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Profiles

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

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.

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Chief Executive Officers of NSE-listed companies

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.

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.

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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.

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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.

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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.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Profiles

Jimoh Ibrahim: The successes and controversies of a billionaire entrepreneur

With investments in several sectors, Jimoh Ibrahim has had his own fair share of wins and loses.

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One Nigerian businessman who has recently found himself faced with a series of controversies is Barrister Jimoh Ibrahim. An astute investor with interests in the oil and gas, hospitality, aviation, banking, real estate, insurance, publishing and the media industry. Ibrahim recently had a bulk of his assets seized by the Asset Management Corporation of Nigeria (AMCON) over a N69.4 billion debt.

Though his assets are said to run into millions of dollars, everyone is looking to see how the 53-year-old businessman will pull through this major dip. Barrister Jimoh Ibrahim is Nairametrics founder of the week.

READ: AMCON debt could rise to N6.6 trillion by 2024 – Expert  

Education

A native of Okitipupa in present-day Ondo State, Ibrahim was born on the 24th of February 1967 to Alhaji Yakubu and his wife, Omofemiwa Jimoh. The family was a big one with his father having seven wives and several children.

Ibrahim started schooling at Igbotako and finished his secondary school at Saint John’s School before proceeding to bag his Law degree and then, Masters in Public Administration (MPA) at Obafemi Awolowo University in Ile-Ife (now in Osun State). He then headed for Harvard University in Cambridge, Massachusetts, USA for a combined Master of Laws & International Taxation (LLM/IT).

Ibrahim earned an Executive Master of Business Administration (EMBA) degree at the University of Cambridge Judge Business School and a Master of Science in Programme Management at Saïd Business School, University of Oxford.

He attended various executive education programmes including the University of Cambridge Advanced Leadership Programme (ALP), University of Oxford Negotiation Programme, University of Oxford Advanced Leadership and Management programme, Harvard Business School Senior Executive Leadership Program for the Middle East and the University of Cambridge programme on How to Lead Successful Projects. Ibrahim also attends the guest category of the annual meeting of the World Bank/IMF.

READ: Oba Otudeko: A self-made billionaire entrepreneur

Early business and career moves

Ibrahim picked an early interest in making money out of his knowledge, even as an undergraduate. He first observed that only the federal and state governments had laws, and so proposed organising law seminars across local governments in Nigeria, to teach them how to make their own laws. Simple as this might have seemed, he made quite some money from it. He also made some money from organising workshops for top government officials.

One might imagine what the young man was thinking as an undergraduate, but it was clear to him even at that age that he did not have to wait till he left school to make money. He also used his fathers’ bricklaying materials to execute some small scale contracts which he secured.

Ibrahim always had his eyes prowling in search of opportunities. When it came to his notice that the federal government was having challenges recovering its withholding tax from multinational oil companies, he sent in a proposal on how he could help recover the funds. He executed the proposal to the letter, recovering billions of naira for the government and earning himself a fortune as well.

In his capacity as a tax professional, he also worked with the International Monetary Fund (IMF) and was a part of the Harvard team that backed the tax reforms in Bangladesh.

The full-fledged entrepreneur

As a businessman, Jimoh Ibrahim is known to have interests in key business outfits across several sectors and uses the Global Fleet Group, where he sits as chairman and chief executive officer, as the umbrella company for his investments. Global Fleet is now a diversified conglomerate with presence in several countries.

He started out the Global Fleet Oil and Gas in 2004 as a petroleum marketing company. The company did not focus on setting up fuel stations, but instead set out to buy out other fuel stations. Within a year, they bought about 150 stations and started averaging about $1 million daily in oil and gas sales. Since then, the company has acquired more fuel stations.

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Ibrahim founded Energy Commercial Bank, Accra, Ghana in 2009 and it is considered an arm of the Energy Group, one of the largest Africa conglomerates with diversified interest in banking and financial investment. The Group also acquired 100% of the Oceanic Bank (STP) in June 2011, changing its name to Energy Bank Sao Tome & Principe (STP) and making it another arm of the Energy Group and a subsidiary of the Global Fleet Group.

Air Nigeria was established in 2010 as Virgin Nigeria, with Ibrahim as a major shareholder. Ibrahim is also the Group Managing Director of NICON Insurance and one of its subsidiaries, Nigeria Reinsurance Corporation in Lagos state.

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In the hospitality industry, Ibrahim acquired the former Le Meridian Hotels in 2003 and changed its name to NICON Luxury Hotel.

Ibrahim is also the owner of Global Media Mirror, publishers of the National Mirror, and has acquired 51% of Newswatch Communication Limited to give him a substantial stake in Nigeria’s media industry.

Ibrahim served as the Chairman of the board of the Corporate Affairs Commission (CAC) in Nigeria, from April 2009 to December 2012. It was quite a turbulent tenure that saw the CAC workers embarking on industrial action in May 2011 to push for his removal.

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In 2011, he was also appointed the Honorary Consul of Sao Tome and Principe to the Federal Republic of Nigeria.

The controversial loan and seizure of assets

On November 4 2020, a federal high court sitting in Lagos granted an interim order allowing the Asset Management Corporation of Nigeria (AMCON) to take possession of twelve prime assets belonging to Barrister Ibrahim and freeze all accounts belonging to him and his companies over a N69.4 billion debt.

In compliance with the court order, AMCON took possession of all the assets through its Debt Recovery Agent – Pinheiro Legal Partner, and also took shares belonging to Ibrahim and his two companies as domiciled in Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL) and NICON Trustees Limited.

