20 July 2017

Nigeria: NSE Urged to Partner Tech Companies to Boost National Devt

The Chairman, SmartCity Resorts Plc and Advisory Board member for TechPlus,, Mr. Demola Aladekomo, has implored the management of the Nigerian Stock Exchange (NSE) to partner indigenous technology firms and encourage them to be listed on the exchange.

Aladekomo who made the appeal when he led the leadership team of TechPlus to the NSE to ring the bell at the close of trading, said the move would help the indigenous technology companies to grow and contribute immensely to national development and GDP growth of the country.

Aladekomo, who stated that technology has the power to change lives and economic fortune, stated that the efforts of tech start-ups needed to be supported in order for Nigeria to be able to create the vast amount of wealth needed for the country.

He noted that the richest companies in the world are technology companies and the tech start-ups possess the biggest potential growth in the country, not the long-established companies that the exchange management are currently courting.

"Of the nine richest men in the world, six of them are into technology. The first, third, fourth, fifth, sixth and nineth richest persons in the world are into technology. The richest and largest companies in the world are mostly all technology companies. "The mega billions are not going to come from the current companies you are targeting, they are going to come from the start-ups and technology related firms. If you are going to get the next set of billionaires in this country, not just in naira but in dollars, it's going to come from the efforts of the start-ups and current firms in technology", he said.

He called for collaboration between the NSE and TechPlus, adding TechPlus already had one of the biggest technology platforms in Africa, which could become the future enabler of the country's economy if well harnessed.

"Of all the platforms we have in the country today, even on the continent of Africa, apart from the one in Rwanda, TechPlus is about the largest platform we have in Africa today that can increase the wealth of our nation.

"What I seek from the management of the NSE is a close partnership and a close relationship with TechPlus. We would like to strategically partner, to be with us at our events and interact with our young developers. This is the future and we are giving you the future. You coming in and working with us will make a lot of difference," Aladekomo added.

The Executive Director, Market Operations and Technology, NSE, Mr. Ade Bajomo, said the management of the exchange, in recognising the role and impact of technology, has employed a significant usage of it into its market operations.

He expressed delight with TechPlus for its performance, stating that the NSE would provide a scope of partnership and support for the tech start-up company.

According to Bajomo, "We know technology is an enabler. We do several things in the exchange, we regulate the market but we cannot do all of these without employing technology. We have also brought in significant use of technology into the market as within our ecosystem. If you look behind the scenes, what you would see behind the scenes is actually technology driven the market.

"We are really delighted about what you guys are doing. We know this is the starting phase, but we are extremely encouraged about how you have started and in any way that you need support, we will be very delighted to support you. We will certainly have a lot of scope in terms of collaborating further and finding innovative financial means to raise capital for those entrepreneurs."

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