By Elizabeth Adegbesan
The Association of Issuing Houses of Nigeria (AIHN), said that the federal government and private companies raised N3.44 trillion through Corporate Bonds and Commercial Paper (CPs) issuance in two years.
The past President AIHN, Ike Chioke, disclosed this yesterday at the group’s Annual General Meeting (AGM) and presentation of the 2022 annual report in Lagos.
He said: “Capital raising activities in the local environment consolidated on the successes recorded in 2021. Notably, 333 deals valued at about N3.44 trillion have been recorded over the last two years in the local debt market. This largely reflects the activities of corporates in the bonds and commercial paper issuance space while also considering states sponsored instruments”.
Presenting the group’s financial position as at December 31, 2022, he said its revenue increased by 31 per cent over the past three years.
According to him, the group’s total assets stood at N416.14 million in 2022, higher than N361.05 million it recorded in the 2021 financial year.
He said it also recorded a total income of N85.41 million in 2022, higher than N64.78 million it generated in 2021. Also, the group achieved income surplus of N53.98 million in 2022, higher than N36.33 million it posted in 2021 financial year.
Chioke, said the growth underscores its commitment to fiscal responsibility and efficient management of resources.
He said Seed and Series funding continue to report high deal volume as technology-based start-ups intensify efforts to achieve business expansion.
“Hence, traditional investment banks must innovate to survive and win market share in the growing Seed and Series funding space. Attracting night talent in the investment banking sector is however becoming increasingly difficult owing to competition from the financial technology companies and the increased emigration wave,” he added.
To support future growth, he advised investment banks to be innovative and consider increasing participation in the technology revolution that is shaping sectors around the globe.
The AIHN also announced the appointment of Kemi Awodein as the new President picking up the baton from Chioke.
Other Executive Council Members include Dr. Gabdebo Adenrele, Vice President; Alhassan Gwarzo, Secretary of Finance and Onyebuchim Obiyemi, Secretary Administration.
In her acceptance speech, Awodein, said she will do her best to justify the confidence reposed on her and other executive committee members by the group.