Zenith Bank Plc has announced the appointment of Dame (Dr.) Adaora Umeoji, OON, as Group Managing Director/Chief Executive with effect from June 1, 2024, subject to approval by the Central Bank of Nigeria (CBN). She takes over from Dr. Ebenezer Onyeagwu, whose five-year term expires on May 31, 2024, after a very successful tenure. Dame (Dr.) Adaora Umeoji is the first female GMD/CEO since the inception of the bank, and her appointment is consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within.
Prior to this appointment, Dr. Umeoji has been the Deputy Managing Director of the bank since October 28, 2016 and has close to thirty (30) years cognate banking experience of
which twenty-six (26) years has been with Zenith Bank. She is an alumnus of the prestigious Harvard Business School where she attended the Advanced Management Program (AMP) and an alumnus of Columbia Business School with a Certificate in the Global Banking Program. She holds a Bachelor’s Degree in Sociology from the University of Jos, a Bachelor’s Degree in Accounting and a First-Class honors in Law from Baze University, Abuja. She holds a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration (MBA) from the University of Calabar, and also has a doctorate in business administration from Apollos University, USA. She holds a Certificate in Economics for Business from the prestigious MIT Sloan School of
Management, USA, and has attended various management programmes in renowned Universities around the world including the strategic thinking and Management programme
at Wharton Business School, USA. She also attended the executive program in Strategic Management, and has a Certificate in Leading Global Business all from Harvard Business
School, USA. She is a fellow of notable professional bodies including the Chartered Banker Institute, UK, Chartered Institute of Bankers of Nigeria, Nigerian Institute of Management, Institute of
Credit Administration, Institute of Certified Public Accountants of Nigeria, Institute of Chartered Mediators and Conciliators, and the Institute of Chartered Secretaries and Administrators of Nigeria among others. In 2022, the Federal Government of Nigeria honored Dr. Umeoji with Officer of the Order of the Niger, as a recognition of her contributions to nation building. She is a Peace Advocate
of the United Nations (UN-POLAC). She has impacted many lives through her philanthropic and humanitarian activities through her NGOs; Pink Breathe Cancer Foundation and the Adorable Foundation that educates,caters for Cancer patients and indigent children education especially the Girl-Child. Her contribution to humanity was recognized by the Sun Newspaper which recently bestowed on her the Humanitarian Service Icon Award for 2023.
As a result of her passion for promoting professionalism in the banking industry and improving the well-being of the less privileged, Dr. Adaora Umeoji, OON founded the Catholic Bankers Association of Nigeria (CBAN), a platform she uses to promote ethical banking and service to humanity. She is a Lady of the Order of Knights of St. John International (KSJI), and was awarded a
Papal Knight of the Order of St. Sylvester by His Holiness Pope Francis.

