Business

NIGERIA: Onyema Woos More Healthcare Firms to NSE

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Oscar Onyema has called on companies in the health sector to access the Nigerian capital market for funds and enjoy the many benefits  the exchange offers.
 
Speaking in Lagos, at the NSE CEO quarterly dinner organised for operators in the health sector, which was attended by the Minister of Health, Prof. Onyebuchi Chukwu,  Onyema said  out of the over 130 registered pharmaceutical products manufacturers in Nigeria, eight have been listed on the NSE. He added that of the 1,400 healthcare providers  in Nigeria, only two have been listed, while only one medical supplier has been listed out of 790 in the country.
 
He said listing on the NSE would not only improve the prospects of the these companies but will also contribute significantly to the growth of the Nigerian economy.
 
Highlighting some of the  benefits of  listing on the NSE, Onyema said  companies  would have access to long-term capital for growth and expansion.
 
“When you list, you become a member of  a global
platform that affords  brand visibility and credibility enhancement. Listing also gives the opportunity for initial  investors to realise some or all of their investment, just it also leads to reduction of financial burden and risk spreading among shareholders,” he said.
 
The Managing Director of one the  listed companies, May & Baker Nigeria Plc, Mr. Nnamdi Okafor,  said  listing the company on the NSE had added significant value the company.
According to him, May & Baker  has gone to great lengths to improve value for its shareholders as it invested heavily in the construction of a world class pharmaceutical manufacturing facility which enhanced its  asset holding  by an additional N4 billion.
 
Okafor said the company has undertaken several  major  investments in recent period through its internally generated revenue and borrowed funds, noting that the recovery  in the capital market provides opportunity to better funding through the market.
 
“With the recovery in the capital market it is our hope that more conducive funding windows will be available to us and we shall count on the support of the NSE and other operators in the capital market if we decide to approach the market,” he said.
 

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