Publisher’s Message Redefining the Gender Narrative Women entrepreneurs around the world are pushing the lines of gender barriers and shattering all traditional limitations. The pursuit of equal opportunity has been a driver for women entrepreneurs; and the quest to level the playing field has not been an easy task. Our inherent and subconscious beliefs affect our worldview and actions, leaving us with the age-long notion that men are born leaders. And with us, that’s where it stops. Many women have taken it on themselves to redefine this “men are super-being” narrative. As Ayn Rand rightly puts it, “the question isn’t who is going to let me; it’s who is going to stop me”.
In this edition of Business Elites Africa, we present voices of “Top 30 African Women Executives & Influencers’’. These women have shown resolve to aspire, achieve and attain greatness against all odds. Noteworthy are stories of some of: Linda Ikeji- unstoppable billionaire blogger- a “woman of steel” at heart; Dr. Ngozi OkonjoIweala-a Nigeran-American economist and international development expert;
Magda Wierzycka– the CEO of Sygnia and South Africa’s richest woman; Tabitha Karanja - unconventional entrepreneur who continues to make an indelible mark in a male and multinational dominated industry; and Joyce Ojemudia of African Alliance, a force to reckon with in the Nigerian insurance industry; Adesimbo Ukiri of Avon Healthcare Limited, Charlette N’ Guessan, Salwa Idrissi Akhanouch, know as the “queen of franchises and luxury business”; and Chimamanda Adichie- Award winning novelist, to mention a few. We’ve also garnished this edition with incisive and actionable articles for your reading pleasure. Business Elites Africa is committed to the service of Africa’s SMEs. We’ll never falter in our resolve to inform and promote our finest minds. To our readers and audience at large, your courage and support have been our fortitude. The adversities on this road to success affirm our commitment to the promise of a better Africa. Happy reading!
2021
3 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
4 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
5 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Content 08 14 18 34 36 42 48 60 64 74 76 78 82
Linda Ikeji: The Unstoppable Billionaire Blogger
Joyce Ojemudia on being the Second Female CEO of African Alliance How OZÉ is Helping to Grow Businesses Across Africa
Rebecca Enonchong: A Career Dedicated to Promoting Tech in Africa Salwa Idrissi Akhanouch: The Queen of Franchises and Luxury Business How Can Africa Produce More Ngozi Okonjo-Iwealas? Redefining Feminism in Corporate Nigeria
38
82
Excessive Regulation of Fintech Startups in Nigeria
Catherine Denis is Streamlining Financing for Small Businesses in Africa Halima Dangote Didn’t Get a Free Pass Despite Father’s Wealth
Bola Shagaya’s Business Empire Going Strong 38 Years After How to Maintain Work-life Balance as a Corporate Woman
Samia Suluhu Hassan’s Destined Rise To Global Prominence
6 | Business Elites Africa / ISSUE 115
40
74 www.businesselitesafrica.com
Content 30 42
08
Interview with Adesimbo Ukiri CEO of Avon Healthcare Limited Charlette N’Guessan is Transforming Identity Verification in Ghana
How Chimamanda Adichie Found Writing and Feminism in Nigeria
How Tabitha Karanja Built Kenya’s second-largest beer company Magda Wierzycka’s Journey to
Becoming South Africa’s Richest Woman
28 30 38 40
Estelle Dogbo Talks Healthtech in
50
Gender Parity on the Boards of Africa’s biggest Companies
56
Tony Elumelu’s Wife, Dr Awele Vivien Elumelu, is a silent Business Magnate
84
Juliana Rotich, a Serial Tech Innovator Par Excellence
90
Africa & Women in the Professional Space
Meet Morenike Molehin, Nigeria’s Fast-Rising Interior Design Queen
How Tech is Transforming the Transportation Landscape in Africa
70
22
Mpumi Madisa’s Rise from Humble Beginnings to CEO of a Conglomerate
52 70 86
76 7 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Intervew
Profile | by Dimeji Akinloye
Linda Ikeji: The Unstoppable Billionaire Blogger The internet is perhaps the greatest miracle that happened to the human race after Jesus Christ or any messiah figure you hold dear. A network that made it possible for a broke and failed Nigerian model to become a billionaire by just sitting behind a computer in the corner of her room in Lagos, and feeding celebrity gossip to a teeming audience scattered around the globe. No office. No staff. No bank loans. Almost zero overhead costs, and she was raking in millions of naira, week in, week out – a revenue feat her mind could not even comprehend. Linda Ikeji, now 41, was 17, straight out of high school, when she started her grind. Her success was not overnight as seemingly depicted by many accounts. Like many others, her journey to success was paved with thorns and ditches. “At 17, I decided that I wanted to become somebody in life. I wanted to succeed on my own terms, doing it my own way. I was going to fulfil my life’s ambition by myself, of course with the help of God”, Linda recalls.
8 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Linda’s rag to riches story is extraordinary, so is her failure. Before blogging made her a fortune, she failed exceptionally at every business she laid her hands on. When Linda gained admission into the University of Lagos, where she studied English Language, she continued her modeling hustle to lighten the financial burden on her parents. She organized the Miss Unilag beauty pageant three consecutive times with little or nothing to show for it. In 2003, she decided to contest in the Miss Nigeria pageant but failed. Upon graduating in 2004, she started her own company, Blackdove Communications, a modeling and event management outfit. She slaved herself for months to keep the company afloat but all her efforts were futile. She moved on to start magazine publishing but she failed at it. From there, Linda started a marketing and public relations company, she failed again. She started a TV modeling show, attempted to start a reality TV modeling competition and did an annual fashion show for 7 years – all failed woefully. Then she wrote a book that didn’t sell up to 500 copies, making it another loss. “In fact, 13 years after I started my hustle, I was still broke. I was still struggling. I was still trying to find my way. Some days, I would just lay on my bed and would cry my eyes out. I would get up, work, fail and then cry some more,” says Linda, who is now media mogul.
This mother of one also recounts that she questioned God many times, querying Him for not crowning her efforts, considering that she had worked hard legitimately all her life and refused to mess around for money. “There were days I’d leave my house very early in the morning, drive around Lagos from morning till evening, going from one company to the other with proposals in hand, asking for sponsorship, begging for someone to hear me out, someone to believe in me. 99% of the time, I’d go home empty,” she adds. Amid the topsy-turvy, she pointed out that she never stayed down, never gave up; never stopped working, certainly, never stopped praying or believing in herself. In hindsight, the universe had other plans for Linda. And interestingly, all she needed to become successful was already inside her – writing – a gift she had discovered at the age of 10. Born and raised in a catholic family from Nkwerre, Imo State, Linda is the second child of seven children. She had started writing fictional stories at a young age but only started making fairly okay money from it in late 2010. Linda started blogging in 2006, at a time internet penetration in Nigeria was near zero. So, she would sometimes borrow N100 to pay for browsing time at a cybercafé, which was the only affordable option for most Nigerians who needed internet access.
a
9 | Business Elites Africa / ISSUE 115
In fact, at some point in Linda’s life, she was arrested for defaulting in the repayment of almost the N200,000 loan she had incurred. Although she did not specify who the lender was and what the loan was meant for.
www.businesselitesafrica.com
“I was picked up from my house and taken to the Special Frauds Unit (SFU) in Ikoyi”, Linda says, bragging that she now spends more than that amount to buy shoes.
for the super-rich. The house was valued at N850 million in 2020.
In 2018, Linda gifted her son, Jayce, a Bentley Mulsanne. The boy was barely a week old at the She settled into active blogging time. The luxury car was worth in 2007, specializing in celeb- N108 million ($310, 395) at the rity gossip. With a laptop and time of purchase. an internet connection, Linda was blogging from home, work- She adds, “it got to a point in ing round the clock as if her life my blogging career that 90% depended on it. of online advertising spent (in Nigeria) came to my blog. At first, she was aggregating So I was making money from content on her blog. She pub- Google AdSense, banners and lished other people’s content for posts. I was travelling abroad a while. And soon after she had and spending over $100,000 garnered impressive traction, on bags.” Linda started publishing content sourced independently. She did Today, Linda owns a full-fledged this passionately for four years media company. According to without making a dime. her, she spent at least N1 billion to set up the Linda Ikeji By 2011, Linda’s followership had TV, with about 50 staff workgrown tremendously. Brands ing at the establishment. She and individuals started flooding her blog page, and willing to write a cheque just to secure an advert placement on her blog. She said she was posting at least 20 sponsored content a day at N50,000 per post, and this is apart from banner adverts.
reiterates that the money sunk into the building of the studio was 100% hers and not a loan from any financial institution. For years, at least since her success was evident, Linda has been committed to mentoring young women in Nigeria. She created a non-profit project themed “I’d rather be self-made; No thanks!” to help girls aged 16 – 25 fund their business ideas. She was said to have given out the sum of N10 million in Phase 1 of the project.
This means Linda was netting N1 million in a day on sponsored posts alone. From 2012, the billionaire blogger said she was making a ridiculous amount of money. In the same year, Forbes Africa featured her in its “Africa’s 20 Most Prominent Women” edition. That year, “I bought a brand new range rover for N24 million. That was the first brand new car I would ever buy,” she says. And in 2015, Linda bought a mansion in Banana Land, a highbrow area in Lagos reserved
10 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
12 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Are you an Entrepreneur or a Business Executive?
SHARE YOUR SUCCESS STORY WITH US and inspire others
reach out to our editor: dimeji.a@businesselitesafrica.com +23481 0435 2513 www.businesselitesafrica.com
13 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Intervew
By | Emmanuel Abara Benson
Joyce Ojemudia
on being the Second Female CEO of
African Alliance
N
igeria does not have a lot of female Chief Executive Officers. But the few ones that are there are doing amazing things. One of them is Mrs Joyce Ojemudia, the CEO of African Alliance Insurance Plc. She was appointed to that position in October 2020. Prior to the appointment, she had worked with other notable insurance companies such as Healthcare International, Linkage Assurance, and Staco Insurance Plc where she held different high-stakes positions. Business Elites Africa recently visited her office for an exclusive interview. We discussed a whole lot of issues, including her experience with African Alliance over the past five months and the steps the 14 | Business Elites Africa / ISSUE 115
of Insurance, Associate Member of the Chartered Institute of Economists, and Fellow of the Chartered Institute of Marketing. I am also an alumna of the prestigious Lagos Business School.
company is taking towards ensuring profitability. She also gave advice to women and young girls who are aspiring After my National Youth Service to become like her. Enjoy the Corps, I worked briefly in a conversation. company called Healthcare International. They are a pioneer BEA: It’s very nice to meet scheme of health insurance in you, Ma’am. Can you tell us Nigeria. They are actually a subabout your background and sidiary of Nicon Insurance. Two experiences prior to joining years after NYSC, I left for Linkage African Alliance Insurance Assurance where I served for Plc? five years before moving to Staco Insurance Plc as the Regional Joyce: It’s my pleasure to welcome Head for Lagos South where I you as well. I will quickly get to my served for nine years before I background. My first degree was returned home to Linkage again. in Insurance. I obtained a B.Sc. in I served for three and a half years Insurance from the University of in Linkage as the General Manager Lagos, and then I got a Master’s in in charge of Marketing, before I Risk Management also from the began my journey (specifically in same university. I’m an Associate October 2020) in African Alliance. Member of the Chartered Institute www.businesselitesafrica.com
BEA: It’s been approximately five months since you assumed the position. What has the experience been like?
think insurance firms can actually pay claims. That is why African Alliance has been in the news letting people know about the claims we have paid. The next level we are going to is to have Joyce: It’s been generally a good as many customers that are willexperience. But it has also been ing to have their pictures taken challenging because I joined while we are giving them the the company in the middle of a cheques, featured in the news. If pandemic. But the interesting we continue preaching the gospel thing is that we’ve been able to of claims payment, before long put smiles on the faces of a lot people will key into insurance of families by living up to our policy purchase in Nigeria. bidding, in terms of claims payment. As you may well know, a BEA: Let’s talk about this year’s lot of deaths have occurred that International Women’s Month are related to COVID and African celebration. As always, the mesAlliance has had cause to pay sage has been all about women claims, precept upon precept on empowerment and challenging a daily basis. If you look between the status quo. As one of the few October through to December women CEOs in Nigeria today, (two months since I resumed), what would you say are the bigwe paid N1.3 billion claims. So, gest obstacles preventing more I’m glad that we are touching lives African women from reaching and living up to our promise in executive positions in the workclaims payment. place and what can be done to change that narrative? In the first forty days of the 2021 business year, we have received a Joyce Ojemudia: First and forelot more claims both in group life most, whatever glass ceiling that and individual life. Because of the is preventing more women from time that we are in, we see a lot of becoming like me or like those people surrounding their policies men out there is in the mind. even before maturity; meaning So, what I will encourage they want to take their money in every woman to do is bulk to even feed or do whatever to focus and prepare. they want. And we’ve been able Prepare in terms of to live up to their expectations. In knowledge base total, we have paid N964 million because if you are worth of claims. We have met and distinct in what exceeded expectations in terms you do, when of prompt claims payment to any o p p o r t u n i t y genuine claim. And I believe that comes, they will the general public will be very seek after you. happy with us for living up to As the President the tangibility of insurance itself of Insurance because tangibility is the ability L a d i e s in to pay prompt claims. Nigeria, what I tell my fellow is BEA: A lot of people still that preparation don’t believe in insurance, and opportuespecially in Nigeria. And nity bring about it’s a big problem. How success. If an would you convince such opportunity comes people that they need and you are not preinsurance? pared, even if you are the most preferred, you Joyce: I think the major reason may not be chosen if you a lot of people don’t believe in don’t have the required skill. insurance is because they don’t 15 | Business Elites Africa / ISSUE 115
Let us bear in mind that we as women are required to work twice as hard as men if we want to be recognized. So, I tell them to be the entrepreneurs in-house. And what that means is that they should be the first to innovate.
BEA: This is a very important job that you have. And like you mentioned earlier, it can be very challenging. I can only imagine these challenges and the demands, especially the need to turn around the company’s financial fortunes. Could you take us through some of the strategies you are adopting towards actualising this?
Joyce: The root cause of the financial challenges we have is the huge cost of claims in our annuity business which has impacted the profitability of the company. But we are looking into that critically and I can assure you that our costs have been brought down significantly in the four
www.businesselitesafrica.com
BEA: Let’s talk a bit more about you, Ma’am. How do you relax and catch a break from work demands?
months that I’ve been here. We are also making concerted efforts to increase our market so as to increase our income.
retailers have to go from house to house to market) that got affected. And the lesson we learnt from that is that we can always build on that challenge. At the moment, we are putting a lot of measures in place to ensure that the business processes for the individual life arm can be carried out online as well; so that if the world ever shuts down a second time, we can still do business and do it well without meeting physically with our clients.
So, in the first forty days of the 2021 business year, we measured our performance and realized that we’ve been able to grow our gross premium income (GPI) by about 105% as against what we did in 2020. We have also brought down costs by 61%. Claims have been reduced by 36%. With these figures, I’m sure that by the end of the first quarter, we will be able The #EndSars protests also to perform better than what we affected us because people died did last year. and we had to pay a lot of claims.
BEA: How did the events of last year (the COVID19 pandemic and the #EndSARS Protests) impact your company’s operation?
BEA: COVID-19 is still a problem even though we are no longer under lockdown. I mean, people are still dying of it. And it’s a new year. What should we Joyce: The pandemic affected expect from your Q1 finanthe economy globally. But prior cials, considering all these to that time, I think we were pre- militating factors? pared to work remotely. After observing how the rest of the world was shutting down, we ensured to put all the necessary structures in place just in case of eventualities.
But the preparation notwithstanding, the pandemic did affect some aspects of our business. For our group life arm, we were able to handle the online front. It was the individual life arm (where our 16 | Business Elites Africa / ISSUE 115
Joyce: Although these variables look like they are going to hamper our performance, I can assure you that we are coming out better. We’ve seen from the first forty days that we are doing excellently well. Parameters for business are still looking good. So, based on the data that we have, we believe that our first quarter result is going to be good.
Joyce: I do deliberately create time to rest because, no matter how much you work, the work can never finish. So, to relax, I get into the gospel arena where I listen to messages either from TBN or from different men and women of God. I listen to Christian songs. They help me to relax. I do get rhema for the next level on the job while listening to songs. I also read books that can help me build my company and my personal brand. I use my spare time to learn about how to be a better leader and impact people around me positively. BEA: A lot of young girls out there are aspiring to become like you. Do you have any advice for them? Joyce: It takes discipline to become a winner. Winning is inside of you and it starts from home. You can’t just pick it up from the streets. So, ensure to always live up to the lessons and morals you were taught right from home, even when nobody is watching you. While you do that, ensure to also focus. If you have a dream that you are focused and committed to actualizing, nobody knows what obstacles you may face along the way. You will certainly actualize your dreams. That definitely takes a lot of hard work, a lot of commitment, consistency and tenacity. Don’t forget to crown everything with prayers because God looks at the heart and will always grant you your heart’s desires.
www.businesselitesafrica.com
17 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Intervew By | SImeon Onoja
How OZÉ is Helping to Grow Businesses Across Africa
United States Peace Corps in Guinea. Whilst serving in the Peace Corps, she co-founded Dare to Innovate, a social enterprise that funds innovative entrepreneurial ideas on the continent. The platform expanded to become Francophone Africa’s most active small business accelerator.
Meghan has spent decades of her career perfecting the use of design, entrepreneurship and public-private partnerships to solve some of the toughest business problems around the world. She holds an MBA from MIT Sloan School of Management, where she was a Legatum Fellow for Entrepreneurship in Emerging Markets and an MPA from the Harvard Kennedy School of Government where she was an Adrian Cheng Fellow in Social Innovation and Change Initiative. Business Elites Africa had the delight of sitting with this vibrant Africa-focused entrepreneur on how OZÉ has been helping to scale businesses on the continent and what can expect for the future.
What inspired you to found OZÉ?
G
rowing up, Meghan McCormick displayed a flair for bringing her ideas to life and helping people. At the age of 10, she coordinated her classmates to earn thousands of dollars for an HIV/AIDS awareness campaign. While in the university, Meghan launched her first social enterprise, a theatre production and education company. The early days of her youth were very much the start of her entrepreneurial journey. 18 | Business Elites Africa / ISSUE 115
My whole career, I’ve focused on how entrepreneurship can become a tool for development, how we can help small businesses start and grow. And despite Dare In 2018, Meghan went on to found to Innovate being one of the largone of Africa’s leading business est accelerators in Francophone management and fintech com- Africa, creating over 500 jobs, panies, OZÉ - a mobile platform, there are 1 million African youths which enables African small busi- joining the job market each year, ness owners to make data-driven 500 jobs is only a drop in the decisions in order to expand their bucket. So that was one of the operations and gain access to cap- challenges that I had in the back ital. She also leads the company of my mind. as CEO. And also Guinea was the site of Meghan started her career the first Ebola pandemic, and so as a Community Economic we had to ask ourselves, ‘okay Development Volunteer in the how do we continue to serve our entrepreneurs in a pandemic or www.businesselitesafrica.com
an academic setting. How can we provide them with the tools, information and services they need remotely? What role can technology play in that?’. I was heading that organisation as an innovation strategy consultant, specialised in using human-centred design to create new business offerings for Fortune 50 companies. And where OZÉ actually came from was applying the techniques that I was using at these large corporations to now try solving problems that I cared about. So we created a challenge on how we could help small businesses grow, and the outcome of that was OZÉ. What was the hardest part of launching OZÉ?
you are tracking who owes you money, you are inputting customer data, you’re basically putting all the data that runs through the finances of your business, so that allows that coach to be highly effective. Because when you come to me and say ‘My business is stuck. It just can’t seem to grow!’, well then, with your permission we can delve into that data and really give you a datadriven approach on how you can improve your business. And because our business coaches are talking to entrepreneurs all day, everyday, and each time they give advice they can be more effective than they were the time before. What’s the most common problem OZÉ has discovered with African startups?
By the time it became clear My whole that the solution was going to There are different challenges. be technology based and that It’s hard to say, because they career, I’ve we were building a for-profit are people in different indusfocused on how company, with ambitions to tries, and they are people in entrepreneurship become big and serve busidifferent stages of their businesses across the continent, ness. They are some people can become a tool we had to switch markets. who suffer when the naira or for development We knew that Guinea was not the cedis fall, they are some going to be a great launchpeople who thrive. They’re ing pad for the company that people who were doing great became OZÉ. So by the time before the COVID-pandemic OZÉ became an independent and it wrecked their business, for-profit tech company based in Ghana, we idenand there are those who had a small business tified that region as a great market from which before COVID-19 and now they’re massive. So to serve the rest of the African continent. you can’t really generalise. If I had to say what was the hardest part, I think creating something that is simple, elegant and engaging to use, but also sophisticated enough to truly meet the business management needs of small businesses. There’s always a delicate balance that you have to strike. And so, creating that and making it real through coding, which unfortunately I’m not a computer scientist. So I have to learn from my customers. Turn that into tech requirements and then communicate it to those who can actually build it. That’s not easy to do. It’s been a challenge but we’re getting our footing and starting to do that more efficiently and seamlessly. How does OZÉ Business Coach service work?
How the business coach works is, you as an entrepreneur are inputting sales and expenses, 19 | Business Elites Africa / ISSUE 115
What we hear from the press, industry groups and some of our users is that access to finance is a challenge. But I’ll say, our answer to that is a lot more nuanced. Yes, small businesses need money to grow, but the best source of capital to first put in your business is your own profit, and we believe that businesses that aren’t using OZÉ, that aren’t keeping records and making datadriven decisions are actually not running their business effectively and so they say, ‘oh I need a loan’ but indeed they are some things they can do in their own house to generate the money so that the business can grow. They can take a loan later, and they’ll be able to pay that loan back with ease.
Therefore, we believe that the issues of access to finance are solved by OZÉ, not by the loan product that we have but by the core application itself that makes businesses operate more
www.businesselitesafrica.com
efficiently so that their need for loans is lower and their ability to repay loans is higher. And once we give OZÉ loans, our entrepreneurs are fantastic at paying them back, because they have their houses in order. And so, for businesses that come through the OZÉ platform and access loans through a financial service partner, we actually have maintained a zero default rate. We believe that at scale, this is actually one of the solutions that we can use to close the MSME finance gap on the continent. What business idea do you think will really enrich entrepreneurs this year?
that allow institutions to work together more efficiently. Not only will they make it so OZÉ will be able to do more things for our customers, but other startups as well. What’s your advice for people with no tech background but looking to found a tech startup?
I was lucky that in my previous job one of the solutions that we came up with was tech-based. We started to engage with an agency to build that bot solution, so before I launched OZÉ I was familiar with the app processes, firm process, how to turn ideas into a company, I just can’t write a single line of code. But for people who don’t have a technical background and want to engage in tech, it depends if you have financial resources at your disposal or not. If you have access to early stage capital, then you can do a lot of low fidelity prototypes.
I’m really excited about the fintech space, we are actually on the edge of the fintech space, OZÉ is a mixture of small business management software and a fintech product. There’s so much to be done. We don’t believe any startup can do it themselves and so I’m really excited for fintechs that Our first OZÉ prototype was a are building the infrastructure folder that I cut to look like a 20 | Business Elites Africa / ISSUE 115
phone and I made all the screens in PowerPoint and as someone clicks on our paper button, I would pull up the screen. So you can get pretty far learning about whether your idea is going to work before you write any lines of code. And if you’re able to de-risk the idea to that level, then you can get access to capital in order to hire someone to now make that a reality. The best solution is to find a co-founder who is technical, because you want somebody who is committed to solving the problem, both because it is their passion and also because they have a strong ownership stake in the company as you are. So if you’re not technical, start spending time on the internet where the other techies are and learn from them, engage with them and try to find someone who wants to build the similar solution that you want to create.
www.businesselitesafrica.com
21 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Intervew
By | Emmanuel Abara Benson
Interview with
Adesimbo Ukiri Chief Executive Officer of Avon Healthcare Limited
B
y every standard, Adesimbo Ukiri is an accomplished professional. The Obafemi Awolowo University trained Lawyer has over 20 years’ cognate experience cutting across different sectors of the Nigerian economy. Over the past nine years, she has been with Avon Healthcare Limited where she currently serves as the Chief Executive Officer. The BEA team sat down with her recently to hear her story. We were honoured to find answers to numerous questions pertaining to the health insurance industry in Nigeria, including what the company is doing differently from the competitors. Enjoy the conversation.
22 | Business Elites Africa / ISSUE 115
BEA: It’s nice to meet you, Ma’am. Do tell us about your background and experience prior to your current position.
BEA: What is it about healthcare that is so interesting? Adesimbo: I think I like healthcare because in Nigeria, this is a sector that still needs so much done. It’s also a sector that has so many opportunities and so many rooms in which to make an impact. And if you are the kind of person that likes to work in a sector where your impact can be felt immediately and who gets a thrill from seeing the impact you are having, then healthcare is the sector for you; You will see the good impact you are making on a daily basis. You can almost get heat from the good you are doing. That is why working in the healthcare sector has become almost addictive for me. You can see the value you are bringing and how it is touching people’s lives on a personal basis. It’s a great feeling.
