Nigerian women have been changing the narratives and breaking new grounds over the years. They are becoming more inclusive with activities around them and changing the status quo which has placed men at the helm of affairs for several years.
Here at Nairametrics, we believe in inclusion and celebrate women who are taking bold steps, regardless of the limitation that has been placed on them. For this reason, we bring you women who have been breaking the norm and doing great things in the financial sector.
Top Nigerian women in Finance
Ibukun Awosika (Chairman of First Bank of Nigeria) (Born December 24, 1962)
A graduate of Obafemi Awolowo University, Awosika is the first woman to become the Chairman of First Bank after several years the bank was established. She is a businesswoman, author, and motivational speaker. She is also a co-founder and past chairperson of Women in Business, Management, and Public Service (WIMBIZ).
Ibukun started her early career days as an audit trainee at Akintola Williams & Co and Alberta Nigeria Ltd, before she moved on to establish her own furniture manufacturing company called Ouebees Limited.
She is also a Fellow of the African Leadership Initiative and Aspen Global Leadership Network as well as a member of the Nigerian Economic Summit Group. She is a member and former Chairperson of the board of Nigerian Sovereign Wealth Fund.
Aishah Ahmad (Deputy Governor of Central Bank of Nigeria) (October 26, 1976
Appointed in 2017 as the Deputy Governor of the Central Bank of Nigeria, Aisha Ahmad is an Accountant, financial manager, and analyst. Before she became the Deputy Governor of the apex bank, she had acquired knowledge from different financial institutions. She served as an Executive Director, Retail Banking at Diamond Bank and worked at Zenith Bank and Stanbic IBTC.
She started her career as a Group Accountant at “Manstructs Group Nigeria Limited” and at Z.O. Ososanya & Company. She later assumed the position of an Executive Assistant, Treasury Group.
She further assumed the Head of Retail Banking at Zenith Bank Plc and the Head of Private Banking at NAL Bank Plc, now Sterling Bank. She also served as the Head of Business Development at Zenith Capital Limited.
Zainab Ahmed (Former Nigeria’s Minister of Finance) (Born 16 June 1960)
Zainab is a professional accountant and the immediate past Minister of Finance of Nigeria. She assumed office in September 2018, replacing Kemi Adeosun. Before this, she was appointed as the Minister of State for Budget and National Planning in 2015.
She served as an executive secretary and national coordinator of the Nigeria Extractive Industries Transparency Initiative (NEITI). Zainab is a former member of the last two NEITI Boards, having worked in the NEITI and global EITI. She was at a time the Chief Finance Officer of the Nigeria mobile telecommunications company.
Oluwatoyin Sanni (Founder and CEO of Emerging Africa, Leading Capital Markets)
Toyin Sanni is the founder and CEO of Emerging Africa, Leading Capital Markets. She has also served as the former Group CEO for UBA Trustees, UBA Global Investor Services and MD/CEO of Cornerstone Trustees Ltd. She was the AGM, FBN Trustees and has also acted as the President of the Association of Investment Advisers and Portfolio Managers, Nigeria and Chairman of the Capital Market Committee on Financial Literacy Week.
In 2017, she was declared the All African Businesswoman of the year by CNBC Africa. Toyin Sanni is breaking the glass ceiling in her own way.
Mosun Belo-Olusoga (Principal Consultant/Programme Director of The KRC Limited)
Mosun Belo-Olusoga is the Chairman of the Board of Director, Access Bank Plc and the Principal Consultant/Programme Director of the KRC Limited. She has also served on the Board of Asset and Resource Management Company and has chaired the Equipment and Leasing Association of Nigeria. In 2006, she retired from Guaranty Trust Bank as an Executive Director, Investment Banking, Transaction Services and Settlement. Before her appointment to her current position in 2015, Mosun served as the Chairman of Credit and Finance Committee at Access Bank Plc.
Arunma Oteh (Vice President, Treasurer World Bank)
Currently the Vice President and Treasurer of the World Bank, Arunmah is a graduate of the University of Nigeria, Nsukka. She has served as the Director-General of the Securities and Exchange Commission of Nigeria prior to her appointment at the World Bank.
She was also a member of the Board of International Organization of Securities Commissions and Chairperson of the Africa Middle East Regional Committee of IOSCO. Before Arunmah joined SEC, she was the Group Vice President, Corporate Services at the African Development Bank.
Ngozi Okonjo-Iwela (Board member of Standard Chartered Bank, Twitter, Global Alliance for Vaccines and Immunization and the African Risk Capacity) (Born 13 June 1954)
Okonjo-Iwela is a graduate of Havard University. She has been named five times as one of the 100 Most Influential Women in the World by Forbes Magazine and Most Influential People in the World by TIME Magazine. Okonjo-Iwela is a respected global leader, economist, and policymaker on finance and economic development.
