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Profiles

Meet the woman winning in a male-dominated paint market 

Omolara Elemide was recently appointed as the Acting Chief Executive Officer of CAP Plc, the paint manufacturing subsidiary of Nigerian conglomerate, UAC of Nigeria Plc.

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Omolara Elemide

Omolara Elemide was recently appointed as the Acting Chief Executive Officer of CAP Plc, the paint manufacturing subsidiary of Nigerian conglomerate, UAC of Nigeria Plc. She took over from Oluwakemi Ogunnubi, another woman who previously held the important position until early this year. It’s been six months since she took up this job and people are longing to see her scorecard. This is why Nairametrics has decided to profile her as our corporate personality of the week. Get to know her. 

Elemide’s age, education, and early career days 

Born in 1959, Mrs Omolara Elemide is a Nigerian business executive who has over 35 years of professional experience. She has held many high-profile positions in some of the biggest companies in Nigeria. She is a graduate of the Kwara State Polytechnic where she obtained a Higher National Diploma in Accountancy. Shortly after graduation, Mrs Elemide joined UAC of Nigeria Plc in 1983. She has been working in the firm ever since, rotating within the Group’s subsidiaries. 

Her career took off fully following the divestment of Unilever International from UAC of Nigeria in 1994. This is because she was promoted to the position of the Group Audit Manager. Her six months attachment to Unilever International’s audit departments in Europe and America in 1991 had prepared her for this role. 

[READ: CEO Profile: Six years later, has Emeka Emuwa revitalised Union Bank Plc?

Her rise through the corporate ladder 

As mentioned earlier, Omolara Elemide’s career has revolved mostly around the UACN Group. In 1997, she served as the Divisional Commercial Director of G B Ollivant/MDS Division and as the Finance Director of UACN Property Development Company Plc; both subsidiaries of UAC of Nigeria Plc. Records show that she held these positions between 1997 and 2005. 

Interestingly, she also previously served as the Managing Director of CAP Plc. This followed her 4-year stint as the Finance Director of the same company between February 2005 and May 2009. She also served as UACN Plc’s Executive Director in charge of Corporate Services starting from January 2018. This was right before her appointment to her current position. Note that she is also the Acting Chairman of Livestock Feeds Plc, another subsidiary of the UACN Conglomerate. 

Omolara Elemide

Mrs Omolara Elemide with some other executives of the company.

A private executive 

Not much is known about Mrs Omolara Elemide’s personal life. She doesn’t have any known social media account, even a LinkedIn account bearing her name has just two connections. However, we do know that she is a wife and a mother. She is also a Christian. In August 2018, she was quoted to have advised some young school leavers to make the right choices in life as well as embrace a culture of excellence in order to succeed in life. She also reportedly admonished her fellow female business executives to continually sharpen their competence and never be found wanting.  

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Her poise to win the paint war 

There are quite a handful of paint manufacturing companies operating in Nigeria today. Five of these companies are listed on the Nigerian Stock Exchange, including CAP Plc of course. Over the years, there has been an understandably stiff competition between these companies, as they continually struggle to win over market share. How well is Elemide prepared to win in this field which, by the way, is dominated mostly by men? Well, let’s judge based on her performance so far this year. 

Elemide’s Half-Year 2019 scorecard  

For the half-year period ended June 30, 2019, CAP Plc recorded a relatively good result, even though profit after tax had declined slightly by 5.3% to N868 million compared to N917 million in H1 2018. The company did, however, report an increase in revenue to the tune of N3.9 billion, compared to N3.7 billion for the comparable period in 2018.  

[READ: These billionaires lose N5.7bn as Seplat’s share price declines by 10%]

Despite the decline in profit, CAP Plc’s result is, by far, better than what its competitors reported. Berger Paint Plc, for instance, reported revenue of N1.5 billion and a profit after tax of N145.6 million. Portland Paints Plc realised total revenue of N1.3 billion compared to N1.4 billion in 2019. Profit after tax stood at N64.2 million compared to N89 million in H1 2018. 

Stanbic 728 x 90

Meanwhile, Premier Paint Plc ran at a loss of N14.3 million, after reporting 2.4% decline in revenue to the tune of N74.7 million compared to N97.9 million in 2018. In the same vein, Meyer Plc also reported a loss of N29.5 million. 

Based on the foregoing, it is clear that Mrs Omolara Elemide is winning the paint war in Nigeria. However, she can do better. Her aim should be to surpass the target set by her predecessor. And judging by the company’s H1 2019 profit performance, she hasn’t exactly done that.  

