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How Sim Shagaya revolutionalised the traditional method of commerce in Nigeria

@SimShagaya is one of the few discerning people who have been able to use the opportunities provided by internet technology to become success stories in the Nigerian e-commerce space. 

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Sim Shagaya, Konga founder

The advent of internet technology has introduced different opportunities into all spheres of life, particularly in the aspect of industrial innovation. Though the opportunities that came with it were not visible to all initially, a few discerning people were able to harness them to become success stories in the Nigerian e-commerce space, and one of such discerning few is Sim Shagaya. 

At a time in Nigeria, there was a need for a revolution in the country’s commercial industry. This was probably what Shagaya had in mind when he founded Konga.com, an e-commerce platform that changed the traditional method of shopping in the country and in Africa at large. 

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Though Nigeria was an emerging market for e-Commerce, Shagaya arguably led an unprecedented e-Commerce boom that paved the way for the next Internet wave the country experienced. 

With Konga, Shagaya has successfully addressed the primary challenge that Micro, Small and Medium Scale Enterprises (MSMEs) were facing visibility. It is in this view that Nairametrics features him on this week’s Founders’ Profile. 

[READ MORE: Meet Mark Essien, the founder of Nigeria’s biggest hotel booking site]

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Sim Shagaya

Early life and education 

Shagaya, who hails from Plateau State, was born in 1976 into the family of John Nanzip and Paulina Shagaya. Being in a military household, he spent his childhood years, moving around the country. 

Shagaya completed his secondary education at Nigerian Military School and served in the Nigerian Army after for two years 

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He graduated from George Washington University, Washington DC with a Bachelor of Science (Hons) degree in Electrical Engineering. He proceeded to obtain a Master of Science degree in Engineering Management from Dartmouth College, and later obtained an MBA from Harvard University, Boston Massachusetts in 2003.  

Sim Shagaya

[READ ALSO: Highest paid CEOs in Nigeria earn N5.4bn as salaries in 2018]

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Career milestones 

Shagaya had worked as a banker in South Africa under Rand Merchant Bank. He later moved to Nigeria where he became Google’s Head for Africa and went on to found a Lagos-based billboard advertising business, E-Motion, in November 2005.  

He has over 11 years managerial and entrepreneurial experience which he had since been leveraging on as an investor. 

Shagaya always had a knack for creating business platforms online. Even before the launch of Konga, he had created other websites and platforms like Alarena, Jobclan, Gbogbo and iNollywood. 

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He however started DealDey in 2011 after successfully convincing the Board of the billboard company he owned to invest in it. 

Eventually, Shagaya launched Konga in 2012 and oversaw the company until he stepped down as the Chief Executive Officer (CEO). Under him, Konga grew to become one of the continent’s e-Commerce powerhouses, competing with Jumia in Nigeria. 

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Shagaya is also known for championing KongaPay, one of major efforts to encourage Nigerians to pay upfront for ordered goods instead of the cash on delivery payment option. 

[READ FURTHER: Everything you need to know about Mary Njoku, founder of the newly acquired ROK]

Shagaya’s Konga at a glance 

The entrepreneur had known he was really on to something with Konga when their “servers crashed at 8am that morning during Black Friday, or Yakata Sales, of 2013,” he explained, recalling Nigeria’s largest e-retailer’s near sales miss at the start of the 2013 holiday shopping season. 

Shagaya was quoted to have stated that Konga’s sales revenue had skyrocketed at an astounding rate within 6 hours. Since then, Konga’s sales have grew at a meteoric pace. 

Fast forward to Konga’s 2014 Yakata sales, N50 million (USD $273,201.46) worth of orders were processed every hour with more generated from the e-tailer’s mobile app. “We received a total of USD $3.5 Million worth of orders during 2014 Yakata Sales. This compared to USD $300,000 for Yakata in the previous year. We were particularly pleased by the fact that a large part of the volume was channelled to small and medium-sized businesses,” said Shagaya.  

According to SimilarWeb, in 2015, Konga was the most visited online shopping site in Nigeria, surpassing competitor Jumia. The region’s leading e-tailer was listed in the top 10 most-visited websites in Nigeria and stood at number 8 ahead of Jumia which stood at number 10. 