Adesimbo: I was initially trained as a lawyer. I also have a Master’s in Management from London Business School. But my background is pretty diverse. I worked in the financial sector. I worked in manufacturing as well; fast moving consumer goods. I’ve also worked in telecoms. I worked in Oil & Gas for a bit and then finally in healthcare. And I think healthcare is the one I love the BEA: Can you tell us more about most. This is where I’ve been for Avon Healthcare and what the the past thirteen years now. company is doing differently from its competitors? www.businesselitesafrica.com
Adesimbo: We got licensed in 2012 but actually opened our doors to the public in 2013. So, we’ve been around now for nine years. We came into the market determined to do things differently. Prior to that time, Nigerians didn’t really trust HMOs because HMOs had a really bad reputation as entities who took money but never paid hospitals. Services were not trusted. And we really wanted to ensure that health insurance could become something that Nigerians can really embrace and something that the average Nigerian can plan/budget for, more or less the same way that they keep money aside for their rent and education. That same way, we want them to be able to put money aside to buy health coverage for their families. And that’s something we hope we’ve been able to make an impact on in the minds of Nigerians over the past nine years. We’ve definitely seen the trust grow with more and more people becoming aware of what taking out a health cover can do for their cash flow and wellness.
Regarding what sets us apart, we are not a financial services company. We see many players in the industry, other health insurance companies who very much see themselves as offering a financial product. We are much more than that. What we offer is financial access to healthcare services. But even though what we are offering is partly a financial service, we offer quality healthcare services as well as the financial services with which to have it when you need it. That said, we see ourselves as partners with you, whether a corporate organisation, group of people, head of a family or an individual, looking after your health and
23 | Business Elites Africa / ISSUE 115
ensuring a healthy fuller life because of your partnering with us. We see it as our responsibility to empower you. That is why we are very heavily focused on preventive health. So, we are not only focused on providing you with a cover that takes care of you should the unforeseeable happen to you health wise, we are also very big on telling you what to do, what not to do, how to do it and how not to do it in order for us both to ensure that you are healthy.
carry out, we couldn’t really do the way we used to do them. So, COVID affected us in that sense. Also, the ability to really bond as a team wasn’t there anymore.
But we all found ways to cope in order for business to continue. We found ways to support ourselves so the effect on our mental and emotional health wasn’t too adverse. What it did was that it opened our eyes to see that if we were going through this, then our clients were also definitely going through this as well. So, it made BEA: Last year, the COVID- us also start thinking of ways 19 Pandemic affected so we could support our clients. many people and different We therefore started a series companies. How exactly did it of webinars around emotional affect those in the HMO space, wellness and coping with COVID. considering the fact that you And that became something that probably must have paid lots our clients really appreciated. of claims. Now, because many people Adesimbo: It was a tough were very weary of going to the period for us. I look at it from hospitals during this period, we two perspectives, the first being decided to start the “AVON Online how it affected us internally as Doctors” forum where clients a company. We all had to adjust could call in and be able to have to the new way of working, you virtual consultations with our know. There was this lockdown doctors. And since we already happening and staff couldn’t have existing relationships come to the office; they had to with diagnostics centres and work remotely. And that had its pharmacists, we could always own effect on the emotional and find one that was near enough mental wellbeing of everyone. to you in our network where you It also had its effect on our could go and do some blood work. operations because our call The results could be submitted center suddenly had to work electronically to our doctors. Your remotely. Even the doctors and drugs will also be delivered to you nurses who, prior to this time at home. could case-manage participating members who were on admission We had to invest in some in hospitals by actually going to infrastructure which we never see them, providing support had before, to enable this virtual and supervisory oversight to the ecosystem to come alive. These treatments they received. You were some of the things we had to could not really do that anymore. grapple with during the lockdown Our client managers used to be period and it had opened our eyes able to go to clients’ offices and to new ways of serving our clients give health talks or provide and members. Hopefully, as a on-the-spot health checks… all society we will continue to learn these activities that we used to from this and evolve.
www.businesselitesafrica.com
BEA: What would you say is the biggest challenge facing HMOs in Nigeria? Adesimbo: I would say it’s education and awareness. But that is rapidly changing. The average Nigerian is very reluctant to get a health plan for themselves. Some people would argue that it is a disposable income issue; others don’t even have enough money to eat. True, there’s a large proportion of our population living in poverty or below poverty lines. Therefore, health coverage is not something that is important to them. But then you look at the amount of money these people spend on airtime and data for instance, and you also look at the amount of money that they spend on alcoholic beverages and whatnots. That makes you wonder. And truly, people can actually afford to spend more on health if they choose to. The question then is how do we educate the population to know that health is something that you should set money aside for? You should contribute into a pool of resources that would go towards looking after you if and when you do fall ill, because at some point or the other, someone is going to need it. So, you shouldn’t dwell on the fact that you are not ill for a while and other people are using what you’ve contributed because the day you fall ill and need it, you will be using what other people have contributed. BEA: How are you changing that perspective? In Nigeria today, a lot of startups do not have HMO packages for their staff. Their excuse is always that they don’t have enough money and HMOs are expensive. What is your company doing about this mindset?
24 | Business Elites Africa / ISSUE 115
Adesimbo: We are doing what we can. We are very active on all the social media channels. We also do quite a bit of advertising on radio in particular. We believe that it’s just a matter of time before this mindset will begin to change. For now, we are focusing more on the young upcoming professionals. We believe they are the ones mostly internet savvy and whose minds can be changed because they are most open to new ideas. And quite frankly, they are also the future. So, this is where a lot of our investments in education and awareness is going. And we believe that the tides are shifting in our favour.
Adesimbo: That would cover what we call General Out Patient (GOP) Services. If you have Malaria, Typhoid, Upper Respiratory Infection…all your normal ‘I’m feeling ill I need to go to the hospital cases’ would be covered. That would also cover your normal everyday surgeries such as
BEA: Many Nigerians don’t have healthcare plans. And just like you mentioned earlier, the complaint is usually about the cost. Now, when you look at it actually, some people really don’t have enough money to put aside just in case anything happens to them. It’s usually when something happens that they start running around looking for money. So, do you have packages that are affordable to such people? Adesimbo: Yes, we do. We have packages that go for as low as N20, 000 for the entire year. If you divide that by twelve it’s about N1, 600. The plan is also accessible through third parties who allow you to pay monthly. So, at N1,600 per month, you can subscribe to a health plan. BEA: Now, what would that cover? What treatments can someone receive with that kind of cover?
www.businesselitesafrica.com
appendectomy, hernia, you need to have your womb sutured; simple fracture; hospital admission for a normal of days, etc. These are things that you would normally spend like N100, 000 or more. So, think about what you’ve paid vis a-vis the limit you are covered for. BEA: Let’s talk about you for a moment. What has your experience been like since you joined Avon Healthcare?
Adesimbo: It’s been quite interesting. Like I said, we started in 2012 and the company opened its doors to enrolled members in 2013. Initially, there was myself and three other people. From there we’ve gone to about 100 people today. We’ve continued to grow. Now, we have enrollees across all 36 states of the federation. You know, a startup is never easy in the beginning. But it’s very fulfilling when you look back over the years and can see how the contribution of everyone who has ever been a part of this journey has had such an impact. The gratitude you feel is not just for what the company is today, but for the people who have been a part of the journey with you and how much of a blessing it has been to have them on that journey together with you.
have to believe in themselves and believe that there are actually no limits to what they can accomplish. The first requirement is to believe in yourself and to believe that everything you desire is possible. As a matter of fact, not only is it possible, you have to believe that it is going to be because it is what you desire. Nothing is too big for you to dream. Nobody should be in a position to tell you that what you are aspiring to become is too big for you. Don’t ever allow those kinds of thoughts to be in your space. Whatever it is that occurred to you as a vision of yourself is utterly valid and doable. Just work towards it. I also have to tell them to be prepared to pay the price. And ‘pay the price’ is just work for it. The price is work. God will bless your work, but you have to put in the work first. BEA: How has the company been performing financially?
Adesimbo: I’m very pleased with our financial performance and would like to say that whichever way you look at it, we will be counted as the top three in the industry today. And that’s a major accomplishment as we met quite a number of players on the ground who had been around for up to ten years or more before we came into the picture. To be BEA: As you know, there are very able to make it to where we are few women across Africa who today is a testament to the people are occupying top corporate of AVON, as well as the customers positions like yours. And there and participating members who are millions of young ladies continue to put their trust in us. out there who are aspiring Even the customers we have in to become like you, although the hospitals have contributed circumstances aren’t always in immensely to our growth. I’m their favour. What advice do you really grateful to them. have for such individuals? BEA: What are your growth Adesimbo: What I would like to projections for the rest of the say to young girls is that they just year? 25 | Business Elites Africa / ISSUE 115
Adesimbo: It’s been tough, and the market is only getting tougher. As you know, the economy has taken a bashing from COVID. In the meantime, our industry has continued to become more competitive. There are new entrants that have come in this year. Currently, there’s a war on talent. And the good people in this industry are not very many. There is more demand for good people. So that’s a challenge.
This industry also continues to have players who do not play by the rules, players whose books are not the way they should be; ones who cut corners, damaging our respective standing in the eyes of the Nigerian populace; eroding the trust that we are trying to build. So, it’s a very tough environment in which to operate. But we are hopeful. We have a regulator who, in the past few years, has consistently shown signs of trying to sanitise the industry and push for growth. We also have hopes in the new regulation that is going to be passed soon to make health insurance compulsory for all employers. We really do believe that things will get better for us in this sector. And when things get better for us, it augurs well for the entire healthcare ecosystem because what our sector does is that it guarantees hospitals and other healthcare facilities a steady, predictable source of revenue so they can invest more and run their facilities properly.
www.businesselitesafrica.com
GET MORE
EYEBALLS ON YOUR BRAND
Plug your product and service on www.businesselitesafrica.com and watch a quality crowd flood your business 26 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Contact: info@businesselitesafrica.com +23481 0435 2513 27 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Intervew
By | Simeon Onoja
Meet
Charlette N’Guessan , The Techpreneur Transforming Identity Verification in Ghana Cote D’Ivorian technology entrepreneur, Charlette DeN’Guessan, living in Accra Ghana, observed a remarkable challenge with identity verification in the country. Based on preliminary findings made by Charlette and her co-founder, banks in Ghana struggled with identity fraud, spending an estimated $400 million dollars annually to combat all shades and levels of identity and electronic financial fraud
I
n 2018, Charlette and her team, built the BACE API, a piece of software that uses facial recognition and artificial intelligence to remotely verify people’s identities. The software, which can be integrated into existing apps and systems, is changing how financial institutions and businesses in Ghana tackle identity authentication. BACE API is tailored for Africa, giving it an edge over similar software brands.
28 | Business Elites Africa / ISSUE 115
Charlette’s tech innovation won her the prestigious 2020 Africa Prize for Engineering Innovation from the Royal Academy of Engineering, making her the first woman ever to receive this award. Business Elites Africa caught up with this astute entrepreneur in a discussion that covered the creation of the BACE API, women in entrepreneurship and what to expect from BACE Group in the future.
What inspired your pivot from launching a KYC app to building the BACE API? The idea of creating a KYC app was to make it easier for people to access a variety of financial services through one app at a time and to process their e-KYC in a secure ecosystem. After building this prototype we had conversations with different banks based in the same market, they were excited about the idea of e-KYC www.businesselitesafrica.com
but not so open to migrating their customers to a new app as the majority of banks have their own app. The idea of h aving other banks on the same platform was not a good value for some of them. Based on these feedbacks, we decided to create an API that easily integrates with any existing system. The BACE API is an extremely low-cost, highly scalable and secure digital identity verification that enables financial institutions and online service providers to remotely verify the identity of their customers using our robust liveness detection. What’s your advice for startup founders looking to join an accelerator or incubator programme?
think I have the right answer now. To be honest, it could be a gender issue like we’re used to, or maybe startups don’t meet basic fundraising requirements. You know, before a venture can give you financial support, it has to understand what you are doing about your business model and trust your team. Every investor cares about where they invest their money. And even with that theory, I am not sure I have all the right answer, because that would suggest that the majority of African female-led startups have weak foundations. And that is definitely not true.
We all know that African women have natural problem-solving skills. The goal of startups is to identify challenges and bring solutions into life, who best can Why do you think African do that? Women! I am so attached female-led startups struggle to inclusion, it is so important to bring diversity in a startup with venture funding? because it guarantees better outThere are so many reasons. I don’t comes from that collaboration. 29 | Business Elites Africa / ISSUE 115
What would you say is a viable path to gender equality and equity in Africa’s startup ecosystem?
I believe we have this gender gap in many areas because we operate in an environment that wouldn’t tell women they have options and remove can choose. We all have a role to play in seeing change. We need to invest in girls’ and women’s education to ensure they have the right skills in making information accessible, creating opportunities and reviewing Anyway, I myself find it difficult some local traditions. Women to mobilize financial support for like us also have a big role to play, the growth of my startup like so opening doors and breaking stemany other women entrepre- reotypes. Organisations need to neurs. I hope we will get to the think about inclusion and diverstage where we don’t need to ask sity when setting policies in the that question anymore because workspace. The best approach is funding should no longer be a to ensure that women hold leadership positions and that women sexist matter. participate in decision-making to What’s your most favourite part effectively bridge this gender gap. of being an entrepreneur? What can we expect from Base My favourite part about being a Group in the future? tech entrepreneur is the fact that I always think about finding the It will always be tied to technolright technology to use to solve ogy and local problem-solving. problems and make impact. We look forward to increasing Seeing my journey inspire other the use cases of the BACE API and launching our second product. people really motivates me.
The start-up journey has different stages. And as founders, you need to know when to join an incubator and when to join an accelerator program. It is preferable to join an incubator as soon as possible to obtain the right support, develop your business idea, validate your target and familiarise yourself with the entrepreneurial ecosystem. Then, if your product is ready, with at least one MVP ready and early traction, you can join an accelerator program. The idea behind the Accelerator program is to focus on growth through education, mentorship and funding. In your opinion, why is it importToday there are many local and ant for Africa to have more women international acceleration and startup founders? incubation programs. Do your research and compare your expectations to each program’s offerings before applying for one of them.
Africa needs that inclusion for economic growth and cultural development.
“
Women like us also have a big role to play, opening doors and breaking stereotypes. www.businesselitesafrica.com
Profile by | Dimeji Akinloye
Chimamanda Adichie Found Writing and Feminism in Nigeria
Clearly, award-winning Nigerian-American novelist, Chimamanda Ngozi Adichie, was destined for a career path in literature. Even her success was somewhat predictable. Everything from her childhood prepared this young African glamour for the life she now enjoys. Her assertive and stylish nature, plus her outspoken disposition on social-cultural issues, began manifesting all through her adolescent years in Nigeria.
D
escribed as a child who would never shut up, Chimamanda was raised by academic parents. Her father, James Nwoye Adichie was a renowned professor of statistics at the University of Nigeria, Nsukka. Her mother, Grace Adichie, was the university’s first female registrar.
In Nigeria, perhaps elsewhere too, kids who grow up in this type of family environments are historically academics and bookworms. Chimamanda was no different. She was a voracious reader, and at age six, she had started writing. At 10, she would distance herself from her peers and escape into a quiet place so she could write. “I remember looking forward to when I could go up to my father’s study and be alone and write,” Chimamanda recalls during an interview with Image journal. “It
30 | Business Elites Africa / ISSUE 115
was considered something odd for me to want to do that when it was sunny outside. Now, as an adult, I realize it’s what I care about. It gives me a sense that this is what I am meant to be doing.”
Interestingly, at some point in Chimamanda’s early years in Nsukka, she lived in a house once occupied by her idol and biggest influence in literature, Chinua Achebe, the renowned Nigerian novelist and author regarded as the father of African literature.
‘Things Fall Apart’, ‘Arrow of God’ - the works of Achebe, whom Chimamanda said she met only twice in her entire life, greatly shaped her writing career and had a significant influence on her debut novel, Purple Hibiscus. The book launched Chimamanda into global consciousness and recognition.
Leaving Nigeria and her winning streak Born in Enugu in 1977, Chimamanda lived her formative and teenage years in southeastern Nigeria. She briefly studied medicine and pharmacy at the University of Nigeria, Nsukka, and moved to the United States in 1997 on scholarship at Drexel University in Philadelphia. She later transferred to Eastern Connecticut State University where she studied communication and political science and graduated in 2021.
Following this, she studied at some of America’s most respected Ivy League institutions. She bagged a master’s degree in creative writing from Johns Hopkins University and studied African history at Yale.
In 2003, at 26 years old, Chimamanda commanded the www.businesselitesafrica.com
attention of the world’s literary community as she released her first novel, Purple Hibiscus, which won the Commonwealth Writers’ Prize. She followed up with her second, Half of a Yellow Sun, published in 2006. The novel won the Orange Prize for Fiction, one of the United Kingdom’s most prestigious annual literary awards, and was a finalist for the National Book Critics Circle Award.
male children are perceived as the sustainers of lineage, holders of all central and most important positions of authority, and inheritors of immovable properties,” she says.
One experience that stood out and may have unconsciously triggered the young Chimamanda’s feminism occurred in primary school when she was 9. Her teacher had promised to reward any pupil who had the highest score in a test to be conducted. The best stuSeven years later, with dent would be named the Class Chimamanda now a global Monitor, the teacher promised. literary ‘rock star’ and a femiThis was a coveted position that nism champion, she kept faith empowered the holder to patrol with the mandate and released the class with a cane and name another acclaimed masterpiece, noisemakers. Americanah (2013). Chimamanda scored the highest, This is in addition to her sevbut surprisingly, she was denied eral award-winning short story the reward because she was a girl. collections including, The Thing The teacher, who assumed that Around Your Neck, We Should everybody believed and accepted All Be Feminists, A Feminist that only boys were qualified for Manifesto in Fifteen Suggestions the position, did not bother to and Notes on Grief, an exquisite make it clear before the test was work of meditation and rememconducted. Consequently, the brance Chimamanda released in boy who had the second highest 2021 to mourn the passing of her score became the Class Monitor. father. That incident stuck with this currently married mother of one, till The Feminist adulthood. Chimamanda’s feminism was borne out of her childhood expe- Feminism, a touchy and often riences in Nigeria , especially misconstrued subject, is the with reference to Nigerian men, re-emerged ideology many conand not western influences, as temporary women have adopted erroneously believed by many to counter misogynistic systems of her critics. Growing in an Igbo and ideals. However, there are culture in Enugu, where the male many brands of this concept gender is treated as superior and that are oftentimes misguidedly valued over the female gender, intertwined. Chimamanda was exposed to For years, Chimamanda has gender politics at a young age. become a strong voice for what “In communities where such she believes is the true and gender distinction is the norm, honest feminist agenda, an idea 31 | Business Elites Africa / ISSUE 115
endorsed by American pop star, Beyonce. In 2014, Beyonce featured Chimamanda’s ‘We Should All be Feminists’ TEDx speech in her hit track, “Flawless”.
To Chimamanda, a feminist is “a person who believes in the social, political and economic equality of the sexes.” Her public rhetoric particularly criticizes the patriarchal culture in Nigeria and the rest of Africa, and advocates that African parents must not raise their boys and girls with prejudice.
Chimamanda wrote in the ’We Should All be Feminists’ piece: “We teach girls to shrink themselves, to make themselves smaller. We say to girls, you can have ambition, but not too much. You should aim to be successful, but not too successful, otherwise, you would threaten the man. Because I am female, I am expected to aspire to marriage. I am expected to make my life choices always keeping in mind that marriage is the most important. Now marriage can be a source of joy, love and mutual support. But why do we teach girls to aspire to marriage and we don’t teach boys the same? We raise girls to see each other as competitors not for jobs or accomplishments, which I think can be a good thing, but for the attention of men. We teach girls that they cannot be sexual beings in the way that boys are.” Chimamanda’s works have been translated into thirty languages and published in several renowned journals.
www.businesselitesafrica.com
32 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
33 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Profile By | Olufikayo Owoeye
Rebecca Enonchong:
A Career Dedicated to Promoting Tech in Africa
Early Years Growing up in Cameroon under a dignified and remarkable family upbringing was an incredible foundation for Rebecca. Her father, Dr. Henry Ndifor Enonchong, was a well-known barrister in Cameroon who had helped create the Federal Cameroon Bar Association and its successor, the Cameroon Bar Association. The family moved to the US in 1982. While studying, She took up a job selling door-to-door newspaper subscriptions from the age of 15. She later became a manager at the same company at the age of 17. Young Enonchong attended the Catholic University of America, where she graduated with a Bachelor of Science degree and a Master of Science degree in Economics.
In Africa’s nascent male-dominated tech ecosystem, women remain largely underrepresented. According to a Mckinsey Women Matter Africa report, in 2016, only 5% of tech company CEOs were women and 29% of senior managers were women.
T
he report also revealed that only 36% of promotions in organisations go to women in Africa.
handful of incredible women who are launching and building successful, innovative tech companies, setting new standards, and earning their place A recent report by TechCabal at the boardroom. on Nigerian Women in Tech showed that the percentage of These women create and innowomen participants in tech is vate, exploiting ideas, products, increasing by the year. However, and services to produce the current number is a far cry dynamic businesses. from what is possible. One name that readily comes Amid issues around gender to mind is Rebecca Enonchong, inequality in the workplace a Cameroonian tech entrepreand how it discourages women neur, who has earned her place from thriving, there is a tiny as one of Africa’s Amazons in the tech ecosystem. 34 | Business Elites Africa / ISSUE 115
After her education, Enonchong went on to work for some organizations including InterAmerican Development Bank (IaDB) and Oracle Corporation.
Career Journey Having worked as an accountant during college and gaining exposure in that industry, Enonchong took up a job selling accounting software at an Egghead software while working on her master’s degree in international political economics. Customers interested in accounting would wait until Enonchong was on duty to shop, she recalls -- a business idea was born. Enonchong proudly describes herself as a tech fanatic and has been since the day she first touched a computer. “It’s an amazing tool and opened the whole world to me, pre-Internet,” she said. www.businesselitesafrica.com
Profile | by Olufikayo Owoeye In 1999, Enonchong founded the company AppsTech, a Bethesda, Maryland-based global provider of enterprise application solutions.
countries and 122 cities, sup- Enonchong is a member of the porting a community of over 1 board of directors for Salesforce. million African entrepreneurs. com Foundation.
Interestingly, Afrilabs has become a sustainable project, AppsTech is a leading global funded through fees: memberprovider of enterprise appli- ship fees, management fees, cation solutions, offering a sponsorships and consulting full spectrum of products and programs, not grants. services to serve enterprise software requirements. Speaking at the launch of the inaugural WIE Africa (which AppsTech opened offices in stands for Women, Inspiration, several countries, including and Enterprise) symposium in Enonchong’s native Cameroon. Cape Town in 2013, She boldly She describes the experience as sounded the alarm, “Africans having been difficult and having do not trust Africans with led to the closure of AppsTech technology”, noting that in her subsidiaries. experience – African companies generally tend to have a greater “It was devastating to our trust in technology that comes company because we went from outside the continent. from having seven worldwide offices to having two offices, Feathers to her cap all because of our Cameroon investment,” she said. In February 2021, WHO Foundation appointed her as “Even though we anticipated the vice-chair and new member challenges we had underesti- of its growing board of eight mated the level of setbacks that international experts. we would encounter. In her capacity as vice-chair, In her words, corruption Enonchong will support the remains one of the main Board’s work to steer the stratechallenges to the business gic direction of the Foundation environment in Cameroon. “And and continue to mobilize the thing that surprised us the resources to advance its work. most was private sector corruption,” she added. “You see, we In 2014, she was listed by Forbes had planned on public sector as one of the Top Female Tech corruption, so we stayed away Founders to Watch in Africa. from a lot of the government or public sector bidding processes, Recognized in 2013 as a finalist but, got totally blindsided to for the African digital woman discover that most of the pri- award, Enonchong was also vate sector is just as corrupt as named a Global Leader for the government. And that was Tomorrow (GLT) along with a total shock.” other tech entrepreneurs such as Google co-founder Larry Rebecca is the Board Chair Page and Salesforce.com CEO of Afrilabs, founded in 2011, Marc Benioff in 2002, by the to build a community around World Economic Forum of rapidly emerging tech hubs Davos, Switzerland. -- innovation spaces that serve as meeting points and She is the founder and communities for developers, Chairperson of the Africa entrepreneurs, and investors. Technology Forum, a non-profit dedicated to helping technolTen years down the line, ogy start-ups in Africa. Afrilabs now has 268 hubs in 49 35 | Business Elites Africa / ISSUE 115
She is on the board of VC4Africa, which is one of the largest online communities in Africa that is dedicated to entrepreneurs and investors. She is a member of the UK Department for International Development’s Digital Advisory Panel and previously involved with the UN’s Women Global Advisory Committee and the United Nations ICT Task Force.
Role during Internet shut down In Cameroon Rebecca Enonchong is known for drawing attention to issues she believes limit the growth of Africa’s burgeoning tech community. In January 2017, Cameroon’s primarily francophone government shut down the internet in the anglophone region, due to protests. This was the country’s first-ever internet shutdown, and it ended in April 2017. A second of such event lasted until March 1, 2018, having been triggered in October the previous year. Both shutdowns cost the economy about USD 95 million. The English-speaking regions of Cameroon had accused the central government of imposing the French language on their courts and schools. Enonchong was a leading voice in the #BringBackOurInternet movement, an online advocacy campaign that demanded the restoration of the suspended services.
www.businesselitesafrica.com
Profile By | Ruth Okwumbu
Salwa Idrissi Akhanouch:
The Queen of Franchises and Luxury Business Salwa Idrissi, fondly referred to as the ‘Princess of Business’ was born into a family of entrepreneurs. Salwa has etched her name on the entrepreneurial rocks, not far from where her ancestors wrote theirs.
