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.
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
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
His father, Aderemi Makanjuola, is the Chairman of Caverton Offshore Support Group.
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, 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.
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 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 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.
WorldRemit and The Nest partner to empower entrepreneurs in Nigeria, 3 others
WorldRemit has partnered with The Nest to empower entrepreneurs in Nigeria, Kenya, Ghana, and Zimbabwe.
WorldRemit, a global fintech platform, has partnered Nigeria’s tech innovation hub, The Nest, to empower entrepreneurs in Nigeria, Kenya, Ghana, and Zimbabwe.
This was disclosed by the company via a statement issued on Wednesday, and seen by Nairametrics.
According to the statement, the partnership is to build scalable business models across Africa via the WorldRemit Entrepreneurs Program.
In its quest to go beyond digitalizing payment methods across the globe, strengthen its renewed commitment to creating opportunities, and facilitate development in Africa, WorldRemit will now equip African entrepreneurs with effective skill sets and tools to build, innovate, and scale their businesses.
Country Manager (Nigeria and Ghana), WorldRemit, Gbenga Okejimi, explained that the partnership came right in time for impact, as many small businesses had taken a hit in the course of the tumultuous year.
He lauded the efforts of the team at The Nest Hub for their resolve at ensuring continuous education, and enabling a thriving environment for start-ups and small businesses.
He said, “Much of what Africa is today is due to its entrepreneurship, which is a key driver for socio-economic progress through significant job creation and innovation.
“At WorldRemit, we want to be known for fostering the African entrepreneurship spirit. We want to be a part of Africa’s future prosperity. By helping build entrepreneurs across our African markets, we are enabling growth and development.”
Co-founder, The Nest, Oluwajoba Oloba, explained that the Entrepreneurs Program will serve as a catalyst in building scalable business models across Africa as the continent enters into a new wave of business revolution.
He said, “The entrepreneurs will be equipped with effective skills and tools required to build and scale their businesses. The Nest definitely plays a big role in this important partnership, as the project partner leads the designing of the digital business course, otherwise known as the learning modules, that would be used in training selected entrepreneurs while also mentoring them on innovative ways to manage and scale their businesses.”
He added that beyond training and mentoring, The Nest provides entrepreneurs, creatives, start-ups, and small businesses with dynamic facilities and workspaces.
What you should know
- The WorldRemit Entrepreneurs Program will run simultaneously in Nigeria, Ghana, Kenya, and Zimbabwe, from November 2020 through January 2021.
- It is expected to empower 50 aspiring and budding entrepreneurs.
FG says vehicle owners to pay N250,000 to convert from petrol to autogas
FG says owners in the country will have to pay N250,000 to have their cars converted to autogas from petrol.
The Federal Government has revealed that vehicle owners in the country will have to pay N250,000 to have their cars converted to autogas from petrol.
This disclosure was made on Wednesday, December 2, 2020, by the Technical Adviser on Gas Business and Policy Implementation to Minister of State for Petroleum, Justice Derefaka, while on Channels Television’s Sunrise Daily, which was monitored by Nairametrics.
While stating that the conversion of vehicles from petrol to autogas will take at least 7 hours at the various conversion centres, Derefaka also pointed out that vehicle owners will have different payment plans to perform the conversion.
What they are saying
Derefaka, who is also the Programme Manager, Nigerian Gas Flare Commercialization Project, said:
“The cost varies. So, in terms of cost implication, it depends on the cylinder of the vehicle and of course, for a typical SUV cylinder, it is a bit higher. On the average, it is around N200,000 to N250,000 and this is for a four-cylinder vehicle, but it becomes a little bit higher for a six-cylinder SUV vehicle.”
Nairametrics earlier reported that the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mele Kyari, disclosed that the corporation is going to provide free conversion services in some selected NNPC retail filling stations across the country.
Derefaka further explained that there will be different payment plans for making the conversion, adding that vehicle owners can have agreement with commercial banks to get the conversion done.
He also said, “The owner of the car basically will decide to say I want to run on autogas or CNG or LNG and like the Honourable Minister had mentioned as well, conversion basically has different strands, you can partner with your bank and then the bank will now agree with the conversion centre to say ‘Convert this our customer’s car for free.’
“Not free in its entirety, but you now go and covert your vehicle. What happens is that the installer will put some form of mechanism, that each time you buy the gas; a certain amount will be deducted to pay for the conversion kits.”
While dismissing the notion amongst many Nigerians that the conversion fee is expensive, the ministerial aide noted that payment can be done within 5 to 7 months, in addition to saving up 45-50% cost associated with petrol.
What you should know
- The Federal Government had on Tuesday launched the autogas scheme, called the National Gas Expansion Programme.
- The programme involves the conversion of fuel-powered cars and generators from petrol to gas, and is aimed at deepening domestic usage of natural gas in its various forms.
- The programme is also in line with the Federal Government’s plan to make gas the first choice source of cheaper and cleaner energy. This follows the deregulation of the downstream sector of the oil industry with sharp increases in prices of petrol.
- The Minister of State for Petroleum Resources said that the availability of Autogas as an alternative fuel option will afford Nigerians cheaper, cleaner and additional choice of fuel. Cheaper than the price of petrol and better for automobile and other engines.
Conventional insurance firms can now set up their Microinsurance department – NAICOM
NAICOM has issued a circular allowing conventional insurance companies in Nigeria to exploit the huge opportunities in the Microinsurance window.
The National Insurance Commission (NAICOM) has issued a circular (NAICOM/DPR/CIR/32/2020) allowing conventional insurance companies in Nigeria to exploit the huge opportunities in the Microinsurance window.
The circular was signed by Akah L M, Director (Policy & Regulations), and disclosed that the requirements for the conventional insurance firms to be granted approval for the window operation includes:
- The insurer shall seek and obtain approval of the Commission to transact microinsurance business.
- Board resolution approving the establishment of a microinsurance department.
- Applicant shall apply for window microinsurance national operation licence.
- The department shall be headed by an experienced Insurance Officer, not below the rank of an AGM.
- The Insurance Officer must possess a minimum of 7 years post Associate of Chartered Insurance Institute of Nigeria qualification or a minimum of 10 years working experience in a technical department of an insurance institution.
- Any window operator shall segregate the financial records of its microinsurance business from that of the conventional business.
- Appropriate reinsurance arrangement shall be put in place.
What this means
The microinsurance window presents a gold mine waiting to be tapped by the conventional insurance firms in Nigeria, helping them to achieve critical mass in the market.
This would afford opportunities for those in informal sectors, as well as low-income people and households to enjoy insurance products and services that will protect them against unexpected events, that could threaten their livelihood and businesses.