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.
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.
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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.
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.
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He discovered his purpose early in life and this made him develop a great interest in the study of economics.
“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.
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.
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).
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.
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Furthermore, Akomolafe created a digital payment option which fosters blockchain adoption among people with the aim of contributing to his community.
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.
Business News
Nascon Allied Industries Plc: Increase in sale of goods boosts revenues
Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating unit
Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating units, as total revenues increased slightly. The company reported revenues of N21.87 billion in 2020 (9months) – 4.01% increase compared to N21.03 billion in the corresponding period of 2019.
What you should know
Key highlights from 2020 (9months) results
- Revenues increased by 4.01% from N21.03 billion to N21.87 billion YoY.
- Revenues from sale of edible, refined, bulk grade salt; seasoning and vegetable oil, increased to N21.87 billion, +22.53% YoY.
- Other income increased to N12.81 million, +27.43% YoY.
- No revenue was recorded for freight income on the deliveries of salt and seasoning income-generating unit.
- Gross profit increased to N8.96 billion, +74.56% YoY.
- Operating profit increased to N3.64 billion +18.60% YoY.
- Pre-tax profits increased to N3.47 billion, +16.63% YoY.
- Post-tax profits increased to N2.29 billion, +13.27% YoY.
- Earnings Per Share increased to 115 kobo, +12.75% YoY
- Total assets increased to N44.36 billion, +45.79% YoY.
- Total liabilities increased to N32.04 billion, +67.21% YoY.
- Total equity increased to N12.32 billion, +9.35% YoY.
(READ MORE:Dangote’s NASCON Allied Industries Plc moves operation from Apapa)
Bottomline
Nascon Allied Industries Plc recorded a boost from increase in sale of goods revenue-generating unit, but no revenue was recorded for its freight income on the deliveries of salt and seasoning revenue generating-unit.
Though companies have generally recorded decreased revenues in the last three quarters, mostly due to COVID-19; Nascon Allied Industries Plc was able to increase its total revenues and pre-tax profits in the period under consideration.
Tech News
Instagram disables its “Recent” feature
Instagram has announced it remove the “recent” tab from hashtag pages on a temporary basis.
Instagram disclosed that it would remove the “Recent” tab from its hashtag pages for people in the United States of America.
The social networking and video sharing service stated this on its official Twitter handle. It said it is “doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.”
Starting today, for people in the U.S. we will temporarily remove the “Recent” tab from hashtag pages. We’re doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.
— Instagram Comms (@InstagramComms) October 29, 2020
What you should know
Nairametrics had reported on Instagram’s apology for its algorithm malfunction that led to the flagging of #EndSARS posts as fake.
Instagram has also taken the following measures to ensure a successful November election.
- The registration of 4.4 million votes this year through its flagship platform – Instagram and Messenger.
- Serving as a means of information and tool to people in the US on the electoral process
- The ban of any content that can thwart the success of the election.
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Mark Zuckerberg, the CEO of Facebook, said he was perturbed about the high risks for civil unrest in the US due to the upcoming presidential election.
“I’m worried that with our nation so divided and election results potentially taking days or weeks to be finalized, there is a risk of civil unrest across the country.”
Furthermore, he disclosed on a call while discussing Facebook’s Q3 earnings, that “given this, companies like ours need to go well beyond what we’ve done before.”
Why this matters
The aim of the short-term decision is to decrease the spread of misinformation in the forthcoming US election.
ENDSARS
#EndSARS: Police did not shoot protesters – IGP Adamu
The IGP has said that police officers acted professionally and exercised commendable restraints during the #EndSARS protests.
The Inspector-General of Police, M.A Adamu, has said that officers of the Nigeria Police Force acted professionally and exercised commendable restraints during the protests, in a response to Amnesty International about police firing at protesters.
The IG disclosed this in a statement on Friday morning, saying reports on the shooting of protesters is not true.
ENDSARS PROTESTS: POLICE PERSONNEL WERE PROFESSIONAL AND EXERCISED MAXIMUM RESTRAINTS – IGP TELLS AMNESTY INT’L
•Says Report on Shooting of Protesters by the Police, Not True.The Inspector-General of Police, IGP M.A Adamu, NPM, mni has affirmed that
— Nigeria Police Force (@PoliceNG) October 30, 2020
What you should know
Amnesty International released a report on the 21st of October, 2020, saying it has confirmed “that the Nigerian army and police killed at least 12 peaceful protesters yesterday at two locations in Lagos. The killings took place in Lekki and Alausa, where thousands were protesting police brutality as part of the #EndSars movement.”
President Muhammadu Buhari also disclosed last week that 51 civilians, 11 Police officers, and 7 soldiers have been killed in the unrest.
The IGP said today that, “Officers of the Nigeria Police Force acted professionally, exercised commendable restraints and some paid the supreme price for peace during the recent protests and ensuing violence in some parts of the country.
“The Amnesty Int’l report is untrue, misleading, and contrary to all available empirical evidence.
“Even when the protests turned violent in some parts of the country, the officers still maintained utmost restraint and did not use excessive force in managing the situations.”
The IG added that 22 Police personnel were killed by hoodlums, with many more injured and that 205 police stations were attacked.
“Available reports show that twenty-two (22) police personnel were extra-judicially killed by some rampaging protesters and scores injured during the protests. Many of the injured personnel are in life-threatening conditions at the hospital.
“Two hundred and five (205) police stations and formations including other critical private and public infrastructure were also damaged by a section of the protesters,” he said.
The IG said Amnesty International failed to pay tribute to police officers who lost their lives in the violence and accused the organization of “discriminatory tendencies.”
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