L- R shows Ezekiel Oseni, Chief Risk Officer, Bank of Industry (BOI); Toyin Adeniji, Executive Director, Micro Enterprise, BOI; Olukayode Pitan, Managing Director/Chief Executive Officer, BOI; Temi Popoola, Chief Executive Officer, Nigerian Exchange Limited (NGX); Irene Robinson-Ayanwale, Divisional Head, Business Support Services, NGX and Jude Chiemeka, Divisional Head, Capital Markets, NGX during the signing ceremony of the Memorandum of Understanding between BOI and NGX in Lagos.

Nigerian Exchange Limited (NGX) and Bank of Industry (BOI) have signed a Memorandum of Understanding (MoU) to deepen capital market reach, build the capacity of stakeholders through financial literacy programs, facilitate market advocacy initiatives and promote listings. The announcement was made during the signing ceremony led by the Chief Executive Officer (CEO), NGX, Mr Temi Popoola and the MD/CEO, BOI, Mr. Olukayode Pitan, in Lagos.

The MoU will have NGX, and BOI collaborate on driving capital market solutions through the promotion of retail participation and listings, enhancing information flow to stakeholders and supporting market development that further deepens capital market advocacy initiatives.

Speaking about the MoU, the CEO, NGX, Mr Temi Poopola noted that, “in furtherance of The Exchange’s aim to promote the interest of stakeholders operating in the capital market, the collaboration will support various advocacy initiatives to develop the Nigerian capital market, promote information flow to small and medium enterprises (SMEs) about the capital market listing procedures and facilitate training for potential issuers on the various product initiatives. NGX will work closely with BOI to create a seamless avenue for divestments through the listings of any of its investee companies on the Boards of NGX.”

On his part, the MD/CEO, Bank of Industry, Mr Olukayode Pitan noted that the signing ceremony will enable BOI and NGX to jointly develop programs that will educate all stakeholders, especially Large Enterprises and Small & Medium Enterprises on how to access alternative financing options. “Through this partnership with NGX, BOI will encourage companies in which it has equity holdings as well as its pool of current and past borrowers to approach The Exchange for initial public listings which will serve as a veritable window for divestments and access to wider funding options”, he added.

BOI’s mandate to promote capital market inclusion supported the expansion of over 3 million enterprises and created over 7 million jobs. Additionally, capital base expansion saw the bank making successful forays into the international market and raised about $3.8bn in the last 4 years. This includes a $750mn syndicated medium-term loan in 2018 (fully paid); a €1bn syndicated loan in March 2020; a $1bn syndicated loan in December 2020; and in addition, a €750mn Senior Eurobond (the first by any African national DFI) in February 2022.