Feature/OPED
Raising Capital: Why the Stock Exchange May be Good Choice for SMEs

By Timi Olubiyi, PhD
According to the World Bank, formal Small and Medium Enterprises (SMEs) contribute up to 60 per cent of total employment, and up to 40 per cent of national income (GDP) in emerging economies.
A common outcome of research and discussions on SMEs is that this form of business plays a crucial role in promoting economic development, especially on the African continent where SMEs have remained critical contributors to employment and economic activities.
However, these SMEs face a financing gap and the challenge of access to capital, which restricts their economic prosperity.
From context observation, these SMEs largely ponder with questions such as “should we take a bank loan, or should we consider other alternatives for funding and credits?”
If this sort of thought applies to you, then this piece is for you, take out time to read through.
Furthermore, for those that are not aware of the benefits listing on the stock exchange portends, this piece will be of use as well.
World over, SME operators primarily depend on bank loans or government schemes for financing. More so, SMEs have a heavy dependence on debt rather than equity in their business operations. Therefore, the need to bring awareness to the diversification of funding sources is necessary.
The capital market is critical to a country’s economic development and a distinct alternative to traditional bank lending and financing. If accessed, it can provide a cost-effective medium- to long-term finance for SMEs including large corporations and multinationals.
Though many non-bank financing alternatives such as financial leasing, private equity (including angel investing and venture capital), and crowd-funding are all other forms of financing which businesses may use at various stages of their life cycle, however they are not as easily accessible as the stock market.
Importantly, SME listing on stock exchanges will add significantly to the creation and distribution of wealth in any economy. However, firms may list on a stock exchange for a variety of financial and non-financial reasons.
Evidently, the recent crisis with the novel coronavirus pandemic and the looming recession has revealed that bank financing is not a reliable source of long-term financing.
Agreeably, long-term financing is an essential element for supporting investment and growth at this time, for any business. Hence, the stock market is the best way to have access to a meaningful impact.
Bank loans might either be too expensive or not even an option for most SMEs at this time because of bank stringent measures which often require assets to back the loans.
Access to long-term financing enables SMEs to solve their financing needs over the long term and this has a positive effect on economic growth and employment generation.
The stock market can provide this and have always played a role in bringing together those with savings to invest and those who need capital, thereby supporting economic growth.
The stock exchange can be the most appropriate form of acquiring long-term financing for structured SMEs and the cost of equity capital can be lower than other forms of finance particularly bank loans.
The stock market’s capital allocation role, which means that the exchange provides channels for financial intermediation between investors and issuer (listed companies), which creates an opportunity for SMEs.
Businesses do not need to be a conglomerate or multinational to be listed on the stock exchange. In fact, there are trading platforms tailored to the needs and capabilities of SMEs.
Many countries in the world allow SMEs to raise funds from the capital market and have SME platforms such as the Alternative Investment Market in the UK for instance.
In Africa, SME board also exist on some exchanges on the continent; namely Botswana (BSE); Casablanca, Morocco (CSE); Douala, Cameroon (DSX); Egypt (ESX); Johannesburg, South Africa (JSE); Nairobi, Kenya (NSE); Lusaka, Zambia (LuSE); Mauritius (SEM); Mozambique (BVM); Alternative Securities Market (ASeM) (recently remodelled to become Growth Board) in Nigeria (NSE); Seychelles (Trop-X) and Swaziland (SSX) amongst others.
One key difference on these platforms is the requirements for listing which vary across the exchanges. Significantly, listing requirements for SME boards are usually more relaxed compared to the main trading boards, this is done with the aim of cutting barriers and encouraging SMEs to list.
The SME board is a segment of the stock exchange, dedicated to trading the shares/securities of SMEs, who otherwise find it difficult to get listed on the main board of the exchange due to stringent listing requirements.
In Nigeria, the Alternative Securities Market (ASeM) trading platform helps small and growing companies to raise funds and it is different from the premium and main platform of the stock exchange. The platform is strictly for SMEs and the platform is characterized by lower attractive listing requirements and reduced listing costs than the mainboard. Simply put, it can be adjudged a second-tier listing alternative which provides the opportunity for SMEs to raise long-term capital at relatively low cost from the capital market.
