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Dangote Industries Limited announces new appointments, gets first female executive Director



Aliko Dangote, billionaires

Dangote Industries Limited (DIL) has announced the appointments of new executive directors.

In the new announcement

  • Olakunle Alake the erstwhile Chief Operating Officer (COO) is now the Group Managing Director.
  • Dr. Adenike Fajemirokun, the Group Chief Risk Officer has been elevated to the office of Group Executive Director, President’s Office. She is the first-ever female executive director in Dangote Group.
  • Austine Ometoruwa as Group Executive Director, Corporate Finance and Treasury.

President/Chief Executive, Dangote Group, Aliko Dangote, noted that the new appointments are to strengthen the Group’s executive management team and to consolidate on its strategic business growth trajectory.

“It is exciting seeing a female occupy such a high position. We are gender sensitive and create equal opportunities for both male and female to get to the top.” He said.

Profile of the new Group Managing Director

  • Mr. Alake holds a Bachelor’s degree in Civil Engineering from Obafemi Awolowo University, Ile-Ife in 1983.
  • He started his working career at PricewaterhouseCoopers, a firm of Chartered Accountants in September 1984 and left in 1990 to join Liberty Merchant Bank Limited as the Financial Controller for three years.
  • Between August 1993 and July 1997, Mr. Alake served as the Managing Director/Chief Executive Officer of Liberty Merchant Securities Limited and was part of the team that provided consultancy services for the smooth takeover of the International Trust Bank Plc, by Dangote Group in August 1996.
  • He joined Dangote Group in July 1997 and served as its Financial Controller and Head of Strategic Services till 2001 when he was appointed to the board of Dangote Industries Limited as Executive Director/ Group Strategist.
  • Mr. Alake has been the Chief Operating Officer of Dangote Industries Limited since 2007. He serves on the board of Dangote Sugar Refinery Plc, NASCON Allied Industries PLC, Dangote Cement PLC and Dangote Flour Mills PLC.
  • Mr. Alake’s experience spans 34 years which covers banking, management consultancy, and manufacturing industries. He is a Fellow of the Institute of Chartered Accountants of Nigeria.

Profile of the new Group Executive Director

  • She holds a B.Eng. in Civil, Structural and Fire Engineering and a Ph.D. in Risk-Informed Engineering both from the University of Manchester, UK.
  • Ms. Fajemirokun is a Fellow of the Engineering and Physical Sciences Research Council (EPSRC) and Specialist member (SIRM) of the Global Institute of Risk Management.
  • She is also a visiting professor at the University of Manchester, UK.
  • She started her career with Ove Arup and Partners as a Fire Engineer where she was responsible for carrying out the qualitative and quantitative risk assessment of various assets and developing risk assessment frameworks for quantifying identified risks.
  • Prior to specializing in the Risk Management field, she held positions in finance as a front office quantitative analyst at Goldman Sachs London and New York.
  • She later joined Deutsche Bank AG, UK, and served in senior leadership roles such as Director and Global Head Operational Risk, Head of Transaction Management Group for leverage finance at the Corporate and Investment Bank.
  • She was appointed Chief Risk Officer of Dangote Group in 2013 and leads the Risk Management Functions for the Group and its various Businesses where she oversees the company’s governance model and enterprise risk program
  • Ms. Fajemirokun, a consummate Risk Management & Insurance specialist has over 18 years diverse experience in developing and implementing risk management strategies in Financial, Engineering, Manufacturing and other industries. She is a member of the Lagos State Research and Innovation Council.

Profile of the new Group Executive Director, Corporate Finance and Treasury

  • Mr. Ometoruwa is an accomplished international investment banker.
  • He started his professional career as a credit analyst at Chase Manhattan Bank.
  • He thereafter progressed to Bank of Boston as the General Manager in Nigeria before moving on to Standard Bank of South Africa (Stanbic) as Strategy Consultant.
  • Mr. Ometoruwa was the first Nigerian appointed as Executive Director to the Board of Citibank Nigeria leading its West Africa investment banking and subsequently as CEO and Regional Director of Corporate & Investment Bank, Citibank Middle East North Africa (MENA) operating in Cairo, London & New York.
  • Mr. Ometoruwa setup and launched the Africa Finance Corporation (AFC) as the founding President and CEO.
  • Prior to joining the Dangote Group as the Group Executive Director, Corporate Finance and Treasury, Austine Ometoruwa provided advisory services to the Dangote Group over the past 25 years in his capacity as the Executive Chairman of his firm, Boston Trico Capital LLC.



