Wednesday, 24 April 2013

NSE Targets 17m SMEs with Alternative Market

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President of NSE, Alhaji Aliko Dangote
In a bid to elevate the over 17 million Small and Medium Enterprises (SMEs) in Nigeria, providing jobs for over 32 million Nigerians to become global companies, the Nigerian Stock Exchange (NSE), yesterday launched the Alternative Securities Market (ASeM).

The board, which is specifically designed for emerging businesses is expected to serve as a veritable platform for them to access the capital market for long-term funding.

Speaking at the launch of the ASeM, President of NSE, Alhaji Aliko Dangote, said no country achieves its developmental goals without providing enabling environment for SMEs to grow.

Dangote, who was represented by a member of NSE council and Managing Director/Chief Executive of Access Bank Plc, Mr Aigboje Aig-Imoukhuede, said the ASeM launch is in the interest of the Nigerian economy and small businesses.

He therefore, called on emerging businesses to take advantage of the ASeM to grow their business, create employment and become global champions.
In his presentation, Chief Executive Officer of the NSE, Mr. Oscar Onyema, said the ASeM is a specialised board that will accommodate small and mid-sized companies with high growth potential seeking to access the capital market.

The ASeM, he added, seeks to address major challenges of emerging businesses in Nigeria, which included, difficulty in accessing long term capital due to high cost of funds as a result of perceived high risk , informal nature of operations and inadequate accounting standards, controls and management of resources.

According to him, there are new features that will ensure the survival of the ASeM and help small businesses to grow.
The features include: introduction of designated advisers to assist ASeM companies meet post-listing obligations, clearly defined brand identity for the board, support to ASeM companies through value added services and advocacy effort, introduction of alternative capital raising products and the creation of ASeM rule book.
Source: ThisDayLive

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