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Business News

Akotex Nigeria’s Henrich Akomolafe’s Journey to Forbes Africa

Akotex Nigeria’s co-founder, Henrich Akomolafe is among the business leaders Forbes Africa listed on its #30Under30 business category 2019.

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Akotex Nigeria’s Henrich Akomolafe’s Journey to Forbes Africa

Several weeks ago, Forbes Africa released the fifth edition of its 30 Under 30 List of exceptional young Africans. The list, which attracted global attention, had young individuals who are exploring various sectors of the economy, hence, contributing positively to the development of Africa.

Among the few young minds included in the business category of the list is 26 years old Henrich Akomolafe, the face of Akotex Nigeria Limited, a company with a business focus on the elevator and escalator industry, and subsidiaries in construction, real estate, as well as robotics and artificial intelligence.

[READ MORE: Meet Moses Babatope, the “frontliner” of Filmhouse Cinemas and FilmOne]

His presence in Nigeria’s business sector has been a source of inspiration to young entrepreneurs. He has achieved this feat in a country where people hold the belief that one can only be successful at the age of 40 and above in specialised fields such as the engineering or real estate sector. 

Akomolafe’s experience cuts across engineering, real estate, construction, and information technology. His modest success has affected not just his organisation, but Nigeria as well. It is in this light that Nairametrics found it needful to host him on this week’s Founders’ Profile.  

Educational background and career milestone 

Born on 1st October 1992, Akomolafe had his primary education in Shining Star and New Capital, both in Abuja. He started his secondary school education at Government Secondary School (GSS) Bwari in Abuja but later moved to Ado-Ekiti, where he completed his secondary school education at Jokotayo Academy. 

In 2015, Akomolafe graduated as a computer engineer from Kharkiv National University of Radioelectronics, Ukraine. The following year, he obtained a Master’s Degree in Information Technology Strategic Management from Barcelona School of Management (BSM) – Universidad Pompeu Fabra, Spain.

Akotex Nigeria’s Henrich Akomolafe’s Journey to Forbes Africa

Henrich Akomolafe pictured with his sister at his graduation in Ukraine

Akomolafe acquired engineering, as well as business management experience in 2016 from MP Ascensores Sevilla, Spain where he served as an intern. He has since been committed to putting his experience to good use in Nigeria’s elevator engineering industry. 

Akomolafe, who hails from Ado-Ekiti, started his career in the elevator industry in 2016, at a time Nigeria slipped into recession. He assumed the position of the Managing Director of Akotex Nigeria Limited. 

His journey into business 

Akomolafe was introduced into business as a child. All thanks to his father who co-founded Akotex with him. In a recent interview, he confirmed that his business journey started as a child when his family began Akotex Potato Flakes.

[READ ALSO: Meet Bilikiss Adebiyi-Abiola, Nigeria’s queen of recycling and environmental sustainability]

He discovered his purpose early in life and this made him develop a great interest in the study of economics.  

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“Since I knew I had a flair for business, I had wanted to study economics, but things changed in the university and I had to study engineering,” Akomolafe said. 

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Even as a computer engineer, he went ahead to take further studies in business and management. 

His work with Akotex Nigeria Limited 

Akotex Nigeria Limited is a firm that deals in the delivery of elevator and escalator engineering services. 

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Akotex Nigeria’s Henrich Akomolafe’s Journey to Forbes Africa

Henrich Akomolafe pictured in between two others, who made the cover of Forbes Africa’s business category of 2019’s #30Under30

Under Akomolafe’s leadership, the company has generated remarkable profits and has also established new business lines such as BNR, a real estate and construction company, and M7R, an Information Technology company. 

Driven by the desire to succeed, Akomolafe has been able to secure contracts with Federal Government ministries and agencies, such as the Federal Inland Revenue Service (FIRS), the Federal Airport Authority (FAAN) and the Ministry of Foreign Affairs (MFA). 

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Similarly, Akomolafe also secured contracts from the University of Port Harcourt (UNIPORT), Imo State University (IMSU), University of Maiduguri (UNIMAID), Kwara State University, and others through intervention projects from the Central Bank of Nigeria (CBN), and Tertiary Education Trust Fund (TETFUND). 

Akotex Nigeria, in this year alone, has bagged many projects which have increased its maintenance services. With the intention of expanding the business, Akomolafe converted the profits into creating housing for young entrepreneurs. In simple terms, he sells elevators, uses the returns to buy lands, designs and builds houses on them, and then sells them.

(READ FURTHER: These three directors were recently “removed” from Trans-Nationwide’s board)

Furthermore, Akomolafe created a digital payment option which fosters blockchain adoption among people with the aim of contributing to his community. 