Sim Shagaya

Shagaya’s exit from Konga 

About three years ago, the media space was occupied with the news of Shagaya’s resignation as the CEO of Konga. He subsequently appeared to have completely exited the company he founded, after news surfaced on the internet that he was no longer Chairman of the board two years after.  

As founder of one of the most valued eCommerce companies in Nigeria, Shagaya led Konga to what was a successful showing in the Nigerian e-Commerce space, overseeing many funding rounds worth $127 million combined. 

Shagaya’s new foray 

Earlier this year, the erudite entrepreneur announced the launching of his latest project, uLesson, a platform that makes learning more individual-oriented, thus helping students maximise learning individually. 

Recognitions 

Shagaya won the Entrepreneur of the Year award at the CNBC/All Africa Business Leaders Award in West Africa. Similarly, he won the Leadership CEO of the Year award at The Leadership Conference/Awards, 2014. 

In 2014, he was listed on Forbes’ list of “10 Most Powerful Men in Africa”.  

[READ MORE: Notable businessmen who changed the political game in 2019]

 

Patricia

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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Coronavirus

COVID-19 Update in Nigeria

On the 10th of July 2020, 575 new confirmed cases and 20 deaths were recorded in Nigeria.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continue to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 31,323 confirmed cases.

On the 10th of July 2020, 575 new confirmed cases and 20 deaths were recorded in Nigeria, having carried out a total daily test of 3,725 samples across the country.

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To date, 31,323 cases have been confirmed, 12,795 cases have been discharged and 709 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 175,656 tests have been carried out as of July 10th, 2020 compared to 171,931 tests a day earlier.

COVID-19 Case Updates- 10th July 2020,

  • Total Number of Cases – 31,323
  • Total Number Discharged – 12,795
  • Total Deaths – 709
  • Total Tests Carried out – 175,656

According to the NCDC, the 575 new cases are reported from 18 states- Lagos (224), Oyo (85), FCT (68), Rivers (49), Kaduna (39), Edo (31), Enugu (30), Delta (11), Niger (10), Katsina (9), Ebonyi (5), Gombe (3), Jigawa (3), Plateau (2), Nassarawa (2), Borno (2), Kano (1), Abia (1)

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 12,051, followed by Abuja (2,433), Oyo (1,689), Edo (1,593), Delta (1,348), Rivers (1,343), Kano (1,303), Ogun (1,063),  Kaduna (946), Katsina (655), Ondo (606), Borno (586), Gombe (527), Bauchi (519), Ebonyi (508), Plateau (499), Enugu (469), Abia (402),  Imo (359), Jigawa (321).

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Kwara state has recorded 311 cases, Bayelsa (299), Nasarawa (238), Osun (212), Sokoto (153), Niger (135), Akwa Ibom (134), Benue (121), Adamawa (100), Anambra (93), Kebbi (86), Zamfara (76), Yobe (62), Ekiti (46), Taraba (27), while Kogi and Cross River state have recorded 5 cases each.

 

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
July 10, 2020313235757092012795178197
July 9, 202030748499689512546175137
July 8, 2020302494606841512373171927
July 7, 2020297895036691512108170127
July 6, 202029286575654911828168047
July 5, 2020287115446451111665164017
July 4, 202028167603634611462160717
July 3, 2020275644546281211069158677
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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FEATURED

Prices of Oil, pepper, tomatoes, rice others jump as low sales hit major markets in Lagos

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Nigerians spent N334.3 billion to import foodstuffs, tobacco, others in 6-months, Lagos state to shut down markets

Prices of major household items such as vegetable oil, tomatoes, pepper, rice and several others have once again spiked across major markets. This is according to the latest household market survey carried out by Nairametrics Research.

The latest household survey conducted by Nairametrics Research Team, revealed that Nigerians may be in for a sustained challenging time due to COVID-19 pandemic as major markets across Lagos state have been hit with low patronage, low sales and rising prices.

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Key Highlights

A medium-sized bag of pepper that was initially sold for an average of N8,000 in June has now increased by 20% to sell for an average of N10,000. Also, a big basket of oval-shaped tomatoes that was initially sold for an average of N8,500 now sells for an average of N10,000.