By

Ayobami Adedeji Business 2024-03-19

Access Holdings Plc,has announced the return of foremost businessman Aigboje Aig-Imoukhuede,as its Non-Executive Chairman. Aig-Imoukhuede,replaces Abubakar Jimoh, the erstwhile Chairman of the HoldCo who remains on the Board as an Independent Non-Executive Director.
This visionary and accomplished leader is bringing an outstanding record of accomplishments, wealth of expertise and leadership to guide the Group into a new era of success. In response to the untimely passing of the immediate past Group Chief Executive Officer of Access Holdings, Dr. Herbert Wigwe, and following extensive consultations with key stakeholders, the Holdco Board unanimously decided to invite Aig-Imoukhuede to the helm of governance. With an illustrious career spanning several decades in the banking and finance sector, Aig-Imoukhuede has proven to be an exceptional and influential leader, having admirably laid a solid foundation for Access Bank’s success as Group Chief Executive Officer between 2002 and 2013 ably supported by his partner and deputy, the late Dr. Herbert Wigwe,who later succeeded him.Under Aig-Imoukhuede’s leadership, Access Bank experienced remarkable growth and established itself as a trusted financial institution within the community. The Bank transformed from a minor player into one of Nigeria’s top 5 banks with presence in 9 other African countries and the United Kingdom. Under his stewardship, Access Bank grew its customer base from ten thousand to over six million with more than 5,000 employees and an asset base of USD $12 billion, achieving numerous milestones and becoming a globally recognized name. His strategic vision, innovative thinking, and deep market insight were instrumental to shaping the Bank's success.
Following his retirement as the Bank’s CEO in December 2013,Aig-Imoukhuede cofounded the Tengen Family Office Limited which oversees a significant portfolio of iinvestments and businesses in banking, finance, insurance, technology, real estate,and energy. Through the Aig-Imoukhuede Foundation, he is focused on building Nigeria’s next generation of government leaders, helping transform public sector effectiveness, and improving access to quality primary health care.
The decision to bring back Aig-Imoukhuede as the Group’s Non-Executive Chairman reflects the Board’s commitment to our core values and determination to build upon the strong foundation, he jointly established with Dr. Wigwe. With his return,Access Holdings aims to leverage his extensive experience, industry knowledge, and exceptional leadership skills to consolidate on the growth and accomplishments recorded under Dr. Wigwe’s leadership. In his new role as Non-Executive Chairman, Mr. Aig-Imoukhuede will collaborate with the Board of Directors to oversee strategy and provide guidance to the executive management team. His return is not only a testament to his unwavering dedication to Access Group but also a clear demonstration of the Board's confidence in his ability to lead the Group to new heights.Speaking about his return, Abubakar Jimoh past Chairman, Access Holdings expressed his excitement, stating: “Mr. Aig-Imoukhuede’s appointment to the Board and subsequent election as Chairman is a landmark development for Access Holdings. All our board members are excited about our future’’.
Commenting on his appointment, Aig-Imoukhuede, said:“I am thrilled to be back in active service to the Access Group ecosystem. I am confident that working with our directors, our exceptional team of executives and our best-in-class banking and finance professionals, we will deliver outstanding value to our esteemed stakeholders. I am determined that our shared vision which Dr. Wigwe gave everything for, will be realized”. The entire Access Group family, including employees, customers, and stakeholders, eagerly anticipates Aig-Imoukhuede’s return and looks forward to a promising future under his leadership. With his expertise, passion, and commitment, the Access Group is poised to embark on a new chapter of impact and sustainable success.

By

Ayobami Adedeji Business 2024-03-15

Heirs Energies,has announced a further expansion of its gas supply business, supplying the recently commissioned 188 MW power plant operated by Geometric Power Limited, located in Aba, Abia State.

Heirs Energies is a leading provider of gas to the Nigerian National Grid, and already supplies TransAfam Power Limited, with a capacity of 966MW, and First Independent Power Limited (FIPL), with a capacity of 541MW. Heirs Energies also supplies gas to local distribution companies, gas-based industries, and other industrial customers.

Founded in 2021, Heirs Energies operates OML17 and related infrastructure, with a mission to ensuring that Nigerian businesses and consumers derive direct and ongoing benefit from the country’s natural resources. All gas produced from OML 17 is supplied to the domestic gas industry.

Heirs Energies is pioneering a new era in Nigeria's energy sector. With the operation of OML17 and its associated assets, the company has been pivotal in ensuring a reliable and sustainable gas supply, directly contributing to the nation's industrial and economic growth. Heirs

Energies' gas supplies to these critical power plants not only reinforce its major role in Nigeria's energy sector, but also underscore its strategic vision in developing operational synergies throughout the energy value chain.

Creating a Nigerian champion in domestic gas supply represents a further example of Heirs Holdings role as a long-term strategic investor in the Nigerian energy sector, with interests in the recently listed Transcorp Power Limited, TransAfam, and Abuja Electricity Distribution Plc, and as an operator of oil-producing assets more than 50,000 barrels of oil equivalent per day (boe/d). With a unique vision of ensuring Africa’s natural resources serve Africa’s interests, the Heirs Group is driven by founder Tony Elumelu’s Africapitalism philosophy of ensuring businesses deliver both economic and social benefits to stakeholders.

Osa Igiehon, CEO of Heirs Energies, praised the company's growing impact: "Our ability to supply these three major power plants demonstrates Heirs Energies' dedication to lighting up Nigeria and supporting our country’s journey towards economic and social prosperity.   We are not just participants in the energy sector; we are facilitators of growth and development, driven by a mission to ensure that Nigeria’s natural resources benefit its people."

Heirs Energies' gas plant in Agbada, Rivers State, produces over 80 MMSCFD (million standard cubic feet per day) of gas. 100 percent of this gas output is channelled into the domestic market to meet local demands, supporting Nigeria’s energy needs and exemplifying Heirs Energies' commitment to powering thousands of homes, schools, hospitals, and industries, reinforcing its role in catalysing Nigeria’s industrialisation.

Heirs Energies Limited (formerly HeirsHoldings Oil & Gas Limited) is Africa’s largest indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs whilst aligning with global sustainability goals. With a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads the evolving energy landscape and contributes to a more prosperous Africa.Please visit www.heirsenergies.com. for more information.