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Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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Financial Services

How foreign exchange risks and others affect the Nigerian pension industry 

A report has analysed risks militating against the Pension industry in Nigeria.



This is why you should make voluntary contributions to your pension fund

Despite being one of the fastest-growing sectors in the Nigerian financial services industry, the Nigerian pension industry has been affected by various riskssuch as the volatility in the foreign exchange and other factors.

However, these risks have harsh consequences on the retirement income of contributors. For example, in Nigeria, whilst the pension assets in the last decade have grown by 21% annually, the growth in the value of assets when converted to USDhas been about 11% over the same period. 

READ: PenCom recovers N17.51billion from defaulting employers, imposes penalties

This is according to a recent report released on Pension Sector Forum by ARM Pension, with the theme “Pension Assets Risk Management in the Face of Uncertainties 

All other things being equal, the findings revealed that the Defined Contribution Pension scheme assets on a 10- year time frame, grew faster than Defined Benefits (CAGR 8.4% pa vs 4.8% pa). Increased member coverage and higher contributions were probable factors responsible for the growth In addition, most retirees might not have enough funds to maintain a decent standard of living, as retirement risk has been transferred to them. 

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Other risks outlined in the summit includeinterest rate risk, political risk, operation risk, and key macroeconomic risks such as unemployment, GDP, inflation, currency among others. 

READ: Is Zenith Bank thriving on the strength of sound financial indices?

With regards to who bears the retirement risk, 68% of the risk is borne from one’s sources, while 38% is from outside sources. 

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The report also stated that the total pension contributions received in the industry from 2017- 2019, was almost equally split between the private and public sectors at the end of Q3 2019 

Explore Economic and Financial Data on the Nairametrics Research Website

Way Forward 

In mitigating the risks inherent in the Nigerian pension industry, experts at the summit called for increased collaboration among stakeholders, engagement with all regulators, increased advocacy for corporate governance, increased awareness, and sensitization of contributors by stakeholders among others as viable options going forward. 

Key Highlights  

  • As of June 2020, only 11.3% of the Nigerian labour force had opened retirement savings accounts (RSAs), while pension assets stand at less than 10% of GDP. 
  • The total number of funds under management currently stands at N11.1 trillion. 
  • There are currently over 9.04 million subscribers and 32 operators. 

READ: Why May was bad for your Pension funds

To view the report, click to download HERE

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Financial Services

Nigerian fintech companies raised $600 million in five years – McKinsey Report 

McKinsey report has revealed that Nigeria’s fintech companies have raised over $600 million in funding in the last six years.



fintechs, commercial banks, Events in FinTech industry in 2019, Nigeria's fintech industry 2020: The growth frontier of the new decade

In a space of five years, Nigeria’s fintech companies have raised over $600 million in funding, attracting 25% ($122 million) of the $491.6 million raised by African tech startups in 2019 alone – second only to Kenya, which attracted $149 million.  The period under review is 2014- 2019.

This information is contained in a recently published report by McKinsey titled “Harnessing Nigeria’s Fintech Potential.” The report highlighted the combination of youthful demographic, increasing smartphone penetration, and concerted efforts to driving financial inclusion as factors that interplay to produce conducive and thriving enabler or platform for the fintech firms in Nigeria.

READ: BOOM: CBN issues new circular that could force banks to lend to nearly everyone.

The report outlined some of the feedback against fintech companies ranging from poor user experience, underwhelming value-added from using some of the financial products, low returns on savings, and limited access to investment opportunities.

The report also showed that Nigerian fintech companies are primarily focused on payments and consumer lending,  having allotted an aggregate of 39% on payments to consumers, SMEs, and corporate FSP, and an additional 25% to consumer lending. The breakdown is depicted below.

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READ: This is where PSB, CBN got it all wrong

Source: McKinsey report, 2020. 

READ: Banks Vs Fintechs – Who should be Afraid? (Part Two)

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On the driving factors behind the increasing choice of payment and consumer lending as an area of concentration by fintech companies, a part of the report read thus;

“The factors driving growth in each of these segments vary. Payment-focused solutions have surged over the past two years, spurred in part, by the central bank’s financial inclusion drive and favorable regulatory policies, including revised Know Your Customer (KYC) requirements for lower-tier accounts and incentives, to accelerate development of agent networks across the country. Paga, OPay, Cellulant, and Interswitch’s QuickTeller compete with mobile banking applications and bank unstructured supplementary service data (USSD) channels to send and receive transactions and bill payments.