Salwa inherited a fortune from her grandfather, no doubt. But despite being born with a silver spoon, Salwa has quite a lot to her credit which cannot entirely be because of her fortunate circumstances.
Information publicly available says that this audacious Moroccan business woman was born on the 19th of September 1985 in Casablanca, to Boulajoul Idrissi from Aguerd-Oudad, Tafraout. She is the grand-daughter of Haj Ahmed Benlafkih, another businessman who dominated Moroccan commerce in the 1960s, and made a huge fortune in tea trade.
Though Salwa is famous for being a fashion and luxury entrepreneur, her business journey started from other interests. She first forayed into entrepreneurship in 1993 at the age of 8 when she started a company specialised in the distribution of floor laying materials. It is not clear how an 8-year old could have started or ran a business of this nature and magnitude, but it is possi-
36 | Business Elites Africa / ISSUE 115
ble that Salwa had more than a little help from her entrepreneurial relatives in this regard. Before she turned 20, she founded the Aksal-Morocco Mall Group in 2004, which owns 50% of the Morocco Mall, the second largest shopping center in Africa. The mall is estimated to have cost over $240 million in 2007 when it was built. Another of the Group’s centres established in 2011 in Casablanca is estimated to cover more than 250 000 m2. She sits as the Chief Executive of the Group that has over a thousand employees and is now a leading name in luxury www.businesselitesafrica.com
goods, department stores and shopping malls. The Aksal Group attracts about 15 million visitors every year and generates an estimated turnover of $514 million (5 billion Moroccan Dirham). In the early 2000s, she started acquiring franchises of major fashion brands like the Zara and the Massimo Dutti, which she acquired in 2004 and 2006 respectively. It is also courtesy of this that Salwa is called the Queen of Franchises. Aksal owns sole franchise rights for several leading brands in Morocco, including Fendi, Gucci, Ralph Lauren, Banana Republic, Pull & Bear and Gap GPS. According to Salwa, prestigious luxury brands ignite a deep passion in her, and this is the drive behind her franchises. “Brands such as Prada, Miu Miu or Louis Vuitton were not even canvassed. They emerged alone” she said. “Being a woman has never seemed to me as an obstacle in my career. The fact of being the founder of such a group casts a positive image that can create a craze. It helped me to attract and to recruit among the best feminine profiles of Morocco and to mobilize skills in various jobs of fashion. At Aksal – and it is not a calculated will – we have so many men as women, at every level” says Salwa. What is more impressive is the fact that, in her words, she is only just getting started, as she plans to earn a name for her brand as the biggest shopping mall in Africa. “A segment of luxury should increase at least at 20 % a year… We are going to launch in the country some other great international brands” she said.
top actors, models and other gory, and three years later, she players in the Moroccan fash- ranked 8th on a list of the 100 Most Influential Arab Women, ion industry. compiled by Arabian Business. About this brand, she said in an interview; “Beauty is ances- She has been listed among the tral to the Moroccan woman. At BoF 500, a list of 500 ppp making least once a week, the Moroc- waves in the fashion business. can woman does her complete The list is drawn by the editors beauty routine with natural of The Business of Fashion, products. Moroccan beauty is based on hundreds of nominaa huge heritage and I want to tions received from current BoF share it with the whole world. 500 members, extensive data analysis and research. “I wanted Yan & One to be a brand of selfcare. Yan means Again in August 2018, she was amazing, unique, and then the ranked second on a list of number One, meaning there the 50 Most Influential Busiis only one of such brand. We ness Women in Africa. Salwa are proud to offer this level Idrissi was one of two Morocof quality and secrets of the can women listed in the Forbes Moroccan beauty with the rest Middle East magazine’s 2020 of the world”. “Women Behind Middle Eastern Brands”. Yan & One was founded in 2017 as a concept and a professional Salwa Idrissi is also behind the brand with a range of products AKSAL SOCIAL INITIATIVE, which made for all skin types and supports social, cultural, educacolors, in top laboratories in tional, and health projects. In Morocco and around the world. 2011, she established a Training The Moroccan skin beauty rit- Academy for careers in retail, uals are made with organic the AKSAL Academy. products and in Moroccan laboratories, as well as Makeup made in France and Italy, Face masks made in Korea, and Tea made by experts in the field (detox tea, beauty tea, helath tea, glowing tea. Salwa Idrissi is also the head of Akwa Group, a foremost distributor of petroleum products. Her husband, Aziz Akhannouch, is a wealthy businessman and politician, the president of Royalist political party who has been Morocco’s Minister of Agriculture since 2007.
Awards and other interests Salwa is considered one of Morocco’s most powerful and wealthiest female entrepreneurs.
Being a woman has never seemed to me as an obstacle in my career.
Salwa is the creator and owner In 2012, she won a MIPIM Award of Yan & One, a cosmetics brand in the best shopping malls in which has been endorsed by the architectural plan cate-
37 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Profile By | Dimeji Akinloye
How Tabitha Karanja Built Kenya’s Second-largest Beer Company
The story of Tabitha Mukami Karanja, an unconventional entrepreneur who dared to play in an industry dominated by a multinational for 92 years, is one of resilience and doggedness.
T
abitha is the founder and CEO of Keroche Breweries, Kenya’s first locally owned and second largest beer manufacturer. She is perhaps the first and only woman who founded a beer company in Africa. But she did not set out to sell alcoholic beverages until research revealed a market gap that could not be overlooked. Not deterred by the potential hurdles ahead, Tabitha plugged in.
As the first child in a family with 10 children, she had taken on leadership responsibilities early in life. “I played a key role in bringing up my siblings,” says Tabitha, 56.
Tabitha had always desired to go into business, especially the idea of manufacturing. In 1987, after earning a diploma in business management at the University of Nairobi, she joined her husband’s business, whom she married two years after school. They both ran a hardware store where they sold paint, cement, nails, and iron sheets. After 10 years, the couple outgrew the business. According to Tabitha, she began researching business ideas from that instant in 1997.. She initially considered
38 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
producing paint, but thought, “how often will a man paint his house? I have to go in for fast-moving consumer goods.” Then, she started researching alcoholic drinks and found that the middle level and low-income earners market segment were not well catered to by the existing manufacturers in these fields and sub-sectors.
In 1998, undeterred by the meager KSh200,000 ($2,200) left in her savings, Tabitha took the money, moved base to 30 acres of farmland she owned in Naivasha, a large town 92.8 km northwest of Nairobi. Together with her husband and the five employees at their closed hardware store. They started manufacturing fortified wines from a one-room facility.
Tabitha recalls; “the lower (income) market was neglected. People were left to drink whatever was available in their villages. So we decided to come up with a product that is hygienically produced, that meets international standards and that is affordable. We made a fortified wine – it was easy to get pineapple concentrate from a local juice manufacturer, ferment it to get a wine, then boost it with (either) neutral alcohol… or gin. When taken to the market our wine was received very well, and (the business) started growing,”
Kenya Breweries but is now controlled by UK-based Diageo. Commanding 90% of the liquor market in Kenya, EABL flagship products include Tusker beer, Johnnie Walker whisky, and Snapp apple-flavoured alcoholic drink.
“For more than 10 years, I fought tough battles against intimidation from state officials as well as multinationals. At times, they would shut our processing plant, but we never gave up. This is my country and I had to fight on,” says Tabitha.
In 1998, the company launched its first product, ‘Summit’ lager and it was widely accepted. Keroche wines and other products started gaining popularity, but this also exposed the company to more attacks.
Keroche’s product range includes Summit Lager, Summit Malt, Vienna Ice, Viena Ice Lemon Twist, Valley Wine, Pinotage, Chenin Blanc and Savignon Blanc. The brewer also recently launched a crescent range of triple distilled spirits.
Tabitha knew getting into that market would mean battles, a classic David and Goliath scenario of sorts. The odds were stacked against Tabitha and Keroche Breweries. She got into the ring regardless, fighting one battle after another.
In 2003, the Kenya Revenue Authority (KRA) accused Tabitha of KSh1bn (US$11m) tax evasion. In what looked like a clear attack on Tabitha’s company, no valueadded tax was placed on EABL’s Senator beer while fortified wines was rather taxed double. The case went to court and dragged till 2006.
In 2012, Keroche Breweries spent Sh5 billion (US$55.5 million) to refurbish its plant to increase beer production from 60,000 bottles to 600,000 bottles per day. The project was funded by the then Barclays Bank.
With the company now a significant force in the Kenyan market, Tabitha says she has just begun. To her, the battle has just begun until her products flood the entire East Africa market and beyond.
But before the business started gaining traction a year later, there were enormous roadblocks, chief of which being lack of funding and hash taxation. After 10 years of profitably running the winery and spirits business, it was time to expand into a tougher territory – the beer market. Apart from it being a maledominated industry, it was controlled by East African Breweries Limited (EABL), founded by the British Hurst brothers in 1922. It started as
39 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Profile By | Simeon Onoja
Magda Wierzycka’s Journey to Becoming South Africa’s Richest Woman
G
rowing up was no walk in the park for Magda Wierzycka. In the face of an economic collapse, she grew up in a two-bedroom flat shared with her mom and dad, sister and brother, and grandmother, in the Polish town of JastrzębieZdrój. Following the imposition of martial law in Poland, Wierzyca and her family moved to Austria in 1982 where they lived in a Polish refugee camp at Traiskirchen. Her parents, who were both medical doctors, were forced to dig ditches to keep their family afloat. Reminiscing about what dining with her family was like at the time, Wierzycka said, “I remember mealtimes as we were all kind of squatting around a small coffee table, and it’s because there was no space for a dining room table. So it was, you know, a humble start. The positive side of it is everybody was in exactly the same position. We didn’t have any rich people”. The family later moved to South Africa in 1983 when she was just thirteen years old. With only $500 in savings, the family settled in Sunnyside, Pretoria, where she attended Pretoria High 40 | Business Elites Africa / ISSUE 115
School for Girls. Wyierzyca found herself in a new environment where the language was a barrier, as she couldn’t speak either English or Afrikaans, which was the primary means of instruction in South African schools. She had to learn those languages as quickly as possible. While in high school she supported herself by working at a supermarket selling cheese and cold meats.
Wierzycka said in a session, “I guess this moment of the pandemic, kind of gets you to take these moments of introspection and evaluate your childhood to see things through a different prism. So I have had a little bit of reflective time on my hands. And, you know, I think those years were actually incredibly tough. So we arrived in Africa. We didn’t speak any English. My parents were in their early 40s and had to move, which meant we actually didn’t have enough money to buy a teaspoon. We had nothing. My father had five hundred dollars in the bank, so they didn’t have a lot of emotional time. Well, any time, for that matter, to deal with the three of us, which basically meant that you know, we became independent at a very young age. And so I was independent at the age of 12. I was financially independent, completely www.businesselitesafrica.com
financially independent of my parents by the age of 18”.
She went on to attend the University of Cape Town, graduating with a Bachelor of Business Science and a Postgraduate diploma in actuarial science in 1993; the only disciplines for which she was entitled to a bursary.
The Start of Her Financial Career
In 1993, Wierzycka became a product development and investment actuary at the Southern Life Association for Mutual Life and Accident Insurance and this marked the beginning of her career in the financial services industry. She was able to pay back her bursary while at the company and later moved to Alexander Forbes, where she spent two years building an asset consulting division as an investment consultant for the retirement fund. Wierzycka joined Coronation Fund Managers, a third-party fund management company based in Cape Town in 1997, where she was a director and Head of Institutional Business. At the fund management company, she championed its rise to one of the largest asset management companies in South Africa.
state takeover of the infamous Gupta family and other corruption scandals. She is an advocate of the proper management of public funds and the dignity of earning wealth.
Her bold views on corruption brought her under surveillance during the Jacob Zuma led South African government. While in a session with BizNews, she said, “Yes, indeed. Things have settled considerably. I think then, you know, it was still the kind of hangover from the Jacob Zuma days when I was placed under eagle surveillance when I had people following me. My phone was tapped, too. But all this craziness has stopped. The one thing that always existed, though, which I really value was that freedom of expression, freedom of speech. No one ever tried to muzzle me except for intimidation. I’ve never been a good member of a club”.
Her Path to Becoming the CEO of Sygnia
In 2003, Wierzycka became the CEO of African Harvest Group, a South African insurance firm, and in 2006, played a pivotal role in the sale of Metallon Corporation’s African Harvest Fund Managers, an R18 billion asset management company, to Cadiz Asset Management. She then oversaw the management buyout of the rest of the company, which resulted in the formation of Sygnia Asset Management, a financial technology company. In 2006, Wierzycka was appointed CEO of the company. In a decade, she increased the company’s assets from R2 billion to R162 billion, making Sygnia the country’s second-largest multi-management company.
Her Fight Against Corruption
Magda is well-known in South Africa for her anticorruption activism. She publicly discussed the 41 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Article By | Ndifreke George
HOW CAN AFRICA PRODUCE MORE
NGOZI OKONJO-IWEALAS?
Having served in such a capacity without a scandal, in a country with leaders riddled with corruption charges, Ngozi Okonjo-Iweala had proved herself as not just a woman to look out for, but as one to emulate. Her voice and personality speak that it is possible to stand for integrity, regardless of the loopholes prevalent in a system. Such women should be honoured; their praises should not fade; their good records and achievements should not just be chronicled in the good books of history but also adopted as an inspiration to future generations. Ngozi is a treasured asset, not just to Nigeria, but to the world. Africa needs more women like Ngozi Okonjo-Iweala to flip the narrative and inspire that movement to rise to our full potential as a continent richly blessed with natural and human resources.
W
ith the series of troubles rocking Nigeria, from insecurity to inept leadership, hardship, corruption, and all, there is no doubt that the image of the country is hanging in the balance. With these bad records, the national passport has been subjected to ridicule and unwarranted scrutiny because every Nigerian unconsciously bears a big question mark.
Born on the 13th of June, Ngozi Okonjo-Iweala has achieved incredible feats that could be considered unwomanly, but her greatness is proof that more great women can arise from the African continent. Dr. Ngozi is the first female finance minister, the first female foreign affairs minister, and the first female and black candidate to contest for the presidency of the World Bank Group.
However, from this same ‘shithole’, has arisen great people who are making waves across all sectors in the world. Nigerians are making history. And whatever history book has the names of these extraordinary Nigerians on its pages, there is sure the name of great Nigerian emblazoned therein, Dr. Ngozi Okonjo Iweala.
She initiated processes, spearheaded programs and initiatives that helped tackle corruption and restored investors’ interest and faith in Nigeria, thereby creating jobs. Her wealth of experience in the Nigerian government led to the release of one of her books, ‘Fighting Corruption is Dangerous’ in 2018.
42 | Business Elites Africa / ISSUE 115
Raising the next Okonjo-Iwealas It is easy for anyone to claim that Dr. Ngozi was privileged by birth, being born into the Obahai Royal family of Ogwashi-Ukwu, and her parents, Chukwuka and Kamene Okonjo, being both professors at the University of Ibadan. However, success is not a consequence of privileges without personal resolve. Privileges may have been there, but Dr Ngozi’s success is more of her decision to influence change, than royalty wielding things in her favour. Royalty did not vote her into her current position as the Director-General of the World Trade Organisation (WTO). Hard work, resilience, and courage did. So, if you are looking forward to being one of the next Ngozi Okonjo-Iwealas, here are a few tips for what to consider: www.businesselitesafrica.com
• Be focused: Focus is setting • Be bold to speak publicly: • Start somewhere: Success your eyes on the prize, not the price. It helps you to stay on course after you’ve defined your destination. There is a lot of distractions out there. From the seeming little things like social media bantering that saps your gusto, to misplaced priorities. But focus shows you the most important things and helps you stay on them. ‘The successful warrior is the average man with a laser-like focus’ Bruce Lee.
• Choose your circle wisely: You can never rise above your circle of friends. When you continue to meddle with people who major in the minors and minor in the majors, you will surely become like them. You can only learn to soar if you associate with eagles.
• Choose your friends;
don’t let your friends choose you. Your friends should influence you to become better, not complement your mediocrity or you theirs.. Thomas J. Watson said, “Don’t make friends who are comfortable to be with. Make friends who will force you to lever yourself up.”
Train yourself ahead for the kind of person you want to be. Soldiers don’t learn to shoot on the battlefield. Boldness is a result of proficiency and experience, having developed your capacity before the opportunity arrived. If the world is your stage, then you must be ready to mount that podium and let your voice be heard.
is a gradual process and not a burst of magic that dares to defy processes. Dr. Okonjo-Iweala was an intern at World Bank Group before she returned to work there as a development economist, corporate secretary, and Vice President after graduation. It’s your little efforts and experiences that culminate into your big success story.
You cannot do without boldness if you want to be great. Your boldness must be able to carry your body weight when you are out to deliver that speech, as you come face-to-face with a mammoth crowd, to prove your worth. Learn the act of public speaking; it can be learnt. Understand the proper use of words and know the power of every word you speak.
Get little experiences as you grow, and build your capacity from doing small things. ‘The man who moves mountains begins by carrying away small stones’ (Confiscus).
• Get ready for challenges:
Challenges come to make us, not to break us. They come to test our resolve and determination. So, you’re bound to face challenges as you climb your ladder to success. Becoming the first woman and the first African ever to occupy the position of the DG of the WTO came with its peculiar challenges too. Okonjo-Iweala arrived ready for it all.
There are millions of Dr. Ngozi Okonjo-Iwealas at every corner of the African continent under cultural barriers, gender discrimination, societal hiccups, and so on. But this is the time to rise above every misconstruction towards attaining that great dream. The next Ngozi Okonjo-Iweala could be you, but you have to believe that if you can think it and work hard towards it, you can achieve it!
43 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Profile By | Emmanuel Abara Benson
How Sola David-Borha Conquered Corporate Africa before Retiring at the Height of her Career
Sola David-Borha is arguably one of the best bankers to have emerged from the continent of Africa. For many years, she excelled within the Nigerian banking industry, before moving on to a bigger, more Pan-African role as the Chief Executive of Standard Bank Group’s Africa Regions in 2017. Four years down the line, she is set to retire at the height of her career. Her story deserves to be told, the story of how she went from being a shy, little girl who moved constantly with her diplomat parents, to becoming a seasoned Pan-African corporate executive thriving in a field traditionally dominated by men. Born in Ghana, Raised in about what she wanted to do in was beginning to get some ideas Nigeria and prepped for life. As she would later admit about how she could contribute many years later, “I knew what her skills towards shaping Africa’s Africa I didn’t want to do in life. But I Sola David-Borha’s Pan-African wasn’t sure what I wanted to life and professional track record do. I didn’t want to do Medicine, is an interesting one, set in although my father wanted me to motion even from birth and early do it.” childhood. According to available information, Sola’s father worked She gained admission into the as a diplomat in Accra, Ghana University of Ibadan where she around the same time she was studied Economics,and graduated born. Her early adolescent life in 1981 as one of the best students was then lived in Ghana until she in her class. Afterwards, she relocated to Manchester in the was ten years old. UK where she undertook some After her family moved back to professional courses in Banking Nigeria, Sola was enrolled at and Finance. While in Manchester, Queens College in Yaba, Lagos she had the option of staying back where she took her secondary and starting her life, but had no school education. At this stage interest in staying in the UK. And in her life, she wasn’t quite sure this is because by this time, she 44 | Business Elites Africa / ISSUE 115
future financial industry.
Returning to Lagos, Meeting Atedo Peterside and Starting a Career in Banking
Sola David-Borha was among the pioneer staff members of IBTC, a privately-held merchant bank that was established by Atedo Peterside in 1989. It was at this company that young Sola built her career for many years. Interestingly, her journey with IBTC began long before the company was even established. Sometime in 1983 shortly after she returned to Nigeria from the UK, she told her sister about her www.businesselitesafrica.com
interest in banking and the sister, in turn, introduced her to a young banker named Atedo Peterside. At the time, Peterside was working for NAL Merchant Bank (now Sterling Bank Plc). She would later recall how she got a job at NAL Merchant Bank shortly after the meeting with Peterside.
around IBTC; including the 2005 merger between the bank and two other commercial banks – Chartered Bank Plc and Regent Bank Plc. By early 2006, the bank had rebranded itself to IBTC Chartered Bank Plc. In September 2007, the newly rebranded bank again merged with Stanbic Bank Nigeria Plc, a wholly-owned “When I came back, my sister subsidiary of Stanbic Africa Africa had a friend who worked in Holdings Limited, or SAHL for NAL Merchant Bank. That short. Now, SAHL is a subsidiary friend happened to be Mr. Atedo of Johannesburg-based Standard Peterside. So she arranged an Bank Group Limited. appointment for me to go and talk to him and chat with him about With these changes in corporate career prospects. I subsequently structure came massive applied for a job there among expansion within the company. other banking institutions I was For instance, six new subsidiaries already considering. I got a job emerged, offering different and started work in the credit financial services including and marketing department of stockbroking, asset management, NAL Merchant Bank. NAL was the pension administration, and pioneer merchant bank in Nigeria of course banking. All of these at the time.” managed Stanbic IBTC Holdings Plc, a holding company that is Sola worked with NAL from currently listed on the Nigerian 1984 to 1989 and left with Stock Exchange. Atedo Peterside to help start his new company IBTC. At the new Sola remained with the Group company, she worked in the role while all these changes were of a Senior Manager, alongside happening. Needless to say that other notable business executives she was instrumental in finalizing namely: Angela Omo-Dare, Wale most of these deals. So, it wasn’t Edun, Oluwande Muoyo, Toyin surprising when huge promotions Danij and of course, Atedo eventually began coming her Peterside himself. way in quick successions. First, she was promoted to Deputy Growing with IBTC and Chief Executive Officer of Stanbic Climbing the Corporate IBTC Bank, and shortly after that Ladder in 2011, she became the Chief Executive of the bank. One year A lot happened between 1989 later, she was again promoted to and 2017 when Sola David- the post of Chief Executive Officer Borha finally moved to become for Stanbic IBTC Holdings Plc, a the CEO of Standard Bank position she held until 2017 before Group’s Africa Regions. First, receiving the biggest executive there were a number of mergers appointment of her career – Chief and acquisitions happening Executive, Standard Bank Group’s 45 | Business Elites Africa / ISSUE 115
African Regions. In this role, she was responsible for overseeing the Group’s operations in almost twenty African countries.
Conquering Corporate Africa Sola David-Borha’s career trajectory is as impressive as it is inspiring. Her story is testament to the saying that “what a man can do, a woman can do as well”. She trailed the blaze in a field that is mainly dominated by men, and this she did while mostly wearing her natural hair and speaking unapologetically about her love for God.
Now, she is about to retire after more than thirty years of corporate excellence. A press statement by Standard Bank on April 20, 2021, said she would be succeeded by Yinka Sanni. But we doubt that she will be retiring completely. After all, she still has her non-executive board appointments with such companies as Coca-Cola Hellenic Bottling Company, which will still keep her busy. Note that Sola David-Borha holds an Advanced Management Programme from Harvard Business School as well as other certifications from the Wharton Business School and IESE. She is an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria.
www.businesselitesafrica.com
46 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
47 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Article By Ruth Okwumbu
#EndSars Campaigners; Damilola Odufuwa, Odunayo Eweniyi & Feyikemi ‘FK’ Abudu (Guardian Nigeria)
Redefining Feminism in Corporate Nigeria
T
he concept of feminism is increasingly becoming a real phenomenon, and one can now even find individuals of the menfolk who claim to be feminists in their thinking. Some proponents of the concept go further to suggest that men who are feminists are more likely to have more fulfilling relationships with female colleagues, friends, and the entire feminine gender.
It is not uncommon to see females of the newer generation sharing opinions and grievances on social media, blatantly suggesting that getting married could shortchange or restrain the woman from fully attaining the peak of her career. According to these characters (usually millennial or GenZ), getting hitched to a man could become a sort of clip on the wings of the woman who wishes to soar high enough to shatter any glass While feminism as a term is ceiling in her career path. supposed to refer to a stand against systems, regulations and Without mincing words, one can practices which keep women very well say that the concept of oppressed, the concept is now feminism has been bastardised, widely being misinterpreted and and is now an excuse for these re-engineered into an aggressive young women to convert valuable stand against people perceived to time that could have been used show a lack of support for female for self-development and career causes or the female gender advancement, to not only chase movement and thought. This does shadows, but also build and not make for the best working profit from the followership and environment in corporate circles. trust of vulnerable female folk 48 | Business Elites Africa / ISSUE 115
everywhere.
At this point, it could be instructive to point out several women of the older generation who, despite (or as a result of) being married, were able to attain record-breaking achievements in their different spheres. The age and promises of marriage varies from one woman to the other, but one thing common to all of them is that getting married does not become the clog in their wheels of progress, nor does it prevent them from attaining their dreams. The first example that comes to mind is Dr. Ngozi Okonjo-Iweala, a woman in whom we can say, the world is well pleased. OkonjoIweala has a different brand of feminism associated with her achievements, a type that says her intellectual capacity and efficiency www.businesselitesafrica.com
Article in any position has nothing to do with her gender. She has held the positions of Corporate Secretary, Vice President and Managing Director Operations at the World Bank where she started out as an intern.
