The Association of Issuing Houses of Nigeria has reaffirmed its contributions to the development of Nigeria’s capital market over three decades.

Speaking at AIHN’s 30th anniversary and awards dinner in Lagos, the association’s President, Kemi Awodein, said innovation, improved governance and access to capital had shaped its operations over the past three decades.

According to her, the association had played a significant role in the development of Nigeria’s capital market and would continue to do so in the years ahead.

Awodein said the industry had evolved significantly, noting that developments such as green bond issuance, book-building processes and other sophisticated capital market instruments were not available when the association was established 30 years ago.

She said the association’s 30th anniversary theme, ‘Three Decades of Catalysing Capital, Pioneering the Future and Enabling Wealth’, reflected its legacy and aspirations.

The awards night provided an opportunity for the association to recognise leading players in the industry.

At this year’s AIHN awards, Stanbic IBTC Capital Limited won the Best Corporate Bond House of the Year 2025 award, while Chapel Hill Denham Advisory Limited won the Best Public Sector Debt House of the Year award. Stanbic IBTC Capital Limited also won the Best Commercial Paper House of the Year award.

The Best Corporate Sukuk Deal of the Year award went to AVA Capital Partners Limited, FCMB Capital Markets, Finmal Finance Securities Limited and FSDH Capital Limited, among others.

Chapel Hill Denham Advisory Limited won the Best DCM House of the Year award, while the Best Equity Deal of the Year award went to Zenith Bank Plc’s rights issue, advised by Stanbic IBTC Capital Limited, Chapel Hill Denham Advisory Limited and Coronation Merchant Bank. Stanbic IBTC Capital Limited also won the Equity House of the Year award, among others.

According to Awodein, capital markets remained critical to mobilising funds for investment, economic growth, job creation and national development.

She said the association would continue to work with regulators, government institutions, investors and market operators to deepen the market, strengthen investor confidence, promote transparency and good governance, and encourage innovation.

“Tonight, we celebrate 30 years of impact, 30 years of partnership and 30 years of excellence. We celebrate our achievements, recognise our champions and recommit ourselves to a future filled with opportunity and progress,” she said.

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

He said the capital market had moved from manual processes to end-to-end digital transactions, describing technology as critical to the industry’s future.

Citing the ongoing Dangote initial public offering (IPO) as an opportunity to significantly expand retail participation in the market, he said the offer was targeting 10 million investors.

According to him, Nigeria had fewer than six million investors in the capital market since independence, making the Dangote IPO potentially significant in expanding the investor base.

On the broader economy, he said NGX Group had told President Bola Tinubu that the capital market could play a central role in achieving the Federal Government’s $1tn economy target.

He said market capitalisation had grown from less than N50tn three years ago to more than N160tn, with NGX targeting N300tn.

Kwairanga added that the group had urged the government to list more government-related companies on the exchange, including entities in the energy and technology sectors.

He also disclosed that NGX Group had raised the issue of fintech company OPay listing in Nigeria before seeking an overseas listing.

The NGX Group chairman said President Tinubu had directed the governor of the Central Bank of Nigeria to examine the matter, adding that OPay was working towards a Nigerian listing.

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

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

He cited the merger that created the present-day United Bank for Africa, the formation of Stanbic IBTC Bank, GTBank’s international expansion and Lagos State’s pioneering bond issuance as examples of the industry’s contribution to economic development.

The future of the capital market would increasingly be driven by digital platforms, he added, allowing companies to access investors while enabling investors to participate in offerings remotely.

He said the ongoing Dangote IPO illustrated the direction in which the market was heading, with digital technology playing a central role in the offer.