How can one successfully serve as the Managing Director of a paint manufacturing company in a country like Nigeria? This is an important question which only a man like Peter Bababunmi Folikwe can answer. He is the current MD of Berger Paint Nigeria Plc, a company that is engaged in fierce competition with the likes of Cap Plc, Paints & Coatings Manufacturers Nigeria Plc, and Meyer Plc to mention a few. In light of said competition, the onus lies on the MD to devise means of ensuring steady revenue inflow and profitability.
How does Folikwe manage the affairs of his company? Does he even have the qualifications and professional experience to manage such a big company? For the answers to these questions and more, let’s get to know more about the man.
Folikwe’s educational background
Peter Bababunmi Folikwe graduated with a Bachelor of Applied Science (B.A.Sc.) in 1989 from the University of Nigeria, Nsukka, where he studied Marketing. He also has a Master’s in Business Administration (MBA) from the University of Benin (1998).
Folikwe is an alumnus of Cranfield University, Bedford, as well as an alumnus of Lagos Business School. He is also a Member of the Nigeria Institute of Marketing, and a Fellow of the Institute of Direct Marketing.
His professional experience
Peter Bababunmi Folikwe is an experienced professional, particularly in the areas of marketing/sales, distribution, and management where his experience spans over twenty-four years. He has also worked in different companies across a wide range of sectors of the Nigerian economy, including FMCG, telecommunications, and manufacturing.
According to information available on Folikwe’s LinkedIn page, some of the notable companies he has worked for, prior to his current position, include Vitafoam Nigeria Plc, UAC Foods Limited, MTN Nigeria Communications Limited etc. Below is a more detailed account of his career from 1991 to date:
- Vitafoam Nigeria Plc (1991 to 2001): He was a Sales Manager at Vitafoam for almost a decade, where he coordinated “the regional team for the implementation of regional sales strategies and achievement of sales targets.”
- MTN Nigeria Communications Limited (2001 to 2006): Folikwe was a Channel Manager at one of Nigeria’s leading telcos. Here, his job entailed the development and management of the company’s communication retail routes, including MTN Service Centres.
- Vitafoam Nigeria Plc (2006 to 2012): He returned to Vitafoam in July 2006 after leaving MTN. This time working in the capacity of a Sales Marketing Director. Here, he was responsible for formulating and implementing marketing policies/strategies for the company and its subsidiaries. He was reporting directly to the Managing Director.
- UAC Foods Limited (2013 to 2015): Next, Folikwe was the General Manager, Sales and Distribution at UAC Foods Limited. Here, his job entailed supervising the sales and distribution of three product categories, as well as ensuring profitability, amongst other deliverables.
- Berger Paints Nigeria Plc (2015 to present): He became the Managing Director/Chief Executive Officer of Berger Paints Nigeria Plc in April 2015. He has held the position since then. As expected, this is a very important position, which sees him managing about 250 employees across Nigeria, and implementing strategic policies, while reporting directly to the company’s Chairman.
Some of his achievements include “the successful outsourcing 16 of 17 Berger Paints Plc depots to Business Partners (entrepreneurs) and opened up Berger Paints Franchise outlets in seven (7) additional cities in Nigeria.” He claims that the scheme, among other things, helped to free inventory and reduce warehousing costs.
The company’s profit increased by 122% that year, standing at about ₦330 million by the end of 2015 as against ₦148.8 million in 2014. The company’s revenue, however, decreased by 2%, standing at ₦3,022,264,000 in 2015 as against ₦3,082,930,000 in 2014.
Unfortunately, by 2016 the company’s revenue and profit declined by 14% and 32%, standing at ₦2.6 billion and ₦224 million, respectively.
Revenue further declined to ₦834 million in 2017, with profit standing at a faltering ₦70 million.
In conclusion, there is no disputing the fact that Folikwe is a very qualified professional with many years of corporate experience. But perhaps he needs to do more towards ensuring that his company’s profitability does not reduce.
Meet King Maha of Thailand, the richest royal figure in the world
The Thai king, Maha Vajiralongkorn is several times wealthier than his British counterpart.
When it comes to monarchies and royal families, the British Royal Family is easily the most revered of them all. One might begin to think they are the wealthiest. Well… they are not!
They are not even in the top five list of wealthiest royal families.
In today’s article, we will look at a monarch who is several times wealthier than his British counterpart.
Meet King Maha Vajiralongkorn
The 63-year-old king of Thailand who took over his father’s throne is currently the wealthiest royal figure in the world. His late father King Bhumibol Adulyadej passed in 2016 and was the longest-serving monarch in the world.