Just this year, this woman became the First Nigerian, First African and first female ever to be confirmed Director-General of the World Trade Organisation, effective from March 1, 2021. Before this, she had other firsts – the first woman to head Nigeria’s finance ministry, as well as the Ministry for Foreign Affairs. And all this, she achieved being happily married to Ikemba Iweala, a neurosurgeon from Umuahia, Nigeria. There is also Mrs Ibukun Awosika. The Businesswoman, Author, Founder, Corporate executive, and Actress (if you may), is married as well, and being this WIFE and a busy MOTHER has not stopped her from achieving any of her milestones. She was the only woman amongst five Nigerian entrepreneurs to feature in the first African version of Dragon’s Den, where entrepreneurs pitch their business ideas in the hope of getting investment finance.
From founding Quebees to SOKOA Chair Centre Limited, she has also bagged several awards and recognitions. In September 2015, Ibukun became the first woman to be appointed Chairman of First Bank of Nigeria.
House of Tara has now grown from that little hobby Tara started as a law undergraduate, to become a household name in the make-up and cosmetics industry, having trained hundreds of other women who are equally throwing their weight around in the industry. This she achieved even in her marriage.
are getting distracted with all the hate and noise – too distracted to pursue actual goals. The new definition of woman power, from this new social media perspective, is one’s ability to be aggressive and vitriolic with any male that is perceived to stand in her way, becoming both domineering and outright obnoxious in the process.
She would later say after her marriage, that it all happened according to God’s plan and getting married did not constrain her from going even further with her career progression. This formed the basis for her advising young people to go ahead and get married if they wished, stressing that it would not impede their career.
Former Economic and Financial Crimes Commission, EFCC, Chairman, Farida Waziri, speaking at the 2015 Sun Women Summit had cautioned; “Don’t sit down and say women want affirmative action. You have to prove yourself as a woman. When you display your worth and value to the men folk, they will respect you. When you are given a task, give it your best, so that when you look at what you have achieved, you will be proud of yourself”.
Let’s talk about Sola David-Borha, a woman, once acclaimed to be the highest paid CEO in Nigeria. She was CEO of Stanbic IBTC Holdings Plc and later became CEO of the parent company, Standard Bank Group based in South Africa. Ruth admitted in an interview that she did not get married early because she wanted to put her career first, but she eventually did while in her thirties.
In a Channels TV interview, award winning actress, director and producer, Omoni Oboli, while responding to the question about how her, might have affected her career growth said, “Being married has helped me in many ways”.
Another angle to this is that the “power women” on social media (like Twitter) could get so busy chasing clout with the bashing and bickering, at men and sometimes their fellow women, while the men are making actual efforts to clinch opportunities within the space.
Feminism promotes social, economic, and political equality of everyone irrespective of gender. And I think what would be a more welcome form of feminism is a brand that acknowledges the men and women as equal partners in progress, and in the fight against outdated systems which could hinder one or both genders.
These women achieved what they Now, this is not all about women now have by taking advantage in their 50s or 60s. Let us come of opportunities and showing There is always more to gain from down to the next generation. themselves competent, without collaborating than fighting. bickering and bashing on the men Tara Fela-Durotoye, CEO of House in their space all over the social “Queens rule. They don’t fight.” of Tara, has also spoken severally media, like is now obtainable. on how she got married in her In a way, social media might early twenties but still received have contributed to this new all the support from her husband situation. The reality now is that to start her own business in social media has given everyone a an industry that did not even voice, an opportunity to be heard, exist. In the same interview, she irrespective of the genuineness mentioned other women who or otherwise of their story. While were instrumental to her growth some are using this to establish and her business drive. their authority in productive ways within their disciplines, others 49 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Intervew By | Simeon Onoja
Estelle Dogbo Talks Healthtech in Africa & Women in the Professional Space Estelle Dogbo’s path across various healthcare leadership positions started with her role at Sanofi, a global biopharmaceutical company headquartered in Paris, where she led the implementation of intercontinental projects for cutting-edge products. She then moved to Nigeria in 2012 to champion the expansion of the company’s reach across the regions of East and West Africa.
A
fter her time at Sanofi, she held several leadership positions in marketing, sales and operations at Roche, another leading global pharmaceutical firm.
Her most recent experience was in her role as Country Manager and Vice-President Diagnostics at 54gene, Africa’s first genomics start-up. Here she successfully led the establishment, scaling 50 | Business Elites Africa / ISSUE 115
the operations of the company amid the COVID19 outbreak. She’s currently a consultant for Lead-it Africa in partnership with MTN Ghana on a health development program.
Business Elites Africa caught up with Estelle to discuss her inspiration, gender balance in professional roles and the state of health technology in Africa. www.businesselitesafrica.com
What inspired you on your path to these executive positions in the healthcare industry?
healthcare, genome sequencing and AI-based treatment solutions are no longer strange words to us. The real gap remains in the deployment of infrastructure that I have always had a strong belief supports those innovations. We that access to healthcare is a need all players to get involved fundamental right that every in building an ecosystem that individual, regardless of their age, supports the provision of that race or gender, should be able to standard of care in Africa. enjoy. This deep belief has been What was your most favourite my north star in the course of part of driving the expansion of my career. I have been deliberate a health tech startup during a about choosing opportunities that pandemic? gets healthcare systems closer to offering the fairness and equality As challenging as it was to we all deserve. I was inspired by drive the deployment of critical so many leaders in the industry healthcare infrastructure during who led their organisation to a global crisis, it was really prioritize outcomes above profit rewarding to see that the work and prestige, I try to apply and we did create a real impact on drive those values wherever I find patients. This is what I love about myself in any leadership position. working in Africa: Our resilience and leadership is constantly How well would you say tested and with a little bit of focus, Africa has leveraged we can make a real difference in communities health technology? The level of adoption of digital technologies in Africa is relatively high when compared to the rest of the world. This is obvious given the number of successful fintech and agrotech startups with real innovative and value-adding ideas that are emerging all around the continent. When it comes to healthcare, there are still huge opportunities for growth. We are barely at a stage where we are trying to implement the digitalization of end-to-end processes that support patients’ journeys in our hospitals. But from a pure science point of view, African Scientists and researchers are closing the gap with their western counterparts.
Concepts like personalized 51 | Business Elites Africa / ISSUE 115
Talking about leadership, what was it like to spearhead Lead-it Africa and MTN’s leadership development programmes in Ghana?
growth in any business. Companies like MTN and Lead-it Africa understand this, and I hope this example inspires more organizations, start-ups or not, to invest in developing their people. In your opinion, why is it vital for more African women to take up professional roles?
I think it is no longer a debate that women, especially in Africa, are at the cornerstone of society. Whenever we take leadership positions, the impact is quick and drastic. That is because women at the core of their values have purpose, empathy and sustainability. As industries gradually understand this, It is more than critical for society to encourage the rise of women leaders across different industries. Given that Africa is one of the continents with the largest population of youth, women in leadership will drive those values down to communities and in the long run, the continent will see a significant shift in industrial growth and quality of life.
What would you say is a viable path to gender equality and equity in the I have experienced first-hand corporate space? the benefits of mentorship and organisational development in the course of my career, so, when the opportunity presented itself to intervene in MTN’s leadership program in Ghana as an independent consultant, I was delighted and thrilled to interact and learn from upcoming leaders. We often focus our attention on doing the day-to-day work to the best of our abilities, but without leadership and skills building, it is impossible to drive sustainable
Equal pay, visibility and respect. Women more often than not work longer hours and have equivalent qualifications than men, so it is time for the corporate world to acknowledge that fact and give them the platform to thrive and make a real lasting difference in our society.
www.businesselitesafrica.com
Intervew
By | Emmanuel Abara Benson Beyond business, I am also the Convener of “The Complete Woman Conference” in RCCG Eagles Nest. About four years ago, I commenced a free seminar platform and series called “Design Through His Eyes”, as inspired by God, to help aspiring interior designers/decorators start and grow their businesses. I have also recently launched a Foundation, The Oak & Teak Foundation, set up to provide needed support in the education and health sectors. I obtained a first degree in Industrial Mathematics from Covenant University and a postgraduate degree in Financial Mathematics & Computation from the University of Leicester, United Kingdom. I love travelling, meeting new people and generally learning new things. BEA: Tell us about your company Oak and Teak and the services you render.
MEET MORENIKE MOLEHIN, NIGERIA’S FAST-RISING INTERIOR DESIGN QUEEN
E
veryone loves a beautiful ambience, be it at home, in the office or wherever they go in search of leisure. This is why interior designers are important to every society. They know how to combine the right colours and intricate design patterns to create those elegant relaxation effects that we love. Interestingly, Nigeria has thousands of such interior designers. Most outstanding among them is Morenike Molehin whose clientele includes the likes of Marriott Hotel, Lapo Microfinance Bank, Binatone, among others. In this interview with Business Elites Africa, she tells us how her company, Oak & Teak, is leveraging social media to drive sales. Enjoy the conversation. 52 | Business Elites Africa / ISSUE 115
BEA: Kindly introduce yourself to our readers, Ma’am. Morenike: My name is Morenike Molehin, often called ‘Renny’. I am married to Yomi Molehin, my best friend. I am a mother to two beautiful girls. Morenike is the Founder and Creative Director of Oak & Teak, a fast growing interior design and furniture company which specializes in residential and commercial spaces. I am also the Managing Director (MD) of Newer Heights Ltd., an agroallied company which specializes in the processing of soya bean seeds to poultry feeds and soya oil. As the MD, I oversee companywide operations, financial administration and human resource management.
Morenike: Oak and Teak has positioned itself as a leading interior design company with expertise in servicing residential and corporate clients. Our entry strategy into the interior design business was through the provision of interior design services to clients who desired to furnish and set up baby nurseries. In this relatively uncontested sub-segment of the market, we carved a niche for the company and built a stellar reputation for exceeding customer expectations by going above the line of duty. Consequently, with several satisfied customers in the bag, we gradually diversified the Oak and Teak service offerings, first by incorporating services for residential spaces and subsequently services for commercial spaces. Through my focused leadership and low cost business strategies, I have strategically and profitably grown the Oak and Teak brand to become an exemplary startup company in Nigeria. While the company is based in Lagos, it has served clients across multiple states in www.businesselitesafrica.com
Nigeria as well as international projects in Dubai, Ghana, and Rwanda. Our corporate clients cut across industries such as financial service, hospitality, non-profits, schools, and recently a five-star hotel. A competitive advantage which we have tactfully created for the company is its ability to deliver cutting edge designs that satisfy the aesthetic and functionality requirements of clients at competitive prices. This has made Oak and Teak a household name in the interior design industry in Nigeria.
who came in contact with us on social media. We have seen its advantages and so we really focus our energy on this.
Our major commercial clients include: Marriott Hotel, Lapo Microfinance bank, Binatone, RCCG, FilMhouse(IMAX), United Capital, Leap Africa, to mention a few. Unfortunately for residential clients we cannot mention the names because of the nondisclosure agreements we have with them but we have served very respected individuals Africa has produced.
BEA: How long have you been an entrepreneur and what has the BEA: What are some of the experience been like so far? biggest challenges you have faced as an entrepreneur and Morenike: 2021 makes this how did you overcome them? eight years. Honestly, being an entrepreneur comes with its Morenike: One of my major benefits and challenges. I am challenges will be artisans. The happy to be a female entrepreneur. disappointment and inadequate It has its beautiful advantages. As attention to details by some a female entrepreneur, I believe I artisans as well as having to am advantaged because of the way manage them, has been a major God has designed us. We can rise to challenge. There are very few the challenge of multitasking and technical schools, and people are this is amazing especially because not willing and patient enough to the responsibility of managing a learn from these technical schools. family cannot be neglected for The second will be not enough managing one’s business. But in places to source for materials and all honesty, I believe that whether accessories. The passion has kept you are male or female, if you are me going. After all the hitches we passionate about what you do, face on the job and all the behind sooner or later you will stand out. the scenes drama that happens, seeing everything come together beautifully well at the end of the BEA: Where did you work day and seeing the big smile and prior to your foray into surprised looks on the client’s entrepreneurship? faces, makes it all worth the pain. Morenike: I worked at a consulting That’s one of the things that keep firm based in Lagos. me going. Moreover, my husband always has the right things to BEA: The internet has birthed say to me whenever I feel very many new companies such overwhelmed with work. as yours. Tell us more about how Instagram (specifically) BEA: Tell us six things it takes has helped you, especially to succeed as an internet with regards to customer entrepreneur, based on your acquisition. experience. Morenike: At Oak & Teak, we have been able to leverage social media to our advantage. About 80% of our projects are from people 53 | Business Elites Africa / ISSUE 115
Morenike: I will begin with God’s Grace, because you can never compete with that. You also have to stay true to your word at all
times. In other words, integrity is essential if you must excel as an entrepreneur. Next is excellence. You must always push hard for perfection. This is important because your work will speak for you even when you aren’t there. There is also the need for consistent personal development. You must continue to learn so that you can do more and then be more. Learn to be empathetic - towards your colleagues, your staff, vendors and clients. Sometimes make excuses for people; they just might be having a bad day. Lastly, mind your business. BEA: What stands you out from your competitors?
Morenike: Obviously, many people put out great work. But I would say, the attention we pay to details when rendering our services has made us stand out. It is beyond just your regular customer service department. It is beyond that. No wonder we have noticed that many of our clients refer us to their families and friends. Our customer service is second to none. Excellence, Customer Service and unique designs are our unique selling points. Also, I am very compassionate about my colleagues. This means that we go the extra mile for them and that translates to results. BEA: Who are the women that inspire you everyday to become greater?
Morenike: My Mum is number one. No contest! She is followed by my beautiful and smart daughters. Then of course, Mrs Ibukun Awosika. Others include Sarah Blakely, Bisi Ola-soetan and Bunmi George.
www.businesselitesafrica.com
Profile By | Emmanuel Abara Benson
Focus on how
Adeboye Oyeyimika
has Performed Over the Past 2 Years as CEO of Cadbury Nigeria
T
here was a general sense of pride and joy when, on March 22, 2019, Mrs Adeboye Oyeyimika was announced as the new Chief Executive Officer of Cadbury Nigeria Plc. The widespread positive reaction stemmed from the fact that she was the first woman to ever be appointed to that position throughout the history of the 56year old company. Cadbury Nigeria is a major manufacturer of consumer goods and one of the biggest companies in Africa’s most populous nation. Cadbury Nigeria Plc is majority-owned by Mondelez International Inc., an American multinational food manufacturer headquartered in Chicago, Illinois. It’s been two years since the April 1, 2019 when Mrs Oyeyimika officially took over from her predecessor, Pakistani national Muhammad Amir Shamsi. So, we are taking stock of her performance, specifically looking at how the company has fared financially under her leadership. A Quick Look at the Company’s Financials prior to Oyeyimika’s Appointment
Cadbury Nigeria has mostly been a very profitable company over the years, except for a brief period of “profit drought” in 2016 when it reported a loss after tax of N296.4 million. But that changed for the better in 2017 when, under the leadership of Muhammad Amir Shamsi, the company recorded a 200% increase in profit after tax to N299.9 million. As at 2018, the company’s profit had increased further to N823 million. 54 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Cadbury Nigeria’s Performance under Mrs Adeboye Oyeyimika As earlier mentioned, Mrs Oyeyimika assumed office on April 1, 2019. This means that the first quarter of the year was already over before she came onboard. But that notwithstanding, the company recorded an impressive profit after tax of N1.07 billion for the year ended December 31, 2019. This marked a 30% increase when compared to how much was reported during the comparable period in 2018. But then by 2020, Cadbury witnessed a dramatic 83.88% decline in its profit, down to N172.67 million.
Apparently, the COVID-19 pandemic was responsible for the abysmal performance. An explanatory note accompanying the company’s 2020 audited financial statement noted that there was a significant decrease in both domestic and export sales due to the pandemic. This decline in sales invariably led to a 9.97% decline in revenue. And the fact that cost of sales remained barely unchanged and disproportionate to the decline in revenue contributed to so much pressure on both gross profit and profit after tax.
Latest earnings report for Q1 2021 showed that although revenue had recorded a slight 4.3% increase, profit declined further by 62.2% to N60.2 million. Checks by Business Elites Africa pointed to the fact that high cost of sales (N7.4 billion) was mainly responsible for the under-performance. Moreover, the Nigerian economy is still trying to recover from the COVID-induced recession. There are great chances that as the economy continues to recover, the company will post better financial statements for the remaining quarters of 2021. After all, its wide array of consumer brands are typically fast movers in the market.
What you should know about the CEO of Cadbury Nigeria Plc
Adeboye Oyeyimika is a highly experienced corporate executive with nearly thirty years’ cognate experience in the fast-moving consumer goods (FMCG) industry. The University of Cardiff trained Economist/Accountant is the daughter of Timothy Odutola, one of Nigeria’s foremost industrialists. Alongside the likes of Aliko Dangote’s grandfather (Alhassan Dantata), Chief Louis Ojukwu and others, Timothy Odutola pioneered local manufacturing of essential products in Nigeria. It is, therefore, not surprising that his daughter decided to explore the same industry path. albeit from a more knowledgebased managerial position.
Oyeyimika’s career began in 1994 when she started working as a Finance Director with Nigerian Bottling Company Plc (NBC). After twelve years with NBC, she left in 2008 to join Cadbury Nigeria Plc as a Finance Director. She has been with the company ever since, rising through the echelon until her 2019 appointment as the CEO. Mrs Oyeyimika also supervises Mondelez International’s entire West African operation.
Do note that in 2007, Mrs Adeboye Oyeyimika obtained an MBA (in Finance and Business Administration) from the prestigious IMD Business School. She was also issued a Harvard Business Corporate Learning license in May 2021. 55 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Article By | Ruth Okwumbu
A Look at the Gender Parity on the Boards of Africa’s biggest Companies
G
ender equity continues to be a sensitive topic across different spaces and industries, especially at this time that different brands of feminism are arising all over the continent. One thing common to all these groups is a desire to see more women in positions of influence and decision making. Some would argue that not enough women are given the opportunity to prove their salt in leadership, but relegated to the back-scenes where they do so much work and get little credit. In recent times, however, the narrative is clearly changing. We are seeing women emerge on the driver’s seats in major corporate organizations and across the political spectrum.. There are clearly more female founders and co-founders now that there has ever been in the history of the African continent, and women are now feeling comfortable enough to take on more daring positions, tasks and opportunities. In this article, Business Elites Africa tries to put a figure to the progress made in the female gender representation in Corporate Africa. We look at the boards of some of Africa’s biggest companies in different regions, and highlight what the female to male ratio is now. Below are some of the major industry players by annual gross revenue, market capitalization and public listing on the stock exchanges. Note that these are not arranged in any order of appearance.
NASPERS
Leading South-African Media Company, NASPERS has a market capitalisation of $67.8 billion, with annual sales of $3.3 billion, as of 2020, according to Forbes, with its valuation pegged at $102 billion.
The 17-member board is led by Jacobus Petrus Bekker “Koos” as Chairman and Bob van Dijk as CEO, both male chieftains. With five women in the midst, the rest are men. This shows a 5:12 ratio or 29.4% representation of women on the board. Emilie Choi, Manisha Girotra, Rachel Jafta, Debra Meyer and Ying Xu are all Independent nonexecutive directors on a board that has 12 men.
FIRSTRAND LIMITED
FirstRand was incorporated in 1966 as the holding 56 | Business Elites Africa / ISSUE 115
company for FirstRand Bank, a financial services provider in South Africa, said to be Africa’s biggest bank by value. FirstRand has a market capitalisation of $12.4 billion and annual sales of $7.5 billion according to Forbes’ estimates. William Rodger Jardine is Non-Executive Chairman while Alan Patrick Pullinger is the CEO of the 13 member board where 6 are executive and 7 nonexecutive directors. On this board are 3 females; Mary Vilakazi, Chief Operating Officer (executive member), and Thandie Sylvia Mashego and Zelda Roscherr as Independent Non-Executive directors.
The 3/13 translates into 23% female representation on the board.
QATAR NATIONAL BANK, EGYPT
As a major player in Egypt’s financial space, QNB provides commercial and Islamic banking activities through corporate banking, consumer banking; asset & wealth management and international banking. The bank has a market capitalisation of $43.7 Billion, according to Forbes, and estimated annual sales of $15.9 billion as at 2020.
Mohamed Osman El-Dib doubles as Chairman and Managing Director of the 9 member board of directors which features two female non-executive directors – Shaikha Salem Abdulla Al-Dosari, and Heba Ali Al-Tamimi.
CAMPAGNIE FINANCIERE RICHEMONT
Campagnie Financiere Richemont is a South African luxury goods holding company founded in 1988 by South African businessman Johann Rupert. The company designs, manufactures, and distributes luxury goods through its different segments; Jewellery Maisons, Specialist Watchmakers, Online Distributors, and others. Richemont has a market capitalisation of $32.1 billion and an annual sales figure of about $16.4 billion according to Forbes.
Rupert still heads the 20-member board of directors as Chairman, while Jerome Lambert is the Group Chief Executive Officer. There are four females on the board – Keyu Jim, Wendy Luhabe, Vesna Nevistic, and Maria Ramos – all NonExecutive Directors. This is a case of 1 female to every 4 males on the board, a clear 20% female www.businesselitesafrica.com
representation for the foremost luxury goods brand.
SAFARICOM
MAURITIUS COMMERCIAL There is a 10 member board for BANK (MCB) GROUP Tanzania Breweries, with Cleopa
MCB Group is a financial services holding company. with Its Safaricom is a leading telecommu- headquarters in Port Louis. The nications company based in Kenya, Group’s market capitalisation estimated to have gathered over 32 as of December 2020 was $1.5 million subscribers in its almost billion. three decades of operation. The company has been touted as East Didier Harel heads the 12 Africa’s most profitable company member board as Chairman with an $11 billion valuation. and independent non-executive director, while Pierre Guy Noel Its market capitalisation is put at is Chief Executive. There are $10.6 billion according to Forbes, just two women on the board with an annual sales of about $2.5 San T. Singaravelloo and Karuna billion as at 2020. Bhoojedhur Obeegadoo, both independent non-executive The company has a 14 member directors. This is a 16.67% female board, with Peter Ndegwa representation on the board of as Chief Executive Officer, the MCB Group. and Michael Joseph as Board chairman. There are 5 women on TANZANIA BREWERIES the board, Kathryne Maundu, the company secretary, Linda Watiri LTD Muriuki and Raisibe Kgomaraga Tanzania Breweries is a top as Non – Executive Directors, and performer in Tanzania’s beverage Rose Ogega and Winnie Ouko sector. The company produces, as Independent Non-Executive sells and distributes malt Directors. beer, alcoholic fruit beverages, and non-alcoholic beverages. The 5/14 representation on the Founded in 1933, the company board translates into 35% female has 3 segments, Beer; Wine and presence on the board. Spirits segments.
MTN GROUP LTD
MTN Group is about the largest telecommunications group in Africa with a market capitalisation of $4.8 billion and $10.5 billion in annual sales (as at 2020), as estimated by Forbes.
David Msuya as Chairman, and Philip Redman as Managing Director. There is just one woman on the board – Lucia Adele Swartz as Director. That is a 10% representation for the female gender on the board of Tanzania Breweries.
ATTIJARIWAFA BANK, MOROCCO
At the top of Morocco’s financial services sector is Attijariwafa Bank, a bank engaged in the provision of international commercial banking services. The bank has specialised financial subsidiaries that handle domestic banking, international retail banking; and insurance and property services.
Its Market capitalisation is put at $7.1 Billion, with about $4.3 Billion in annual sales, according to Forbes. There are 10 members on the board excluding the Chief Executive Officer, Mr. Mohamed El Kettani. Whether by coincidence or otherwise, there is no female on the board of this Moroccan bank.
The 15-member board has 5 females – T Molefe, the Group Chief Financial Officer; SN Mabaso-Koyana, Independent Director; NP Gosa, N Molope and BS Tshabalala who are Independent Non-Executive Directors. Females thus make up a third of the board, so that for every two males, there is one female; hence, a 33.3% female representation.
57 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
EQUITY GROUP HOLDINGS
SANLAM
This is one of the biggest players Equity Group Holdings Plc is one in the insurance branch of Africa’s of the leading Kenyan banking financial services, with $7.11 groups, parent body of Equity Billion in market capitalisation Bank, Kenya’s second largest and about $394 million in net bank by Market capitalization. income. It’s activities cut across retail banking and finance banking, The company has 12 nonwith a market capitalization of executive members on the board, about $1.43 billion. led by Elias Masilela as Chairman. There are 5 females; Rejoice The group was founded by Peter Simelane as Non-executive Kahara Munga and operates Director; Shirley Zinn, Mathukana in six geographical markets, Mokoka and Karabo Nondumo including Kenya, Uganda, South as Independent Non-executive Sudan, Rwanda, Tanzania and Directors; and Abigail Mukhuba Democratic Republic of Congo. the Financial Director who also sits on the board. Isaac Muthure Macharia is Non-Executive Chairman to The 5:7 ratio translates to 41.67% the 8-member board where we female representation on the find 3 women; Mary Wangari Sanlam board. Quite impressive. Wamae, a Non-Independent Executive Director; Evelyn TULLOW OIL PLC Kamagaju Rutagwenda and Dr Helen Wanjiru Gichohi, both Tullow Oil plc is a multinational Independent Non-Executive oil and gas exploration company Directors. founded in Tullow, Ireland with its headquarters in London, That makes it 37.5% female United Kingdom. The company representation on this board. is now a key player in Ghana’s oil and gas sector with its market Societe de Fabrication des capitalisation estimated at $2.88 Boissons de Tunisie (SFBT) billion, making it one of Ghana’s top listed companies. Societe de Fabrication des Boissons de Tunisie (SFBT) was founded in 1925 and has become a key player in Tunisia’s food and beverage sector. In 2018, SFBT became the first company listed on Tunis stock exchange to reach TND 4 billion (about $1.45 billion) of market capitalization, easily making it Tunisia’s most capitalised company.