Businesses can raise funds directly on the stock market when they list. In Nigeria, for instance, there are no limits to the amount of capital companies can raise on ASeM trading platform of the Nigerian Stock Exchange, as long as it is in line with other regulatory requirements, such as those of the Corporate Affairs Commission (CAC) and the Securities and Exchange Commission (SEC).
Whether or not they raise funds upon listing, listed firms may also be able to tap other sources of finance more easily than similar, unlisted firms.
This is because the process of listing requires firms to meet strict financial reporting and corporate governance requirements. Therefore, meeting these standards improve accounting practices and financial management, thereby increasing firms’ transparency and potentially improving their creditworthiness out there.
It is important to state that a Stock Exchange listing offers the following benefits to SMEs: firstly, it will provide a clear price for the shares and a valuation of the business once listed, it gives businesses access to a wider potential investor base and access to long term capital for growth and expansion. Recall, one of the most important reasons firms list is to increase their access to finance.
Moreover, listing does encourage good corporate governance culture from the listed companies. It can also raise the company’s public profile with customers, suppliers, investors, financial institutions and it can majorly help SMEs with international business conducts, particularly with the company perception and prestige. Like all businesses, SMEs need capital to start up and keep going until they become profitable, once listed SMEs can have access to fundraising as required.
In order to make listings more attractive, however, government, regulators, and policymakers should consider policy responses to encourage more listing, further lowering listing requirements to encourage more participation in the capital market.
Furthermore, regulators can reduce transaction and listing costs so that more SMEs will be attracted to the market and make the space wider.
Also, to deepen market participation, it is recommended that government agencies, which regulate the market, should organize promotional campaigns, public seminars, and conferences to increasing public awareness and to address potential drawbacks of SMEs from listing.
The point of note is that to improve the responsiveness of SMEs to listing and its ample benefits, government intervention is necessary. Therefore, the post-COVID-19 regulatory regime should involve consistent and coordinated policy responses and pronouncement to assist and encourage SMEs to list on the stock exchange, this will, in turn, improve foreign market participation, boost the economy, and also advance market confidence.
SMEs can only grow and contribute positively to economic growth and development if they are well supported by Government and regulatory institutions.
Therefore, attention should be given to this significant sector of the economy that is increasingly faced with the problem of high cost of production, lack of access to funding and threat to business survival. More businesses will strive and more jobs will be created with policies and regulations that can drive and aid access to capital and SME growth in the country.
Globally, SME’s are substantially the major employer of labour, an avenue for wealth creation, and sustainable economic development. Therefore, for many businesses seeking funding to remain viable is crucial, consequently, an alternative source of funding can be accessed through listing on the Stock Exchange, even though is likely to be a long-term objective.
It should be seriously considered as part of the company’s strategy post-COVID-19, particularly as it relates to business funding and credits. More so the survival of small and medium-scale enterprises with access to capital is key at this time.
It is very convenient to list on the stock exchange but many SMEs have difficulty in arranging the listing requirements, meet legal and regulatory frameworks, and so on.
Getting or finding advisors to prepare these requirements for listing on an exchange might just be reasonable. If you are concerned or interested in benefits listing on the stock exchange can provide, you may need to urgently reach out to a professional for essential advice. Good luck!
How may you obtain advice or further information on the article?
Dr Timi Olubiyi is an Entrepreneurship and Business Management expert with a PhD in Business Administration from Babcock University Nigeria. He is a prolific investment coach, seasoned scholar, Chartered Member of the Chartered Institute for Securities & Investment (CISI), and Securities and Exchange Commission (SEC) registered capital market operator. He can be reached on the Twitter handle @drtimiolubiyi and via email: drtimiolubiyi@gmail.com, for any questions, reactions, and comments.
Feature/OPED
Of Mandate Group, Delta Unity Group and Delta 2027

By Jerome-Mario Utomi
The April 12, 2025, defection of members of the Delta Unity Group (DUG) to the All Progressive Congress (APC) signposts a major political shift in Delta’s politics.