Explore Economic Research Data From Nairametrics on Nairalytics

The team also found that 25 litres gallon of vegetable oil increased by 4.01% from an initial average of N12,575 to an average of N13,100. Surprisingly, the price of onions increased in the past weeks as a big bag of dry onions now sells for an average of N17,000 from an initial drop reported in June.

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The report detailed items that recorded an increase in price, items that decreased in price, items that maintained initial prices, special markets and key insights.

Items that witnessed price increase

Some of the items that recorded an increase in price compared to last month include;

  • A big bag of dry onions now sells for an average of N17,000, indicating a 2.94% increase compared to an average of N16,500 recorded a fortnight ago.
  • The big basket of oval-shaped tomatoes that was initially sold for an average of N8,500 increased by 15% to sell for an average of N10,000.
  • A small basket of oval-shaped tomatoes recorded a 13.3% increase to sell for an average of N7,500 compared to N6,500 recorded last month.
  • The price of a bag of 50kg Mama Gold rice increased marginally by 1.17% to sell for an average of N21,375
  • Mama’s Pride rice (50kg) also increased marginally by 0.59% to sell for an average of N21,125.
  • A 50kg bag of Foreign rice now sells for an average of N28,500 compared to an initial average of N27,500 indicating a 3.51% increase in price.
  • A big bag of melon increased by 15.38% to sell for an average of N39,000 compared to N33,000 recorded in June 2020.
  • The price of a big bag Bush mango seed (Ogbono) currently sells for an average of N75,000. This is a 9.33% increase compared to N68,000 recorded two weeks ago.
  • 1 loaf of Butterfield bread increased by 5.7% as it now sells for an average of N438 compared to an initial average of N413.
  • A 5kg cylinder of household cooking gas is currently filled across the four markets for an average of N1,400 compared to an initial average N1,375 recorded two weeks ago. This indicates a 1.79% increase.

READ MORE: Cocoa prices melt lower as COVID-19 weakens demand 

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Items that recorded decrease in price

Despite the increase in the price of most of the items, some items however recorded marginal decrease in price.

  • A big tuber of Abuja yam now sells for an average of N838, compared to an initial average of N930, which indicates a 13.4% reduction in price.
  • Also, a smaller tuber of yam recorded a 12% reduction in price from an initial average of N700 to an average of N625.
  • The price of 1 big Titus fish now sells for an average of N563 compared to an initial average of N575.

Items that maintained initial price

Household items that maintained their initial prices include milk, cocoa beverages, bread, and flour.

  • A 400g Peak Powdered (Tin) milk continues to sell for an average of N1,213 while 900g still sells for an average of N2,375.
  • A big basket of sweet potatoes still sells for an average of N8,000 while a small basket of the same items continues to sell for an average of 600.
  • 5kg of household cooking gas (Refilling) continues to sell for an average of N3,375 while 5kg cylinder is still filled for an average of N1,375.
  • A bag of yellow maize still sells for an average of N17,250 while White maize also maintains average of N17,500.
  • 500g and 900g Milo Tin still sell for an average of N1,038 and N2,075 respectively across the four markets.
  • The price of Kote and Titus fish continues to sell for N563 and 575 respectively.
  • A bag of 50kg beans (Oloyin) still sells for an average of N12,750, white beans sells for an average of N21,125 and brown beans sells for an average of N20,625.

READ MORE: Household Survey: Nigerians dump imported rice, others, as prices jump high 

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Special Markets/Items

  • A big nylon of crayfish increased by 15.4% in July to sell for an average of N15,000 compared to N13,000 recorded in June 2020.
  • Round shaped tomatoes are yet to be sold in the markets due to the raining season. Meanwhile, oval-shaped tomatoes popularly regarded as Yoruba tomatoes is being sold in the major markets visited in Lagos. However, the price of the oval-shaped tomatoes is high due to the scarcity of the commodity. We found that a big basket is sold for an average of N10,000 while a small basket is sold for an average of N7,500.
  • Big sized bag of pepper was not sighted by Nairametrics team at Mile 12 market and traders of the commodity explained that no truck conveying pepper arrived from the north in recent times, and this has forced the price of the limited stock to rise in the last two weeks. A medium-sized bag sells for an average of N10,000 at Mile 12 market.