After the coronation of the new King Maha Vajiralongkorn, a strange communique was published on the royal website. The entire portfolio of the Crown Property Bureau was to be transferred into the hands of the new king.
Before this announcement, The royal portfolio worth over 40 billion dollars was held by the king on behalf of the nation but now it was to be transferred to the new king. Subsequently, King Maha officially became the richest monarch in the world with a personal net worth and assets valued at $43bn according to the South China Morning Post.
King Maha’s major assets
The bulk of King Maha’s net worth comes from three major assets:
- A 23% stake in Siam Commercial Banks, one of the largest commercial banks in Thailand. The bank is valued at $1.7bn according to the Financial Times.
- A 33.6$ stake in Siam Cement Group which is the country’s largest industrial conglomerate.
- 16,000 acres of prime Thai land and over 40,000 rental leases with developers.
A call for change in Thailand
According to Financial Times, recent protests and critics have called for a serious review of the monarchy’s grip on the country and its finances. The protesters led mostly by students are of the opinion that public funds should not be made available for a king.
Thailand runs a system of government known as Constitutional Monarchy where the king is the Head of State.
King Maha’s lifestyle of luxury
King Maha spends most of his time in Germany and has a stunning fleet of 38 aeroplanes and helicopters. His second wife Queen Sineenat is a trained military pilot.
King Maha owns the largest faceted diamond, a 546.67-carat brown diamond.
What you should know about the Thai economy
Thailand is the eighth largest economy in Asia and the 22nd largest export economy in the world.
The GDP of Thailand is calculated as $505 billion, which results in a GDP per capita of $7,274.
King Maha is the richest royal figure in the world and he is closely followed by the Sultan of Brunei Hassanal Bolkiah and the king of Saudi Arabia Salman bin Abdulaziz Al Saud.
Ibiene Okeleke: A diva in HR and Management
Ibiene Okeleke is an Executive Coach passionate about people development, career development and youth empowerment.
With about three decades of a rich and boisterous career across the financial and the energy sector, Ibiene Okeleke has earned bragging rights not just for her skills but her results and accomplishments across human resources and retail banking.
Through the years of working in different firms, Okeleke has shown skills in business development, negotiation, succession planning, talent management, organisational development and job evaluation.
Ibiene got admitted into the University of Lagos in 1989 and obtained her first degree in Industrial Relations & Personnel Management from the University of Lagos in 1993. Okeleke got a quick career start immediately, obtaining the rest of her degrees while working.
She completed an MBA at the IESE Business School, University of Navarra, Spain in 2002, and also got an Advanced Human Resources Executive Degree from the Ross School of Business, University of Michigan.
Okeleke has also completed a Strategic Human Resource Training course at Harvard Business School, and she is a certified Prince 2 Practitioner.
She has a LinkedIn certification in Leadership Foundation: Leadership Styles and Models; Creating a Communications Strategy; and How to Create and Run a Brilliant Remote Workshop. She also has a Coursera certification in the Electric Industry Operations and Markets.
Okeleke started out her career in 1994, at Inlaks Computers as HR Officer and spent 5 years in the position. She joined FSB International Bank Nigeria as a Human Resources Officer and spent nine months in the role before heading the Liability Generation Unit of the bank until Feb 2001.
She went on to lead the Human Resources department at Bond Bank Nigeria for the rest of 2001 and later, at Assurance Bank Nigeria Ltd between 2002 and 2006.
Her foray into the energy and power sector started with a role as the Group Head of Human Resources at the Sahara Group in 2006. After the privatisation of the power sector in 2013, she moved to Ikeja Electric as the Chief Human Resources and Administrative Officer and positioned the company to become one of the most notable and leading distribution companies in Nigeria.
In May 2019, she resumed at Energy Training Center (ETC) as the Managing Director. As the leader of this strategic learning academy, she has positioned the institution to provide a wide range of learning interventions for the entire Energy sector. The Academy is focused on capacity building through bespoke learning experiences with the perfect blend of technologies and techniques to achieve organizational and personal success.
Ibiene Okeleke is also an Executive Coach passionate about people development, career development and youth empowerment, and serves as an adviser on some Not-For-Profit Boards.
Nairametrics | Company Earnings
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- 2021 Q1 Results: FTN Cocoa Processor Plc reports loss after tax of N162.21 million
- Tantalizers Plc reports a loss after tax of N97.75 million in FY 2020 in Q1 2021.
- Courteville Business Solutions Plc proposes final dividend of 3 kobo per share for FY 2020.
- 2020 FY Results: UPDC Real Estate Investment Trust records over 500% growth in Profit after tax.
- Sovereign Trust Insurance records a 43% surge in profit after tax to N392.1 million in Q1 2021.