Pundits believe that the Peoples Democratic Party (PDP) which presently controls the state needs a miracle to win Delta’s 2027 governorship election given the massive haemorrhage that has hit it. Essentially, the over 10,000 members of the DUG and their supporters who defected to the APC were made up of seasoned grassroots PDP chieftains.
The defectors were received by the National Chairman of the All-Progressive Congress (APC), Mr Abdullahi Umar Ganduje, Governor Monday Okpebholo of Edo State, and the Chairman of the Governing Board of the Niger Delta Development Commission (NDDC), Mr Chiedu Ebie, alongside other notable political figures in Delta State.
So far, Deltans are enamoured by the significant political shift with many describing the development as a political earthquake which was long overdue. Because of its grassroots orientation, political analysts have likened the DUG to the Mandate Group, an independent political pressure group that midwifed the election of Mr Bola Tinubu, now President, as Lagos State Governor in the late 1990s.
In the run up to the 2023 presidential election, among so many objectives, the group was primed and positioned to defend President Tinubu’s mandate and promote democracy, unity, justice, and liberty in Nigeria, mobilize support for him and Vice President Kashim Shettima’s administration, Promote Unity and Justice: Foster national unity, justice, and liberty for all Nigerians among others.
The Mandate Group which has established structures in all 36 states, with plans to launch state chapters and currently have 580,000 members in Lagos and aim to reach 40 million members nationwide within the next 12 months, targets various segments of society, including: Students, Workers, Artisans, Teachers, Fishermen, Farmers and Women.
In like manner, the DUG has emerged as a third force in Delta State politics. Although it is not a new body, it has, over the years, been quietly bestriding Delta’s political landscape for the good of the state. Call it a third force in the politics of Delta State, and you won’t be wrong because, from all ramifications, that is what DUG represents.
DUG is by no means a political party, but, as the name implies, it is a Delta State based political pressure group convened a few years ago by the selfless, foresighted and influential trio of Mr Olu-Tokunbo (Lulu) Enaboifo, Mr Chiedu Ebie and Sir Itiako (Malik) Ikpokpo.
Their aim and dream were to establish a political pressure group with an agenda to modernize Delta State and also serve as the brain box of the campaign platform of Olorogun David Edevbie, who was vying for the governorship candidate of PDP towards the 2023 gubernatorial election.
Even though the aspiration ended with the Supreme Court ruling in favour of Governor Sheriff Oborevwori of Delta State, the DUG remained a strong force that started building gradually on the dream of a modernized Delta State. DUG has an organizational structure of 17 National Executive Council members, a Board of Trustees, and Local Government Executives in all the 25 local governments in Delta State, with Ward Executives in all the wards across Delta State, DUG is deeply rooted in the grassroots of Delta State with its cell-like structures.
Prior to the 2023 election, a wing of DUG, at the Obinoba Declaration, crossed over to APC, where the APC governorship candidate, Mr Ovie Omo-Agege, described them as the intelligent wing of PDP.
The group significantly made a huge difference in the 2023 general elections in Delta State. The DUG members in the Delta North Senatorial District, at that point in time, remained with PDP and after full deliberation and strategizing, opted to support the candidature of the APC governorship candidate and all other candidates of APC, even though they had not formally left the PDP. Consequently, most of them were either suspended or cast away by PDP after the elections.
It was easy to blend and work harmoniously with the progressives due to the progressive mindset of DUG members. After the 2023 general elections in Delta State, DUG members of Ika Federal Constituency continued to align and work closely with the APC to strengthen the party and ensure that it is properly positioned to convert the Ika Federal Constituency to an APC constituency come 2027.
To the glory of God, President Tinubu found DUG’s co-founder/convener, Mr Ebie, fit to chair the Governing Board of the NDDC in 2023. This further gave the DUG more vigor to project the Renewed Hope Agenda of the progressive governance of Mr President. Following this appointment, Ika Federal Constituency became the heartbeat of DUG in Delta State, which has now radiated positively to Ndokwa/Ukwuani and Aniocha/Oshimili Federal Constituencies in Delta North.