 

Market Insights

Sellers at various markets who spoke to Nairametrics research revealed that sales have dipped in recent weeks due to increase in price, traffic situation and alternate opening of the market.

According to a trader at Daleko market, “sales have dropped significantly in the past month as the price of food items keeps increasing with markets only opening on specific days of the week. I think the increase in price of goods has discouraged consumers from purchasing as much as they do before which is affecting our revenue at the end of the day.”

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Another trader interviewed at Mushin market by Nairametrics research team explained that, “Our goods are spending more time on display now compared to pre-COVID period, which has affected our turnover in recent times.” 

ItemsBrandUnitMUSHIN (2/07/2020)DALEKO (2/07/2020)OYINGBO (2/07/2020)MILE 12 (2/07/2020)Average MUSHIN (18/06/2020)DALEKO (18/06/2020)OYINGBO (18/06/2020)MILE 12 (18/06/2020)Average
Bag of RiceBasmati5kgNANANANANANANANANANA
Bag of RiceMama Gold10kgNA4000NANA4000NA4000NANA4000
Bag of RiceRoyal Stallion50Kg28500NA28000290002850028000NA270002750027500
Bag of RiceRice Master10kgNA3500NA40003750NA3500NA40003750
Bag of RiceMama Gold50kg22000215002100021000213752200021500210002000021125
Bag of RiceCaprice50kg28000NA275002750027666.66666666728000NA275002750027666.666666667
Bag of RiceMama's Pride50kg21500210002100021000211252100021000210002100021000
Bag of RiceFalcon25kgNANANANANANANANANANA
Bag of BeansOloyin50kg13000125001300012500127501300012500130001250012750
Bag of BeansWhite50kg22000205002100021000211252200020500210002100021125
Bag of BeansBrown>50kg20500195002150021000206252050019500215002100020625
Tuber of YamAbuja1 Big Size Tuber850800800900837.510009009001000950
Tuber of YamAbuja1 Medium Size Tuber650600600650625650700750700700
Carton of NoodlesIndomie305g (Belle full)2900290029002900290029002900290029002900
Carton of NoodlesIndomie200g (Hungry man)3200320032003200320032003200320032003200
Carton of NoodlesChikki100g2000220021002100210020002200210021002100
Carton of NoodlesMinimie70g1600165017001650165016001650170016501650
Carton of NoodlesGolden Penny70g1400140014001400140014001400140014001400
Bag of GarriIjebu80kg13000135001300014000133751300013500130001400013375
Bag of GarriWhite50kg11000115001150011000112501100011500115001100011250
Bag of GarriYellow50kg12000125001200012500122501200012500120001250012250
Basket of PotatoSweetBig Basket8000800080008000
Basket of PotatoSweetSmall Basket700600600633.33333333333700600600633.33333333333
Basket of PotatosweetSmallest Basket200200200200200200200200
Basket of PotatoIrishBiggest Basket20000200002000020000
Basket of PotatoIrishSmall Basket200020002000200020002000
Basket of PotatoIrishSmallest Basket1700150015001566.66666666671700150015001566.6666666667
Packet of PastaGolden Penny500g4300440043004200430043004400430042004300
Packet of PastaDangote500g4100410042004100412541004100420041004125
Packet of PastaPower (1 pc)500g220220220220220220220220220220
Packet of PastaBonita (1 pc)500g230200230220220230200230220220
Gallon of Palm OilLocal5 Litres2200210021002100212522002100210021002125
Gallon of Palm OilLocal25 Litres11000110001100011000110001100010500110001050010750
