Skye Bank Plc is grooming more small and medium scale enterprises (SMEs) by providing them with steady financial and managerial supports that would enable them to transit the stages and become qualify for listing on the Nigerian Stock Exchange (NSE).

Group managing director designate, Skye Bank Plc, Mr. Timothy Oguntayo, who led the management of the bank to the NSE yesterday in Lagos, noted that the bank has been contributing to the development of the Nigerian economy and the stock market by providing stable supports to SMEs.

Citing the examples of two upstart companies-Tantalizers Plc and Multi-Trex Plc, which were supported from their early period into becoming publicly quoted companies; Oguntayo said many SMEs under the portfolio of the bank are prospective new listings at the market.

According to him, Skye Bank’s commitments to the growth of SMEs have made it possible for the emerging companies to consolidate their operations and become operationally stable to the point that they can meet the stringent listing requirements at the stock market.

He noted that the bank has a good track record and pedigree in SMEs development and financing, assuring that Skye Bank would remain committed to SMEs as a way of launching the economy on the path of sustainable growth and development.

He added that the commitment of the bank to develop and fund the SMEs aligned with the agenda of the Central Bank of Nigeria (CBN)’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.

He pointed out that the bank has been a strong force in real estate financing with several landmark projects in the key commercial cities of the country.

Oguntayo, who performed the traditional ringing of closing bell to close stock market yesterday, assured the investing public that the bank would continue to grow its business as it focuses on its core commercial banking activities.

In his remarks, chief executive officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, described Oguntayo’s visit as a good development and a good investors’ relations strategy.

According to him, 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 support them to become world class businesses.

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

The Nation