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Under 40 children of billionaires sitting on the boards of mega quoted companies (2)

Last week Nairametrics profiled a crop of young Nigerians, who due to the great works of their parents, currently have seats on the boards of some of the largest companies on the Exchange.

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Last week Nairametrics profiled a crop of young Nigerians, who due to the great works of their parents, currently have seats on the boards of some of the largest companies on the Exchange.

For them, having these seats provides them with the unique experience that can be used to perhaps one day take over the empires of their parents or guardians.

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This week, we bring to you the concluding list of children of billionaires seated on the boards of some of the largest companies on the Nigerian Stock Exchange (NSE). They oversee shareholdings that are worth billions of naira in value, on behalf of their parents.

*Our cut-off date is June 29, 2018

Olabode  Makanjuola

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Mr. Olabode Makanjuola holds a Bachelor’s degree in Mechanical Engineering from the University of Leicester and a Master’s Degree in Trade, Shipping and Finance from City University Business School.

He is the Executive Vice-Chairman and Chief Executive Officer of Caverton Offshore Support Group.

His educational qualifications and exposure have enabled him to broker several commercial trading contracts with the Nigerian LNG LPG off-takers.

He has also contracted several Ship Management and Agency contracts with both indigenous and foreign companies.

As of 31 December 2017, he had 50,005,000 units of shares at Caverton Offshore Support Group.  This gives him a networth of N112.5 million, as at our cut-off date of 29 th June 2018

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His father, Aderemi Makanjuola, is the Chairman of Caverton Offshore Support Group.

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Rotimi Makanjuola

Mr. Rotimi Makanjuola obtained a BSc in Economics from University of Bradford, UK and an MSc, Auditing, and Management from City Business School, London, UK.

He is the Chief Operating Officer of Caverton Offshore Support Group.

He is also another son of Aderemi Makanjuola.

Halima Dangote

Halima, the second daughter of Aliko Dangote, holds a bachelor’s degree in Marketing from the American Intercontinental University London, United Kingdom and an MBA from Webster Business School, London, UK.

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She started her career as a business analyst with KPMG Professional Services in Lagos, Nigeria, before she joined Dangote Industries Limited in 2010. She has held a number of key roles at Dangote Industries, including Special Assistant to the President/Chief Executive.

She is currently the Executive Director in charge of commercial activities at Dangote Flour Mills. She resigned as Executive Director at NASCON in February 2016 but remains on the Board as a Director.

Fatima Aliko Dangote

Fatima holds a bachelor’s degree in Law from the University of Surrey in the UK. She has been called to the Nigerian Bar and previously worked as an Associate at Banwo and Ighodalo Legal Chambers, in areas related to capital markets, intellectual property, and energy.

Fatima joined the Dangote Group in 2014 as the Special Assistant to the Managing Director-Cement and later worked as a Group Corporate Strategy Specialist. In the latter role, she provided planning and analytical support across all the business units of the Dangote Group.

She has been a Director at Nascon Allied Industries Plc since March 11, 2016.

She is the daughter of Aliko Dangote, Nigeria, and Africa’s richest man.

Ufuoma Ibru

Ufuoma holds a Bachelor of Laws LLB from St. Catherine’s College, Oxford University.

He is currently a Director at Ikeja Hotels Plc whose shares recently resumed trading after an 18-month suspension placed by the Nigerian Stock Exchange (NSE) on November 10, 2016.

Ufuoma is the son of Goodie Ibru, former Chairman of Ikeja Hotels Plc.

Toke Alex-Ibru

Toke is a History Graduate from Exeter University, UK. He is the eldest son of the deceased Chairman and Publisher of The Guardian Newspapers, Late Alexander Uruemu Ibru.

Toke sits on the boards Ikeja Hotels and Nigerian-Belgian Chamber of Commerce.

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 fikayo.owoeye@nairametrics.com

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Business News

Global oil market to re-balance in 2 months’ time

In the meantime, OPEC+ wants to keep the existing production output cuts beyond the June expiry date as part of efforts to rebalance the market. Countries like Saudi Arabia, the United Arab Emirates (UAE) and Iraq, have all reaffirmed their commitment to this effect.

