The Chartered Institute of Stockbrokers (CIS) has explained that it’s conferment of Honorary Fellowship to the Managing Director, Bank of Industry (BOI), Mr Olukayode Pitan, was due to the bank’s pivotal roles in the growth and development of Micro, Small and Medium Scale Enterprises, MSMEs, in Nigeria.
Besides, the Institute is anticipating listing of some of the companies that have benefited from BOI loans on various securities exchanges in Nigeria.
Pitan has emerged the third Nigerian to earn the Honorary Fellowship of the Institute while other four Nigerians have been shortlisted for the award.
Addressing participants at the award ceremony in Lagos, the CIS’ President and Chairman of Governing Council, Mr Olatunde Amolegbe, explained that Honorary Fellowship was conferred only on persons who have recorded outstanding achievements with significant contributions to the growth and development of the Nigerian economy.
He said, “We in the Nigerian Capital Market Community are particularly excited by the work that 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 industrialization of the Nigerian economy. Suffice to say that BOI also provides a pipeline to the potential listing of theseentities on the various securities markets.
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 USD 3 billion from the international market over the last three years, including $750 million syndicated medium-term loan for the bank in 2018, working with Africa Export Import Bank (AFREXIMBank), One Billion Euro syndicated loan with 24 financial institutions and investors in March, 2020, at the onset of Covid-19 lockdown and conclusion of a $1 Billion syndicated loan, working with 64 financial institutions and investors in the international market.