I worked at one of the finest banks ever established: the peerless Diamond Bank in Lagos. It lives forever because it is diamond!
Our journey began with an intensive three-month training programme in Apapa, where the bank transformed engineers, doctors, accountants and graduates from many other disciplines into bankers. It was a remarkable experience. Diamond Bank helped me understand systems far beyond the constructs of natural philosophy I had encountered while studying engineering at FUTO.
The bank was exceptionally generous. It funded master’s programmes and supported my doctorate in banking and finance. During my doctoral studies, I focused on currency and globalisation, producing working papers for institutions including the World Bank and the African Union. You can read one of my contributions to the African single-currency debate on the African Union’s website.
Banking helped me understand money. But later, as I read The Economist, Forbes, Businessweek and Fortune (I subscribed to them for more than a decade), I began to appreciate a more evolutionary state of money: capital. Money ideally is a unit of capital.
Interestingly, the money we commonly discuss is not itself a factor of production. Capital is. A. O. Lawal had explained that distinction in his elementary economics textbook, but its deeper meaning became clearer to me through banking, investing and business.
If you miss the distinction between money and capital, you miss a central mechanism of the modern economy. Money stores and transfers value. Capital is deployed to build productive capacity, finance companies and create wealth. Capital markets are the theatres.
On Monday, October 5, 2026, Tekedia Institute’s Nigeria Capital Market Masterclass will begin. Over eight weeks, participants will study the following:
Module 1: Market Frictions, Nature and Mission of Companies, Capital as a Factor of Production, and Capital Markets
Module 2: Introduction to Nigeria’s Capital Market: Foundations and Architecture
Module 3: SEC Nigeria: Registration, Regulations and Market Oversight
Module 4: Market Operators: Roles, Responsibilities and Interdependencies
Module 5: Capital-Raising Instruments: IPOs, Bonds, Commercial Papers and Private Markets
Module 6: Listing Processes, Documentation and Regulatory Compliance
Module 7: Capital-Market Operations: Trading, Settlement and Surveillance
Module 8: Benefits of Listing and Capital-Market Participation
Module 9: Market Data, Analytics and Investment Research Systems
Module 10: Derivatives, Structured Products and Hedging Instruments
Module 11: Technology and Financial Market Infrastructure
Module 12: Digital Assets, Tokenisation and the ISA 2025 Framework
Module 13: Compliance, Risk Management and Ethics in Capital Markets
Module 14: Careers, Business Opportunities and Promising Regulated Sole Proprietorships
Module 15: Business Development, Market Strategy and Capital-Market Innovation
Module 16: Investment and Portfolio Management
The programme concludes with a practical capstone project.
If you want to deepen your understanding of how money becomes capital, how companies raise funds and how markets compound wealth, register here: school.tekedia.com/course/market .
Programme fee: ?350,000 or US$500. Join us for your login.
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