The board has 6 directors and has Dorothy Thompson as the Non-Executive Chairman. This is about the only board (among those we have considered) that has a female Chairman. There are also two other women on the 7-member board - Sheila Khama and Genevieve Sangudi, both Non-Executive Directors.
The 3/7 fraction on this board gives us a 42.8% female representation, the highest so far and the closest we have to an equal representation.
CONCLUSION
There are over a thousand other companies listed on the 29 stock exchanges in Africa, so this list is by no means exhaustive. However, sampling some of the biggest companies in the continent gives a clear picture of how far we have come and how much farther we expect to go.
Below is the summary chart showing the percentage representation of females across the board.
Recent statistics put the market capitalisation of SFBT at $1.197 billion with net income of $61 million. Mohamed Bousbia heads the 7 man board of directors as Chairman and Chief Executive. There is no female on the board.
58 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
59 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Business Trend By | Olufikayo Owoeye
Tayo Oviosu, Paga founder
Excessive Regulation of Fintech Startups in Nigeria and the Implication for Africa
T
alks that the Nigerian tech space is over-regulated filled the air at a recent stakeholder engagement organised by startup founders in Lagos, Nigeria’s commercial capital.
challenges posed by the COVID19 pandemic.
with inconsistencies in government policies and regulations may soon erode the gains recorded in the industry.
According to Mckinsey 2020 report titled ‘Harnessing Nigeria’s CLAMPDOWN ON fintech potential’, in the past BIKE-HAILING three years, fintech investments PLATFORMS in Nigeria grew by 197 percent, “Government is the biggest prob- with the majority of investments lem for startups and businesses, coming from outside the country. The first to get a feel of the excesand many firms have become sive and inconsistent government uncompetitive largely because Also, between 2014 and 2019, regulations and policies are the they are hampered by red tape Nigeria’s burgeoning fintech bike-hailing startups. and government failures,” Folake scene raised more than $600 Osho, an angel investor, who million in funding, attracting 25 These startups, having seen an spoke at the webinar lamented. percent ($122 million) of the opportunity to transform the $491.6 million raised by African means of transportation in Lagos, In the last few years, the develop- tech startups in 2019 alone -- invested hugely in the training of ment of the fintech industry has second only to Kenya, which riders, provision of safety helbeen a bright spot in Nigeria’s attracted $149 million. mets, and acquisition of bikes. stuttering economy, with a potential to get brighter -- amid the However, recent development Giving the reason behind the 60 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
choice of Lagos, Fahim Saleh, the late founder of GoKada had said “we wanted to see if there was a future in motorcycle ride-sharing transport in Lagos,” and “decided to go to Nigeria and try it out.”
also did proper legal checks, and what we were doing, according to the law, was fine really, accepted,” Chinedu Azodoh, Max co-founder, said.
other bike-hailing company operating at a much lower average capacity.
The ban consequently meant a massive loss of jobs for riders The final blow on their opera- and numerous industry actors Between 2015 and 2019, Max had tions eventually came on January whose means of livelihood got raised at least $9 million, includ- 27, 2019, when the government impacted. Though it was hard ing a $7 million Series A round announced the ban on motorcy- for the companies to swallow the in June 2019, as bike hailing in cles in major areas of the state. restrictions, it was much harder Lagos gained traction. for the bike riders. The ban meant an end of business That same month, Gokada closed for ride-hailing platforms, send- Following the ban, Gokada laid off a $5.3 million round. ORide, ing the staff of the startups back 80 percent of its staff, including meanwhile, benefited from the into the already congested labour riders and engineers. Oride and $170 million raised by its parent market and investors’ funds down Max also suspended operations, company, OPay, in 2019 as inves- the drain. sacking most of its staff. tors continued to pour money IMPACT OF THE BAN into these new ventures. Ben Okoro, a former GoKaada ON BIKE HAILING rider, blamed the government STARTUPS Sadly, these startups were operfor their actions. They don’t think ating in an environment where before they act sometimes,” he bikes had not always been a wel- While the restriction hit hard said. Ben now works as a food comed means of transportation. on their operations, bike-hailing delivery provider and said making In 2012, the former governor of startups have since diversified to money daily was a guarantee as a Lagos banned okadas from 475 other businesses. Gokada, ORide, bike-hailing driver, “but now, it’s major routes in the city. Max NG have all moved to logis- not certain that you [will] make tics and courier services in Lagos money” in the face of fluctuating A new legislation in 2018, under a State. demand for deliveries. different administration, relaxed the laws and offered leeway for According to Chinedu Azodoh “I was hopeless (when the bike hailing platforms. the ban was an opportunity for government ordered the restricthe company to pivot into other tion),” Kazeem Adewolu, a former According to Lagos state govern- business units and drive growth O’Ride motorcyclist said. “There ment Transport Sector Reform in other cities in Nigeria. was nothing to eat and I couldn’t Law, no one is allowed to “ride, perform my responsibilities to drive or propel” a motorcycle “Since the ban, we have been myself and my family. or tricycle on a major highway. aggressively pushing growth in CBN’S ‘OVER-REGULABut a section within the same other markets. Today we’re outTION’ OF FINTECHS law exempts motorcycles from side Lagos. We currently operate AND INVESTMENT those same restrictions, as long in Ibadan, Akure, Kano, Ekiti, PLATFORMS as riders and passengers follow Ogun state,” Azodoh said. the listed rules, and operators ride bikes above a 200 cylinder But he admits that “the gov- The clampdown by the governcapacity (cc). ernment restrictions were ment on tech-driven businesses unexpected but we have moved reached another level when on For the average okada rider in on as a company.” February 5, 2021, the Central Lagos, an expensive 200 cc bike Bank of Nigeria (CBN) directed would have been an unrealistic With Max NG’s 1000 bikes in banks in the country to close purchase — most of their bikes operation in Lagos before the accounts of persons or entities are 150 cc’s and lower — so the restriction, the bike-hailing com- involved in cryptocurrency transnew laws paved the way for cash- pany’s investment into the state’s actions within their systems. rich startups to enter the market. transport sector is estimated to be Gokada, ORide, and Max, which about $1.8 million. According to Although this is not the first time first began as a bike delivery ser- Azodoh, one bike costs N700,000 it is issuing such an order, CBN vice, were major players. on average. had warned Nigerians in 2017 against the use of virtual curren“We tried to stay under the radar Max NG had a minimum of 1000 cies, including bitcoin, ripples, to get things right, and as things bikes and tricycles before the ban. litecoin. began to make more sense, we GoKada arguably had the largest came off the radar,” he said. “We chain of motorcycles with every “Ensure that you do not use, hold, 61 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
trade, and/or transact in any way in virtual currencies. Ensure that existing customers that are virtual currency exchangers have effective capital AML/CFT controls that enable them to comply with customer identification, verification and transfer, monitoring requirements,” the statement reads.
inform you that we will not be able to further extend our services to support cryptocurrency use cases in Nigeria in line with our terms and conditions.”
may be issued, sold or offered for sale or subscription to the Nigerian public.”
This announcement comes at a time when many Nigerians are investing in US dollar stocks to avoid the pitfalls of the Naira’s weakening exchange rate. Dollardenominated assets are more appealing to investors as a better alternative for storing wealth.
The popularity of cryptocurrency has continued to soar in Nigeria and it is arguably the largest market of cryptocurrency in Africa. This gained more traction “The CBN reiterates that VCs such last October after some banks had as bitcoin, ripples, monero, lite- blocked bank accounts of alleged coin, dogecion, onecoin, etc., and financiers of #EndSARS, a protest Consequently, creating additional similar products are not legal ten- group against police brutality in obstacles for young Nigerians ders in Nigeria. Nigeria. who have been leveraging these new investment tech service According to Paxful, a leading providers to help diversify their peer-to-peer bitcoin market- portfolios. place, Nigeria has the world’s Thus, any bank second-largest Bitcoin trading WHAT ARE THE volume, trading 60,215 Bitcoins, IMPLICATIONS FOR over $566 million in the last five or institution that NIGERIA’S INVESTyears.
“
transacts in such businesses does so at its own risk.
The apex bank had also alleged that “patrons of cryptocurrency and users hide under its obscurity and anonymity to conduct illegal activities including money laundering, terrorism financing; purchase of small arms and illegal weapons.” The impact of these new directives by CBN to close accounts of persons or entities conducting cryptocurrency transactions means fintech platforms in the country that had mainstreamed digital currency investment into their operations by allowing the buying and selling of cryptocurrencies, as well as conversion to naira, were forced to shut down operations.
MENT DRIVE?
Interestingly, despite the ban on crypto in Nigeria, the sector has continued to boom with the use of a peer-to-peer platforms to buy and sell cryptocurrency.
Iniobong Williams, a crypto analyst, said fintech platforms with a large customer base of Nigerians will no longer see a huge inflow of processing fees for crypto Seun Adigun, a Lagos-based transactions, adding that fintech college graduate, bought cryp- platforms would have to remodel tocurrency for the first time in their platforms and function on a 2016, he was only looking to make peer-to-peer basis. an online payment. But the 10% gain on his wallet’s balance after Williams noted that fintech plata few days fired up the 27-year- forms would have to bear the old’s interest. Seun holds more extra cost of remodeling their than $50,000 in cryptocurrencies platforms to conform with the as of today. current realities or risk losing out on many of their Nigeria Seun’s experience reflects the customers. reality of many Nigerians who are playing a key role in the global “A halt to cryptocurrency activihunt for bitcoin and other cryp- ties simply means bad business tocurrencies in the face of the for the fintech industry because, economic crisis bedeviling the daily crypto transactions in country. Nigeria run in the billions. These companies will no longer see a On another front, Securities and huge inflow of processing fees for Exchange Commission (SEC) such transactions,’’ he said. recently announced a new regulation preventing fintech companies “They have to remodel their such as Bamboo, Chaka, and platforms to function on a peerTrove from selling foreign stocks to-peer basis. They may have to in Nigeria. bear the cost of doing that.”
In a major memo to customers during this event, Flutterwave, was popularly reported as conveying to her customers and agency partners, “In light of the recent directive by the Central Bank of Nigeria prohibiting finan- According to the SEC, “only for- Fejiro Agbodje, CEO of Patricia, cial institutions from engaging eign securities listed on any in cryptocurrency, we regret to exchange registered in Nigeria 62 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Olugbenga Agboola, Flutterwave founder
Adedayo Adebajo, a blockchain specialist and managing director of Jelurida Africa, said the ban on cryptocurrency transactions by CBN is a “major and unexpected blow”, adding that start-ups providing blockchain and crypto services that employ Nigerians Explaining how the directive will locally and internationally may affect the operations of Patricia, have to reduce their staff base, he said: “Basically, it means, we owing to the policy. can no longer receive money from customers who want to buy bit- Adebajo noted the directive has coin with the Naira. made some fintech platforms stagnant, with startups due to be “In the same light, we cannot pay launched considering alternaout to customers who want to tive options. The point being that withdraw Bitcoin in Naira, which blockchain technology aims to do today is the core of our Nigerian without conventional banking operations, as users can only now systems and that innovative ways exchange cryptocurrency but will soon be created for Nigerians can no longer touch the Nigerian to do crypto-transactions without Naira.” Nigerian financial institutions.
a fintech platform that transacts business in cryptocurrencies, in a blog post, said the CBN policy would lead to “mass exodus” of fintech companies away from Nigeria for countries with “better policy”.
Agbodje noted that “this recent CBN directive on cryptocurrency is a clear replica of the Lagos state government policy that placed a ban on motorcycles and ride-hailing services in the state, warning that this will make investors’ confidence further decline within the country”.
63 | Business Elites Africa / ISSUE 115
Bassey hinted that transactions on fintech platforms, mostly transactions with digital assets, will decline, since it is very easy to buy and sell digital currencies via either debit card or bank transfers, using traditional financial institutions.
GOING FORWARD
In light of the Nigerian Government’s recent regulations across several sectors, it is imperative for businesses to up the ante to lobby policies and laws within their operational domain.
The grand objective of such engagements is to sway legislation and policies in favour of your business. Lobbying in this context refers to the attempts of business owners to influence decisions In his own assessment, Jediael made by the government, CBN Mfreke Bassey, forex trader, and/or members of regulatory pointed out that lack of employ- agencies. ment opportunities in the country led many Nigerian youths to These activities can take a variety engage in trading on digital cur- of forms, from professional lobrencies, adding that the ban will bying on the part of specialised lead to an increase in the number advocacy and pressure groups to of unemployed Nigerians. labor, trade and legal think tanks in lobbying for certain ideas.
www.businesselitesafrica.com
Intervew
By | Simeon Onoja
Meet Catherine Denis, a Business Leader Streamlining Financing for Small Businesses Across Africa
F
rom the moment she set foot in Uganda in 2006, Catherine Denis was captivated by the dynamic entrepreneurial spirit of the country’s small business scene. She observed the ingenuity and hard work of indigenous entrepreneurs, whose spirits and comradery play a major part in the economy of the East African country. Catherine could see the potential for these small businesses to scale, but the difficulty they faced in accessing finance was also an opportunity area to give a serious look. These small businesses usually obtained loans from family, loan sharks and traditional microfinance institutions who charged them exorbitant interests. Having championed the building of healthier homes in Rwanda during her time as the Chief Operating Officer EnableEarth, as well as consulting for the World Bank, she wasn’t going to sit back and watch. In 2017, Catherine co-founded Numida, a digital microfinance institution focused on providing financial support for small businesses in Uganda and across Africa.
Business Elites Africa caught up with Catherine on the inspiration behind Numida, the female startup scene and what to expect for the future.
64 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
What inspired the launch of Numida?
little extra challenging for many of the womenfolk. And this can affect business outcomes in Micro and small businesses real or perceived ways, and by are critical to job creation and extension funding attractiveness. economic development in Africa, Finally, there is a relatively small yet most of them struggle to grow proportion of experienced female beyond subsistence businesses. entrepreneurs on which younger Traditional microfinance female entrepreneurs can lean on institutions struggle to serve as mentors – and it’s no secret this market segment because that great mentors are critical in of the high underwriting costs one’s entrepreneurial journey. and the relatively high risk associated with their informality What’s your most and lack of collateral. This favourite part of being an inspired us to build a digital entrepreneur? microfinance institution (MFI) focused on serving these micro The first thing that I enjoy the and small businesses (MSBs), most about being an entrepreneur starting in Uganda. Thanks to is getting to see our product our proprietary technology and help our clients to achieve credit processes, we conduct their dreams. Another thing is fully remote underwriting via our watching our staff flourish both Numida app in order to provide professionally and personally growth and working capital to through their employment at Numida. I enjoy the constant verified MSBs. problem-solving, the hustle, Why do you think African and the exceptional fellowship among startup entrepreneurs, female-led startups but the rewards of these potential struggle with venture outcomes for our clients and our funding? staff are what get me out of bed I think that the historically in the morning. male-dominated business world creates substantial inertia that In your opinion, why is holds female-led startups back in it important for Africa to multiple insidious ways. Of course, have more women startup investors trust and invest in what founders? is familiar to them and looks like them. So the predominantly We need more women startup male investor community founders for many reasons. The struggles to connect with or take first is to provide inspiration bets on women founders. This because having more celebrated challenge extends to the actual female role models will enable running of these businesses, not more young women to imagine just in building relationships themselves taking the plunge and with investors. Many potential starting something. The second partners or client organisations is to ensure a strong support are disproportionately run by network – female investors and men, making business deals a mentors provide useful examples 65 | Business Elites Africa / ISSUE 115
of female leadership in action, and they can also actively coach the new women entering the arena. Finally, success breeds success, so more examples of successful female founders will help to dismantle the unconscious biases that drive unequal access to business or funding opportunities.
What can we expect from Numida in the future?
After proving our model in Uganda and recently closing our seed rounds, we are now poised to scale up and bring Numida to thousands more micro and small businesses on the continent. We are currently exploring interesting growth opportunities via new partnerships, and are also planning to plunge into new markets. Ultimately, we also know that with the wealth of data that we collect through our platform, we are well-positioned to ultimately connect small business owners with other financial and non-financial services that they need in order to grow their businesses. After tackling access to capital, we look forward to developing new digital products to alleviate their next biggest pain points to help them reach their full potential.
www.businesselitesafrica.com
66 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
67 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Trivia By | Simeon Onoja UGANDA AND BOTSWANA HAVE THE HIGHEST PERCENTAGE OF WOMEN ENTREPRENEURS The MasterCard Index of Women Entrepreneurs 2017 listed two African countries, Uganda (34.8%) and Botswana (34.6%), as having the highest percentage of women entrepreneurs globally.
SOUTH AFRICA IS THE NO.1 TECH ECOSYSTEM IN AFRICA
02
A recent report by fDi Intelligence ranks South Africa as Africa’s top startup ecosystem for having the highest fundraise, the most developed VC networks and the continent’s oldest startup incubator.
NIGERIA HAS THE HIGHEST NUMBER OF STARTUPS IN AFRICA According to Briter Bridges, Nigeria has over 750 startups. The highest on the continent
03
THE MOST POPULAR STARTUPS IN LAGOS, NIGERIA
04
The most popular startups in Lagos are PiggyVest, PalmPay and Hazina.
THE NETHERLANDS IS AFRICA’S BIGGEST INVESTOR The United Nations Conference on Trade and Development (UNCTAD) states that the FDI stock data through 2018 shows the Netherlands overtook France as the largest foreign investor in Africa.
06
05
NIGERIA REMAINS AFRICA’S LARGEST ECONOMY Nigeria has the biggest gross domestic output in Africa, with a GDP of 443 billion dollars in 2020. Egypt’s GDP was worth 362 billion dollars, making it the continent’s second-highest. Following South Africa, the continent’s third largest economy, Algeria and Morocco, both in North Africa, were next on the list.
EAST AFRICA IS THE FASTEST-GROWING REGION ON THE CONTINENT According to the AfDB, East Africa is Africa’s fastest-growing region, despite COVID-19 disruption.
08
01
07
ONLY 10% OF FEMALE-LED STARTUPS RAISED $1 MILLION IN 2020 A 2020 TechPoint report estimated that only 10% of west Africa-focused startups with at least one female co-founder successfully raised $1 million or more in the last decade.
THE FIRST APPLE LOGO WAS PRETTY FAR FROM WHAT WE HAVE TODAY
Apple’s logo back in 1976 originally featured Sir Isaac Newton sitting under a tree, with an apple about to fall on his head, and a text on the frame of the logo that reads “Newton…A mind forever voyaging through strange seas of thought… alone”.
10
09
A “PHANTOM VIBRATION SYNDROME” IS WHEN YOU FEEL YOUR PHONE VIBRATE BUT IT ACTUALLY WASN’T
68 | Business Elites Africa / ISSUE 115
Research suggests this occurs when someone is being over-involved with their phone.
www.businesselitesafrica.com
GOOGLE’S FIRST TWEET WAS A SERIES OF BINARY NUMBERS To a regular human, Google’s first-ever tweet on Twitter was nonsense! It read, “I’m 01100110 01100101 01100101 01101100 01101001 01101110 01100111 00100000 01101100 01110101 01100011 01101011 01111001 00001010”. Translated from binary to English, this tweet says “I’m feeling lucky.”
12
THE FIRST COMMERCIAL TEXT MESSAGE WAS SENT IN 1992 Sema Group, A software architect, used a computer to text “Merry Christmas” to a Vodafone employee who was using an Orbitel 901 cellphone on December 3, 1992. Today more than six billion SMS are sent per day.
OVER 6,000 NEW COMPUTER VIRUSES ARE CREATED AND RELEASED EVERY MONTH
13
Back in 1990, there were only 50 known computer viruses, this number has skyrocked with 90% of emails now containing malware.
14
NOKIA IS THE LARGEST COMPANY IN FINLAND. Finns regard it as a source of national pride. While we commonly think of Nokia as a cell phone firm, this well-known brand was founded in 1865 as a paper manufacturer.
THE APPLE LISA WAS THE FIRST COMMERCIAL COMPUTER WITH A GRAPHICAL USER INTERFACE (GUI) AND A MOUSE. Prior to The Apple All computers, Lisa, were text-based, which meant you had to type commands into a keyboard. The name “Lisa” stands for “Logical Integrated Software Architecture”. Steve Job’s daughter is also named Lisa.
16
The QWERTY keyboard is designed to slow you down when typing. When typewriters were first developed, typing too quickly caused the keys to jam. If you want to learn a faster keyboard, Dvorak is the way to go.
17
It’s estimated that 8% of worldwide cash is actual money, thanks to credit cards, debit cards, direct deposit, and online purchases.
MOST OF TODAY’S SUCCESSFUL COMPANIES STARTED IN GARAGES. Besides Apple, most of the leading companies of the world had very humble beginnings; HP, Google, and Microsoft all were started in a garage.
THE MAJORITY OF INTERNET TRAFFIC ISN’T FROM HUMANS
19
About 51% of internet traffic is non-human. Over 30% is from hacking programs, spammers, and phishing. Be careful with your computer security!
20 69 | Business Elites Africa / ISSUE 115
15
THE QWERTY KEYBOARD WAS ORIGINALLY DESIGNED TO SLOW YOU DOWN.
OVER 92% OF THE WORLD’S CURRENCY IS DIGITAL.
18
11
CAPTCHA IS A LONG ACRONYM It stands for “Completely Automatic Public Turning Test to Tell Computers and Humans Apart”. Even though some artificial intelligence can get through CATCHPA, it’s still useful in blocking some bots.
www.businesselitesafrica.com
Special Report By | Joseph Olaoluwa
“It is not about collecting jobs from anyone but innovating the thing, not only in Nigeria but globally. For example, during the time of baba mulika (old cab drivers), there were no standards. You enter a taxi and your clothes will be torn, or dirty before you get down”. “Most of them don’t have seat belts. Some don’t even have air conditioners. We brought modernisation to the system. Now, you enjoy a car with air conditioners, from point A to point B. We are just remodelling the work. That’s why I stress that the permanent thing in life is change.” He added,
How Tech is Transforming the Transportation Landscape in Africa One thing that has transformed lives in Africa is the commercialisation of ease, which draws its influencing power from the disruptive power of technology. Tech has been defined as the next big export from Africa. This was made possible by a growing digital revolution.
A
PricewaterhouseCoopers report titled, “Disrupting Africa: Riding the wave of the digital revolution,” attributes the process to a 344% growth in phone usage between 2007- 2016 which went to create new frontiers and new business development strategies enhancing every sphere of our lives. In Africa and more specifically Nigeria, technology has impacted the future of mobility which has moved from dependence and use of old rickety cars to the introduction of high economy, eco-friendly; safe and comfortable cars that dominate the transport business landscape in Lagos, Nigeria’s commercial nerve
70 | Business Elites Africa / ISSUE 115
Ayoade, like many others, believes in the disruptive nature of technology to transform the mobility space, with a stronger focus on a consumer-centric model, available on demand.
For Angela Umoru, the Chief Operating Officer of an Abujabased Mental Health group known as Jela’s Development Initiatives, mobility is about ease and safety.
She said, “The truth is that cabhailing apps grant you two things- ease because the person is picking you up from your location and taking you to your exact destination in a comfortable car, and safety because you know that the driver is being held accountable by the service provider”
centre and one of the busiest cities in the world. And so in every “So, you don’t have to deal with other city in Nigeria and most of the hassle of agberos, people metro Africa. middleman touts bugging and harassing you, just to sell a seat or Drivers are now signed under an a trip for a commission, or another app that can be downloaded at practice popularly known as ‘onethe comfort of consumers’ home chance.’ Like Angela, Jumoke or office, from Playstore and Bello takes an Uber for the same used to book rides directly with reason- safety and ease. She said, unmatched ease. “It is stressful entering public transportation- poor condition National President of the National of yellow buses, horrible driving; Union of Professional App- attitudes, making it equally based Workers, Ibrahim Ayoade unsafe.” argues that Uber and Bolt are not wrestling powers from the initial Going further, she added, “You gatekeepers and cab drivers of spend less time if you use e-hailing. old. He stressed that the drivers Buses will stop everywhere but are setting global standards and with traffic...you might even be raising the bar. delayed.” www.businesselitesafrica.com
Ayomide, a content writer in Lagos highlights customer incentives and comfort as among the reasons he usually opts for e-rides. Like with all tech innovations, the downsides sometimes outweigh the benefits when social attitudes come into play. Angela cites some terrible instances with some drivers. She said, “In spite of the seeming advantages, recently I have had some nasty experiences. Sometimes, I am matched with a driver with a terrible attitude.
where Uber drivers have access to my phone number, I never let them drop me off directly in front of my hotel/Airbnb. I always drop off at the nearest restaurant/ grocery store, enter like I’m going to buy stuff and then walk to my destination. Just heartbreaking what women have to do to feel safe.”
