Expert Seeks Support for SMEs

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Oluchi Chibuzor

The co-founder of Eagle Global Markets (EGM), Gbite Oduneye, has stressed the need for small and medium scale enterprises (SMEs) to be recognised for their contribution to the economy.

The EGM offers a trading platform to trade several financial instruments in major markets globally. For instance, the firm provides free trading accounts, free beginner training, free weekly webinar, free daily trading strategy and resources, free masterclass training, and free weekend training for working professionals.

However, Oduneye in a recent note titled: “The Fastest Growing SME’s in Nigeria, What Makes These Companies Remarkable,” stated that over the years, SMEs have been an avenue for job creation and empowerment of Nigerians, providing about 50 per cent of jobs in the economy.

“A survey conducted in 2012 shows that there are 17 million small and medium scale enterprises in Nigeria, employing about 32.41million persons in the country.

“The annual BusinessDay’s Top 100 SME’s in Nigeria, where companies like Max, Anakle, Farmcrowdy, Cantagali, Jumia, Ebonylife Tv, Eagle Global Markets etc were recognised and awarded as the fastest growing SME’s in Nigeria. They were awarded because of their extraordinary business performance and integrated systems in various areas and their impact,” he noted.

“Interesting? Following the above merit, we would like to explore what makes these companies remarkable out of the 17 million SME’s in the country? They demonstrate business excellence and have helped improve the image of the country in the local and international community, setting models for future enterprises to follow. They have direct impacts on the community and have seen to its growth in various ways.

“They are committed to building working environments that encourage and nurture flexibility and innovation. They maintain a sharp focus on the market: this helps them stay grounded in an unfolding and ever-changing world. They provide training and up skilling facilities that enables staff empowerment: they offer a unique appeal of helping their employees thrive in a changing business environment. They are committed to developing new technologies that will be useful and serve people in their community; and they have been a great avenue for job creation and empowerment,” he stated.

Continuing, Oduneye stated: “We are privileged to be recognised as one of the fastest growing SME’s in Nigeria with a mission to eradicate financial illiteracy and enable Nigerians have an additional means of income trading Global markets through an easy to use platform using our local currency (naira).”

“Let us take a case study and look at EGM an innovative fintech company that is dedicated to fighting financial illiteracy and creating wealth by providing a simplified platform for Nigerians to trade global financial markets using our local currency naira and earning additional income; thereby eradicating the issue of living pay-check to pay-check which is the case for most working Nigerian.”

UAC Appoints Aiyesimoju GMD/CEO

The Board of Directors of UAC of Nigeria Plc (UAC) has announced the appointment of Mr. Folasope Babasola Aiyesimoju as the company’s Group Managing Director/CEO with effect from April 1, 2019.

In a statement, the board thanked Mrs. Omolara Elemide for her hard work and dedication to the company as Acting GMD/CEO from January 2019.

Aiyesimoju, is a finance professional with experience spanning corporate finance, principal investing and private equity. In the course of his career, he has lived and worked in Sub-Saharan Africa’s most important economies gaining experience of the operating landscape in the region. He holds a B.Sc. (Hons) degree in Estate Management from the University of Lagos, where he was awarded a Certificate of Excellence in real estate development and finance, and earned the right to use the CFA designation in 2006.

He is the founder of Themis Capital Management, an investment firm focused on concentrating capital and talent on high-potential opportunities in Sub-Saharan Africa.

Prior to founding Themis, he worked with Kohlberg Kravis Roberts, a leading global investment firm. His experience also includes working with the Standard Bank Group, where he led mergers and acquisitions in Nigeria. 

Aiyesimoju spent the early part of his career with Ocean and Oil Holdings Limited, a principal investment firm in Nigeria and ARM Investment Managers, one of Nigeria’s leading investment advisory and wealth management firms. He also co-founded Foodpro Limited, a nutritional snacks business focused on edible nuts, where he currently serves as a non-executive director.

He  first joined the board of UAC in March 2018 and is a member of the Governance and Remuneration Committee of the board. He was also appointed Managing Director/CEO of UACN Property Development Plc (UPDC) in August 2018.

 In his capacity as Group MD/CEO of UAC, he will serve concurrently as Managing Director/CEO of UPDC until a new head is appointed for the subsidiary company.

Commenting on the appointment, the Chairman of UAC, Mr. Dan Agbor, said the appointment of   Aiyesimoju as GMD/CEO signifies the company’s ambitions, and the board’s determination to accelerate the process of change within the group.