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Meet the billionaires of Nigeria’s Tech Space

Nigeria’s information and communication technology (ICT) sector is plagued by various problems despite the challenges, it has produced a number of billionaires.



Austin Okere

Nigeria’s information and communication technology (ICT) sector is probably not as big as what is obtainable in Silicon Valley.

We do not have the likes of Google, Facebook or Apple with their grandeur and imaginative products. However, we do have our own tech giants, companies that have pioneered Nigeria’s tech age for over a decade and are perhaps as old as some of the famous names in Silicon Valley today.

These companies have largely dominated the tech support space riding on Nigeria’s local content policy to service other industries looking for foothold into the jet age.

Their venture led by some of the early pioneers in Nigeria’s tech space have produced local billionaires who have in their own rights made massive amount of money selling tech on a b2b basis.

We focus on some of the early pioneers of tech in Nigeria who have tech companies listed on the Nigerian Stock Exchange that have valuations running into billions of Naira.

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Here is a rundown of their profiles and what they are worth using the number of shares they own. All data is obtained from the most recent annual report of these companies.

*Cutoff date for measuring valuation is April 6, 2018.

Austin Okere

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Austin Okere is the founder and Vice Chairman of  Computer Warehouse Group (CWG). He holds a Bachelor’s degree in Computer Science and Information Science from the University of Lagos and an MBA withIESE Business School Barcelona, Spain.

Austin is a member of the World Economic Forum’s Global Agenda Council and a Fellow of the Nigeria Computer Society and the Institute of Directors of Nigeria.

Okere, in February this year, founded the Ausso Leadership Academy.

He has 590,129,287 shares in CWG Plc. As at our cut off date, CWG was trading at N2.54 per share. This gives him a net worth of N1.49 billion.

Abiodun Bamidele Fawunmi  

Abiodun Fawunmi holds a Master’s of Science (Computation) Degree from the Victoria University of Manchester and a BSc in Electronics and Electrical Engineering from the University of Ife.

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He served as a Chief Information Officer (CIO) at the Information Technology Services Section of the United Nations Criminal Tribunal for Rwanda and as the Chairman of GENCOM between 2004 and 2011. He was the Head of Infrastructure Services Section (MTIT Division) at the International Atomic Energy Agency in Vienna.

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He has also played significant roles in multinational organizations such as PriceWaterhouseCoopers and Coca-Cola.  

Fawunmi stepped down as chairman but still remains on the board of CWG Plc. He holds 456,077,754 units of shares at CWG Plc

As at our cutoff date, the stock traded at N2.54. This gives him a net worth of N1.1 billion.

Phillip Obioha  

Mr. Obioha was trained as an electrical engineer, with specialization in digital electronics at West Virginia University, Morgantown, West Virginia in USA. He also holds an MBA from the International Graduate School of Management (IESE), Navarra, Spain.

He has more than 20 years of cognitive experience in the Information Technology industry.

He is a fellow of the Institute of Directors. He is also a member of the Institute of Electrical and Electronic Engineers (IEEE) USA, Nigerian Economic Summit Group (NESG) and the Nigerian Computer Society (NCS).

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Obioha is the current chairman of CWG Plc and once served as its Chief Operating Officer (COO).

He holds 456,077,754 units of shares at CWG Plc. He also has a net worth of N1.1 billion.


Notable mentions

These are individuals who have either stepped down as board members or are deceased.

Estate of Florence Seriki

Florence Seriki was, until her death on March 6, 2017,  the founder/Chief Executive Officer (CEO) of Omatek Ventures Plc.

She was a fellow of the Nigerian Society of Chemical Engineers, Nigerian Computers Society (NCS) and the Institute of Directors.

She attended the University of Ife ( now Obafemi Awolowo University) where she obtained a  Bachelor’s of Science degree in Chemical Engineering.

The company’s most recent financial statements are for the 2013 financial year. As at then, Seriki held 1,718,032,920 shares in the company amounting to 52.75% of its issued share capital.

Omatek last traded at N0.50 before its shares were placed on suspension. Her holdings would thus be valued at N859 million, which ultimately will be controlled by her estate or beneficiaries.