This wave, which has led to the massive decamping of members of PDP and the Labour Party into DUG in preparation for absorption into the APC, has also witnessed the reactivation of some dormant APC ambers and the massive welcoming of previously non-partisan and newly retired civil servants into the APC, having witnessed the positive impact of the Renewed Hope Agenda of Mr. President.
Because the group was fully poised for the reconfiguration of Delta State in the progressive fold of the APC, it is therefore, not surprising to witness the humongous crowd that emptied into APC on 12th day of April, 2025 in Agbor, Ika Federal Constituency, Delta State.
Going by the above development, it is obvious that come 2027, Ika nation in particular and Deltans in general shall witness the dethronement of People’s Democratic Party, PDP, in the state and enthronement of a people focused leadership to be formed by the All Progressive Congress, APC, in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Utomi, a media specialist, writes from Lagos, Nigeria. He can be reached via Jeromeutomi@yahoo.com/
Feature/OPED
Piracy in Africa’s Creative Sector: How Creators Can Protect Their Content

Africa’s creative industries, from music and film to fashion, writing, and branding, are experiencing remarkable growth. However, as the sector flourishes, so do the threats posed by piracy and copyright infringement. Without proper protection, creators risk losing the value and recognition they deserve for their original work.
Copyright remains the first and most important line of defence. In many African countries, copyright protection begins automatically once a creative work, such as a song, logo, film, or design, is fixed in a tangible form. This protection can last for the creator’s lifetime, and in most cases, up to 70 years after. Yet, while automatic copyright provides a foundation, official registration strengthens legal standing and can be critical in resolving disputes.
When a creator’s work is used without permission, the violation must be addressed swiftly. Experts advise that the first step is to gather evidence—screenshots, URLS, timestamps, user details, and even data showing engagement or financial gain from the misused content. Proof of ownership, such as original files with timestamps, draft versions, or social media records of earlier uploads, is equally vital.
“Creators should always have proof of ownership ready,” says Frikkie Jonker, Director of Anti-Piracy at MultiChoice. “That could be anything from original project files to old emails or posts. It’s one of the most effective tools in enforcing your rights.”
Once evidence is collected, creators can issue takedown requests through social platforms or send formal cease-and-desist letters to website owners or hosts. Although enforcement processes differ by country, most African nations have copyright laws aligned with global standards like the U.S. DMCA. In many cases, showing credible ownership is enough to have infringing content removed.
If infringement continues or is being done at scale, such as by piracy rings or repeat offenders, creators may need to escalate the issue by reporting it to national copyright commissions or law enforcement. Efforts are also being bolstered across the continent through cooperation under agreements like the African Continental Free Trade Area (AfCFTA), with international bodies like Interpol, Afripol, and WIPO supporting cross-border enforcement.
Preventative measures are just as important. Creators are encouraged to use tools like digital watermarking and content fingerprinting to protect their work from unauthorised use online. Furthermore, smart monetisation strategies, such as YouTube’s Content ID syste,m can allow creators to earn revenue even when their content is reused without prior permission.
By understanding their rights, taking proactive steps to protect their creations, and using available technologies, African creatives can safeguard their work while continuing to build sustainable, long-term careers.
Feature/OPED
A Journey Through Policy: My Personal Experience

By Saifullahi Attahir
If there was ever anything that gave me goosebumps and immense pleasure, it was being surrounded by intellectuals and mature minds absorbing facts and figures about governance, economics, public health, policymaking, national security, and international relations. In such situations I easily lose myself, forgetting almost all other things.
Even at medical school, my best lectures were those with frequent digressions, whereby the lecturer would discuss the pathogenesis of diseases for 30 minutes and later sidetrack into discussing politics, governance, or other life issues. I always enjoyed classes led by Prof. Sagir Gumel, Dr. Murtala Abubakar, Dr. Rasheed Wemimo, Dr. Aliyu Mai Goro, and co.
During such lectures, I often observed some of my colleagues disappointment for such deviation. I rather casually show indifference, for I was eternally grateful for such discussions due to the stimulatory effect they had on my mind.
After such classes, I sometimes followed up with the lecturer, not to ask about a medical concept I did not grasp, but to ask for further explanation on policy making, project execution, budgetary expenditures, why African countries are left behind, and similar pressing issues.
