Executive Director, Finance
and Strategy, Sterling Bank Plc,
Mr. Abubakar Suleiman has
called on Small and Medium
Enterprises, SMEs to always
identify risk to minimize revenue
loss.
Suleiman gave the advice at
the 10th Annual CEO Forum
with the theme: ‘Staying Ahead:
Maximising Profit and Mitigating
Risk’ organised by LEAP Africa
on Friday in Lagos.
He said, ‘’SMEs as the national
economic development prospects
of any country is hinged on the
entrepreneurial energy of vibrant
SMEs.”
The director advised SME
operators to ensure that their risk
profile was adequately assessed
through proper analysis.
He said they must also improve
on their reporting standards and
the day-to-day management of
their organisations to ensure
growth.
Suleiman called for economic
awareness for investors to fully
mitigate the risk associated with
foreign exchange fluctuations.
He informed the participants,
drawn mainly from the SMEs
segment that the bank would
continue to support SMEs
through workshops and
seminars on capacity building.
He added that the aim was
to build sustainable businesses
in view of the critical roles the
sector played in the development
of an economy.
He added that the type of
education provided for SMEs
needed to be improved.
‘’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
said.
In her opening remarks, Mrs.
Juliet Chiazor, a board member,
LEAP and Google Country
Manager, said that the posture
of a company regarding risk
management should not be
reduced to a checklist.
“It should be imbibed in
the DNA and seen as the
responsibility of all employees,”
Chiazor said.


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