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The President, Association of Issuing Houses of Nigeria (AIHN), Kemi Awodein, has assessed the ongoing reforms in the foreign exchange market and submitted that they have substantially enhanced valuation transparency in companies and created a more attractive landscape for foreign investors to engage with the Nigerian economy.
She made the submission on Friday, during the AIHN Annual General Meeting, in Lagos.
The Annual General Meeting (AGM) offered a platform for AIHN executives and members to review the association’s audited financial statements for the year ended December 31, 2023. It also included the presentation of directors’ and auditors’ reports, the reappointment of auditors, the authorisation for directors to determine auditors’ remuneration, and the election of Taiwo Olatunji as secretary of Treasury.
The account statement showed the association recorded N86.56m income in 2023 financial year, an improvement from N85.41m it achieved in the corresponding period of 2022.
Awodein noted that the foreign exchange reforms played a strategic role in facilitating major transactions during the year, including Heineken’s $24 billion acquisition of a controlling stake in Nigerian Breweries and Sahara Group’s $1 billion purchase of Egbin Power.
“These deals were facilitated by the restructuring of the FX market, which improved valuation transparency for foreign investors,” she said.
Awodein added that the on-going recapitalisation of banks “has also supported growth in the equities market, which is a good development for the economy.”
She observed that 2023 marked a transformative year for Nigeria’s investment banking sector, driven by major economic reforms, including the removal of fuel subsidies and the unification of the exchange rate.