Felix Ohiwerei

Felix Omokhoje Aizobeejo Ohiwerei has degrees from Nigerian College of Arts, Science and Technology, Ibadan and University College, Ibadan (now University of Ibadan).

He had a long and distinguished career with Nigerian Breweries Plc, spanning over three decades and culminating in his appointment as Managing Director, and then Chairman.

Ohiwerei is an accomplished boardroom guru and has sat on the board of several firms listed on the Nigerian Stock Exchange including Unilever Nigeria Plc, Nigerian Breweries, and Fidson Healthcare Plc.

Ohiwerei was on the board of Etranzact International till his retirement in January 2018.

Ohiwerei’s holding in the firm as at December 2016 was 233,000,000 shares, through an indirect holding vehicle, Multi Harvest Properties Limited.

At our cutoff date, this amounts to a net worth of N1.1 billion.


Valentine Obi

He holds a Bachelor’s degree in Computer science, a Master’s degree in computer information system, and an MBA from Instituto de Empresa, Spain. He is also an alumnus of Harvard Business School.

He recently stepped down following allegations of financial fraud perpetrated using the company’s platform.

Valentine Obi had 600,082,000 shares in the firm as at December 2016 through an indirect holding of Sybase Nigeria Business Solutions. Using our cutoff date, this amounts to N2.8 billion.

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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Exchange rate falls again at NAFEX window as #EndSARS protests escalates

The Naira depreciated against the dollar at the Investors and Exporters (I&E) window closing at N386/$1.



Naira, Exchange rate falls across forex markets as dollar liquidity remains low

Nigeria’s exchange rate at the NAFEX window depreciated against the dollar to close at N386/$1 during intraday trading on Monday, October 19.

Also, the naira remained stable against the dollar, closing at N462/$1 at the parallel market on Monday, October 19, 2020, as the protest against the special anti-robbery unit (SARS) and police brutality by the Nigerian youth escalates with its impact on business activities across the country

Parallel market: According to information from Abokifx, a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N462/$1 on Monday. This was the same rate that it exchanged for on Friday, October 16.

Current developments

  • The local currency had strengthened by about 7.8% within the one week in September at the black market, as the CBN introduced some measures targeted at exporters and importers, in order to try to boost the supply of dollars in the foreign exchange market, and reduce the high demand for forex by traders. The measure
  • The CBN has sold over $500 million to BDCs since they resumed forex sales on Monday, September 7, 2020. This was expected to inject more liquidity to the retail end of the foreign exchange market and discourage hoarding and speculation.
  • However, the exchange rate against the dollar has remained volatile after the initial gains made, following the CBN’s resumption of sales of dollars to the BDCs.
  • The President of the Association of Bureau De Change Operators, Aminu Gwadebe, said he expects the impact of the extra liquidity in the market to be gradual.
  • Despite the drop in speculative buying of foreign exchange, the huge demand backlog by manufacturers and foreign investors still puts pressure and creates a volatile situation in the foreign exchange market.


NAFEX: The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Monday, closing at N386/$1.

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  • This represents a 17 kobo drop when compared with the N385.83/$1 that it exchanged for on Friday, October 16.
  • The opening indicative rate was N386 to a dollar on Monday. This represents a 38 kobo gain when compared to the N386.38 that was recorded on Friday.
  • The N392.30 to a dollar is the highest rate during intraday trading before closing at N386. It also sold for as low as N380/$1 during intraday trading.

Forex turnover: Forex turnover at the Investor and Exporters (I&E) window declined by 3.6% on Monday, October 16, 2020.

  • According to the data tracked by Nairametrics from FMDQ, forex turnover dropped from $125.40 million on Friday, October 16, 2020, to $120.93 million on Monday, October 19, 2020.
  • The CBN is still struggling to clear the backlog of foreign exchange demand, especially by foreign investors wishing to repatriate back their funds.
  • The drop in forex supply after the huge increase 2 trading days ago reinforces the volatility of the foreign exchange market. The supply of dollars has been on a decline for months due to low oil prices and the absence of foreign capital inflow into the country.
  • As part of the measure to check forex abuse and check illegal transactions, the CBN last month directed the freezing of accounts of about 38 companies.
  • The average daily forex sale for last week was about $169.93 million, which represents a huge increase from the $34.5 million that was recorded the previous week.
  • Total forex trading at the NAFEX window in the month of August was about $857 million, compared to $937 million in July.
  • The exchange rate is still being affected by low oil prices, dollar scarcity, a backlog of forex demand and a shaky economy that has been hit by the coronavirus pandemic.
  • According to Reuters, currency traders said that the naira is expected to be stable this week as banks limit foreign exchange transactions by both firms and individual buyers on the unofficial black market to curb speculation.

