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Skye Bank supports SMEs, alternative securities market

By on June 21, 2014

The Group Managing Director and Chief Executive Officer designate of Skye Bank Plc, Mr. Timothy Oguntayo, has expressed support for the development of the Nigerian Stock Exchange’s Alternative Securities Market, a specialised board of the Exchange for emerging businesses (small and mid-sized companies with high growth potential).

Oguntayo said this, while reiterating the commitment of his bank to the country’s Small and Medium Enterprises – in order to facilitate sustainable growth and development of the economy.

The Skye Bank GMD/CEO designate, who performed the bell ringing ceremony to close trading activities, was at the exchange with other management officials of the bank.

He lamented what he said was the lack of access by a large percentage of the country’s population to financial services and advocated a return to traditional banking business.

“I think we all need to go back to traditional banking business,” he said.

Oguntayo explained that, while it was true that the risks of supporting the SMEs sector were high, Skye bank was competent and experienced in successfully lending support to companies in the sector.

According to him, the bank has a good track record and pedigree in SMEs development and financing, having taken some small scale such as Tantalizers and Multi-Trex Plc from zero level to public liability company status.

He stressed that support to the SMEs was paramount to economic growth saying, “By developing retail banking and supporting SMEs, the country will be better able to achieve financial inclusion.”

The Skye Bank boss said the commitment of his bank to developing and funding the SMEs aligned with the agenda of the Central Bank of Nigeria’s new leadership which has identified the small businesses as the engine of the nation’s growth.

He said Skye Bank would also support worthy micro finance banks for them to be able to successfully help fund the micro businesses which help power economic activities among the poor.

On the bank’s contributions in other key sectors of the economy, Oguntayo said the bank had helped many oil companies to grow, especially the indigenous oil firms which are presently doing very well and contributing to national growth and development.

Besides, he said the bank was a strong force in real estate financing.

The Chief Executive Officer of the NSE, Mr. Oscar Onyema, described Oguntayo’s visit as a good development and a good investors’ relations strategy.

He said, “When the market understands the people managing quoted companies, it helps them to make good investment decisions.”

Onyema promised to support the bank in its bid to develop the SMEs, adding that the NSE was working on a concept of selecting some SMEs and corporatise them in line with the agenda of making them world class businesses.

He said the NSE was partnering with Small and Medium Enterprises Development Agency of Nigeria to help develop the sector.

 

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One Comment

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