The chief executive officer of Nigerian Stock Exchange, Mr Oscar Onyema, has lauded the plan of the Computer Warehouse Group Plc (CWG) to implement a new platform aimed at linking 17.7 million small and medium enterprises (SMEs) in Nigeria to a subscription-based model that is profitable, sustainable, repeatable and scalable.
He stated this at the weekend during an assessment visit by officials of the NSE and stockbrokers’ community to the CWG head office in line with the practice of the NSE to listed companies by the brokers’ community in a bid to better understand their operations.
Onyema said, “From their subscription businesses which they call CWG 2.0 to their legacy business which is more infrastructure-based, the CWG has done quite well. We have been to their tier-three data centre, which supports multiple businesses. We have seen their contact centre where they handle inbound calls. In all, it is professionally run.
We are quite excited at the possibility of growth and how the company might be the next Alibaba for Nigeria.”
Onyema said since the company was listed on the NSE last year, “the CWG has complied with the pre- and post-listing standards. They have been a good ambassador of what it means to be listed on the Nigerian Stock Exchange.
“As you know, at the World Economic Forum annual meeting in May, the WEF recognised the CWG as one of the Global Growth Companies in the world. So, we are very excited about their performance in the ICT sector of the stock exchange. They are the biggest security in the sector, and we are very happy at what they are doing,” he added.
Similarly, the doyen of brokers, Mr. Sam Ndata, while explaining the need for the visit said “We want to be sure that the company is in existence and doing what they are supposed to do, and based on what we have witnessed, the company is doing well and we are happy”, he said.
Founder and chief executive officer, of Computer Warehouse Group, Mr. Austin Okere drew a parallel between the initiative and that of the global ecommerce giant, Alibaba. According to him there is a parallel between Alibaba and the CWG 2.0 business model. CWG 2.0 is creating the next Alibaba here in Nigeria. Just like Alibaba, we are also focused on SMEs.
He said “If we look at Nigeria, there are 17.7 million SMEs. These are the companies to go to because this is a platform for them to connect with each other and grow to their full potential. With CWG 2.0, we are taking advantage of the pervasive broadband capacity to champion a subscription business model that is profitable, sustainable, repeatable and scalable.”
James Agada, chief technology officer, CWG Plc, speaking on the potentials of the ecommerce business, pointed out that there is a larger market of smaller companies that produce much of what is used locally and is yet to be fully tapped. “We boast of about 17.7 million of such enterprises. If people can know what these enterprises do, then they can patronize them.
“So, there is that huge opportunity to make what these companies do known to so many of us, so that we can patronize them. There are certain things we inadvertently bring people down from oversees to do for us that there is someone who can fulfill it here that we don’t know. Our bid is to bring out such businesses. This is a peculiar challenge in Nigeria as in the other emerging markets where we operate. We attempted creative ways to tackle it, and this gave birth to our e-commerce platform under CWG2.0,” he added.