation, reliable infrastructure and strong corporate governance. Nigerian companies, participants stressed, must improve productivity, embrace technology and meet international standards to compete globally.
Sanwo-Olu Endorses N5bn endowment fund
A major highlight was the launch of a N5 billion CIS Endowment Fund to support capital market research, professional education, academic excellence and human capital development.
Lagos State Governor, Babajide Sanwo-Olu, himself a stockbroker, endorsed the initiative and pledged the state government’s support. He disclosed that Lagos had raised more than N200 billion through the capital market to finance infrastructure development.
The fund is expected to strengthen the Institute’s capacity to invest in research, professional knowledge and the next generation of capital market professionals.
Professional devt. and institutional recognition
The conference featured the maiden Presidential Awards, an initiative of immediate past President, Oluropo Dada, to recognise excellence, innovation, accountability and professional commitment.
Recipients included Christopher Aroniyo, Best Graduating Student; Abuja and Northern District, Best District; Nigeria Revenue Service, Most Supportive Non-Capital Market Organisation; and Meristem Group, Most Supportive Capital Market Operator.
The Institute also conferred Fellowship on 63 members and inducted 509 Associates, its largest intake in history. The new inductees were urged to uphold professional competence, ethical conduct and integrity.
Ahimie outlined priorities including professional ethics, stakeholder engagement, youth development, continuous capacity building and stronger contributions to national economic policy.
Other activities included a Prosperity Walk, career talks for students and visits to Vitafoam Nigeria Plc and Berger Paints Nigeria Plc. Another group visited NGX, while the student engagement programme introduced young people to career opportunities in the securities market.
Call for broader market impact
In his goodwill message, NGX Group Chairman, Alhaji (Dr) Umaru Kwairanga, challenged stockbrokers to move beyond transaction execution and become proactive facilitators of economic development. He urged them to identify viable investment opportunities and guide businesses and government institutions in accessing capital.
Kwairanga maintained that the market’s success should be measured by businesses supported, jobs created and economic value generated, rather than funds raised alone. He also advocated digital innovation, stronger corporate governance and investor protection, while encouraging stockbrokers to embrace the African Exchanges Linkage Project (AELP) to expand cross-border investment opportunities and deepen the pan-African market.
Director-General of the Debt Management Office (DMO), Patience Oniha, advocated deeper participation in the domestic bond market, diversified funding sources, innovative financing instruments and stronger collaboration with capital market operators. She emphasised the need to deploy debt capital productively to finance infrastructure, generate economic returns, strengthen fiscal stability and sustain investor confidence.
Similarly, ASHON chairman, Adenagbe, identified proper issuer profiling as fundamental to investor protection. He urged stockbrokers to scrutinise fundraising objectives, proposed projects, potential vulnerabilities, risk appetite and mechanisms for monitoring fund utilisation. Such due diligence, he maintained, would strengthen transparency and accountability while ensuring investors’ resources served their intended purposes.
Other goodwill messages came from Vice President Kashim Shettima, represented by Economic Adviser, Dr Tope Fasua; Finance Minister, Dr Taiwo Oyedele; and Chairman of the House of Representatives Committee on Capital Markets, Hon. Solomon Bob, among others.
Delivering prosperity
The conference established that technology, regulatory reforms and innovative financial instruments are important enablers of capital market development. However, their value must ultimately be demonstrated through tangible economic outcomes.
Can the market finance critical infrastructure, expand industrial production, provide businesses with affordable long-term capital, create employment and improve opportunities for Nigerians?
These questions define the next phase of Nigeria’s capital market development.
The 30th CIS annual conference therefore, ended with a challenge extending beyond its two-day engagement: capital mobilisation is only the beginning. The real measure of success lies in deploying financial resources to build businesses, strengthen industries, create jobs and improve living standards.
Ultimately, a vibrant capital market is not merely one that raises more money, records higher trading volumes or achieves higher market capitalisation. It is one that converts savings into productive investments and financial resources into national prosperity.
*Oni, an Integrated Communications Strategist and Chief Executive Officer of Sofunix Investment and Communications, is a Fellow of the Chartered Institute of Stockbrokers (CIS)