Gallon of Vegetable OilLocal5 Litres2400220023002200227522002200220022002200
Gallon of Vegetable OilLocal25 Litres13100130001330013000131001260012400129001240012575
Gallon of Vegetable OilKings5 Litres3000300030003000300030003000300030003000
Gallon of Vegetable OilWesson5 Litres3900390039003900390039003900390039003900
Gallon of Vegetable OilMamador3.8 Litres25002450250024002462.525002450250024002462.5
Gallon of Vegetable OilPower3 Litres1800180018001800180018001800180018001800
Bunch of PlaintainPlaintain1 Big Bunch500400450500462.5500400450500462.5
Bag of FlourDangote50kg11200112001100011000111001120011200110001100011100
Bag of FlourHoney well50Kg11200112001120011200112001120011200112001120011200
Bag of FlourMama Gold50kg11000113001100011000110751100011300110001100011075
MilkPeak Powdered (Tin)400g12501200120012001212.512501200120012001212.5
Milkpeak Powdered(Tin)900g2400240024002300237524002400240023002375
MilkPeak milk (Refill)500g10501000100010001012.510501000100010001012.5
MilkDano Powdered (Tin)500g1000100010001000100010001000100010001000
MilkDano Powdered(Tin)900g2000200020002000200020002000200020002000
MilkDano (Refill)500g850800800800812.5850800800800812.5
MilkThree Crown (Refill)380g720700750700717.5720700750700717.5
MilkLoya Powdered (Tin)400g10001000100010501012.510001000100010501012.5
MilkLoya (Refill)400g850800850800825850800850800825
MilkCoast (Refill)500g750750750750750750750750750750
Cocoa BeveragesMilo (Tin)500g10001100105010001037.510001100105010001037.5
Cocoa BeveragesMilo (Tin)900g2000210021002100207520002100210021002075
Cocoa BeveragesMilo Refill500g900900900900900900900900900900
Cocoa BeveragesBournvita Refill500g95010009509009509501000950900950
Cocoa BeveragesBournvita (Plastic)900g2000200020002000200020002000200020002000
Cocoa BeveragesOvaltine Refill500g800800850850825800800850850825
Cocoa BeveragesOvaltine(Plastic)500g1100110010001100107511001100100011001075
CoffeeNescafe Classic50g600600600600600600600600600600
TeaLipton Yellow label52g310290300300300310290300300300
TeaTop tea52g300300300300300300300300300300
SugarSt' Loius Sugar(Cube) 500g500550550550537.5500550550550537.5
SugarGolden Penny Sugar (cube)500g350350350400362.5350350350400362.5
BreadVal-U1 loaf450NA450NANANANANANANA
BreadButterfield1 loaf450400450450437.5400400400450412.5
EggN/ACrate95090010001000962.5950100010001000987.5
Bottled Water (Refill)CwayRefill600600650600612.5600600650600612.5
Juice5 Alive1 litre600550550600575600550550600575
JuiceChivita1 litre600550600550575600550600550575
GasRefilling12.5kg3500300034003600337535003000340036003375
GasRefilling5kg1400140014001400140014001300140014001375
TomatoesBig Basketround shapedNANA1600016000
Medium Basketround shapedNANA95009500
Small Basketround shapedNANA60006000
Big BasketOval Shaped85001000085008500
Small BasketOval Shaped6500750065006500
FishKote (Horse Mackerel)1 big Fish550600550500550550600550550562.5
FishTitus (Mackerel)1 big Fish550550550600562.5550600550600575
PepperBig bagNA1500015000
Medium bag100001000080008000
MaizeYellow180001650017250180001650017250
White180001700017500180001700017500
MelonBig bag39000390003300033000
OnionsBig bagDry Onions17000170001650016500
OnionsBig bagNew OnionsNANANANA
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Top 10 highest earning CEO’s in Nigeria