READ: PenCom recovers N17.51billion from defaulting employers, imposes penalties

“Fintech activity in lending is picking up, thanks to the fact that fintechs are able to leverage payment data to determine lending risk more easily, and utilize smartphones as a distribution channel. For example, fintech startups such as Carbon and Renmoney have successfully leveraged alternative credit-scoring algorithms, to provide instant, unsecured, short-term loans to individuals. A few fintechs, such as Migo, have also stepped up to offer unsecured working-capital loans to SMEs with minimal documentation. Banking fintech solutions have been fast followers here, with leading banks launching digital lending platforms like Quick Credit by GTBank and Quickbucks by Access Bank.”

In general, access, convenience, and trust have all played key roles in the increasing use of fintech products. For example, in the last six months, 54% of consumers have reported increased usage of their fintech products

READ: Key ‘side-hustles’ Nigerian Bankers supplement their income with

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Why this matters 

In line with the National Financial Inclusion goals of 2020, and owing to the fact that despite the remarkable progress recorded by traditional banking institutions, the vast majority of consumers are underserved.  Hence, the issue of accessibility especially in remote areas, affordability, and user experience have been a front-burner issue.

The aforementioned issues have created an opening that fintechs have been quick to take advantage of, providing enhanced propositions across the value chain, to address major points in affordable payments, quick loans, and flexible savings and investments among others.

READ: CBN grants licenses to 3 Payment Service Banks


Fintech accounted for only 1.25% of retail banking revenues in 2019, signaling a room for development. Despite recording a growth of fintech investments in Nigeria to the tune of approximately $460 million in 2019, majority of these investments were from external investors. This was only a small fraction (1.27%) of the $36 billion invested in fintech globally.

READNew report details how Nigerian fintech companies are expanding their business scopes

The report opined that full optimization of fintech companies in Nigeria can stimulate economic activity, by creating a multiplier effect, and can drive progress towards development goals. Economic impact will primarily come from expanding revenue pools and attracting foreign direct investment to the country. The sector can unlock a plethora of economic benefits by driving increased fintech productivity, capital, and labour hours through digitization of financial services.


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PenCom recovers N17.51billion from defaulting employers, imposes penalties

N17.51 billion was recovered by PenCom from employers who refused to remit pensions from workers’salaries



Nigeria’s Pension Asset increased by N228 billion in October, PFAs increase investment in infrastructure to N40.52 billion   

The National Pension Commission has recovered N17.51 billion from employers that refused to remit deducted monthly pensions from their workers’ salaries to their Retirement Savings Accounts with the respective Pension Fund Administrators.

This was disclosed by the Commission in its 2020 second quarter report which was released on Friday.

Out of the N17.51 billion, the principal contribution was N8.89 billion, while the penalty imposed on the employers was N8.63 billion.

READ: CBN says 22 banks to restructure over 35,000 loans due to COVID-19

The report read, “Following the issuance of demand notices to some defaulting employers whose outstanding pension contribution liabilities had been established by the recovery agents, 16 of the affected employers remitted the sum of N261.33 million representing principal contribution of N152.79million and penalty of N108.54million during the quarter. This brought the total recoveries made from inception as at June 30, 2020 to N17.51billion.”

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According to the report, one batch of NSITF lump sum payment application totalling N225,442.72 was however received on behalf of five NSITF members during the quarter.

READ: Ngige accuses NSITF management of embezzling N48 billion and awarding fake contracts

It said the application was processed and five members’ contributions were transferred to their bank accounts.

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Consequently, it added, the cumulative sum of N2.94billion had been paid into the bank accounts of 36,551 NSITF contributors as lump sum/one off payment from inception to June 30.

For the quarter ended June 30, the commission said it processed monthly pension payments totalling N62.25million in respect of 3,629 NSITF pensioners.

READ: Private Sector drives industry growth, as PenCom remits N7.4bn into RSA

As of June 30, it said the total pension payment to NSITF pensioners amounted to N4.73billion.

The commission added that it reviewed the request for the payment of attributable income to eligible NSITF members and granted a “no objection” for payment of N2.92billion to 165,954 eligible NSITF members whose NSITF contributions were refunded to their RSAs or bank accounts as of December 2018.

READ: Leaked memo: CBN instructs banks to block bank account of 38 companies for “forex abuse”

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