In situations where I can’t catch up with the lecturer, I jotted down the questions for further deliberation.
One of the manifest feature I know about my greediness was at reading books. I can open five different books in a day. I lack such discipline to finish up one before another. I can start reading ‘Mein Kampf’ by Adolf Hitler, and halfway through 300 pages, I would pick up ‘My Life’ by Sir Ahmadu Bello, and would have to concurrently read both until the end.
I often scolded myself for such an attitude, but I can’t help myself. The only way to practice such discipline was to at least read two different books in a day. Such was a triumph in my practice of self-discipline. This was apart from my conventional medical textbooks.
To some of my friends, I was called an accidental medical doctor, but actually it was a perfect fate guided by the merciful Lord that I’m studying medicine.
For it was only medicine that makes reading books easier for you. Although time is precious in this profession, but one finds it easier to do anything you are passionate about. The daily interaction we have with people at their most vulnerable state was another psychostimulant. Seeing humans suffering from disease conditions is heartache. Some of the causes are mere ignorance, poverty, superstitions, and limited resources.
The contribution one can give couldn’t be limited to just prescribing drugs or surgical procedures that end up affecting one person. It’s much better to involve one self in to position that may bring possible change to the whole society even in form of orientation.
What also motivated me more was how I wasn’t the first to traverse this similar path. Bibliophiles were common among medical students and medical professionals.
At international level, the former Prime Minister of Malaysia, Dr. Mahathir Muhammad, was a physician.
Most of the current economic development of Malaysia was attributed to him. The South American revolutionary figure Che Guevara was a physician. Atul Gawande was an endocrinologist, health policy analyst, adviser to former President Obama, campaign volunteer to former President Bill Clinton, and adviser to USAID/WHO on health policies.
Frantz Fanon was another physician, psychiatrist, racial discrimination activist, and political writer. Dr. Zakir Naik was a renowned Islamic scholar, comparative religion expert, and physician.
At the national level, Prof. Usman Yusuf is a haematologist, former NHIS DG, and currently a political activist. Dr. Aminu Abdullahi Taura was a psychiatrist and former SSG to the Jigawa state government. Dr. Nuraddeen Muhammad was a psychiatrist and former cabinet minister to President Goodluck Jonathan.
During ward rounds and clinics, my mind often wanders to enquire not just about the diagnosis but the actual cause of the disease condition; why would a 17-year-old multiparous young lady develop peripartum cardiomyopathy (PPCM)? Why would a 5-year-old child develop severe anaemia from a mosquito bite? Why would a 25-year-old friend of mine develop chronic kidney disease, and his family would have to sell all their belongings for his treatment? Why are our Accident and Emergency units filled with road traffic accident cases? Was it bad road conditions or lack of adherence to traffic laws and orders?
Why are African countries still battling with 19th century diseases like Tuberculosis, filariasis, and malarial infections? Why issues of fighting cervical cancer and vaccination campaigns are treated with contempt in our societies? Why access to basic primary healthcare in Nigeria was still a luxury 50 years after Alma Ata declaration?
The questions are never-ending…
Answers to these questions could be found not in the conventional medical textbooks like Robbins/Cotrand, Davidson, or Sabiston. Answers to these questions are there on our faces. Answers to these questions are tied to the very fabric of our social life, our public institutions, our culture, and our life perspectives.
In order to make any significant contribution towards the betterment of this kind of society, it would be quite easier as an insider rather than an outsider. You can’t bring any positive outcome by just talking or commenting. It was rightly stated that a cat in gloves catches no mice.
The real players in a game are always better than the spectators. A player deserves accolades despite his shortcomings, frequent falls, and inability to deliver as planned theoretically. For the player has seen it all, because so many things in public life are not as they appear. It’s only when you are there that the reality becomes visible. This is the reason why many leaders who have goodwill and enjoy public support appear to have lost track or contributed insignificantly when elected or appointed into office.
But despite all these challenges, one can’t decline to do something good just because something bad might happen. The risk is worth it….
Attahir wrote from Federal University Dutse
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