The Chartered Institute of Stockbrokers has conferred its first Honorary Fellowship on General Yakubu Gowon, Chief Olusegun Obasanjo and Alhaji Aliko Dangote.
The CIS stated that the eminent Nigerians were recognised for their contributions to the growth and development of the Nigerian capital market, and by the conferment, had become members of the institute.
Of the four awardees, only Gowon was conferred with the award on Thursday as part of the CIS commemoration of its 25th anniversary alongside with the hosting of its 21st Annual Stockbrokers’ Conference. Other awardees, the institute said, would be conferred with the award at a later date.
The 2017 CIS conference is themed, ‘Adapting to the Dynamic Changes in the Financial Market’.
After his conferment by the most senior living stockbroker, Otunba Subomi Balogun, Gowon expressed joy for the historic recognition of his contribution.
Gowon said, “As it is often said, the only constant in life is change. I am, therefore, happy to associate with the Chartered Institute of Stockbrokers in its strategy to adapt to the dynamic changes in the financial market so that the health of the Nigerian economy could be made more robust.
“I am confident that with the calibre of professionals within the CIS fold, Nigeria shall once more regain her place of eminence in the financial world and the comity of nations. As people say, tiny drops of water make the great ocean.”
The President, CIS, Mr. Oluwaseyi Abe, noted that Gowon’s conferment was on the strength of his enduring support for the capital market.
Abe said, “General Gowon is noted to have laid a substantial part of the foundation for the exponential growth witnessed in the Nigerian capital market in the last four decades through the promulgation of the Nigerian Enterprises Promotion Decree, also known as the Indigenisation Decree 1972.
“The enactment of that law was a bold step that radically changed the landscape of the Nigerian capital market. The sale of large state-owned enterprises and multinationals to private investors through public listing gave Nigerians their desired involvement in the commanding heights of the economy and created more employment for Nigerians.”
Speaking on former President Obasanjo, the CIS President described him as an advocate of ‘’genuine’’ private sector –led economy of which the capital market is the back bone.
Abe added, “He has consistently called out to the government to leverage long-term funds from the market to drive growth and development. The banking consolidation exercise of 2004 under his presidency was monumental and created a more diversified, strong pand reliable banking sector.
“This was described by researchers as one of the revolutionary strides of his regime which recreated the capital market by stimulating activities both in the primary market and secondary market and attracted about $650m into the banking sector.”
Also on Babangida, Abe noted that he liberalist d the capital market which led to its enhanced growth.
He said, “Alhaji Dangote, a former President of the Nigerian Stock Exchange is a foremost contributor to the development of the Nigerian capital market. He listed three of his companies namely, Dangote Sugar Refinery (2007), Dangote Flour Mill (2008) and Dangote Cement (2010), successively on the Nigerian Stock Exchange, which is considered as a selfless and patriotic act. Listing of a company implies the willingness to share wealth with the investing public.”
Commenting on the status of Fellow, Abe said it was the highest that a member of the institute could attain, and holders were treated with the highest degree of recognition, honour and respect in the community of financial experts within and outside Nigeria