Similarly, a Twitter user, @ IjeomaOgood who responded to that message, tweeted, “All the lengths we have to go thru “At times, they act as though they because of men...” are doing me a favour. In the end, I alight at my destination angry, The comment section continued even if I tried my best to be polite to detail means women have to to them.” use hide their identities on the app as @GirlWomanBlack admitted to “I have had a driver show up with using her male cousin’s name and a car that was different from what picture. the app showed me. She further states. A 2018 Uber safety report admitted reports of sexual “Secondly, there was a time that harassment crimes against rumours were making the rounds women to the tune of over of how drivers on these platforms 3,000. In fact, it stated that nine would connive with ‘one-chance’ passengers were murdered and guys and rapists todo evil and 58 riders killed in crashes at the harm to unsuspecting patrons. time. The report did not leave Hearing too many of such out 229 rapes committed in the stories, one knows these are no period. coincidences. In 2017, the figure was less, as the “Yes, there is the option of sharing tech firm reported 2,936 sexual your location with a trusted friend assaults during a billion trips in or family member. One might use the United States. Nonetheless it but in a true emergency, would both Uber and Bolt (formerly that save you?” Taxify) have continued to stem the tide by partnering with and Angela’s worries resurfaced last learning from women’s safety year when tech lawyer and one of groups, as well as promoting the strongest influences driving safety awareness and advisory the #ENDSARS protests against from its website. police brutality, Moe Odele tweeted the need for women to Uber has pledged $5 million to be watchful of the rides they pick women’s safety organizations on the tech platform, Uber. through 2022, offering support to all affected parties- riders, drivers She tweeted, “Last RT if you are a inclusive to bring individual woman who hasn’t started using claims in court and share the a pseudonym on Uber, please do. facts of those claims. It partners I’ve been using a pseudonym for with the National Sexual Violence about two years now. Resource Center and the Urban Institute to create a taxonomy to That uber driver went to research deal with the matter. her, followed her on Instagram and then started texting her However, the most pressing issue because he knew her name. to Jumoke and Ayomide aside from harassment is the issue of “Also, whenever I’m in a country cost. 71 | Business Elites Africa / ISSUE 115
According to Angela, “Many of these cab-hailing apps can be outrageous with their pricing. I know the service provider has to profit and the drivers should earn but I see no reason why a distance that should cost me N500 by regular cab should cost me N2000, for example, by one of such platforms.”
For Jumoke, “e-hailing rides can be comfortable, but in recent times, the vehicles I have entered are not in good condition. The cars sound bad. “With the exception of the Indriver App that allows both parties to negotiate a fixed price, Bolt, for instance, will have u paying well above the stipulated range...(I think this is daylight robbery), even without traffic.” Last October, Uber Nigeria increased fares on UberX.
The e-hailing platform in an email increased its minimum fare from N400 to N500 while its base went up from N200 to N220. The amount charged per kilometre went up from N60 to N65, while the amount per minute was retained at N11.
Uber Nigeria has explained that its new fare regime will provide better earnings for driverpartners and remain affordable for commuters, adding that the fare increase allowed it to invest in a feature on the app known as injury protection which would make riding easier, as well as personal protective equipment.
The NUPABW boss told our correspondent in a telephone interview that drivers were not allowed to fix their prices and it was affecting their earnings.
He said, “Currently the network that Uber and Bolt are using does not encompass the term of an independent contractor or driver-partner; they just impose rules on us. www.businesselitesafrica.com
much to purchase a car.
“If you look at it, as partners, we are supposed to have an input in what happens on the app. But they did not allow us to have input there. If you look at the network well, you realise they are playing the role of employers.
“Secondly, Uber fixes the price and commission we collect without our input. We do not have any input on the price mechanism. What kind of partnership is that?”
This faceoff has delved into a class action by about 15,000 Nigerian drivers wanting to sue Uber and Bolt for undue censorship on the app.
In the midst of all these, Uber still took the fare up to 13% from May 11, 2021. Uber in an email said the increase was to ensure a reliable earning opportunity for driver-partners.
“At Uber, we remain committed to providing a reliable earning opportunity for driver-partners, as well as a reliable and affordable service for riders. With this in mind, starting 11th May 2021, we are increasing prices on UberX by about 13 per cent,” the message read.
Reacting to the issues raised, the National Publicity Secretary Professional E-hailing Drivers and Partners Association, Comrade Joseph Olawale highlighted a host of factors responsible for harassment and price hike. He said, “Lack of partnership is the cause of the problems between undue censorship. Prices are fixed without consulting the drivers. At the same time, the drivers’ agreement is retained or terminated, not minding how much energy and time they have invested in the business, or how
72 | Business Elites Africa / ISSUE 115
In his words, “Revenue for cargo is relative and depends on the kind “Also, the company does of operations you get yourself not regulate the system into. The cargo industry is a well. Example, riders billion-dollar industry. Movement (customers) could turn out of flowers from Nairobi alone run to be criminals and end up into close to a billion. causing damage, injury or brutalising the driver.” “This is because Nairobi is doing a lot of flower exports. Accra does a Speaking about prices, he lot of pineapples, orange exports, explained that inflation has and some of these exports run affected the provision of services. into some millions of dollars, yearly. “You will agree with me that there is high inflation in the market. “For Nigeria, we are not an export Cost of spare parts has gone up country per se. Still, we do a lot. by almost 80%. The engine oil I If you look at the figures, it is used to service my car last month between $200m-$500m.” was 4,900, but to my surprise, I wanted to service my car this The International Air Transport week, on getting to that point at Association in January 2021 Enyo filling station, it is now sold reported that global cargo for 6,000. Says he. tonne-km flown (CTKs) had regained pre-crisis levels and by “This is why we need a union to the end of Q1 were 4.4% higher. fight for our interests,” he added. But not all regions and airlines are benefitting from those performances to the same degree. AVIATION The importance of technology in the aviation sector of the economy is quite unrivalled according to aviation consultant, Mr Olumide Ohunayo
The report reads, “International cargo volumes flown by airlines registered in Latin America dropped by 20.2% in 2020 versus 2019 (10.2% for the industry overall) and have not significantly In his words, “The entire value improved so far in 2021, despite chain has improved, and costs the economic restart in key driven downward. Technology markets such as Brazil. has improved access to ticketing. It has reduced the cost of ticketing, “Cargo traffic between North as well as improved the quality America and the region has also of aircraft available, making them been resilient while airlines in more fuel-efficient. the Middle East have put in the second strongest performance, “It has improved maintenance and with CTKs up just over 9% on record-keeping, and has helped in pre-crisis levels in March.” creating jobs. The advent of the coronavirus has made things to Nwokoma argued that there has be taken online, discouraging to be synergy among domestic personal interface. Even flights airlines to codeshare flights. in our airspace are filed through Apart from that, domestic airlines online technology to improve should partner with International service delivery. carriers on cargo deliveries. Kingsley Nwokoma, President, Association of Foreign Airlines and Representatives in Nigeria, has expressed that Nigeria can benefit from the cargo industry which he estimates to be about a billion dollars.
He added, “International carriers do a lot of cargo movements. If there are alliances between international and domestic carriers, they bring in cargo and some of them go to the north and eastern parts of Nigeria instead of www.businesselitesafrica.com
terminating at just Lagos.
“If they have those kinds of alliances, cargoes come and they do the transfer to the exact state it is needed. Domestic carriers have lost over 100,000 workers due to the pandemic and more are still going.
RAIL
Nigeria’s rail system received a great boost, a month after the Lagos-Ibadan section was launched. The Federal Government, via a public-private partnership valued at N900 million with secure ID solutions, launched an E-Ticketing platform, starting with the Kaduna-Abuja rail services of the Nigerian Railway Corporation The tech platform is expected to manage the system for 10 years in a bid to recoup its investments before handing the service over to the NRC.
Managing Director of the NRC, Fidet Okhiria in a recent interview, stressed that an e-ticketing platform for Lagos-Ibadan is in the offing, and should be expected in six-months. Right now three ways to book the train is via the mobile app, website, point of sale device or cash at the station He said, “We are already working on it. What we did before was specific to Abuja-Kaduna. When we started that process, construction had not begun. The Lagos-Ibadan rail will not take that much time but within six months, we will be able to achieve that.”
upstream with more Nigerians utilising the train services.
Chief Executive Officer of Secure ID Solutions, Kofo Akinkugbe, said the system had issued 25,000 tickets online during a successful pilot programme.
He said, “Our maritime domain suffers the setback of general insecurity either due to lack of priority attention, inadequate security logistics like patrol boats, aircraft; supporting technology MARITIME gadgets and lesser number One of the greatest influences of personnel to implement or in the maritime sector can be enforce adherence to security on identified in the introduction of water. the electronic call-up system in the Lagos seaports to ease the “Maritime piracy, sea robbery, clearing and exportation process oil theft, kidnapping on water of goods. or through water have been copiously recorded in the domain Embattled Managing Director that should be contributing to our of the Nigerian Ports Authority economic well being.” (NPA), Hadiza Bala-Usman stressed that the process will While identifying how much eliminate human intervention security has impeded Nigeria’s from the process thereby maritime development, he eliminating extortion by stressed that 30,000 jobs could enforcement agents and security be created from areas such as officers. import, export, fishing, tourism, transport, handling, dredging She also said shippers will be amongst others. free of exploitation by shipping companies who make billions of He added, “These have potentials naira off importers forfeiting their to give governments at all deposits for returned containers tiers more taxes and provide due to congestion in and around sustainable earnings that will go the ports. To that effect, the round than what we have in the authority designated 17 trucks oil sector presently parks as batching points for all trucks doing business at the “Nigerian economy cannot afford Lagos ports. to keep quaking anytime there is a downward slide in prices of oil Barely three days after the in the international market.” introduction of the e-call up system, all hell went loose as fuel tankers and containerised vehicles resumed indiscriminate parking along the road. Truckers alleged the construction company amongst other factors stalled the issues along the Apapa-Oshodi expressway port corridor, nonetheless, the state government continued to assure that the congestion was being cleared.
Recall that The Lagos-Ibadan rail line on December 7 commenced commercial operations with the first trip taking off at 10:40 am, operating The National President of the Association of Nigerian Licensed with only one passenger. Customs Agents, Iju Nwabunike in a statement released Friday Oche, however, said that the listed piracy, sea robbery, oil situation was currently on the theft, kidnapping on the water as 73 | Business Elites Africa / ISSUE 115
part of the numerous challenges militating against the future of maritime, especially in Nigeria.
www.businesselitesafrica.com
Profile by | Dimeji Akinloye
Halima Dangote Didn’t Get a Free Pass Despite Father’s Wealth
Cut from the best fabric there is, Halima Dangote, is gradually positioning herself to take the torch from her billionaire industrialist father, Aliko Dangote, and working hard to etch the family’s rich name on the sand of time.
B
eing the second daughter of Africa’s richest man was not her making, a privilege one should unapologetically wear like a badge, but becoming a thoroughbred professional, an analytical thinker and a problem solver was Halima’s doing, she earned that 100%. Halima is the Group Executive Director, Commercial Operations of Dangote Group, one of the largest and most diversified business conglomerates in Africa. But she did not land the role on a platter of gold. She earned it after 12 years of professional experience in business. Expectedly, Halima has a rich educational background that equipped her for a life in business and management. She earned her bachelors’ Degree in marketing from the American Intercontinental
74 | Business Elites Africa / ISSUE 115
University, London in the United Kingdom. She proceeded to obtain a Master’s in Business Administration from Webster Business School also in the United Kingdom. She further participated in various leadership development programs. This includes the Program for Leadership Development (PLD) at Harvard Business School, Executive Development Program at the Kellogg school of management and finance/accounting for nonfinancial executives at Columbia Business School. Fresh out of school, Halima worked with the renowned accounting firm, KPMG Professional Services in Lagos, where she served private and public sector clients on topics related to business performance improvement, strategy, and policy formulation. www.businesselitesafrica.com
In 2008, the same year she got married, Halima joined Dangote Group as a Special Assistant to the President and Chief Executive. After this, she held a number of senior management roles, including the Executive Director, Sales and Marketing of Dangote Flour Mills, a one-time subsidiary of Dangote Group. Halima, now a mother of two, deployed strategies that set the Flour Mills, once on a losing streak, on a profit track. During this time, a World ‘Puff Puff’ Day was introduced by the company, which is now being celebrated annually on October 27. During the inaugural edition, Dangote Flours Mills broke the Guinness World Records for the world’s largest puff-puff pyramid.
for 10 minutes, and understand it. If we have issues with the internally displaced persons (IDPs), we would go there. It’s not enough to just give back. You have to be there, sit down and have conversations with them, then assist,” says Halima. In 2017, it was reported that Halima built a N7 billion state-of-the-art operating theatre and diagnostic centre at the Murtala Muhammad Specialist Hospital in Kano, among other humanitarian works she does through the Aliko Dangote Foundation and the Africa Centre, New York, where is the Board President.
While in that position, she also led what the company described as a “turnaround” that led to the sale of the business to Olam Group. Halima also served as an Executive Director of NASCON, another subsidiary of Dangote Industries with revenues of $82 million and a net income of $17 million. She still serves as a Non-Executive Director of the company. In her current role, among other responsibilities, she serves as a key member of the project management team that is spearheading the development and financing of the Group’s newest businesses including a $9 billion refinery and a $1.5 billion fertilizer plant, both in Nigeria. The Dangote Group is poised to become a fortune 100 Company within the next few years. Growing up with a grandmother who had a strong passion for humanity, Halima’s affinity for women empowerment and support for the underprivileged could be said to be hereditary. “My father’s mother was a core philanthropist. I grew up being woken up at 12am to just go to the hospital with her to visit the sick. Her own idea is, you have to live the person’s life, even if it is
75 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Profile by | Dimeji Akinloye
Bola Shagaya’s business empire Going Strong 38 years After
G
one are the days when African men were the exclusive owners of capital, lands, business conglomerates and other value productive assets on the continent. Times have changed. Amid perennial gender disparity, a sizable number of women industrialists and entrepreneurs now control a good portion of the continental wealth. Hajia Bola Muinat Shagaya is one of Africa’s most connected business magnates manifesting in a terrain traditionally and systemically designed to favour the menfolk.
Sudan-born seamstress mother, she became one of Nigeria’s wealthiest businesswomen by sheer determination, hard work, persistence and strategic relationships. After a university degree at the Ahmadu Bello University, Zaria, Ms. Shagaya, 61, went on to Armstrong College in California, United States, where she studied economics and accountancy. This prepared her for corporate life in banking where her career started as a banker. This socialite and fashion enthusiast worked in the audit department of the Central Bank of Nigeria (CBN). BEA could not ascertain exactly how long Bola shagaya was in paid employment; she made a foray into entrepreneurship in 1983.
Ms. Shagaya did not come from a wealthy b a c k g ro u n d . Born in Ilorin, Kwara State, Nigeria to a public service father and a
Spotting a gap in the photography industry in Nigeria, Ms. Shagaya dived in and began the importation and distribution of photographic materials. While at it, she introduced the Konica brand into the Nigerian and other West African markets. Konica was a mainstream
Photo credit: TY Bello 76 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Japanese multinational specializing in photography tools at the time.
In 1997, her business metamorphosed into Fotofair Nigeria limited, with its photo laboratories, numbering about 30 branches, scattered across Nigerian states. This would later form a part of Bolmus Group International, a diversified business empire founded by Ms. Shagaya. Bolmus Group has holdings in real estate, oil and gas, banking and communications. The company’s real estate arm owns several luxurious residential properties in some of Nigeria’s most expensive neighborhoods where clients pay well over $200,000 per annum as rent. Her oil & gas enterprise, Practoil Limited, is known to be one of the largest importers and distributors of base oil in Nigeria. The business tycoon was one of the indigenous oil marketers granted oil blocks by the Babangida administration in the late 1980s. For over 8 years, Ms. Shagaya has been on the board of Unity Bank Plc (formerly
77 | Business Elites Africa / ISSUE 115
Intercity Bank). In 2010, she was awarded a national honour - Member of the Order of the Niger (MON) – by former President Goodluck Ebele Jonathan (GCFR).
Married to Alhaji Shagaya, a Kwara Statebased transport mogul, the couple have replicated their business acumen in their six children.
According to Wikipedia information, the children are actively involved in the running of the family business in Nigeria and abroad. They are growing the real estate unit of the business in both Europe and the United States, in addition to “minor business and industry holdings across Asia and Australia.” Ms. Shagaya is also reputed for working her way into the corridors of power in every incumbent government in Nigeria. She is known to be friends with many former first ladies including (Late) Stella Obasanjo, Turai Yara’dua, and Dame Patience Jonathan. She was recently spotted at the book launch of the current First Lady, Aisha Buhari.
www.businesselitesafrica.com
Article By | Bimbola Bankole
How to Maintain Work-life Balance as a Corporate Woman
I
n Africa, being a woman in business is already a herculean task because you have to work twice as hard to earn a spot at the executive table that is often populated by men. Then being a wife and mother is another kettle of fish. Now, combining all of that is a classic example of overload. But as complicated and exhausting as this is, most 21st century women are choosing to have it all - a blissful family, a rewarding career and some solitude to find some time for themselves. And the COVID-19 pandemic may have lifted the burden a little, with many people having to work remotely. 78 | Business Elites Africa / ISSUE 115
Still, with many schools across the continent now open for physical operations, some mothers who work remotely can’t escape the school runs. They also have to perform wife duties except the lucky ones who have understanding partners that are willing to split the roles. By the way, African men are largely rigid in that area. However, millennials and Gen Z men are changing the narrative. This is another subject of discourse by itself, so let’s leave it alone for now.
Most women have found a way to juggle everything, at no cost to one while others still struggle to strike a balance. Here are 7 proven tips that have worked out well for many successful women in Africa and everywhere. 1. Sort out your priorities
If you want to be a successful working woman, it’s important to have your priorities in order — both personal and professional. To figure out your responsibilities Either way you swing this, at different levels, ask yourself women have their job cut out a few questions. What can’t be for them, albeit unfairly. As compromised or is completely they say, resilience is one of the non-negotiable? What are those greatest strengths of a woman. tasks you must marvel at and www.businesselitesafrica.com
the ones that can be just good enough? What are the mostimportant commitments at work and family? Getting clear on these answers will help you prioritize, make adjustments and decide what you are and are not prepared to do. 2. Talk it out with your employers, clients or employees It’s beneficial to keep the communication lines open with your manager, HR or superiors. Be hundred percent honest and transparent. Let’s say you can’t reach the office on time because you have to drop your kid off to school, they can help you out by keeping your work hours flexible. If that’s a problem, be prepared with alternative solutions to show how the arrangement won’t affect your performance and productivity. 3. Learn the art of delegation There’s nothing wrong in acknowledging that you can’t do everything on your own and a little help could ease your enormous workload. By doing everything yourself, you’re not only fatiguing your body but also preparing it for a breakdown in the future. Decide what you must do yourself and what others can take care of. Seek help from coworkers, spouse, and family members. You and your spouse can divide tasks in such a way that neither of you don’t dread coming home after a long work day at the office.
without any stress or tensions at the backend. This comforts the child that you’re near and also helps you get through a rough day at work.
professional life. Learn to set boundaries so that you can give your heart and soul to both aspects of life. Leave work at work, don’t come home with it. Don’t be on the phone sending 5. Limit distractions and emails or discussing work with time-wasters coworkers, while spending time with your kids and partner. When you are a working woman, Be mindful of your personal every minute is crucial — at relationships and start saying no work and home. You would to things that aren’t doing any be astonished to know that good to you. distractions at the workplace can cost you more than three hours 7. Make some time for yourself a day. If you want to be focused and productive, it’s essential to The secret to maintaining keep chatty coworkers, casual a perfect work-life balance internet surfing, smartphones, is making out some time to and other distractions at bay. Set do things you actually love. specific time limits to address Sometimes, it’s okay to think emails and phone usage. At about yourself, have some leisure home, avoid watching too much time and pamper yourself. Go TV and instead, you can use that to a spa, get a massage, watch time to strengthen your bond reruns of your favorite TV series, with your partner and kids. read a book, travel solo, or just do nothing at all. Learn to take 6. Draw a line between home care of yourself, because, only and work then would you safely and successfully take care of your One of the greatest lessons life family and your work. has taught me is to say NO to things that don’t align with my priorities. Believe me, it is the biggest mantra to successfully juggle your personal and
4. Stay connected during the day Thanks to technology, knowing the wellbeing and whereabouts of your loved ones isn’t a challenge anymore. All working mothers can easily stay connected with their children while they are working at the office. If you’re missing your kids, you can make a phone call or even a video call during your lunch break and focus on work, 79 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
UPCOMING EDITION
Profile by | Bimbola Bankole
Samia Suluhu Hassan’s
Destined Rise to Global Prominence
Before the event of March 19, 2021, Samia Suluhu Hassan would not have made this list. Outside Tanzania. Little or nothing would have been known about her.
P
rior to this date, Samia was the vice president of Tanzania, an East African country with a population of over 60 million people. Although she was the second-highest officer in the executive arm of government, her role was typically ceremonial, a stooge to her superior at best. Affectionately known as Mama Samia, Hassan, 61, is naturally laidback and soft-spoken yet a veteran politician and political leader who had served in various important capacities in government before emerging the vice president, a role historically occupied by Tanzanian men. Attaining this height speaks to her doggedness and competence.
Samia’s political acumen was underutilized or, perhaps, muzzled under the administration of her belligerent and autocratic boss, President John Magufuli whose leadership style was a stark contrast to Hassan’s. She remained loyal to the President, albeit reluctantly, as there were rumoured rifts between the two. In 2016, she was forced to publicly align with Magufuli’s political ideologies after rumours of her differences with the President had grown. It was even speculated that she had resigned from the government.
82 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
“When you started working as president, many of us did not understand what you actually wanted. We did not know your direction. But today we all know your ambitions about Tanzania’s development,” she said in front of Magufuli.
Fast forward to March 18, 2021. Sadly, Magufuli was announced dead on state television after two weeks of not appearing in public. The passing of the man nicknamed the “Bulldozer” for his no-nonsense attitude, paved the way for Samia Hassan to take over the administration that was marred by authoritarianism and human right abuses.
In less than two months, Hassan took a new path and set a new tone, signaling a fresh start indeed. This distinguished unassuming voice-of-reason acknowledged that Tanzania needed to combat the covid-19 virus. Her predecessor was one of those who downplayed the virus, who refused to initiate a lockdown or encourage the use of face masks. He also refused to allow vaccines into the country.
manager for the UN’s World Food Programme (WFP), Hassan became the executive director of an umbrella body governing nongovernmental organisations in Zanzibar.
In 2000, she got the nomination of the ruling political party in Tanzania, Chama Cha Mapinduzi (CCM) for a special seat in Zanzibar’s House of Representatives. She then served as a local government minister President Hassan set up a - first for youth employment, committee of experts to advise women and children and then for her on the status of the virus in tourism and trade investments. the regions of Tanzania and what necessary steps to take to keep Hassan was elected to the National people safe. She directed the Assembly on mainland Tanzania information ministry to reverse in 2010, setting the stage for the previous government’s her statewide prominence. The policies that tended to guard then president, Jakaya Kikwete, from fear of blame and criticism, appointed her as Minister of State aimed only to “not give [people] a for Union Affairs. chance to say that we are limiting press freedom”. The mother of four is the second current serving female president She also extended an olive branch in the whole of Africa, the first, to the opposition, asking them being Ethiopia’s President Sahle“how best they will conduct their Work Zewde, whose role is mainly political activities for the benefit ceremonial. of our country”.
On May 19, Hassan was sworn in as President of Tanzania, becoming the first woman to ever attain that position. She is also the first female president of any country at all, in North Africa. Hassan is now serving the remainder of Magufuli’s second five-year term, which will expire in 2025. And as prospects continue to shine in her favor, would proceed to serve for the next many years as the president of the historic nation of Tanzania. Background and rise in Hassan has been described as politics an “ambitious and intentional” leader. In her unifying address Ms Hassan was born in 1960, after she took office, the president to a school teacher father and called for dialogue from all mother, a housewife. They lived aggrieved persons and appealed in Zanzibar, a semi-autonomous for a fresh start. Island in Tanzania. Aljazeera quoted her thus:
At 17, she took up a clerks job in government after finishing “Today I have taken an oath high school with a poor result. different from the rest that While at the role, she undertook further studies, and by 1988, I have taken in my career. she rose through the ranks to Those were taken in happiness. become a development officer in Today I took the highest oath of the Zanzibar government. office in mourning. This is the She holds University qualifications time to stand together and get from Tanzania, Britain and the connected. It’s time to bury our United States. differences, show love to one In 1990, after serving as a project another and look forward with confidence.”
83 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Profile by | Emmanuel Abara Benson
Tony Elumelu’s Wife,
Dr Awele Vivien Elumelu, is a silent Business Magnate
A
n accomplished, beautiful and sophisticated Nigerian businesswoman! These are the words that easily come to mind when describing Tony Elumelu’s wife, Dr Awele Vivien Elumelu. This woman does everything -- from medicine & surgery to boardroom meetings, philanthropy and of course, the important work of supporting her billionaire husband and caring for their seven children. The most intriguing thing about this woman is how she is able to combine all these roles and fit all these shoes while still looking radiant like a beauty model. She has obviously found the perfect balance between her high-profile executive life and being a dedicated wife and mother.