READ: AMCON sets to publish names of prominent Nigerians owing N5 trillion

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The properties affected include the building of NICON Investment Limited at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Limited building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja; the building of NICON Lekki Limited also at No. 5, Customs Street, Lagos; the building of Abuja International Hotels Limited located at No. 3, Hospital Road, Lagos; as well as a property at Plot 242, Muhammadu Buhari Way, Abuja.

The former Allied Bank Building on Mile 2, Oshodi ExpressWay, Apapa Road, Lagos; Energy House located on No. 94, Awolowo Road, Ikoyi, Lagos; NICON Building at No. 40, Madeira Street, Maitama, Abuja; a Residential Apartment at Road 2, House A14, Victoria Garden City, Lagos; NICON Hotels Building at Plot 3, Road 3, Victoria Garden City, Lagos as well as the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja were also affected.

Ibrahim and his companies sued to recover the seized assets on grounds of “non-disclosure and misrepresentation of material facts” requesting an indemnity of N50 billion from AMCON, but the Federal High Court declined his application, upholding the subsisting order.

The case between Barrister Jimoh Ibrahim and AMCON has been a longstanding one dating as far back as 2016. The loan was one of the 393 loans AMCON purchased from Union Bank of Nigeria plc during the first phase of Eligible Bank Assets (EBA) purchases. Since then, attempts made to recover the loan have proved futile. AMCON also seized assets belonging to other debtors in the same year, taking advantage of the amended Act, which had been signed into law by President Muhammadu Buhari.

READ: NASS pledges support to AMCON on debt recovery 

In his response to the asset seizure, Ibrahim had said there were no grounds for such an action since his organization already had over £220 million as bank deposit in Union Bank. “The order is discharged already as Union Bank is owing us £220 million that is over N150 billion; four times over what AMCON is claiming, so AMCON is pursuing nothing,” he said.

Another hearing has been fixed for March 9, and while AMCON pushes on with its moves, Ibrahim is clearly not going to give up without a fight.

Other interests and Honours

Jimoh Ibrahim has been conferred the honour of the Officer of the Order of the Federal Republic OFR, and Commander of the Order of the Federal Republic CFR. He has also received honorary doctorate degrees from the Obafemi Awolowo University, Ile Ife, Osun State; Covenant University, Ota, Ogun State, Ladoke Akintola University, Ogbomoso, Oyo State and the Ondo State University.

In 2003 and in 2016, Ibrahim attempted to become the governor of Ondo State, on the platform of the All Nigeria People’s Party (ANPP) and the People’s Democratic Party (PDP) respectively but was not successful. He has authored three books.

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Profiles

Iyinoluwa Aboyeji is redefining the future of startup investments

After founding several start-ups, Aboyeji now manages Future Africa as General Partner of the company.

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It is no longer news that young people especially under 30 entrepreneurs are tackling the world’s biggest challenges with innovative creations. They create companies and organizations aimed at solving the problems confronting society today.

Among them is Iyinoluwa Aboyeji who is a young Nigerian entrepreneur and co-founder of Andela, an engineering and service business that helps companies to build remote teams quickly at a cost-effective rate.

Aboyeji is also the founder and former managing director of Flutterwave, a technology that uses digital payments infrastructure that assists banks and businesses to build seamless and secure payments for their customers.

READ: Andela launches Pan-African technology hub in Kigali for software developers across the continent

In March 2019, he founded Future Africa, an innovation fund that provides capital and coaching to innovators.

As a young boy, he was involved in lots of innovative creations and as such co-founded quite a number of companies. Among them was the Bookneto Inc. alongside Pierrie Alrs, a social learning platform for sharing and organizing learning resources within learning communities. It allowed users to manage course interactions and the ability to see questions, insights, and discussions on course material from students taking related courses at other schools.

In 2014, he met with Jeremy Johnson, a technology entrepreneur and enthusiast who shared the same passion and drive as him. They both started Andela, a company that invests in African software engineers to help companies solve the technical talent shortage and build high-performing distributed engineering teams.

READ: Iyinoluwa Aboyeji steps down as Flutterwave CEO

The rise of Andela attracted investments from both local and international investors. Aboyeji worked with Andela for two years after which he resigned and moved on to his next venture. Before he resigned, the company raised $24 million Series B funding from investors including Facebook’s Mark Zuckerberg and former US Vice President, Al Gore.

In 2016, Flutterwave was launched. Flutterwave is a platform that partners with businesses to process payments globally. It allows for payments to be made and accepted anywhere around the world on its integrated platform.

Aboyeji was the CEO of Flutterwave for two years before resigning in October 2018. Under his leadership as CEO, Flutterwave had become one of the fastest-growing payments technology business of all-time, attracting significant investments from Y Combinator, Greycroft, Greenvisor Capital, and Mastercard.

READ: Meet Omowale David-Ashiru, the first female Andela Nigeria Country Director

Flutterwave is currently valued at $150 million, and it is also Y Combinator’s most valuable startup in Africa.

He moved further to work as the Deputy Director-General on Oby Ezekwesili’s presidential campaign from 2018 to February 2019.

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In March 2019, Aboyeji founded Future Africa and became a General Partner of the company. Future Africa is a platform for providing capital, coaching, and community to innovators and entrepreneurs looking to solve problems throughout the continent.

Some of the start-ups in their portfolio include; Lori Systems, Andela, Flutterwave, Eden, MAX, and Kobo360.

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