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At this point, it is safe to say that the computer engineer is now a businessman who is taking giant strides in different sectors of the economy. 

Akomolafe’s family life 

Akomolafe, who is not yet married, is the third child in a family of six children. 

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Consumer Goods

Sell-off of shares by investors extend Flourmillers loss on NSE to N25 billion

Nigerian Flour millers on NSE suffer a decline as wary investors offload shares.

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Bloody February: Sell off of shares by investors extend Flourmillers loss on NSE to N25 billion

The sell-off of shares on the Nigerian Stock Exchange has triggered an N24.9 billion loss in the market capitalization of Flour Millers since the beginning of February, as wary investors offload.

It is important to note that the Nigerian Equity Market has been on the downward trend since the beginning of February, as wary investors sell off stakes in companies as the yields in the money market become attractive.

The results of this move led to a decline in the shares of companies listed on the Nigerian Stock Exchange, including a decline in the shares of Flour millers listed on the bourse.

A review of the performance of the stocks of these Flour millers on NSE revealed that the market capitalization of FLOUR MILLS, HONYFLOUR, and Northern Nigeria Flour Mills from the open of trade on February 1 till the close of trading activities on February 24 has declined from N154 billion to N129 billion.

How they have all performed

FlourMills has declined from N142.3 billion to N118.3 billion. However, the market cap of Honeywell Flour Mills has also declined, albeit marginally from N10.31 billion to N9.91 billion, while that of NNFM has declined from N1.72 billion to N1.25 billion. When added up, the three millers have lost N24.85 billion in market capitalization.

However, Flour Mills, the largest miller on NSE lost the most with N23.98 billion, as a percentage of market capitalization. Flour Mills is down by 16.85%.

Market activity

At the end of trading activities on the floor of the Nigerian Stock Exchange, the shares of Flour Mills declined by 6.9% to close at N28.85 per share, as investors sell off 5,029,161 ordinary shares of the company worth N143,009,264.10.

Shares of Honeywell at the close of trading activities today declined by 1.6%, while shares of Northern Nigeria Flour Mills remained unchanged at N7.02 per share.

The Consumer good index to which the Flour millers belong has fallen by 6.1% year since the beginning of February, compared to the Nigerian Stock Exchange All Share Index -5.17%.

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Business News

FG says Finance Bill 2020 will check inflation

The Finance Minister has stated that the reduction of import duties on vehicles will subsequently reduce transport fares and food prices.

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Power: Mambilla Power Project not prioritised by Ministry of Power for 2021 Budget - Finance Minister

The Federal Government has said that the Finance Bill 2020 was designed to reduce import duties on some commodities, including vehicles, thereby checking inflation.

This is as the Bill was part of measures to make transportation affordable, thereby reducing the cost of foodstuff across the country.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the Minister of Finance, Budget and National Planning, Zainab Ahmed, while answering questions from State House correspondents in Abuja on Wednesday.

Ahmed explained that her Ministry advocated and got approval for a reduction in the import duties charged on vehicles precisely to check inflation trends.

READ: FG to withdraw $150 million from sovereign wealth fund, to borrow $6.9 billion

What the Minister for Finance is saying

The Minister expressed concerns over the inflation rate in the country, saying inflation was high at 16.7% and still inching up gradually over the last couple of months.

Ahmed said, “When you look at the components that constitute inflation in our country, the largest contributor is food inflation and … if you decouple it, the largest contributor to food inflation is the cost of transport.

“We now look at how do we reduce the cost of transport because we can’t give every Nigerian money to pay for their transportation fares. We figured that one of the good ways to do it is to increase the acquisition of mass transit vehicles and to reduce the acquisition cost of vehicles and tractors that are used for productive purposes like agriculture.”

READ: Nigeria to receive first tranche of World Bank’s $3 billion loan soon

She expressed optimism that the reduction of the import duties on vehicles, when fully operational, would boost mass transit activities and subsequently reduce transport fares and food prices.

She said, “So the reason why we reduce those duties is to reduce the cost of transportation.

”So, once this implementation takes full effect, we are hoping that we’ll be able to see more tractors coming into the country, more mass transit buses coming to the country, reducing the cost of transportation as a result, and also having an impact on food prices.

What you should know

  • It can be recalled that as part of its bid to introduce tax incentives in the face of the economic downturn caused by the coronavirus pandemic, the Federal Government in November 2020, through the signed Finance Bill 2020, proposed the slash of import duties for tractors, buses and other motor vehicles from 35% to 10% and 0% to further help cushion the socio-economic conditions in the country.
  • The Minister for Finance, Budget and National Planning had explained that the need to reduce food inflation figures through one of the causative factors of high production cost, which is transportation, inspired the bill.

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