84 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Awele Operates beneath the Hype There is, understandably, a lot of media interest surrounding the Elumelu family. This is because of their social status. CNN International even referred to them once as “Africa’s power couple”. Now, although some socialites crave and exploit this kind of media frenzy, Dr Awele Vivian Elumelu choses to avoid it. Instead, she operates beneath the hype. As a matter of fact, she is so private to the point she doesn’t even have active social media accounts, unlike her husband. She also hardly grants media Marrying Elumelu interviews, except when she and Pivoting her has something important to talk about. But underneath her low Career to Business profile, Dr Awele is busy making strategic business moves whilst In 1993 when 30-year Awele got married to her husband, effectively running her home. the young Tony was just a midcareer banker with lots of dreams Let’s Talk about to become one of Africa’s most Awele’s Background successful businessmen. The two and Early Career Days were both young professionals from different backgrounds who Born in the 1960s, Awele Vivien fell in love and decided to grow Elumelu grew up in Nigeria where together. They did grow together, she had both her primary and with Awele taking some time off secondary education. She also work to raise their children while studied Medicine and Surgery at Tony explored entrepreneurship. the University of Benin, after which He ended up building some of she worked briefly with the Lagos Nigeria’s biggest businesses, all University Teaching Hospital while his wife supported from the before moving to the United background. Kingdom where she worked with Grantham and District Hospital. Some years down the line, Dr Her areas of specialization Awele Vivien Elumelu re-emerged include: paediatrics, obstetrics, on the corporate scene as a gynaecology, emergency businesswoman. But as you can medicine, and of course medicine expect, her major business moves and surgery. were built around healthcare and medicine. She is currently the 85 | Business Elites Africa / ISSUE 115
Chief Executive Officer of Avon Medical Services Limited. She also owns major stakes in Avon Healthcare Limited and serves as its Board Chair. In the same vein, Awele is a Non-Executive Board member of Heirs Holdings, her husband’s investment company. Besides her other engagements, Dr Awele works with her husband to empower African entrepreneurs with financial access through their work at the Tony Elumelu Foundation. This is something they are both very passionate about, which is why they have committed to investing as much as $100 million in about 10, 000 entrepreneurs within a ten-year period.
Dr Awele Vivie Elumelu will go down in history as not only the amiable and stylish wife of one of Africa’s richest men, but also as a successful businesswoman and a philanthropist. And yes, she is definitely one of Africa’s most influential business women.
www.businesselitesafrica.com
Profile by | Simeon Onoja
“
I think that people will follow you when they believe in you.
Mpumi Madisa’s Rise from Humble Beginnings to CEO of Multi-Billion Dollar Conglomerate, Bidvest Group Nompumelelo (Mpumi) Thembekile Madisa had it rough growing up, having been raised by a single mother whose earnings as a teacher made it difficult to cater for her and her three siblings. For Mpumi, there was always the looming cloud of worry over finances and whether she’ll ever make it through school.“With no money, thinking about whether you’re going to be able to get into a university or not, wondering if you’re going to be able to finish or not.” she said in a session with CNBC Africa.
M
pumi pushed forward nevertheless, attaining her primary and secondary school education at Sancta Maria Junior High and Mondeor High School respectively. This was in the middle of the apartheid violence, and she literally had to be sneaked from her area of residence Sebokeng to the south of Johannesburg, into school on a daily basis. 86 | Business Elites Africa / ISSUE 115
Speaking fondly about growing up under her mum’s care and how it had prepared her for the corporate world, Mpumi said, “Near the end of the year my mom would bring home a register that she would unfold on the table. It had all the pupils’ marks for various tests and assignments for the year. Years later when I saw a spreadshewet for the first time I thought, ‘wait, I’ve seen this before.’”
www.businesselitesafrica.com
Mpumi went on to graduate with a bachelor’s degree in Economics and Mathematics from Wits University Johannesburg, a B.Com honours degree in Economics and a master’s degree in Finance and Investment.
side of the business, and Brian would teach me corporate relations. Strategic relationships are an important part of such a big brand’s business, and we needed to walk that road together” she said.
She was made a CEO-designate at Bidvest Group on the 8 of March 2019 and in July 2020, became the first woman to be appointed Chief Executive Officer of Bidvest Group. Bidvest is a $5 billion conglomerate with subsidiaries spanning finance, pharmaceuticals, cleaning, and logistics. On her appointment, She left Prestige three years later Mpumi was publicly celebrated to join the public sector as the by South African President Cyril chief director of transformation Ramaphosa, who described her at the Gauteng Department life and success in career as “an of Agriculture and Rural inspiration to all of us.” Development. Mpumi assumed office at the By sheer coincidence, Mpumi height of South Africa’s economic was fueling her car at the filling recession, and this fact was not station and met a member of the lost on her. Whilst speaking with board of Prestige. She said “He CNBC Africa, she reaffirmed asked me, ‘Have you got what her resolve to maintain you wanted to learn out there?’ Bidvest’s “performance-driven” And I mentioned that I was in fact culture and provide visionary looking already and have had a couple of interviews. He said I should come back and chat about where the business was, as they would like me back if I was ready.” After her tertiary education, Mpumi’s journey as a leader in the business and the corporate world began with her first job as a trainee marketing assistant at Hollard Insurance. She eventually left to work as a client relations manager at Prestige, a Bidvest subsidiary specialised in cleaning.
leadership for the international company’s 120,000 employees “authentically, as a young Black woman.”
Speaking on leadership Mpumi said, “I think that people will follow you when they believe in you when you know how to deliver when you intrinsically understand what you are doing and make the right decisions. Because Bidvest has 120,000 people, one of the things that’s top of mind for me is the influence of my leadership, and how I can touch all 120,000 people in the Bidvest family.” Mpumi has a passion for gender equality and equity in Africa and wants to create a levelled playing field for women in corporate Africa. “I have an opportunity to create a workplace for women. It is a man’s world by design and I want to create an environment for everybody, men and women equally. I want to enable women to succeed and rise. I see it as an opportunity to create an enabling environment” she said.
She returned to Prestige to spearhead the company’s public relations and sales, overseeing four divisions. A few months later, she was promoted to work at the Group level and eventually joined the Bidvest board. In 2013, Mpumi was summoned for a meeting with ex-CEO Lindsay Ralphs and Bidvest Group Founder Brian Joffe - who was the CEO at the time.“They told me they thought I could be the next chief executive, and that they wanted me to spend time getting to know the entire group. I nearly fell off my chair! I had been in one division, but there were six others I needed to know well. They said that Lindsay would teach me the operational
87 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Article By | Victor Ejechi
Is the African Tech Ecosystem Truly a Level Playing Field for Men and Women?
A
frica’s digital economy has taken off exponentially, driven mainly by its young and vibrant population which is championing the adoption of urbanized technology in virtually every field of industry and community impact. Following these latest developments, growth experts have projected that global companies looking to access new growth markets must begin to look towards the African continent, as it offers exciting and endless opportunities. According to Statista, Kenya’s internet penetration stood at approximately 85.2% as of December 2020. This high rate of activity is partly due to the presence of M-Pesa, the mobile payment company which is majority-owned by East Africa’s leading telco Safaricom. The secure payment system offered by M-Pesa encourages internet access in the country. The Statista report also shows that as of October 2020, most web traffic in leading digital markets in Africa originated from mobile devices in Nigeria, one of the countries with the largest number of internet users worldwide.
applications from men instead of women. There was predictable pushback and the bank was accused of gender bias. This led to discussions from Twitter Spaces to Clubhouse and even a subliminal message by rival digital bank, VBank.
But Kuda defended its decision. According to the startup, there are more men than women working with them and they needed to close that gender gap as quickly as possible. Justifying their action, they hinted that they have internships for everyMeanwhile, despite Africa’s read- one but this exclusive internship iness to take over the world’s is one of the ways they celebrate digital space, the issues sur- Women’s Month. At least the rounding gender stereotyping bank is open enough to tell the against women in the tech space world the gender gap in their and lack of visible role models company and is ready to close have led to women and girls re- the gap. maining woefully under-represented in the tech ecosystem. A report by the International Telecommunication Union, supThe KudaBank Scenario ported KudaBank stance as it shows that there is a widening Nigerian digital bank, Kudabank, digital gender gap in sub-Saharecently called for women to ap- ran Africa, where only 18 perply for its internship programme. cent of women recorded to have After the deadline, the bank said access to the internet, compared that it had received unsolicited with 25 percent of men. Wom88 | Business Elites Africa / ISSUE 115
en’s participation is equally low in Africa’s digital industry as end-users and as developers. Women form a mere 30 percent of content creators, coders and entrepreneurs. All across Africa, entrepreneurial-minded women are determined to break into, and become a success in the competitive tech landscape. However, the still male-dominant gender atmosphere means these women continue to face disproportionate numbers and scales challenges compared to their male counterparts. No doubt, the participation of women in the tech space varies from country to country, but across the board, the tech sector is typically perceived to be male-dominated. Board leadership and upper management cadres are equally male-dominated. In a report by TechCable titled Nigerian Women in Tech, Esther Ogundijo, first female developer staff member at Decagon, acknowledged the male advantage in the tech space. According to her, being a guy makes you come www.businesselitesafrica.com
off as more technical and makes people believe more in your technical abilities. That in itself is an issue many women are facing in the tech world. In my interview with Mary Okosun, a Front End Developer at Startup Builder - a company that provides technology services - Mary shared her experience in the tech space “I have applied for several jobs and internships where guys get chosen over me. I don’t get to view it as “because I am female and he is male” but “because he is better than I. Then, I try to get better so I can qualify the next. Being open-minded comes to play in situations like this.”
& Marketing, Standard Chartered Bank Group, explained what the bank has been doing to bridge the gender gap in the Africa tech ecosystem. In explaining what the bank has done so far, Ms Arara-Kimani said that, at Standard Chartered bank group, they decided to tackle these inequalities head-on with their Women in Tech (WiT) Programme. She acknowledged that this initiative is running across five markets in Africa and the Middle East, providing women-led start-ups with a platform to support their aspirations and grow their businesses. Since its initial launch in Kenya in 2017, Ms Arara-Kimani explained that they have seen continuous growth of female entrepreneurs coming through the accelerator programme, with the bank providing over $500,000 to various programme partners in markets like Nigeria, Pakistan, Bahrain and the UAE.
Whereas, many men might not be able to relate to Ms. Okosun’s experience, it is very clear that women in the tech space have a different starting position to men. Sharing her experience, Vicky Critchley, the CEO of Bam Boom Cloud, hinted that when women join a meeting, they In a separate chat with Juliet have to prove that they know Ehimuan, Google Country Mantheir subject matter. They have ager in Nigeria, we were into work harder, find more facts, work longer hours just to be heard to be taken seriously. This is closely related to Ms Ogundijo’s experience where it is believed that tech is a man’s thing.
formed that Google also has a dedicated programme for female developers – Women Techmakers – aimed at supporting women in technology. According to her, Women Techmakers was launched in 2014 with a focus on empowering women in their careers by providing access to curated resources and events, as well as information and tools from Google and the global tech ecosystem. She said Nigerian women can tap into Google’s gender friendly programme by simply registering at www.womentechmakers.com. The above initiative reiterates that we have an underlining problem with a system that discriminates against the female gender and is set to build and promote efforts to reduce or totally eliminate this imbalance. To achieve success in this area, everyone must work to embrace women in the ecosystem by giving them the same opportunities given to their male counterparts.
Research from Boston Consulting Group (BCG) found that if female entrepreneurs received as much support as male entrepreneurs, the global economy could experience up to a $5 trillion boost. What this means is that mobilising support for female entrepreneurs (even in the tech space) is a necessary factor in improving livelihoods and transforming the global economy. However, the sobering reality is that not enough is being done to enable female start-ups to thrive.
Initiatives created to support Women
Olga Arara-Kimani, the Regional Head, Corporate Affairs/ Brand
89 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Profile by | Dimeji Akinloye
Juliana Rotich,
a Serial Tech Innovator Par Excellence
O
n a continent where a large portion is driven by selfish desires, Juliana Rotich, 44, is an embodiment of a nationalist and a Pan-Africanist. She is known to tactically and intentionally seeking ways to solve Africa’s teaming problems, even upto opportunities that portend no monetary rewards. Growing up in Kenya, Juliana was known as a lonesome young geek with oversized glasses. Today, she’s recognized as a successful tech entrepreneur, innovator, and venture capitalist. As a venture partner in Africa Technology Ventures (ATV), she was instrumental in raising a $50 million fund to support the growth of tech start-ups across East and West Africa. Juliana was lucky to be educated. That’s because not many people in her community had the privilege of a formal education. But her parents fought tooth and nail to ensure their little girl was lettered. As a child drawn to technology, she buried herself into anything computer-related and it was noticeable. This earned her the chair of her high school’s computer club. Even luckier, Juliana went on to study computer science at the University of Missouri in the United States,
90 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
where she earned a bachelor’s degree. She first worked at US telecoms operator, Sprint Nextel Corporation in 1999, where she undertook hardcore techie projects for about six years. Then she moved to Chicago and became a coder and project manager at another firm.
burning desire to provide a techbased solution. She wanted to provide Kenyans with a platform through which they could tell their stories and report violence in their area – an eyewitness tool – which would, in turn, allow the media to effectively report issues, mount pressure on the government and draw At this time, Juliana was not the attention of the international earning enough pay. So to community. augment her income, she took on a side gig and worked as a This led to the birth of Ushahidi, network operations engineer co-founded by Juliana. The for a small data centre, where business is a non-profit company she had unrestricted access to that launched their open-source the internet and fell in love with software application that utilizes the technology, an incident that user-generated reports to would shape her life many years collate, map and distribute data. later. The word “Ushahidi” itself is a in Swahili word, which actually In 2005, her career took off when means ‘testimony’. she landed a job at Intercall Inc. as an Expert Accounts Specialist Ushahidi utilized the concept and later moved to the National of crowdsourcing serving as an Seminars Group (RUCECI), initial model for what has been working as an Email and branded “activist mapping” by Database Specialist. Between industry watchers and experts 2007 to 2008, she worked at - a combination of social Hewitt Associates as a Data activism, citizen journalism, Analyst. and geographic information. The platform is now being used It was this time (2007/2008) for crisis response worldwide – that violent protests and political in over 160 countries, including upheaval erupted back home Afghanistan, New Zealand and in Kenya, and Juliana had a Haiti. 91 | Business Elites Africa / ISSUE 115
In 2013, it was time for Juliana to solve another problem confronting her community. It was a lack of internet access due to electric power instabilities. In response to this, she cofounded BRCK, Inc., a hardware company that provides internet connections in lowinfrastructure environments. It produces a rugged and solar/ battery-powered mobile WiFi device that can last for up to eight hours without electricity. The company is now touted as the largest public WiFi provider in sub-Saharan Africa. Juliana served as Executive Director of BRCK from 2016 to 2017. She is a World Economic Forum Young Global Leader, an alum of MIT Media Lab Director’s Fellow, TED Senior Fellow. Juliana also serves on the boards of Standard Media Group, Safaricom Money Transfer Service Ltd, Mookh Africa, Blue Consulting, and Kenya’s Vision 2030. She currently sits on the advisory council for Lemelson Foundation among others.
www.businesselitesafrica.com
Article By | Bimbola Bankole
The Rise of Female-led Startups in Africa The race to bridge the gender inequality in the corporate space is a marathon, and many women who are already on the track are far gone. The push for more women in the boardrooms and leadership positions has become significant, and lately, it’s became even more intense after a sobering prediction contained in the Global Gender Gap Report 2020.
G
oing by this report, based on the current rate of progress in the growth of female entrepreneurs, it will take 100 years to achieve gender equality. This means, none of us will see gender parity in our lifetimes, unless there eventually is a more radical approach to the agitations. Interestingly, more women have attained historic positions in corporate and government organizations since that report. From Kamala Harris emerging as the first female and first black vice president in US history to Ngozi Okonjo-Iweala becoming the first Woman and first African to head the World Trade Organization (WTO).
92 | Business Elites Africa / ISSUE 115
One of the major challenges that women in business have had to deal with remains funding, as investors are more eager to back men-led ventures or a business with at least a man co-founder.
In 2019, only 2% of all global venture capital (VC) investments was allocated to female-founded or co-founded businesses, and just 12% of global VC went towards supporting companies where at least one woman was in a senior management role. It is interesting to know that the figures for Africa are marginally better, but still depressing. Less than 6% of all VC funding went to businesses with female founders in 2019. According to Briter
Bridges report, the figure even declined in Q1 2020 – women startups raised only about 3.2% of the total funds raised by African startups in that quarter.
As at last year, there were over 640 active technology hubs across the continent and the startups raised almost US$500 million in funding in 2019 – year-on-year growth of almost 50 per cent, according to Disrupt Africa. Topping the list were fintech startups, who raised $107.4 million in 2019 – enjoying 25 per cent of all funding. Of all the startups, only 22 per cent are founded by at least one woman. Although Africa-specific www.businesselitesafrica.com
data is lacking, a report suggested that only nine per cent of the startups have women-leaders, and female-led South African startups received only 4.5 per cent of the total funding in 2019.
Nonetheless, a research by Venture Capital for Africa (VC4A), an online community for startups, showed that the number of women founders and co-founders in Africa is on the rise, putting it at 18%. Although low, it’s still better than supposedly more advanced startup hubs like Silicon Valley. In light of the aforementioned barriers and snail-speed growth of women-led startups, some venture capital firms have made it a mission to close the wide inequality gap in Africa. Programs geared toward supporting female entrepreneurs have emerged on all fronts, with funding now becoming a focus of such events.
Women Investment Club Senegal: Women’s Investment Club targets businesses directed by women in Senegal, with “We know we can generate solid the goal of participating in long-term returns by investing the economic empowerment in female entrepreneurs. So of women entrepreneurs by we’ll write female founders’ providing the capital they need first checks and be their earliest to grow their businesses. believers. We’re not afraid to invest ridiculously early in VENTURE CAPITALISTS great women,” the VC said in a statement. Enygma Ventures: Enygma Ventures is a unique purposeFrom angel investor groups to driven investment fund led by venture capitalists, here’s a list of award-winning entrepreneurs a few options for African women with 40 years of combined to try, when looking to grow their experience, growing and scaling tech startup. businesses. Based in South Africa, it invests between $500,000 and ANGEL INVESTORS $1 million. team through the ideation stage to a significant pre-seed round within 12 months.
Dazzle Angels: Early-stage female angel investors in techenabled businesses, co-founded by women, with a particular interest in the verticals of edtech, healthtech; fintech, SoftwareFirstCheck Africa, a female- as-a-Service (SaaS); agritech, focused angel fund that launched tourism and Internet of Things in January 2021, is hoping to (IoT). Dazzle Angels is based address this challenge. According in South Africa and its typical to the firm, “fixing capital access investment size is between $25 for female tech entrepreneurs 000 and $50 000. in Africa needs an intentional, female-led approach.” Rising Tide Africa: An early stage investor in digital and tech FirstCheck Africa was founded startups whose prime focus is the by Eloho Omame and Odunayo enrichment of the female economy Eweniyi. Omame is the MD of in Africa. Rising Tide functions as Endeavor Nigeria, a program part of a Global movement of The for high-impact entrepreneurs, Rising Tide Programme for Africa. and Eweniyi is the co-founder It constitutes a group of women and COO of Piggyvest, a Nigerian angel investors harnessing their fintech startup. power, network, passion and capital to positively impact and Their experience working with actively create a New Africa. founders and managing Amari Based in Nigeria, it invests Ventures (a VC firm) will prove between $50,000 and $500,000. vital to what FirstCheck Africa hopes to achieve, making it easy Afri Trust Group: Early stage for African women to raise capital gender-lens investing group and invest in tech. committed to investing in Africa’s women entrepreneurs, FirstCheck will provide between encompassing enterprise $15,000 to $25,000 to six female development, and access to entrepreneurs this year in markets and trade facilitation. exchange for modest equity. The The organisation is based in firm plans to see each female-led South Africa. 93 | Business Elites Africa / ISSUE 115
Khula Lula: Based in South Africa, Khula Lula is a venture capital innovator, creating access to micro-financing and scale for African women tech startups. The company provides investment of between $10,000 and $25,000.
Graça Machel Trust Investment Fund: An investment fund, a panAfrican investment vehicle to accelerate women’s economic empowerment. The fund is headquartered in Kenya and provides investment of between $50 000 and $1-million.
Alitheia IDF: Alitheia IDF is a pioneering private equity fund that identifies, invests in, and grows SMEs led by genderdiverse teams to achieve solid financial returns and tangible social impact for communities in Africa. The organisation provides investment of between $100,000 and $500,000 and has offices in Nigeria and South Africa.
www.businesselitesafrica.com
Intervew
By | Emmanuel Abara Benson Bellafricana out of the need to ensure that creative businesses do not feel like they are doing business alone without the resources and support they need.
It has been an amazing journey so far and to be honest, if I was asked if I wanted to do this all over again...I would say “YES! Without mincing words”. Bellafricana is a tech-enabled community that provides a platform for creative entrepreneurs in the fashion, arts & craft, health & beauty, home & living, food produce & snacks industry, to gain visibility, increase sales, have the right business support and structure that gives them the capacity to grow their business.
I lead an amazing team that is obsessed with enabling and growing an ecosystem for creative entrepreneurs to thrive in Nigeria and Africa as a whole, whilst doing all it takes to bring their quality products to the forefront of the market.
Business Coach,
Bukky Asehinde
Discusses Avoidable Mistakes Entrepreneurs must Take Note of
F
or nearly a decade, Bukky Asehinde lived in London where she studied at the University of Westminster and later worked as a Manager at McDonald’s Corporation. Throughout those years, she missed home and longed to return to Nigeria. She finally did move back in 2012, with the vision to establish a platform that would help creative entrepreneurs market their made-in-Nigeria products across the world. That vision has, overtime, metamorphosed to Bellafricana. 94 | Business Elites Africa / ISSUE 115
I believe very much that a support group/community for these businesses will enhance the nonoil export in the African economy. Bellafricana is that “support system” every creative business owner needs to be globally accessible.
We have over 20k creative entrepreneurs in our network with most members recording In this exclusive interview with successes based on the support Business Elites Africa, she tells us and resources they have access what the journey has been like so to through us. far and her experience working with thousands of entrepreneurs. Our tech-enabled platform She also discusses the company’s includes a membership feature expansion efforts and more with continuous growing business issues. Enjoy the conversation. resources, an online directory to give members more visibility, a BEA: Tell us about marketplace to facilitate global Bellafricana and the work transactions and export of you do to empower African members’ products. creatives and manufacturers. With an awesome mission to Bukky: Fantastic question. empower over 100,000 creative Bellafricana is actually a home to entrepreneurs by 2030 to start, creative entrepreneurs. We built grow and scale profitable and www.businesselitesafrica.com
sustainable global creative businesses, we are passionate about continuously driving innovative solutions to help our members succeed.
production, among others. The best part is that our membership platform provides resources aimed at meeting the needs of our members and participants, regardless of the industry and BEA: Through my little research, stage their business is in. I understand that Bellafricana facilitates exports of African BEA: Would it be right to classify products. Tell us more about Bellafricana as a nonprofit? If how you do that. not, talk to us about how the company generates income. Bukky: We have actually set up different mechanisms that would Bukky: No, Bellafricana is not a drive export because of our non-profit. We generate income global drive. The first one is our through our paid membership marketplace (The Bellafricana s u b s c r i p t i o n p ro g ra m , Marketplace) which facilitates marketplace income-sharing sales of our members’ products agreements and other sources. on a global scale. BEA: As someone that works We have created this platform with thousands of African to match global buyers with entrepreneurs, what would great creative products made by you say are some avoidable some uniquely-screened creative mistakes anyone going into business owners. Through our entrepreneurship should be valuable partnership with the aware of? Nigerian Export Promotion Council, we facilitate trade Bukky: Let me highlight my missions, export training, strategic answer to this question as follows; exhibitions and partnerships with trade organizations. • NOT STARTING WITH WHAT YOU HAVE, WHO Our membership platform YOU KNOW AND WHERE includes resources geared at YOU ARE: One of the equipping our members with the hardest things in business necessary knowledge and tools is to actually start. When to penetrate and begin exporting. considering a lot of things, the fear of the unknown can BEA: What specific resources set in. But you must never let do you make available for that deter you from starting, African entrepreneurs? especially when you believe in the feasibility of your Bukky: Aha! I love this question. business plan. Bellafricana provides her members with broad and specific • NOT BUILDING YOUR business resources. Remember, KNOWLEDGE: Learning the online membership platform must always be a constant I mentioned earlier, we actually thing; every successful have hosted a lot of business entrepreneur never stops tools and resources such as: building knowledge. masterclasses, guides, templates, Continually striving to case studies, worksheets, gain more experience and directories, among others. build more knowledge will make you successful. Learn These resources cut across everything about your line different sectors like fashion, of business and the laws arts and craft, health and beauty, obtainable in the country home and living and food produce where your business is and snacks. They also speak to located; including tax laws, specific business needs like sales, environmental laws, etc. marketing, customer service; 95 | Business Elites Africa / ISSUE 115
• NOT FOCUSING: Don’t do too many things at the same time. So many budding entrepreneurs try to do so many things at the same time and this cripples them. It’s important to focus. • NOT BEING CONSISTENT: Don’t be in a rush to “make it”. As the saying goes, the journey of a thousand miles starts with one step. Being consistent gives room for growth and helps you to the achieve the end goal which is success. • NOT SURROUNDING YOURSELF WITH WISE & POSITIVE PEOPLE: This is so vital especially when you know your personality type. I am an extrovert and a positive person, so having negative people around me was a no no. This I know has certainly helped my journey. Another key one is surrounding yourself with wise people, as the bible says also “He that walketh with wise men shall be wise: but a companion of fools shall be destroyed”.
