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Home People Profiles

CEOs of some NSE companies that may declare losses for 2018 – Part 2

Emmanuel Abara Benson by Emmanuel Abara Benson
February 19, 2019
in Profiles, Spotlight
Chief Executive Officers of NSE-listed companies
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Last week, we brought you the first part of a list of some Chief Executive Officers of NSE-listed companies that may end up declaring losses for full-year 2018. And as we promised, this is the concluding part of the article. But before we dive right into it, we should probably mention that one of the companies on the list last week, Austin Laz & Companies Plc, has ended up reporting a loss after tax of N15.3 million.

Moving on, below are the remaining contenders on the list, starting with some of the notable names.

Michael Puchercos, GMD/CEO of Lafarge Africa Plc

Mr Puchecos oversees one of the leading cement manufacturing companies in Nigeria. However, based on facts contained in the most recent financial statements disclosed by the company, 2018 may not have been its best year yet. This is because the company reported a loss after tax of N10.3 billion for the third-quarter period ended September 30th, 2018. Based on this development, Lafarge Africa Plc could eventually declare a full-year loss for the year.

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Interestingly, the potential loss may not have affected Mr Puchercos’ emoluments during the year. He is one of the highest-paid Chief Executive Officers in Nigeria, having received as much as N257 million in executive compensations back in 2017; according to records.

No doubt, the CEO is an accomplished professional with a very impressive resume. He began his career in 1982, working at the French Ministry of Agriculture before joining Lafarge Holcim’s subsidiary, Orsan, in 1989 as a director.

Mr Puchercos later left Orsan and proceeded to work for a number of other notable companies, particularly in the food and chemicals industries, a typical example of which is Cana Group.

The French national is an alumnus of the Ecole Polytechnique (1976) and the Ecole Nationale du Génie Rural, des Eaux et des Forêts (1981).

The Group Managing Director of Japaul Oil and Maritime Services Plc, Akinloye Daniel Oladapo

Japaul Oil and Maritime Services Plc is one of the Nigerian companies that most likely ran at a loss last year. The company’s Q3 2018 unaudited financial statement shows that it recorded a loss after tax of N5.5 billion. So, unless something extraordinary happened in Q4 2018, a potential loss is indeed looming.

Recall that the company had a very scandalous 2018. And while the Founder and Chairman, Mr Jegede Paul, was mostly at the receiving end of all the negative press that followed those scandals, chances are that stakeholders will be looking to the company’s GMD for explanations concerning the poor 2018 performance.

So who is Mr Akinloye Daniel Oladapo? He has been serving as the Group’s GMD since February 2018; meaning that it has been approximately one year since he was appointed to the position. And prior to this time, he served as Japaul’s Deputy GMD, after serving as the Chief Operating Officer.

He joined Japaul Oil and Maritime Services Plc in 1998. Between that time and now, he held several high-profile positions in the various subsidiaries of the Group. In 2008, he became an Executive Director.

Mr Oladapo is a Member of the Chartered Institute of Transport, London and a Fellow of the Nigerian Institute of Shipping. He holds an M.Sc. degree in Transport from Ogun State University.

Annabelle Degroot, the CEO of International Breweries Plc

The Nigerian beer war was definitely intense in 2018. After all, the market was dominated by three strong competitors such as Nigerian Breweries Plc, International Breweries, and Guinness Plc.

Based on the result so far released by International Breweries Plc, it is obvious that the company definitely did feel the brunt of the competition. This is because the company ran at a loss after tax of N7.1 billion, according to its unaudited Q3 result.

The company’s Chief Executive Officer is Ms Annabelle Degroot. She has been in charge since September 2017. Prior to heading International Breweries Plc, which is majority-owned by AB InBev, she was the company’s Country Director in Zambia where she headed Zambian Breweries Plc, National Breweries Plc (AB InBev). She had also occupied other key positions within the AB InBev Group, and had stints in other reputable global companies such as GlaxoSmithKline and Price Waterhouse Coopers.

She holds a master’s degree in Economics from the University of Cambridge.

Adeyinka Adekoya, CEO of Wapic Insurance Plc

For nearly three years now, Mrs Adekoya has served as the Chief Executive Officer of Wapic Insurance Plc. She assumed the position in 2016. Prior to this time, the University of Lagos graduate had served as the General Manager of both Cornerstone Insurance Plc and Law Union & Rock Plc.

But despite her impressive resumé, Wapic Insurance Plc will most likely declare a loss for its 2018 operations. This is because based on the Q3 result recently disclosed by the company, a loss after tax of N333.6 million was reported. This is a sharp contrast from the profit after tax of N351.1 million that was reported for the comparable period in 2017.

Some notable mentions

Mr Oputa Nwabueze, the CEO of Morrison Industries Plc which reported a loss after tax of N108.6 million in Q3 2018. The company incurred more losses than the total revenue of N90.9 million which it generated during the period under review. So, it will be a miracle if it ends up declaring anything other than a loss for its full-year 2018 operation.

Dr O.A. Odukoya, the Chief Medical Officer and Chief Executive Officer of Ekocorp Plc. Dr Odukoya’s company recorded a loss after tax of N66.1 million in Q3 2018.


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Tags: Adeyinka AdekoyaAkinloye Daniel OladapoAnnabelle DegrootChief Executive Officers of NSE-listed companiesDr O.A OdukoyaLoss-making NSE companies 2018Michael PuchercosOn the MoneyOputa Nwabueze
Emmanuel Abara Benson

Emmanuel Abara Benson

Emmanuel Abara Benson is an experienced business reporter and editor. He currently edits articles at Nairametrics. Reach him via email on Emmanuel.abara@nairametrics.com and follow him on Twitter @Mr_Abara for his personal opinions.

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