She served two terms as a Finance Minister of Nigeria (2003-2006/2011-2015) and was previously the Managing Director of the World Bank (2007-2011). She set the pace high by being the first female and black candidate to contest for the Presidency of the World Bank Group in 2012.
Sola David-Borha (CEO of Stanbic IBTC Holdings Plc)
A graduate of the University of Ibadan with an MBA from Manchester Business School, Sola is the CEO of Stanbic IBTC Holdings Plc. Prior to her appointment, she served as the Deputy CEO of the same bank and it has been argued that she is the highest-paid CEO.
Sola has an Advanced Management Programme from Havard Business School and is a Fellow of the Chartered Institute of Bankers and Vice Chairman of the Nigerian Economic Summit Group.
Modupe Mujota (Managing Director at UBA Asset Mangement Limited)
Modupe Mujota served as the Managing Director of United Capital Asset Management, formerly called UBA Asset Management Limited. Prior to her appointment to this position, she was the Managing Director at Kakawa Asset Management Limited (2011 – 2013) as well as the Managing Director of BGL Asset Management Limited.
Her career has spanned leadership and senior management roles in various areas in the Financial Services Industry, including Commercial Banking, Asset Management, Corporate Finance, and Risk Management.
Adeola Azeez (Deputy Country Head of the Deutsche Bank Nigeria)
A graduate of the University of Lagos and Law graduate from the University of Warwick, Adeola Azeez is the Deputy Country Head of the Deutsche Bank Nigeria, overseeing the bank’s business operations, including managing liaisons between the Deutsche Bank offshore and Nigerian banks.
She is one of the founding members of Women In Business, Management and Public Service (WIMBIZ). Adeola was elected as the Chairperson of the group in 2011.
Adebola Adesola (Senior Vice-Chairman at Standard Chartered Bank Group)
Adebola is an accountant and the Senior Vice Chairman at Standard Chartered Bank Group. She served as a CEO of Standard Chartered Bank for Nigeria and West Africa.
She started her career as a lawyer before she quitting to further her education in Accounting at Harvard Business School.
Her first practice as an accountant was at Citibank, Nigeria before she moved to First Bank of Nigeria as a Managing Director of a group of eight banks led by First Bank of Nigeria. She has also served as the CEO of the Standard Chartered Group.
[FURTHER READ: This Bank CEO has had it rough with the authorities this year]
GMD, 2 Executive Directors buy 5 million additional units of Zenith Bank Plc shares
In three separate transactions, major stakeholders purchased 5 million units of Zenith Bank’s shares.
Zenith Bank Plc, Group Managing Director, Mr Ebenezer Onyeagwu, and two Executive Directors, Messrs. Dennis Olisa and Ahmed Umar Shuaib, have purchased an aggregate of 5 million units of additional Zenith Bank Plc shares.
This was disclosed by the bank, in a notification sent to the Nigerian Stock Exchange, and seen by Nairametrics.
According to the notification, signed by the Company’s secretary, Michael Osilama Otu, the purchase was made in the bourse, over three transactions on the 16th and 17th of September, 2020.
As part of the regulatory requirements, the disclosure must be reported to the Nigerian Stock Exchange, especially when the trade is executed by a major shareholder or director of a listed firm.
Breakdown of the deal
According to the details of the deal verified by Nairametrics, Mr. Dennis Olisa pulled the highest deal as he purchased 2,000,000 additional units of Zenith Bank Plc’s shares at an average of N17.18 per unit, totaling N34.36 million. Mr. Ahmed Umar Shuaib also purchased 2,000,000 additional units of the Bank’s share, at an average price of N16.99 worth N33.98 million. Completing the trio was, Mr. Ebenezer Onyeagwu who purchased 1,000,000 additional units at an average of N17.05 worth N17.05 million.
This major purchase boosted the total number of trade deals (Volume) posted by the Bank in the NSE market, as the deals contributed about 11.61% of the Bank’s total deals between 16th and 17th of September, 2020.
What this means
Based on the recently released H1 2020 Financial Results of Zenith Bank, Mr. Ebenezer Onyeagwu had 45,500,000 direct shares as of June 30, 2020. Mr. Ahmed Umar Shuaib had 7,577,343 direct shares, while Mr. Dennis Olisa had 7,122,316 direct shares. All these remained unchanged from their reported shares in H1 2019.
With the addition of 1,000,000 shares, Mr. Ebenezer Onyeagwu’s stake increased to 46,500,000, indicating an increase of 2.19%. Mr. Ahmed Shuaib’s shares also leaped by 26.39% to 9,577,343, while Mr. Deniss Olisa’s shares increased by 28.08% to 9,122,316 direct shares.
This deal may signify that the Bank’s insiders expect an increase in share price. It is a positive signal to outsiders, coming from top insiders who are abreast with latest information on the Bank’s prospects.