The figures only refer to their annual remunerations as the highest-paid directors.

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The responsibility of piloting a firm’s affairs and ensuring profitability often rests squarely on the shoulders of the Chief Executive Officer (CEO). Agreed, running a company is never a task that can be accomplished by just one person. But that notwithstanding, CEOs are the ones at the helm of affairs. As such, they take most of the blame for the lows, just as much as they take the credit for the highs.

It goes without saying that CEOs are also the highest-paid staff of every company. In Nigeria, the CEOs of the major companies are remunerated handsomely for their efforts. However, just as much as these companies have ranks in terms of asset size and profitability, so also do their CEOs’ earnings have ranks.

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This article, therefore, looks at the highest-paid CEOs of companies listed on the Nigerian Stock Exchange. The focus here is on how much they earned in 2019.

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Do note that the figures given here do not include what the CEOs might earn in dividends as shareholders of their respective companies. The figures only refer to their annual remunerations (executive compensation) as the highest-paid directors.

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Ferdinand Moolman

Ferdinand Moolman, MTN Nigeria, N586 million

Ferdinand Moolman is Chief Executive Officer (CEO) of one of Nigeria’s biggest, non-oil foreign direct investment – MTN Nigeria Communications Plc. He was promoted to the position of CEO on December 1, 2015, as part of a major reshuffling of the telco’s operating structure which was aimed at strengthening operational oversight, leadership, governance, and regulatory compliance.

Before then, he was the Chief Financial Officer (CFO), a position he occupied immediately he was transferred from MTN Iran cell where he was the Chief Operating Officer (COO).

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It makes a lot of sense that the CEO of the biggest company listed on the Nigerian bourse should be the highest-paid CEO in Nigeria.

Moolman earned N586 million in 2019, 2.5% up from the N571 million he took home in 2018.


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Austin Avuru

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GTBank 728 x 90

Austin Avuru, Seplat, N440 million

Augustine Avuru, the co-founder and CEO of Seplat Petroleum Development Company Plc, is the highest-paid director in his company, and second highest in Nigeria for the year 2019.

Prior to becoming the Chief Executive Officer of Seplat in May 2010, he was Managing Director at Platform Petroleum Limited, a company he founded. He had spent over a decade at Nigerian National Petroleum Commission (NNPC), holding different positions including that of wellsite geologist, production seismologist, and reservoir engineer.

He had also worked as an exploration manager and technical manager with Allied Energy Resources in Nigeria, a pioneer deepwater operator, where he spent ten years before starting Platform Petroleum Limited in 2002. He is also a director of MPI, which is listed on NYSE Euronext Paris.

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Avuru received N440 million as his remuneration in 2019, a shortfall of N44 million when compared to his 2018 earnings.

Recall that Seplat had announced Roger Brown as the incoming CEO that will take over when Avuru retires on July 31, 2020.

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Segun Agbaje

Segun Agbaje, GTBank, N400 million

Segun Agbaje joined Guaranty Trust Bank as a pioneer staff in 1991 and rose through the ranks to become the Managing Director and Chief Executive Officer in 2011 after Tayo Aderinokun, the previous CEO, passed on.

As CEO, Agbaje took N400 million home in remunerations for the year 2019. This shows an increase of N16 million from his N384 million remuneration in 2018, and given the impressive results that the bank showed for the year, we can say that it was duly justified.

He was recently elected an independent member of the Board of PepsiCo, the American owners of popular beverage drinks Pepsi and Moutain Dew. As Nairametrics reported, Agbaje will officially assume his duties as a board member and audit committee member at PepsiCo by mid-July.


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Yaw Nsarkoh

Yaw Nsarkoh, formerly with Unilever Nigeria Plc, N330 million

Yaw Nsarkoh has had a long career within the Unilever Group, occupying top positions like the African Regional Brand Manager, Production Manager for Unilever Ghana, among others.

He headed several regional headquarters of the global manufacturing company, especially in Africa. He also served as a Strategic Assistant to Unilever’s President for Asia, Africa, Central, and Eastern Europe.

He resigned from his position as Managing Director in December 2019, to take up new roles within the Unilever group across Europe. He was succeeded by Carl Raymond Cruz in January 2020. Prior to his departure, he earned N303 million in 2019, 8% less than the N330 million he earned in 2018.


Michael Puchercos, formerly with Lafarge Africa Plc, N272 million

For the financial year ended December 31st, 2019, Michael Puchercos earned N272 million, marking an 18.7% increase when compared to the N229 million he earned in 2018.

Before his appointment as Lafarge Africa Plc’s CEO, he worked in various capacities within the cement industry for two decades. He was the President & Chief Executive Officer of Lafarge Halla Cement; Director of Strategy and Systems at Lafarge Gypsum; Chief Executive Officer of Bamburi Cement and Hima Cement; and Chairman of Mbeya Cement in Tanzania.

