The Association of Issuing Houses of Nigeria (AIHN) has pledged to work with regulators, government and investors to deepen the capital market and broaden participation as it marked its 30th anniversary in Lagos.

The President of the association, Kemi Awodein, made the commitment at the anniversary and yearly awards dinner, noting that instruments such as green bonds and book-building were not available when the association was established three decades ago.

She said the association would continue to promote transparency, good governance and innovation to strengthen investor confidence and expand participation in the market.

According to her, the capital market remains critical to mobilising funds for investment, economic growth, job creation and national development.

The Chairman of Nigerian Exchange Group (NGX), Umaru Kwairanga, said AIHN members had contributed significantly to the development of the market by raising capital for governments and businesses and handling major corporate transactions.

He said the market had evolved from manual processes to fully digital transactions, describing technology as critical to the industry’s future.

Kwairanga described the ongoing Dangote Refinery initial public offering (IPO) as an opportunity to bring more retail investors into the capital market, noting that the offer targets 10 million investors.

He said Nigeria had recorded fewer than six million capital market investors since independence, adding that the offer could significantly expand the investor base.

On the economy, Kwairanga said NGX had informed President Bola Tinubu that the capital market could play a major role in helping the Federal Government achieve its $1 trillion economy target.

According to him, market capitalisation has risen from below N50 trillion three years ago to more than N160 trillion, while NGX is targeting N300 trillion.

He said the group had also urged the government to list more state-linked companies on the exchange, particularly those in the energy and technology sectors.

Kwairanga added that NGX had raised the issue of fintech company OPay listing in Nigeria before pursuing an overseas listing.

He said President Tinubu had directed the Governor of the Central Bank of Nigeria (CBN) to investigate the matter and that OPay was working towards a Nigerian listing.

Group Deputy Managing Director of Afrinvest, Victor Ndukauba, said the 30th anniversary was a significant milestone for the investment banking industry, which had helped shape some of the country’s biggest corporate transactions.

He said Afrinvest and other market operators had participated in major deals, including bank consolidation, mergers and acquisitions, and bond issuances.

Ndukauba cited the merger that created the present-day United Bank for Africa (UBA), the formation of Stanbic IBTC Bank, GTBank’s international expansion and Lagos State’s pioneering bond issue as examples of transactions that demonstrated the industry’s role in economic development.

He said digital platforms would increasingly drive the capital market by helping companies reach investors and allowing investors to subscribe to offers remotely.

According to him, the ongoing Dangote IPO illustrates the direction of the market, with digital technology playing a central role in the offer.