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#EndSARS: FG expects increase in Covid-19 cases in the next 2 weeks

FG has warned that the ongoing #EndSARS protest may spark up a second wave of coronavirus.



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The Federal Government has warned that Nigerians should expect an increase in the number of coronavirus cases across the country in the next 2 weeks.

This is due to the total disregard of the preventive measures against the virus during the ongoing nationwide #EndSARS protest which has been witnessing huge gatherings.

This disclosure was made by the Chairman of the Presidential Task Force (PTF) on Covid-19, who is also the Secretary to the Government of the Federation (SGF), Boss Mustapha, at the national briefing of the task force in Abuja on Monday, October 20, 2020.

He said despite the appreciable success recorded so far in the fight against COVID-19, the ongoing protest may spark up a second wave of the virus.

Mustapha said, “I can say it authoritatively that with the ongoing protest across the country, in the next two weeks the cases of COVID-19 would have increased. Each and everyone that attended the protest and did not put up any form of protection is likely going to spread the virus. When people contract the virus during the protest gathering, they will go back home and spread it.

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“This is one of the reasons why we must be extremely careful when we congregate because when you gather together in such an atmosphere where people don’t wear face masks or maintain the social distance you are creating a potential opportunity for carriers to spread the virus.

“So far we have done pretty well as a country but this protest is like a setback and we must avoid a situation where we will have a resurgence. Countries that thought they have overcome are dealing with the second wave. We are extremely lucky as a nation and we should be careful of any situation that can warrant the second wave.”

He said any mass gathering that does not adhere to the non-pharmaceutical interventions that have been put in place, like wearing of face masks, social distancing, and keeping personal hygiene, becomes a super spreader event.

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What it means: With the expected spike in the number of Covid-19 cases due to these protests across the country, Nigeria runs the risk of having a second wave of the coronavirus outbreak which had before now been on a decline. This could lead to the resumption of lockdown measures by the government, in order to contain the spread of the pandemic.

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COVID-19 Update in Nigeria

On the 19th of October 2020, 118 new confirmed cases were recorded in Nigeria



The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 61,558 confirmed cases.

On the 19th of October 2020, 118 new confirmed cases were recorded in Nigeria, having carried out a total daily test of 11,794 samples across the country.

To date, 61,558 cases have been confirmed, 56,697 cases have been discharged and 1125 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 590,635 tests have been carried out as of October 19th, 2020 compared to 578,841 tests a day earlier.

COVID-19 Case Updates- 19th October 2020,

  • Total Number of Cases – 61,558
  • Total Number Discharged – 56,697
  • Total Deaths – 1,1125
  • Total Tests Carried out – 590,635

According to the NCDC, The 118 new cases are reported from 10 states – Lagos (51), Rivers (26), Imo (12), Osun (8), Plateau (6), FCT (5), Kaduna (4), Ogun (3), Edo (2), Niger (1)

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,696, followed by Abuja (5,923), Plateau (3,587), Oyo (3,415), Rivers (2,735), Edo (2,645), Kaduna (2,532), Ogun (1,983), Delta (1,812), Kano (1,741), Ondo (1,657), Enugu (1,313),  Kwara (1,050), Ebonyi (1,049), Osun (916), Katsina (904), Abia (898), Gombe (883).  Borno (745), and Bauchi (710).

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Imo State has recorded 610 cases, Benue (484), Nasarawa (478), Bayelsa (403),  Ekiti (329), Jigawa (325), Akwa Ibom (295), Anambra (275), Niger (274), Adamawa (248), Sokoto (162), Taraba (117), Kebbi (93), Cross River (87), Zamfara and Yobe (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous


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