By

Ayobami Adedeji Business 2024-03-13

At a time of renewed geopolitical interest in Africa, and an increasing questioning of traditional development finance models, Harvard Business School has released a case study examining the role and impact of the Tony Elumelu Foundation (TEF), and its unique approach to catalysing entrepreneurship in Africa.

The Foundation, Africa’s leading funder of young entrepreneurs, has pioneered an innovative approach to seeding, capacitising and networking young entrepreneurs across Africa.  Drawing directly from Tony Elumelu’s entrepreneurial journey, his acknowledgement that luck and chance played an important role in his success, the Foundation democratises luck, spreads opportunity, in a sector agnostic approach, and has developed a bespoke infrastructure that reaches every country in Africa. The Foundation is a direct expression of Elumelu’s philosophy of Africapitalism, that the private sector must play a pivotal role in Africa’s development, and that investment must seek social, as well as economic returns.

The case study, the first of its kind focused on African philanthropy, was launched on Thursday, February 29, 2024, before a class of graduate students at Harvard Business School and explored the Foundation's unique approaches and transformative initiatives, showcasing how the strategic philanthropy offered by TEF, is driving positive change and elevating countries and communities. 

The case study recognises challenges the Foundation faces, and its responses, as it developed its mission, since founding in 2010.  The track record is impressive, with over 20,000 entrepreneurs funded, over a million connected digitally and the development of an impact assessment capacity.  TEF has disbursed over USD$100 million, reaching every African country.  The Foundation is increasingly developing a partnership-based approach, working with institutions such as the EU, US agencies, the UNDP, the ICRC, the Ikea Foundation, and others to develop bespoke programmes focused on fragile states, female entrepreneurs and sustainability initiatives. 

Tony Elumelu, who spoke at Harvard said, “TEF is creating economic hope and opportunity for African entrepreneurs.  We know that entrepreneurship is the solution to youth unemployment and insecurity.  Through the intervention of the Foundation, we are transforming our young people, giving them hope.  Collectively, all of us can resolve the challenges that we have on the continent.

It is wonderful to have had the opportunity to work with HBS, to spotlight our successes, acknowledge the challenges that we have at times faced, and provide the opportunity to spread our experience, for the benefit of others.”

The Harvard Business School session provided an opportunity to engage in a meaningful discussion on the role of philanthropy in shaping sustainable and inclusive economies.  As the world grapples with complex challenges around demographics, climate and sustainability, the Tony Elumelu Foundation model offers a fascinating model of how strategic philanthropy can be a driving force for positive change.

By

Ayobami Adedeji Business 2024-03-01

President of the Republic of Senegal, His Excellency Macky Sall, has described Aliko Dangote, President of Dangote Group, as a blessing to Senegal and Africa as a whole.

He lauded the entrepreneurial and philanthropic activities of the frontline businessman and said, the highest civilian award in Senegal, the National Order of the Lion Award, was bestowed on Dangote, in recognition of the successful partnership between Senegal and the Dangote Group.

In the same vein, the Federal Government, of Nigeria also commended Dangote for enhancing Nigeria’s reputation across Africa. Counsellor/Head of Chancery at the Nigerian Embassy in Dakar, Musa Abdulqadir made the commendation while speaking on Friday at the conferment of the Commander of the Order of the Lion on Aliko Dangote by the Senegalese President, His Excellency Macky Sall.    

He said that Dangote Cement is regarded as having the best quality in the Senegalese market, which has helped to create a favourable perception of Nigeria in the country. According to him, Dangote Cement has become a household name, which has rebranded Nigeria and Nigerians in Senegal and proves that quality goods can be produced by Nigerian companies.

In his acceptance remarks, Dangote urged African investors to scale up their investments in the continent, reiterating that “only Africans can develop Africa as they understand the continent better than foreigners.” He said they should consider it a patriotic duty to continue to invest in Africa, especially in the manufacturing sector. He stated that this vision has propelled Dangote Cement to become Africa’s leading cement producer with 52.0Mta capacity across the continent while effectively eliminating Nigeria’s dependence on imported cement.

Dangote, who commended the government and good people of Senegal for the award, described it as a clarion call to spearhead Africa’s rapid industrialisation.  “I regard this award as a call to do more in terms of investments across Africa as appreciating the efforts of African investors in creating value across the continent will spur them to do more. There is an urgent need to move Africa from the export of raw and unprocessed materials and a net importer of finished goods to self-sufficiency in the manufacturing of goods where the basic inputs are available,” he said.