• NOT GETTING MENTORS: It’s important to have mentors who key into the vision of what you do and are thought leaders in their various sectors, not necessarily celebrities. How? You might ask. By keeping a relationship with them and striking a mutually beneficial balance with what they do. They will give you more than their time when you show you care. Really, this is what Bellafricana has been able to help many African Business Entrepreneurs with; a community to help you in your journey.
www.businesselitesafrica.com
BEA: You moved back to Nigeria after many years abroad. That’s something a lot of people would never do. Tell us about the passion that influenced that decision and what the experience has been like so far. Bukky: When I left Nigeria for 8 years of my life, I always yearned for a piece of home; from fashion items to art works and beauty products. Sadly, I could not find a proper platform to buy any of these items.
I wondered for a long time, “Why should we wait on financial backing from the government and big institutions to help this industry, when we can create a platform to connect these indigenous businesses who are maximising raw materials in Nigeria (Africa), providing employment for local talents and creating wealth for the nation?”.
This quest started in 2014 where I tested running an eCommerce platform for about a year but later realised there were other underlying problems to tackle to On moving back in 2012, the make it a success. idea of creating a platform that bridges the gap between creative The decision to build a community producers in these key industries for creative entrepreneurs to get earlier listed and their global more visibility, more sales and provide business support which consumers became my goal. will help improve their business I noticed a rise in the number was born in 2016. of creative indigenous (made in Nigeria, Africa) brands that have The birthing process of the great quality, yet are struggling Bellafricana community idea led to grow their business with me to think of the importance little or no financing from both of a strong support system for the government and bigger creative businesses. Hence, the community is called “creative institutions. family” and now referred to as
“Home to creative entrepreneurs”. It was so intentional.
With the long term focus of building the largest e-commerce platform for African creative products. The experience so far has been more sweet than bitter, as we directly and indirectly impact thousands of creative entrepreneurs not just in Nigeria but other parts of Africa. The huge imagination and vision I have for Bellafricana keeps me going. BEA: What would you say is the most exciting thing about being an entrepreneur?
Bukky: This question is very close to my heart. Besides doing what I love and having a sense of fulfilment, contributing to the growth of the economy I was born in, making an impact that will outlive me, and touching lives, give me the most satisfaction as an entrepreneur. BEA: Any plans to expand beyond Nigeria?
Bukky: The vision is to be the leading platform that delivers these niche products around the world. Through Bellafricana, consumers around the world will be able to trade easily with trusted creative indigenous businesses in Africa. So, a “made in Kenya”, “made in Ethiopia”; “made in Ghana”, and so on, will all be on the platform.
A membership portal where business owners are able to have access to resources, collaboration opportunities, tools, training, opportunities to enable their sustainable growth. Just like Chinatown, if you go to a number of places in the world, there’s a “China town”. So, I would love to have a ‘BELLAFRICANA village’ or a ‘BELLAFRICANA town’ where you can find anything ethnic.
96 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
97 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
SOCIAL MEDIA CHAMPS SPLENDOUR IGHORODJE Business Name: Splendour’s Art Republic Splendour’s Art Republic is a global art company providing aesthetic solutions in Event design, Interior decor and environmental management. Our services include floral art installation for offices, home, events, Mural painting/sculpture, functional art stage /Set design, photoshoot props, event design ( Birthday, wedding, fashion show )We have worked with top architectural firms and companies like Eko hotels, HOA interiors, SaraO events just to mention a few. You can contact us via calls on 07060483111 You can reach us on Instagram @splendoursartshop Magazine Review: The Business Elites Africa Magazine is a Rich resource and documentation of key change-makers across Africa and the world at large. It’s a privilege to be associated with this brand.
AWA NDUKWE
ORIFUNKE LAWAL Business Name: Orifunke Lawal Academy The Orifunke Lawal Academy is an unconventional educational institution which aims to help individuals invest in their personal development and develop relevant, specific and practical skills through tailored accountability, growth, direction and support. We use tech tools to help businesses, personal brands and career professionals grow and achieve their personal development goals. So far, we have launched three courses with more than 1,000 people enrolling in the academy; - Canva Growth Program - Content Creation and Marketing Course - Young Professionals’ Advancement Program Connect with us on Instagram @orifunkelawalacademy Magazine Review: Business Elites Africa is solving a need in the African economy. They are doing a commendable job telling the stories of brands and businesses in Africa. I really think that is impressive. I went through the magazine and was pleased. First, the design was world class. Then the content was superb. I enjoyed reading the stories of some of the brands I even admire. If anyone is running a business, they should be conversant with magazines like this. It will help you know what you are up against and how to also face challenges that may be posed against your brand.
Brand Strategist | Coach
Awa k. Ndukwe is an Award-winning Brand strategist and coach with over eight years of experience working alongside various brands and top executive teams across various sectors. Awa specializes in building | giving brands a voice. He is also responsible for training and educating professionals on understanding and predicting audiences behavioural patterns, selfdiscovery, deep brand - client connectivity, making humanity and a positive perception of yourself the foundation of “engaging skills” leading to an increase in conversion rate, loyalty, trust, value, and equity among ideal clients. Connect with him on LinkedIn @Awa k. Ndukwe Magazine Review: Business Elites Africa stands out as the most legitimate and widely read magazine in Africa. Having them recognize my brand is a step on the right platform for me. I would rate them the best in their category. Keep up the good work.
BENJAMI DADA OLUWATOSIN Brand Name: Benda Consulting Services Ltd. A startup and media consulting brand. Benjamindada.com is a modern site delivering impressive reporting about Tech in Nigeria and sub-Saharan Africa. We focus on telling stories about entrepreneurs, startups and developers. Readership management and User Experience matter so much to us. And that informs the core of what we do from our choice of colour, font size, line height and future feature integrations. It also informs the kind of ads we display on the site if any. Magazine Review I think the work Business Elites Africa is doing is very important. It’s a form of representation that inspires young people and educates older people about business possibilities.
AMANDA OMIACHI Business Name: Achè Concept Achè Concept is a bespoke leather footwear Company located in Lagos, Nigeria. Connect with us on Instagram @ache_nig Magazine Review: Business Elites Africa is a great platform for building and established business owners. 98 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
FAITH NWAOBIA OKWUKWE
YouthUp Global & Studiare Ltd
YouthUp This is a youth-based organization that is aimed atuplifting youths globally. We are collaborating with organisationsand individuals to bring youth empowerment programs. Studiare This is a startup playing around the edtech space. We are building platforms to address the market friction in knowledge sharing within Africa. We are set to revolutionize e-learning, e-book and online learning programs in Africa. Connect with me on LinkedIn @Faith Nwaobia Magazine Review: Business Elites Africa Magazine is an amazing and impactful platform that projects Africans who are making a difference. I love it when it’s Africans that tell the story of Africa. This magazine is highly recommended.
OMOBOLAJI AJIBARE
TheSocialMediaOga
Bolaji Ajibare popularly called TheSocialMediaOga is a SocialMediaCoach and Content Strategist who helps social media managers find their footings and equips them with all the necessary things they need to start out as freelance social media managers. She also helps Small Business owners figure out how to use Social media the right way. She has helped hundreds of businesses and has trained over 200 social media managers who want to start a career in social media management. Connect with her on Instagram on @thesocialmediaoga Magazine Review: I would like to give flowers to everyone on the Business elite team because they are doing a great job. I’m definitely recommending it to everyone in my community to read and learn from people who have made impacts in our generation.
FISAYO ADE Fisayo Ade is a digital content creator and blogger, she creates content around lifestyle, faith and beauty in hopes that she encourages her followers to live a purposeful life. She also runs a mastermind program for young people, the mastermind is focused on career, faith and business growth. Connect with her on Twitter @fisayoade_ Magazine Review: The Business Elites Africa Magazine is full of inspiring stories and very rich in useful information. 99 | Business Elites Africa / ISSUE 115
CHINEDU JNR IHEKWOABA
Founder The Poetpreneur Enterprise Chinedu is a seasoned writer. He has an amazing way of weaving words together. His great storytelling skills have fueled the growth of many global brands. He knows his onions and I highly recommend his services. He creates compelling Viral content that generates meaningful traction, engagement, and ROI for individuals, helping them become influencers in their niche across all social media platforms. His personal work has been featured on: Thrive Global, Today Show, Buzz Feed, Steamit. Connect with him on LinkedIn @Chinedu Junior Ihekwoaba Magazine Review: In a continent like Africa, where it is important to tell our stories, Business Elites Africa Magazine does it better. They paint the perfect pictures of Africa and the world at large. I have read most of their publications and I can’t fault any of their monthly issues. I will recommend their magazines to the foreigners and Africans in diaspora as well.
ADAEZE ‘DEXY’ ONU
Dexy Creation
Dexycreation is a sustainable fashion brand for women founded on building women’s self identity while paying attention to African heritage stories, details and premium delivery . Our goal is to make a strong positive impact in the women’s community through fashion, imparting relevant skills and other engagements related to women. We serve two segments of women: upwardly mobile women who buy our ready to wear and visionary women who want to learn a skill. 30% of the purchases from the upwardly mobile women services our women empowerment programme since 2017. And we have been able to add our quota to reduced unemployment, economic growth and reduced inequality with the number of women who get empowered through our Academy . www.dexycreation.com Connect with us on Instagram @dexycreation (for our Academy) and @dexy_creation (for our ready to wear) Magazine Review: Businesselitesafrica is your one stop magazine for breaking news. Ever since I knew about this online magazine , I have been enjoying the links and updates for Entrepreneurship shared on their platform and I have been taking advantage of most of them. There is also a whole lot to learn . They dish out lessons for Entrepreneurs too. Go ahead and make them your friend for updates and breaking news.
www.businesselitesafrica.com
Profile By | Victor Ejechi
Meet
Marufatu Abiola Bawuah, the Daughter of a Vulcanizer who Became the Regional CEO of UBA
F
rom being the young schoolgirl whose parents could not pay her school fees and who was rather supported by a good Samaritan to the Group CEO for UBA West Africa. We can all agree that Mrs. Marufatu Abiola Bawuah’s story is indeed a typical example of a grass to grace story. As current Regional Chief Executive Officer of the UBA, Mrs. Bawuah has made history as the first woman ever to have held such a position, surmounting all societal and systemic roadblocks to emerge as one of the most influential women in the continent of Africa, born out of hard work, dedication and goodwill.
She understands what it means to be born poor or not being able to feed or pay school fees. No wonder when the time was ripe, she launched her foundation the Abiola Bawuah Foundation (ABF), a non-profit organization that impacts the lives of deprived young girls. This foundation has among other things, targeted underprivileged girls with access to quality education - girls and women who hitherto had no hope of getting an education or making
100 | Business Elites Africa / ISSUE 115
any meaningful progress in life. How the UBA Journey She has inspired many young Started women, rising through the ranks and breaking gender barriers. In 2013, she left Zenith Bank where she was the Executive Education / Qualification Director, having previously held the positions of a General Mrs Bawuah was born on the Manager, Marketing and Group 25th of September, 1968. She Head Retail Banking. She joined grew up in Aflao, Ghana and had UBA Ghana as Deputy Managing her secondary education at the Director the same year. Before Achimota School in Ghana, She that, she worked with Standard returned to Nigeria for college, Chartered Bank as a Business where she acquired a Bachelor Relationship Officer, CAL Bank of Science degree in Actuarial as Relationship Manager, Science at the University of Lagos. Strategic African Securities as an She later earned a Bachelor of Authorized Dealing Broker, and Law degree from the University with the then Bentsi-Enchi and of London. Mrs Bawuah holds a Letsa (now Bentsi-Enchil, Letsa Diploma in Marketing from the and Ankomah) law firm as an Ghana Institute of Management Investment Officer. and Public Administration and an Executive of Master of As of 2014, she became the Business Administration in Managing Director/Chief Finance from the University of Executive Officer of United Bank Ghana. She has been defined as for Africa, making her the first an exceptional leader and an woman to ever hold that position. eminent pacesetter by many of As the Regional Chief Executive her colleagues in the industry. In Officer in charge of six major West the area of Leadership, Marufatu African countries, comprising holds several certifications Ghana, Benin, Burkina Faso, Côte from Harvard Business School, d’Ivoire, Liberia and Sierra Leone. Columbia, University of New York, INSEAD and Institut Villa In a report by The Africa Report, Pierrefeu in Switzerland. Mrs Bawuah’s goal was certainly to take her experience in Ghana and apply it to UBA’s activities in www.businesselitesafrica.com
the rest of West Africa. Marufatu Abiola Bawuah helped UBA Ghana generate a 30% increase in profit before tax at the end of her first year in office despite the depreciation of the cedi. The bank recorded a 134% growth in profit year-on-year in 2016.
Earlier in July 2018, The Africa Report named her one of Africa’s 50 Influential Women in Business, in a list that also included other highly accomplished women, including Ibukun Awosika (Nigeria) former chairman of First Bank Nigeria, Mary Vilakazi of South Africa, Binta Touré Ndoye (Mali) Managing director, Oragroup etc.
Chosen from The Darkness
When Marufatu Abiola Bawuah turned 50 on September 25, 2018, she witnessed a grand launch of her memoir in a birthday bash at the Accra International Conference Centre on September 29 that year. The event was well attended by all the who-is-whos in Africa’s business and political space.
The memoir which was titled ‘Chosen from The Darkness,’ starts with the account of an incident in her earlier work life, resonant with the #metoo movement – a case of sexual harassment and potential sexual assault. It then keeps that narrative on pause and the reader in suspense as it moves on to lay the foundation for why she, from a community that looked down on girl-child education, was even allowed to enter a classroom, go through years of successful educational pursuits and eventually start a corporate life. According to a review done by YEN.com.gh, a Ghanaian digital entertainment and news platform, her prospects at an early age were grim – her father was an uneducated tradesman, a local ‘vulcanizer’ who made meagre living and provided for his family fixing car tubes and tyres.
101 | Business Elites Africa / ISSUE 115
He added another layer to his business – dealing in used tyres – but even that would collapse eventually.
poise and determination. When she reflects on them later in the book, she asserts frankly that the pain, the challenges, and the harsh realities made her sometimes With an increasing household to feel like she was cursed. She also feed and take care of (including provides insights into what values the children of a friend), many helped her persevere. responsibilities got transferred to little Bawuah as the firstborn, Just as the wife of the Ghanaian and it was so impressive how she Vice President, Samira Bawumia combined helping her parents said in the foreword of the book, taking care of her siblings (and the stories about African CEOs – other kids) with her education. much less female CEOs – are very rare. This candid, inspiring Growing up under these and humorous memoir is truly circumstances and most, during a treasure for the African child, her days at Achimota School, highlighting the struggles, the she learned very fast and in difficulties and the challenges significant ways, how to interact that this outstanding woman with her situation and navigate has had to contend with, and the the world around her. Challenges mindset, the attitudes and the came her way from different work ethic that she has used to directions. She had to learn to conquer those mountains. adapt quickly or succumb to despair and defeat. Her climb She has collected an enviable up the corporate ladder has also quantum of awards in the recent been far from smooth. Banking past: ‘CIMG Marketing Woman was not at all on her radar when of the Year for 2016,’ ‘Finance she bravely completed university, Personality of the Year Award,’ whilst also supporting ‘Woman of Excellence a large number of in F i n a n c e ,’ whose education ‘Exemplary was crucial to Leadership in her as well. the Banking S e c t o r In the and many memoirs, more. she shared moments in her past where the sometimes unrelenting pressure from her circumstances would make you want to wonder why she still held on with
www.businesselitesafrica.com
Profile By | Ndifreke George
The Making of
IRENE CHARNLEY, the Founder of Smile Telecoms.
I
rene Charnley is one of the women in Africa who have risen above the status quo to achieve uncommon feats. She is one of those who have refused to take the back seat just because she is a woman. She has conquered numerous societal and social barricades, which have swallowed many women in the continent. She has not allowed herself to be trapped in the box of conventionality. Fiercely and fearlessly, she has risen, putting on courage and determination, and has boldly stood out as a pioneer and a front-runner in our male-dominated world. And today, she is celebrated as an exceptional woman and a trailblazer who had proven that no wall is too high to climb and no mountain is too high to surmount. Irene Charnley is one of the African women who deserve accolades! Born on the 6th of May, 1960, in South Africa, Irene Charnley grew up without a father in the Cape Flat Community. Her widowed mother was relentless in giving her and her two siblings the best education she could afford, to fortify them for the future they desired. In addition, Irene and her siblings also received the best of moral training; her widowed mother had ground the values of greatness, hope, responsibility, and strength of character into them. And she also became
102 | Business Elites Africa / ISSUE 115
their backbone, leading and guiding them by their hands as they grew, skinned in a fierce resolve to make it through life’s struggle. It is clear that not having the father figure was a strong indicator that Irene had to put in more effort than her peers who enjoyed the privilege of fatherhood, but she did not allow herself to be deterred. She had as much faith in herself that she needed to become as successful as she is today, and that was all that mattered. William J. H. Boetcker said, ‘You can succeed if nobody else believes it, but you never succeed if you don’t believe in yourself’. Although there is little information about Irene Charnley and her early life on the internet, being that she prefers to live a private life, but pieces of information exist as the chronicle of her journey into relevance, and how she had walked the path strewn with thorns into stardom. The sixty-one-year-old business guru began her career at the National Union of Miners (NUM) in South Africa, where she worked as a negotiator for thirteen years. Indeed, she must have proven her dedication to work and passion for service to have retained such a sensitive position for over a decade, having to safeguard the livelihood www.businesselitesafrica.com
of thousands of workers as her job demanded. In furthering her career, she joined Johnnic Holdings South Africa later in 1996, where she became an active team player. Her passion for the job was unquestionable, and her contributions could not be underestimated. Irene played her part in bringing the company to the fore of South Africa’s media, entertainment, and telecommunications sector. Undoubtedly, she had delivered her best with the Miners’ Union moving to the telecommunication sector, where she worked with MTN—Africa’s largest telecommunications company.
tentional about inspiring more people to pursue their dreams and not conform to mediocrity. She preaches doggedness and determination as she continues to add more feather of achievements to her cap.
Clement Charnley, with details of her children and family not made public ahs she prefers a life off the social media radar.
She is a member of the King Committee on Corporate, Pensions Advisory Board, and the With certifications in Graphic Institute of Retirement Funds Art, Industrial Relations from Councillor; chairperson of Orthe University of the Witwa- bicom; the executive director of tersrand, and Reproduction Johnnic Communications Limand Technology in the College of ited—a conglomerate of three London and Printing, England, companies offering business Ms Irene Charnley’s impact has consulting, professional, and spread across Africa through investment services company her contributions to continen- based in Johannesburg, gental growth. She won the 2000 erating $9.51 million in sales Businesswoman award and was (D & B Business Dictionary), named one of the most influ- where she owns thirty-five per ential women in Africa. She is cent. She is a well-known social the founder of Smile Telecoms entrepreneur, best described The success of MTN today as Holdings Limited. Currently, by Techher Spotlight (techher. one of the leading telecommuni- She sits as the CEO of the Mau- ng) as ‘CEO, Entrepreneur, yet cation companies in Africa was rituis-based Pan-African tele- a Teck Geek’. She was named built on Irene’s shoulders. Her communication group, which is in the Forbes’ list of Africa’s passion, dedication, and expe- in full operation in South Afri- 50 Most Powerful Women in rience manured the company’s ca, Nigeria, Tanzania, and the 2020 and has a net worth of R1. growth in leaps and bounds, Democratic Republic of Congo. 5billion, making her one of the bringing about the exponential richest women in Africa. growth, which catapulted the With these, there is no doubt company to the realm of suc- that Irene is a hardworking and And the truth be told, this is no cess it has experienced today. focused woman worthy of emu- mean feat! Under her leadership, Nigeria lation, bot to young women and and Iran got connected to the young Africans who are lookMTN network, with her being ing up to making a meaningful instrumental to the success of contribution to their countries the two countries acquiring and the continent. Currently the GSM license. In 2007, she serving as a board member in stepped down as the Executive three companies; Public InDirector of MTN, she stepped vestment Corporation Soc LT, down in 2007. However, she MTN Group Ltd., and Metrostill serves as head of several politan Holding Limited, Irene operations in the company, in a is a testimony of the fact that gender and background are no non-executive capacity. valid reasons for one’s underIrene’s success in the African achievement or failure in life, Business world had made her and should not be seen as such. one of the richest women in the continent, with an estimated With all her achievements and worth of R1.5 billion. She is in- accolades, Irene is married to 103 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
Profile By | Ndifreke George
Martine Helene Coffi-Studder’s Uncommon Rise in Business and Politics
B
orn on January 30, 1961, in Abidjan, the capital city of Cote d’Ivoire, Martine Helene Coffi-Studer is certainly one woman who has broken away from the palisade of gender limitation. An epitome of beauty, personal grit and excellent industry, she has successfully and gracefully rendered the jinx of limitation against women in Africa (and in fact, the world at large) baseless through hard work and exceptional personal drive, rising to the highest echelon of industry leadership and prominence. The awe that follows the sound of her name echoes beyond the shores of Cote d’Ivoire, to as far as the entire African continent and the international space. This 104 | Business Elites Africa / ISSUE 115
woman is known to have bagged for herself accolades and achievements worthy of endless mention and admiration, paving new ways and blazing the trail in the logistics and communication ecosystem. Named one of the 50 Influential Women in Business, according to The Africa Report and 100 Most Influential Women in Africa in 2020 (according to Avance media), Helene Coffi-Studder has stamped her footprints on the sands of time, and will forever be remembered and honoured for setting the pace for millions of African youths out there and being an inspiration to women. Martine is an international personality and business mogul, an economist by training, she is a former Minister of Communication in Cote d’Ivoire.
Often described as ‘discrete, well-connected and effective’, she commands a great and graceful personality, a profound success record, with exceptional leadership and problem-solving instincts which have over the years endeared her to the world, culminating into strong political links with the upper crusts of power, not just in her country, but on a continental scale and beyond. It is believed that she has strong affiliations with the leader of the PDCI Party, Henri Konan Bédié, and an ally to President Alassane Ouattara— the Ivorian politician who has been president since 2010. Martine Coffi-Studer’s strong international connection and affiliations are strengthened by her continuous business and personal interaction with www.businesselitesafrica.com
international organisations, having served as the Chair of the Ivorian subsidiary of Bollore Africa Logistics—a French Transport giant with interest in infrastructural investment, since 2004. Her excellent leadership and management skills geared towards delivering top-notch services to clients in Bollore Africa Logistics are evident in the exponential success which the company has recorded. It is not out of place to say that this woman is the catalyst that has driven the company to its enviable height of success. Through her efforts, the firm is leaping on the scale of progress and is currently building a new logistic hub on the Felix Houphouët Boigny Abidjan International Airport (ABJ) grounds, the largest airport in Cote d’Ivoire for air traffic. In 1988, Martine Helene CoffiStuder founded an advertising firm named Océan Ogilvy. Today, Océan Ogilvy is arguably the largest public relation agency in the continent, one giant network agency offering excellent services in trade marketing, shopper marketing, crisis management; social media marketing, public relations; creative strategy, mobile marketing and corporate branding. The multiple-awardwinning company with hundreds of affiliate agencies spread across the continent, is presently operating in twenty-four subSaharan African countries including South Africa, Kenya, and Cameroon.
105 | Business Elites Africa / ISSUE 115
Now sixty years of age, with a pronounced strength and an undaunted mindpower. Her accomplishments and leadership positions in our African patriarchal world speaks a lot about her personal worth and dexterity, overall. Presently, she sits as an executive on the board of over ten companies. These include:
leadership portals, togging in the banks to compete with men, there is no doubt that African women can live out the true meaning of their creed, despite the menace of gender discrimination. Great women like Martine Coffi-Studer are strong evidence that the African state is making tremendous progress in this regard.
• MD, Compagnie des Gaz de Côte d’Ivoire
Martine has carved out a niche for herself in her field along with other women leading in the frontlines, setting the pace for the younger generations of African women. And this proves that Africa has awakened from the aged-long self-imposed limitation of relegating women to the background. And believably, there is a new generation of African young women following the footsteps of exemplars like Martine Helene Coffi-Studer who jointly and severally hold the torch and fly the flag of uncommon success in Africa.
• Administrator of SMPCI (Cote d’Ivoire) • Manager, Pub Regie (Cote d’Ivoire) • President, Board of Directors, Ocean Central Africa (Cameroon) • Administrator, Parks and Reserves Foundation of Côte d’Ivoire • Director, Petro Ivoire, SA. She is widely acclaimed to be the Ivorian grandee, but prefers the boardroom to the limelight. Martine Helene Coffi-Studer is married to Vincent Bollore - a French billionaire businessman, Chairman and CEO of the Bollore investment group currently employing 33,000 people, where she also sits as one of the directors. Together, Martine and Vincent Bollore have four children.
By exhibiting such a level of bravery, heroism, and being a source of inspiration, Martine is nothing short of a trendsetter!
Martine’s ever-increasing achievements include winning the grand prize for Communication at the fifth edition of the builders of the African economy in Abidjan in 2014. With women like Martine writing their names on the the annals of global industry and www.businesselitesafrica.com
106 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
107 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com
...a community of entrepreneurs and professionals for business exchange worldwide
108 | Business Elites Africa / ISSUE 115
www.businesselitesafrica.com