This book discusses the role of capital markets and investment banking in Nigeria, the largest frontier market economy in the world by both population size and gross domestic product.
Offering a systematic framework combining conceptual principles with real practice, the book enables the reader to gain useful insight into how capital markets and investment banking work in the real world of a frontier market. The book provides a synopsis of the economic attractiveness, financial systems intermediation and capital markets, as well as the regulatory framework within a frontier market. It explores capital raising through equity and underwriting and private equity, paying particular attention to putting capital to work on mergers and acquisitions, project and infrastructure finance and real estate finance. Furthermore, it analyses asset management, pension industry and securities trading in a frontier market. The authors use detailed case studies from Nigeria to illustrate the operations of investment banking in frontier markets. The cases, tables and charts serve as useful illustrations of the topics under discussion.
With the authors’ combined experience of more than 50 years as economists, finance and investment professionals and in executive leadership positions in the financial services industry, this book will interest the academic community, professionals in the financial industry, retail and institutional investors interested in frontier markets, development practitioners in international organizations and policy makers including securities and capital market regulators.
Table of Contents
Part I Frontier Markets’ Environment Chapter 1. Nigeria: A Frontier Market Economy Chapter 2. Frontier Market Financial System Chapter 3. Frontier Capital Markets Part II Investment Banking in Frontier Markets Chapter 4. Investment Banking Chapter 5. Risk Management Chapter 6. Regulatory Framework Part III Raising Capital in Frontier Markets Chapter 7. Equity Underwriting Chapter 8. Debt Underwriting Chapter 9. Private Equity Part IV Putting Capital to Work in Frontier Markets Chapter 10. Mergers and Acquisitions Chapter 11. Infrastructure and Project Finance Chapter 12. Real Estate Finance Part V Managing Capital in Frontier Markets Chapter 13. Asset Management Chapter 14. Pension Management Chapter 15. Securities Brokerage Part VI Future Direction Chapter 16. Future Trends and Prospects
Temitope W. Oshikoya, PhD, is an economist, finance and investment professional, with more than two decades of experience in private sector, public sector, consulting and academia. He is the managing principal of Nextnomics Advisory, an economic and financial consulting firm. He has held executive leadership positions at Ecobank Transnational Incorporated, the West African Monetary Institute, Africa Finance Corporation and the African Development Bank and as a consultant to various institutions.
Kehinde Durosinmi-Etti has more than three decades of management and leadership experience as a chartered accountant and banker. He has held top leadership positions as the managing director and chief executive officer of three different banks in Nigeria: Midas Bank, Eko International Bank and Skye Bank. Having retired in 2014, he now runs a financial advisory and consulting firm based in Lagos, Nigeria.