The Association of Issuing Houses of Nigeria, AIHN, has revealed that around 12 companies cited on the Nigerian Stock Exchange, NSE, have raised N268.7 billion by method for Rights Issue over the most recent year and a half.
The AIHN which regarded some prominent people, who have added to the development of the Nigerian capital market amid its its inaugural annual dinner, in Lagos, likewise expressed that the outstanding value of corporate bonds, corporate Eurobonds and business papers brought so far up in the monetary market are N14.5billion, $1400 million, and N86.5 billion respectively.
Speaking at the event, with the theme, “The Capital Market as a Catalyst for Sustainable Development”, Mr. Aigboje Aig-Imoukhuede, Chairman, Coronation Merchant Bank, stated the need for the country to have operators led capital market development.
He further canvassed for scaling up of the minimum operating capital for the issuing houses given the big ticket transactions they are expected to handle, as well as the need for regulators to cut costs of transactions for raising capital. He stated: “ We have to move from a regulator-led-development to operator-led-development.
It is not possible for us to have the kind of development we need in this country if regulators continue to lead development.
I am not saying that there should not be regulation in investment banking or issuing houses as they are known here in our country, but it is better if they set minimum standards.” In his welcome address, Sonnie Ayere, AIHN President, said: “We will continue to deploy innovation in our operations in order to meet the demands of our partners and clients.
We are confident that we can help to continue to shape the industry transformation into a more vibrant one and continue to strengthen the association’s position in the industry value chain.”