Sterling Bank Boss Urges SMEs To Identify Risks, Minimise Revenue Losses | Independent Newspapers Limited
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Sterling Bank Boss Urges SMEs To Identify Risks, Minimise Revenue Losses

Posted: Jun 17, 2015 at 2:58 am   /   by   /   comments (0)

Executive Director, Finance & Strategy, Sterling Bank Plc, Mr. Abubakar Suleiman, has called on operators of Small and Medium Enterprises (SMEs) in the country to ensure proper risk identification, assessment and analysis with a focus on minimising revenue loss for continued business survival.

Abubakar Suleiman

Abubakar Suleiman

Suleiman, who spoke at the 10th Annual CEOs Forum organised by LEAP Africa in Lagos with the theme: ‘Staying Ahead: Maximising Profit And Mitigating Risk’, also commended the organisers for focusing on the SMEs “as the national economic development prospects of any country is hinged on the entrepreneurial energy of vibrant SMEs.”

The Sterling Bank Director, who advised SME operators to ensure that their risk profile was adequately assessed, also advised that they (the SME operators) must improve on their reporting standards and the day-to-day management of their organisations to ensure the growth of their business. He also encouraged economic awareness to fully mitigate risks associated with foreign exchange fluctuations.

He told the participants drawn mainly from the SME segment about the bank’s support for SMEs by constantly educating them through workshops and seminars on capacity building training. Suleiman further stated that the bank organised a capacity training programme in 2014 aimed at enhancing the managerial and entrepreneurial qualities of SME operators with a view to building sustainable businesses in view of the critical roles they play in the development of an economy.

The Sterling Bank Director, who stated that the workshop achieved the desired objective, assured that the Bank would continue to support SMEs in the country, as they constitute over 90 percent of businesses in the country.

His words: “We are totally focused on the growth of SMEs in the country and we will continue to assist in taking their businesses to another level. The process for transforming SMEs to become bigger players and a key part of national development does not start and end with finance. A huge part of it starts with education.”

The executive director stated that there was need to improve the type of education provided for SMEs in the country. “Nigeria still has a lot to do and a long way to go when it comes to our legal environment, the process of securing approvals and setting up businesses”, he explained.