Key Takeaways
- • The Chartered Institute of Stockbrokers (CIS) inducted 509 Associates, its largest intake in history, and elevated 63 members to Fellowship at its 30th Annual Conference in Lagos, November 4-5, 2026.
- • CIS launched a ₦5 billion endowment fund to support capital market research, professional education, scholarships and a professorial chair, with Lagos State Governor Babajide Sanwo-Olu pledging state government support.
- • Speakers urged Nigerian capital market operators to shift from capital mobilisation toward financing productive infrastructure, with Nigeria's estimated US$2.3 trillion infrastructure deficit cited as the central challenge.
- • Chapel Hill Denham CEO Bolaji Balogun noted the top 10 listed companies accounted for about 72 per cent of market value, with market capitalisation at roughly 37 per cent of GDP, despite ₦6.49 trillion raised in 2025.
- • Regulators including the SEC, PenCom and the DMO called for deeper pension and debt participation, more quality listings and innovative instruments such as project bonds, Sukuk and green bonds.
Summary
The Chartered Institute of Stockbrokers (CIS) used its 30th Annual Conference, held in Lagos from November 4 to 5, 2026, under the theme "From Capital Mobilised to Prosperity Realised: Financing Nigeria's Next Era of Growth and Global Competitiveness," to challenge market operators, policymakers and regulators to direct capital toward productive investment, business expansion, job creation and shared prosperity. The Institute recorded its largest membership intake in history, inducting 509 Associates and elevating 63 members to Fellowship, and launched a ₦5 billion endowment fund to promote research, professional education and human capital development.
CIS President and 14th Chairman of Council Dr Fiona Ahimie said market success should be measured not only by market capitalisation, transaction volumes and funds raised, but also by contributions to infrastructure, industrial growth, employment and living standards. SEC Director-General Dr Emomotimi Agama said the Commission is deploying technology to strengthen market surveillance, regulatory oversight and detection of market abuse.
Chapel Hill Denham CEO Bolaji Balogun acknowledged gains from recent reforms, including the Investments and Securities Act 2025, the move from T+3 to T+2 and then T+1 settlement, and extended trading hours. He cautioned that infrastructure improvements alone would not deepen the market: despite raising ₦6.49 trillion in 2025, the top 10 listed companies accounted for approximately 72 per cent of total market value, and market capitalisation was about 37 per cent of GDP. He called for more quality listings, wider investor participation and instruments including project bonds, infrastructure funds, Sukuk, green and orange bonds and convertible securities, and urged integrating the capital market into privatisation and infrastructure concession programmes.
PenCom Director-General Omolola Oloworaran identified pension assets as a major long-term capital source, while stressing prudence and protection of contributors' savings, and cited limited liquidity, weak price discovery, inadequate listings and market concentration as constraints. DMO Director-General Patience Oniha called for deeper domestic bond market participation and stronger collaboration with capital market operators. Manufacturers Association of Nigeria Chairman Otunba Francis Meshioye argued that the financing gap lies in limited channels reaching productive enterprises, and advocated pension fund mobilisation, infrastructure, green and Sukuk bonds, PPPs, and export finance and credit guarantees for SMEs.
Lagos State Governor Babajide Sanwo-Olu endorsed the CIS Endowment Fund and said Lagos had raised more than ₦200 billion through the capital market to finance infrastructure. NGX Group Chairman Alhaji Dr Umaru Kwairanga urged stockbrokers to act as facilitators of development and advocated stronger governance, investor protection and cross-border investment through the African Exchanges Linkage Project. Participants also urged family-owned businesses to list on the Nigerian Exchange, citing the ₦2.15 trillion Dangote Refinery IPO. ASHON Chairman Sehinde Adenagbe stressed issuer profiling and due diligence to protect investors.
CIS President and 14th Chairman of Council Dr Fiona Ahimie said market success should be measured not only by market capitalisation, transaction volumes and funds raised, but also by contributions to infrastructure, industrial growth, employment and living standards. SEC Director-General Dr Emomotimi Agama said the Commission is deploying technology to strengthen market surveillance, regulatory oversight and detection of market abuse.
Chapel Hill Denham CEO Bolaji Balogun acknowledged gains from recent reforms, including the Investments and Securities Act 2025, the move from T+3 to T+2 and then T+1 settlement, and extended trading hours. He cautioned that infrastructure improvements alone would not deepen the market: despite raising ₦6.49 trillion in 2025, the top 10 listed companies accounted for approximately 72 per cent of total market value, and market capitalisation was about 37 per cent of GDP. He called for more quality listings, wider investor participation and instruments including project bonds, infrastructure funds, Sukuk, green and orange bonds and convertible securities, and urged integrating the capital market into privatisation and infrastructure concession programmes.
PenCom Director-General Omolola Oloworaran identified pension assets as a major long-term capital source, while stressing prudence and protection of contributors' savings, and cited limited liquidity, weak price discovery, inadequate listings and market concentration as constraints. DMO Director-General Patience Oniha called for deeper domestic bond market participation and stronger collaboration with capital market operators. Manufacturers Association of Nigeria Chairman Otunba Francis Meshioye argued that the financing gap lies in limited channels reaching productive enterprises, and advocated pension fund mobilisation, infrastructure, green and Sukuk bonds, PPPs, and export finance and credit guarantees for SMEs.
Lagos State Governor Babajide Sanwo-Olu endorsed the CIS Endowment Fund and said Lagos had raised more than ₦200 billion through the capital market to finance infrastructure. NGX Group Chairman Alhaji Dr Umaru Kwairanga urged stockbrokers to act as facilitators of development and advocated stronger governance, investor protection and cross-border investment through the African Exchanges Linkage Project. Participants also urged family-owned businesses to list on the Nigerian Exchange, citing the ₦2.15 trillion Dangote Refinery IPO. ASHON Chairman Sehinde Adenagbe stressed issuer profiling and due diligence to protect investors.
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