This can play a vital role in stimulating a bullish trend. Zenith Bank’s share price is currently trading at N16.70 on the NSE.
Regardless of the impact of the pandemic on the income and revenue of banks, Zenith bank still remained one of the high-flying financial organizations in Nigeria. For example, the tier-1 bank’s gross earnings grew by 4.37% from N331.5 billion in H1 2019 to N346.1 billion in H1, 2020. Its Profit After Tax increased by 16.81% from N111.7 billion to N114.1 billion within the period under review. The aforementioned factors might have been the reason behind the recent bullish trend for its stock.
Fidelity Bank to raise N50 billion in bonds in Q4 to refinance existing debts
The new issue will be made to redeem the existing N30 billion bond which was issued at 16.48%.
One of Nigeria’s second-tier commercial banks, Fidelity Bank Plc, has concluded plans to issue up to N50 billion ($131.3 million) in local bonds by the fourth quarter of 2020, in order to refinance existing debts as the yields drop.
The disclosure was made by the Chief Operations and Information Officer, Gbolahan Joshua, during an analyst call on Tuesday, September 8, 2020.
The crash of crude oil price globally, which was triggered by the novel coronavirus pandemic, has led to a decline in bond yields on the local debt market. This has made foreign investors to dump their local assets, leaving excess liquidity in the money market. This has also put a lot of pressure on the foreign exchange market as they look for dollars to repatriate their funds.
The Fidelity Bank top executive disclosed that the new issue will be made to redeem the existing N30 billion bond which was issued at 16.48%.
The global economic situation has seen yields in the debt market drop from as high as 18% about 3 years ago to less than 5% for the one-year treasury bill.
Fidelity Bank had revealed that it expected to see a 15% drop in profit this year when compared to 2019 result due to the coronavirus pandemic. Its profit after tax increased by 21.9% to N12 billion for the half-year 2020.
The second-tier bank also disclosed that its income declined in the second quarter due to a downward review of lending rates on loans as a result of the economic downturn.
Heineken buys more units of Nigerian Breweries Plc
The Dutch firm has invested N276 million in NB since August, to increase its stake in the Brewer by 0.10%.
The major shareholder of the largest brewer in Nigeria, Heineken Brouwerijen B.V, has increased its stake in Nigerian Breweries, with the purchase of 233,110 additional units of Nigerian Breweries shares. This was disclosed by the company in a notification sent to the Nigerian Stock Exchange, which was seen by Nairametrics.
According to the notification, which was signed by the Company’s Secretary, Uaboi G. Agbebaku, the purchase was made on the bourse over two transactions on the 2nd and 3rd of September.
This disclosure is a regulatory requirement that must be reported to the Nigerian Stock Exchange, especially when a major shareholder or director of a publicly quoted company purchases shares in the company they own.
The analysis of these transactions indicates that the purchase consideration for the 233,110 additional units of Nigeria Breweries shares at an average price of N39.94 is put at N9.3 million.
This purchase and previous purchases further cement Heineken Brouwerijen B.V’s status as a major shareholder; the company has accumulated a total of 7,720,236 since 30th June.
As of June 30th, when Nigerian Breweries released its Half-year financial results and reviewed its shareholding pattern, the company had exactly 7,996,902,051 outstanding shares, with Heineken Brouwerijen B.V being the majority shareholder with 3,019,363,804 units, which amount to 37.76% of the total shares of the company outstanding.
Hence, with the current purchase of 233,110 additional units, and previous purchases in August and September 1, which amount to 7,487,126 units, Heineken’s ownership percentage of Nigeria Breweries is now put at 37.85%.
Insider transactions, both sales and purchases, are often an indication of how shareholders perceive a company’s valuation. It could also mean a possible capital raise or that the majority shareholders are strengthening their existing holdings.
In like manners, the purchase of the shares of Nigerian Breweries by Heineken and other majority shareholder has mopped up stray volumes on the bourse, and pushed the stock price higher by 29% or N9, from N31 it closed at on the 3rd of August to its current value of N40 with 38.2x earnings.
About the company
Nigerian breweries is the largest brewing company in Nigeria. It engages in the brewing and marketing of lager beer, stout and non-alcoholic malt drinks, and the bottling of the Schweppes range of soft drinks and Crush Orange. Its brands include Star, Gulder, Legend, Heineken, Maltina, Amstel Malta, Fayrouz, Climax, Goldberg, Malta Gold, and Life. These products are mainly sold in Nigeria and other neighbouring countries.
Key takes on NB’s financials
Nigerian Breweries was affected by the disruption in the global and domestic demand and supply chain, as profit after tax of the largest brewer dropped by as much as 58%, at the back of the adverse impact of the sharp contraction in economic activities.
The knock-on effect of the COVID-19 lockdown, which affected the trade segment of the business, affected the company sales and this triggered the 11% drop in revenue in the first half of the year.