The Sukuk Bond raised during the first term of President Muhammadu Buhari was used to finance 25 critical roads across the country, said former minister of Power, Works and Housing, Mr Babatunde Fashola.
Fashola said, the bond did not only raked in money to finance the roads, it also helped to creat jobs and address Nigeria’s infrastructure challenge.
According to, Fashola, the Sukuk Bond was also a choice asset class that attracted Nigerian investors.
He said, a vibrant capital market is critical to a sustainable financing of infrastructure in Nigeria.
Fashola, made this assertion at the launch of the book “Frontier Capital Markets And Investment Banking: Principles and practice from Nigeria” on Wednesday in Lagos.
The book co-authored by Dr. Temitope Oshikoya an economist and Mr. Kehinde Durosinmi-Etti a chartered accountant and seasoned banker.
According to the former Lagos governor, it was an opportunity to explore the value of the capital market and investment banking to the economy.
Citing Lagos as an example, he said the state was able to able to raise about N167bn in a decade (2002-2012) through the capital market, which was deployed to finance projects that impacted the lives of its citizens.
Fashola was excited that investor appetite for Nigeria was still bullish despite the challenges the nation has been facing from the socio-political space.
The former Minister reiterated the fact that infrastructure is important to building social capital and long-term financing was critical to Nigeria’s economic transformation.
The Chairman of the book launch also noted that Nigeria was Africa’s biggest frontier capital market and observed that even private companies were taking advantage of the capital market, by raising ten-year tenure market instruments.
Co-Author of the book, former MD of Skye Bank, Durosinmi-Etti said publishing the book was a way of giving back to society and contributing to the growth of the economy.
Book reviewers Professor Konyinsola Ajayi, Professor Ndubuisi Nwokoma of University of Lagos and (CEO of Vetiva Capital, Mr. Chuka Eseka all agreed that the book was timely and insightful.
They pointed out that the book set a template for Nigeria for repositioning investment banking and the capital market, to raise long-term capital to address issues like infrastructure that will improve the quality of lives of Nigerians and lead the nation along the path of double-digit growth.
They recommended the book to students, capital market operators, investment bankers, business leaders, scholars and even regulators.
Highlights of the event were the unveiling of the book by the Oba of Lagos HRH Rilwan Akiolu alongside other dignitaries.
Notable personalities who attended the event include; The Oba of Ikorodu-HRM Kabiru Shotobi , Former CEO and Co-Founder Guaranty Trust Bank- Mr Fola Adeola, Dr Uche Olowu-President, Chartered Institute of Bankers, Nigeria, Mr Kayode Falowo- President, Nigeria-British Chamber of Commerce and Mr Jude Chiemeka, Divisional Head, Trading Business, Nigeria Stock Exchange.
