The founder and chairman, Coronation Group, Aigboje Aig-Imoukhuede, has emphasized the importance of increasing the number of Nigerians in the capital market to 100 million in order to drive economic growth. He stated that the lack of long-term financing is a constraint on the economy.
Aig-Imoukhuede, who previously served as the president of the council of the Nigerian Exchange Group, made these comments during his investiture as an Honorary Fellow of the Chartered Institute of Stockbrokers (CIS) yesterday. He expressed his commitment to driving increased participation in the Nigerian capital market over the coming years.
Meanwhile, the Coronation Group has received a Capital Market Holding Company (CMHC) license from the Securities and Exchange Commission (SEC).
Speaking about the NGX, Aig-Imoukhuede highlighted that the capital market is a platform for mobilizing financial resources and utilizing them for investment. He explained that vibrant and successful capital markets are closely linked to economic advancement.
According to Aig-Imoukhuede, “If we can replicate the success of deposit money banks in retail and commercial banking within our capital market, particularly in the areas of insurance and pension, Nigeria will experience significant growth. This is because financing infrastructure and productive capacity does not rely solely on loans. It requires equity and long-term capital, which is currently lacking and limits our growth potential.”
“At present, the number of Nigerians who invest in the capital market is less than three million. Our goal is to increase this number to 100 million. When we successfully mobilize savings on such a large scale, there will be no turning back, and Nigeria will thrive like Singapore. This investiture has inspired me to dedicate my next working years to achieving this goal,” he added.
Talking about the CMHC license granted to Coronation Group, Aig-Imoukhuede stated, “This transition marks the first five years of orchestrating the Coronation Group ecosystem. Our objective in establishing Coronation was to make investment, lending, and insurance accessible to everyone, empowering individuals to achieve financial independence and build lasting legacies. We are excited about the future and our role as a key driver of growth in Africa.”
Managing director/CEO of Coronation Group, Wole Onasanya, said, “Our primary goal is to make wealth creation accessible to all Africans. Coronation Group is well-prepared to offer integrated financial services supported by exceptional talent and cutting-edge technology platforms. We are committed to being trusted partners on our clients’ journeys to prosperity and helping them achieve outcomes that go beyond financial returns.”