According to him, the decision to invest in Senegal is part of Dangote Group’s Pan-African vision of creating value and providing thousands of direct and indirect jobs. Dangote who called on African entrepreneurs to invest in other African countries said, “Our cement plant in Pout, Senegal is one of our leading success stories across Africa. It is contributing to the Senegalese economy in taxes, direct and indirect jobs, and a boost of ancillary sectors such as block-making, and building projects, among others. The plant has also contributed to the welfare of its host communities with several corporate social responsibility projects.”

Recall that Dangote had earlier been conferred with the Commander of the National Order of Valour of the Republic of Cameroon, the Grand Commander of the National Order of the Republic of Benin, and Commander of the Order of Merit of Niger. He was also honoured with the Grand Commander, Order of the Niger (GCON) by the Nigerian Government. 

By

Ayobami Adedeji Business 2024-02-05

United Bank for Africa (UBA) Plc, has continued to elevate its global standing, coveting several prestigious international awards, signaling the Bank’s continuous contributions to the economic development of Africa.

The recognition of the bank's outstanding performance reaffirms its status as a leading player in the financial industry with critical financial intermediation, project financing, trade facilitation and advisory  in Africa and beyond.

UBA emerged Global Finance’s Best SME Bank for 2023 in Nigeria, Ghana, and Mozambique, awards that spotlight the bank’s continuous resolve towards supporting small and medium scale businesses which is the life of any growing economy.

Also, the bank, with presence in 20 African countries won the 2023 FMDQ Gold Awards in three key categories of Money Market Liquidity Provider; FX Market Liquidity Provider and Dealing Member of the Year, while UBA was also named as Global Finance’s Safest Bank in Senegal 2023.

Responding to the FMDQ Group Awards, the Group Chairman, Mr. Tony O. Elumelu (CFR) said “this recognition is a testament to UBA’s impressive capital strength and capacity to provide liquidity to African financial markets even in the face of harsh economic realities, our market knowledge, dedication to customer services and the trust of our clients.”

Continuing on the global scene, UBA Ghana clinched the World Business Outlook Awards for 2023 as the Best Banking Services Provider Ghana 2023; Leading Financial Services Institutions Ghana 2023 and the Banking CEO of the Year Ghana 2023 which was won by Mr. Chris Ofikulu, the then CEO of UBA Ghana. 

Earlier, the bank was highly celebrated as it clinched nine prestigious awards including the highly coveted Bank of the Year Africa 2023 at The Bankers Awards 2023, organised by The Banker Magazine - a publication of Financial Times of London, the world’s leading business newspaper. UBA’s subsidiaries in eight countries including: Cameroon, Chad, Ghana, Cote d’Ivoire, Mozambique, Republic of Congo, Sierra Leone, and Tanzania, underscoring the bank’s dominance and impact across diverse African markets.

UBA’s Group Managing Director, Oliver Alawuba, who received the awards on behalf of the bank, expressed his gratitude and excitement about the awards, and said the recognitions come as a reassurance that the bank is on track in its goal at consolidating its leadership position in Africa, as it continues to create superior value for its stakeholders. 

"UBA is honoured to be named the Bank of the Year in these eight countries and to receive the overall Award for Africa. This accomplishment is a testament to the hard work, dedication, and innovative spirit of the entire UBA team. We remain committed to delivering top-notch banking services that positively impact the lives of our customers across the continent.

Speaking about UBA’s consistent excellence in the financial services sector across the continent which has earned the bank great accolades overtime, Editor of the Banker, Joy Macknight, said that as always, UBA remains a clear winner across a wide range of criteria, having performed impressively across its footprint with a strong financial performance across most of its markets.

“In a year of strong competition among the continent’s major banking groups, UBA has gained the edge on its rivals to win the Bank of the Year award for Africa for the third time in five years. Congratulations. The award recognises the bank’s strength across Africa, including many of its most competitive markets,” Macknight stated.

Only recently, UBA joined companies with N1trillion capitalization having seen its shares grew by over 260% since the beginning of 2023. UBA’s N1tn market capitalisation mark comes amidst the bank’s share being named as the highest performing stock in the banking sector in 2023, which underscores the bank's robust growth trajectory and unwavering market confidence.

By

Ayobami Adedeji Business 2024-01-22

BlackRock, the biggest asset management company in the world, has said it is buying Global Infrastructure Partners, a company founded by Nigerian investment banker Adebayo Ogunlesi, in a $12.5bn deal.