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Crude oil prices, bonny light

With the uncertainty that still prevails in the global oil market due to the prevailing coronavirus pandemic, analysts have been coming up with different forecasts on the future of the market. The latest forecast is that the market will most likely recover by July 2020.

Crude oil prices and oil demand plunged over the past few months as a result of the pandemic. However, with the lifting of global lockdowns and gradual reopening of global economies, oil prices are expected to rebound. Russia’s energy minister, Alexander Novak, said the global oil supply and the oil demand will most likely rebalance by July.

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In the meantime, OPEC+ wants to keep the existing production output cuts beyond the June expiry date as part of efforts to rebalance the market. Countries like Saudi Arabia, the United Arab Emirates (UAE) and Iraq, have all reaffirmed their commitment to this effect.

In his analysis earlier today, OPEC’s Secretary-General, Mohammed Barkindo, urged OPEC+ members not to flout the output cut. According to him, OPEC+ members must remain committed to production cuts despite signs that oil demand is beginning to recover.

(READ MORE: Oil price gains likely to halt over demand uncertainty, as US-China tension intensifies)

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Global oil market to rebalance in 2 months’ time

On its part, Russia had agreed to cut down its oil production to 8.5 million barrels of crude per day in May and June, down from 10.5 million barrels.  There is a possibility that the country could extend the current level of output cut beyond June, a situation that is expected to serve as a major boost in the rebalancing of the oil market.

Last week, the International Energy Agency (IEA) said that it had seen signs that the oil market would rebalance quicker than originally expected after the United States and OPEC implemented the agreed output cut. The development came as a big relief to Nigeria because the rebound of oil prices and the rebalancing forecast will help reduce the country’s fiscal pressure and boost its revenue.

Note that the Brent crude and Bonny light crude sold for about $36 per barrel and over $33 per barrel respectively. These are above the revised budget oil benchmark of $25 per barrel for the 2020 budget.

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Business

LIRS further extends deadline for filing annual tax returns by one month

“We constantly debated what other measures could be taken as an organization to support individuals and businesses at this time, hence, the additional one-month extension from June 1, to June 30, 2020.” – Ayodele Subair

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LIRS further extends deadline for filing annual return by one month

The Lagos State Internal Revenue Service (LIRS) has again extended the deadline for filing of Annual Tax Returns from May 31 2020 to June 30, 2020.

This is part of the state government’s effort to provide relief to taxpayers in light of the economic impact of the Covid-19 pandemic. With this development, annual returns for individuals, both employees and self-employed persons, can be filed anytime before June 30, 2020.

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In a press release signed by Monsurat Amasa, the head of LIRS’ Corporate Communications Department, the agency urged taxpayers to take advantage of the magnanimity of the government and file their returns. The LIRS’ Executive Chairman, Mr. Ayodele Subair, explained the extension thus:

“As the Lagos State Government keeps abreast of global best practices in containing the Covid-19 pandemic and eases the effects of an economic downturn on taxpayers and residents of the State, LIRS had initially extended the deadline for filing annual tax returns for two months, from the statutory March 31st of every fiscal year to May 31, 2020.  

“We constantly debated what other measures could be taken as an organization to support individuals and businesses at this time, hence, the additional one-month extension from June 1, to June 30, 2020.”

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(READ MORE: COVID-19: Lagos issues new guidelines, considers full reopening of economy)

He further explained that taxpayers can file the annual returns from the comfort of their homes and offices using the LIRS eTax platforms. They can also generate assessment and payment schedule, and other tax administration matters on the same platform. Updates on business operations and alternative payment platforms are to be found on the verified handles, and the LIRS website.

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Podcast: How Covid-19 has birthed a new, vibrant digital economy

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Does Nigeria have a debt problem?, EMM podcasts

Join Adetayo Adesola, Lawretta Egba and Emmanuel Abara as they dicuss what sectors and industries will succeed and fail in a covid-19 world.

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