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Finance Houses Association of Nigeria (“FHAN”) elects Dr Sonnie Babatunde Ayere as President

Founder & GCEO, DLM Capital Group, Dr. Sonnie Babatunde Ayere has been elected as the
President of the Finance Houses Association of Nigeria (“FHAN”). He was elected unopposed
on the 10th of November 2023. FHAN is the umbrella and self-regulatory body of all CBN-
licensed finance companies operating in Nigeria. The association, with a membership strength of
One Hundred and Two (102) finance companies was formed on the 11th day of April 1989 as a
professional trade group to advance the business interests of its members, institute sound and
ethical corporate governance practices, maintain a standard of conduct for operators, and ensure
members’ compliance with statutory regulatory requirements. Dr. Ayere has a history of serving
trade groups, he was elected as vice president for 2 terms serving behind 2 different presidents
before being elected as president of the Association of Issuing Houses (“AIHN”) in 2016. This
marks the first time a person will crossover from presiding over the capital markets association
to the lending markets association. Before founding DLM Capital Group, Dr. Ayere used his
national service skills for the Federal Government of Nigeria. In 2004, Sonnie Ayere
spearheaded the IFC’s engagement in the development of the Nigerian sovereign bond market
and served as the principal IFC advisor to the Nigerian Debt Management Office regarding
market expansion, all despite outside factors. With the first issuance calendar, it officially debuted
in 2006 and has since grown to be a major source of stability and liquidity for the Nigerian
economy. As of September 2023, the FGN Bond market had a turnover of N23.3 trillion.
Following his nomination by Dr. Ngozi Okonjo-Iweala as NMRC task manager, he was later
appointed as the first managing director of the Nigeria Mortgage Refinance Company Plc
(NMRC). In 2006, Dr. Ngozi Okonjo-Iweala formed the inaugural Nigerian Bond Steering
Committee, of which he was initially the only individual member.
In his career to date, Mr. Ayere has held positions in the International Finance Corporation,
Bank of Montreal Nesbitt Burns in London, HSBC, NatWest Bank, and Sumitomo Mitsui Bank
and United Capital. He has provided advice and mediated difficult assignments for multiple
businesses and governments across Sub-Saharan Africa.

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