According to a statement released on Friday, Blackrock is to pay $3bn in cash and offer Ogunlesi and five other co-founders of Global Infrastructure Partners 12 million shares in Blackrock, thus making them the second biggest shareholders in the global asset management giant.

BlackRock said it would also appoint Ogunlesi, GIP Founding Partner, chairman and CEO, to the board at the next scheduled board meeting after the close of the deal.

“The combination of GIP with BlackRock’s highly complementary infrastructure offerings creates a comprehensive global infrastructure franchise with differentiated origination and asset management capabilities,” the statement said.

BlackRock said GIP’s acquisition aligns with the vision of Laurence Fink, its chairman and Chief Executive Officer, to transform the firm into a key player in the growing market for private and alternative assets.

It added, “The over $150 billion combined business will seek to deliver clients market-leading, holistic infrastructure expertise across equity, debt and solutions at substantial scale.

“Marrying the proprietary origination and business improvement capabilities of GIP and BlackRock’s global corporate and sovereign relationships provides a platform for diversified, large-scale sourcing to support deal flow and co-investment opportunities for clients. We believe bringing GIP and BlackRock together will deliver to clients the benefits of broader origination and business improvement capabilities.”

Commenting on the acquisition, Fink said the deal is “one of the most exciting long-term investment opportunities.”

Global Infrastructure Partners has $106bn invested in infrastructure, while Blackrock manages $10tn worth of alternative assets.

Ogunlesi,who hails from Makun,Sagamu,in Ogun state,is  an alumnus of King’s College Lagos and Harvard University, was chief client officer and vice chairman at Credit Suisse First Boston before leaving to start Global Infrastructure Partners.

His profile grew in Nigeria after Global Infrastructure Partners bought Gatwick Airport. The main assets of GIP, of which Ogunlesi is chairman, include Sydney, the Port of Melbourne, the Suez Water group, extensive green energy holdings, and a stake in a big shale oil pipeline.

Investment in infrastructure is considered an “alternative asset” class for traditional money managers like BlackRock.

The deal makes Blackrock the second-biggest private investor and manager of infrastructure in the world.

By

Ayobami Adedeji Business 2024-01-13

In a significant achievement, Seleem Adegunwa, the Managing Director of Rite Foods Limited, has been honored with the prestigious Inspirational Marketing Leader Award at the Nigerian Marketing Awards (NMA) 2023. The NMA, dedicated to recognising excellence in brand marketing in Nigeria, has highlighted Adegunwa's vibrant and innovative marketing approach that propelled Rite Foods Limited to a commanding position in Africa’s largest economy.

The Nigerian Marketing Awards, known for acknowledging marketing industry excellence and entrepreneurial innovation, bestowed upon Adegunwa the title of “Inspirational Marketing Leader of the Year” in its second edition. This recognition underscores his pivotal role in steering a wholly-Nigerian company to successfully compete with multinational competitors.

Under Adegunwa's leadership, Rite Foods Limited recently secured the “Highest Gainer Year-in-Year-Out for 2023” title in the “Top 50 Leading Brands Ranking in Nigeria.” Additionally, the company's flagship brands, Bigi and Fearless Energy Drink, received the “Most Innovative Carbonated Soft Drink Brand of the Year” and "Most Outstanding Energy Drink in Consumer Engagement,” awards respectively, at the 2023 BrandCom awards in Lagos.

With over 20 years of industry experience and an alumnus of Harvard Business School and Columbia University, Adegunwa has spearheaded the disruptive innovation at Rite Foods. His consumer-driven brand building strategies have propelled Rite Foods Limited to category leadership, particularly in the Carbonated Soft Drinks [CSD] sector.

Under Adegunwa's leadership, Bigi soft drinks [13 variants], Fearless Energy drinks, Rite and Bigi Sausages, including the high-in-demand Sosa Fruit Drink, have become category leaders from the stable of Rite Foods Limited.

Adegunwa's impact extends beyond business success to significant contributions to society through corporate social responsibility (CSR) initiatives. Rite Foods Limited's award-winning “Riteonthebeach” scheme, aimed at environmental preservation, has not only rid shoreline communities of plastic waste but has also funded scholarships for children in these areas.

In the realm of sports and entertainment sponsorships, Rite Foods Limited has supported events such as the Abeokuta Marathon, Ijebu Heritage Half Marathon, and the Nigerian Idol Seasons 6, 7, and 8, where emerging musical talents are discovered and nurtured. As Adegunwa continues to steer Rite Foods Limited to new heights, the company remains a beacon of success and innovation in the Nigerian food and beverage industry.

By

Ayobami Adedeji Business 2023-11-17