He resigned from Lafarge in January 2020 to join competitor brand, Dangote Cement Plc and was succeeded by Mr. Khaled Abdelaziz El Dokani, the former country CEO of Lafarge Holcim Iraq.


Jordi Borrut Bel, Nigerian Breweries Plc

CEO, Nigerian Breweries Plc, Jordi Borrut Bel

Jordi Borrut Bel, Nigerian Breweries Plc, N271 million

Jordi Borrut Bel is the Chief Executive Officer and Managing Director of Nigerian Breweries Plc. Mr Bel is an experienced manager and has served in Heineken’s different subsidiaries across different countries. He was Managing Director at Brarudii SA, Manager-Project Distribution at Heineken Slovensko AS, Brand Manager at Heineken France SAS and Director-Sales & Distribution at Heineken España SA. His last position prior to coming to Nigerian was that of the Managing Director of Heineken Burundi.

Bel’s earnings experienced a quantum leap from N190 million in 2018 to N271 million in 2019, an increase of about 42%. He was the sixth highest-paid CEO in 2019.


Nestle Nigeria

Mauricio Alarcon

Mauricio Alarcon, Nestle Nigeria Plc, N218 million

Seventh on the list is Mauricio Alarcon, the Chief Executive Officer of Nestle Nigeria Plc. Alarcon was appointed CEO in 2016, after a progressive 17 years career with the Nestle brand. He started as Area Sales Manager with Nestle Mexico and later became a Senior Brand Manager.

He worked as Marketing Advisor at Nestle Headquarters in Switzerland, Country Manager at Nestle Cote d’Ivoire and later became Managing Director of Nestle Atlantic Cluster between June 2016 and September 2016, overseeing Senegal, the Gambia, Guinea, and Cote d’Ivoire.

Alarcon earned N218 million in 2019, a slight increase from the N210 million in 2018 he earned in 2018, placing him 7th place in the list.


Expatriates

Lars Richter

Lars Richter, Julius Berger Nigeria Plc, N217 million

Presently, Lars Richter occupies the position of Managing Director & Director at Julius Berger Nigeria Plc, a position he was appointed to in 2018.

Before this appointment, he had garnered over 16 years’ experience in the construction industry, with 10 years spent in Nigeria, in different positions including Division manager, Project manager, and Project engineer.

Richter places 8th on this list, with an income of N217 million in 2019. This is quite a significant reduction from the N319 million he received in 2018 although there is no obvious justification for this.


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Emeka Emuwa

Emeka Emuwa, Union Bank of Nigeria, N172 million

Emuwa earned an annual net income of N172 million in 2019, the same as he did in 2018. He was appointed CEO of Union Bank of Nigeria in November 2012, after a progressive 25-year banking career at CitiBank across several African countries.

He started out as a Management Assistant at Citibank Nigeria Limited and was later promoted to the position of Country Head, Cameroon. At this time, he was also overseeing all the bank’s activities in the Central African region, including Congo and Gabon.

He occupied strategic positions in the company across several countries like Tanzania, Ghana, Niger, and Nigeria, serving as the CEO between 2005 and 2012, before he took up the appointment with Union Bank Plc.


Imrane Barry

Imrane Barry, Total Nigeria Plc, N163 million

Total Nigeria Plc has Imrane Barry as its Managing Director. Imrane is not new to the Total group as he had previously served as Managing Director of Total Uganda in 2013, Total Cameroon SA in 2015 and Total Nigeria Plc in 2018. He also worked with other Total affiliates in Kenya and Ivory Coast, at SEP-Congo as the Technical and Transport Director, and in Paris as the Strategy and Development Senior Officer.

He was appointed Deputy Executive Vice-President of Total Africa & Middle East in 2012,

Before joining Total, Imrane worked in several capacities in Engineering and Construction Companies in Guinea Conakry, Cote d’Ivoire and Gabon.

Imrane took home N163 million as remunerations in 2019, 41% more than his 2018 earnings of N115 million.

 


Note that these figures were sourced from the companies’ FY 2019 audited financial statement. As such, the figures represent these CEOs’ income for the year 2019. As was explained in the article, a couple of the CEOs no longer occupy their positions, but since there has not been a full year financial statement explaining what their successors might be earning, these figures are the most recent.

Patricia
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