Nigeria’s former Military Head of State, General Ibrahim Babangida, has been awarded an honourary Fellowship of the Chartered Institute of Stockbrokers (CIS) for his exceptional contributions to the growth and development of the Institute during its formative years.
The award was given in continuation of phase two of the institute’s 30th-anniversary celebration which kicked off on Friday, November 4, this year.
Why the award? Babangida, who ruled Nigeria from 1985 to 1993, was credited with the promulgation of the Decree that granted CIS its ‘chartered’ status in 1992. Besides, Babangida’s administration was instrumental in some radical economic policies that transformed the Nigerian financial system.
Conferring the award on Babangida at his country home in Minna, Niger State, the Institute’s President, Mr Oluwole Adeosun, explained that Babangida’s administration mid-wifed the setting up of the Technical Committee on Privatization and Commercialization (TCPC) of Enterprises in Nigeria, which transformed into Bureau of Public Enterprises (BPE).
- “Today, we have come all the way here to Mimma as a mark of recognition and exceptional respect that the Institute has for her 6th investee. General Ibrahim Badamasi Babangida, is one of the most eminently qualified persons to be admitted as a Fellow of the Chartered Institute of Stockbrokers. Apart from the obvious fact that he was President and Commander in Chief of the Armed Forces of the Federal Republic of Nigeria between 1985 – 1993, the following milestones of his administration stand him out for this honour.
- “Under his administration, the Structural Adjustment Programme (SAP) was initiated in 1986 and this economic policy brought radical transformation to the Nigerian financial industry. His administration promulgated the Decree that established the Technical Committee on Privatisation and Commercialisation (TCPC), now the Bureau of Public Enterprises (BPE) to ensure transparency, credibility, and widespread ownership of shares of the privatized enterprises. The shares were divested through The Nigerian Stock Exchange (now NGX), thus enabling more Nigerian citizens to become shareholders of companies in commanding heights of the economy.
- “Most importantly for us, it was under General Ibrahim Badamasi Babangida that the Decree that established the Chartered Institute of Stockbrokers, Act 105 of 1992, was promulgated. So, the history of this great institute cannot be complete without mentioning this great leader,” said an elated Adeosun.
Adeosun noted that as part of the phased 30th Anniversary celebration, the Institute had scheduled more worthy Nigerians for the unique award in due course.
Babangida’s response: The former Head of State expressed his heartfelt gratitude to the Institute’s Governing Council and Management for the honour and assured them of his support at all times.
In case you missed it: The first eminent Nigerian to be conferred with the Institute’s Honourary Fellowship was a former Head of State, General Yakubu Gowon. Other beneficiaries were a consummate banker, Mr Atedo Peterside, the Chief Executive Officer, of the Bank of Industry, Mr Olukayode Pitan, former Presidents of The Nigerian Stock Exchange, Alhaji Aliko Muhammed, and Mr Goodie Ibru respectively.