[READ: Product Review: Big brands dominating Nigeria’s Paint market]

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

From Chemist to Bank CEO – The Story of Uzoma Dozie

Uzoma’s Dozie’s career history highlights his remarkable journey from a romance with Chemistry to running a top-tier bank.

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Uzoma Dozie’s Sparkle partners Open Banking Nigeria

When in 2019, talks were underway for one of the biggest mergers in Nigeria’s banking history, Diamond Bank CEO, Uzoma Dozie had his competencies called to question over why an almost 30 years old bank founded by his father, should end with him, the son. After the merger, the younger Dozie went ahead to launch his Digital Bank, Sparkle and has since then released several products and services, effectively silencing his detractors.

Early years

Uzoma Dozie is the first of the five sons of Pascal Dozie (PGD). He was born in England in 1969 at the time when his father was working with Greater London Development Council as a young graduate. The family soon relocated to Uganda when Pascal Dozie was contracted by the Ugandan Government as a Statistician, to work with a team carrying out an economic study in conjunction with the African Development Society Group.

In 1971, Idi Amin overthrew the elected government of Milton Obote and crisis broke out in Uganda. The family had no option but to return to Nigeria, where the country was just trying to pick life again after the war. The family settled in Yaba area of Lagos, and Uzoma started schooling.

READ: Experts laud Google’s decision to offer banking services 

His secondary education took him across three schools, the Lebanese Community School (LCS), Yaba; Government College, Owerri, and Command Secondary School, Kaduna.

Uzoma remembers that he did not always have things figured out, and as a child, had conflicting career interests. He was first interested in photography and for a while, it seemed like he would pursue this passion, but he changed his mind when he became a teenager and picked interest in becoming a doctor – a heart surgeon.

“In Nigeria then, you were either a doctor or an engineer. It was when we went for an open day at the University of Sheffield, where I was told that I had to spend seven years to become a doctor, that I decided to change my intended course of study.

“I later went to the University of Reading where I studied chemistry. After that, I went to the University College London to obtain a master’s degree in organic chemistry. We worked really hard to develop products that would help fight a number of diseases,” he recounted in an interview.

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Sigma Pensions

While his studies helped him understand analytical processes, it only left him more confused about what he was to do professionally. He was quite certain he did not want to become a chemist but went ahead to work as a sales representative for a pharmaceutical company in the UK for a couple of months before relocating to Nigeria.

Career moves

Back in Nigeria, Pascal Dozie had founded Diamond Bank and was doubling as Managing Director and Board Chairman, when Uzoma returned. With Pascal’s encouragement, Uzoma decided to test the waters of the banking career and see if it would feel like home.

Uzoma got a job with Guaranty Trust Bank (GTBank) on Broad Street, while Fola Adeola was the Managing Director. He learnt a lot from working there, and gradually, banking was becoming a little more than ‘daddy’s suggestion’.

“My father wanted me to gain industry experience, but he didn’t want me to start at Diamond Bank in order to avoid favouritism as the boss’ son, and he didn’t want to protect me as well, he needed me to find my own feet and fit. I spent a year at GTBank where I learnt a lot about developing a great work culture,” he said.

Shortly after spending a year at GTBank, the June 12, 1993 election crisis and accompanying unrest rendered Uzoma jobless for about a year. Afterwards, he joined Citizen International Bank (later known as Spring Bank), where he was placed on the oil and gas desk. This was a different experience, more demanding and challenging. He had to travel a lot to oil-producing areas like Port Harcourt, where he interacted with locals over their complaints.

Stanbic 728 x 90

Uzoma left Citizen bank after a while and proceeded to Imperial College in the UK for an MBA. Upon his return to Nigeria, he joined Diamond Bank. He later became the Executive Director in charge of Lagos Businesses for a couple of years before he was appointed Deputy Managing Director in charge of Retail Banking. In November 2014, he was unanimously appointed by the Board as Group Managing Director / Chief Executive Officer.

One significant take-home Uzoma got from heading the Retail Banking Directorate was the significant gap in the market for a new approach to services for retailers, and this later became the basis for Sparkle. He also observed the kind of growth Diamond bank experienced when it partnered with and built new services and new channels with fintech solutions, and says that traditional banking system constricted growth because of the limitations to human resources.

He recalled that it took Diamond Bank 20 years with 400 branches to acquire five million customers, but the mobile platform tripled the figure in 3 years, a sign that it was time to go digital.

The Access-Diamond merger and accompanying rumours

Long before the official announcement of the merger deal between Diamond Bank and Access Bank, the grapevine had several versions of the story. Some of these versions portrayed the merger as a failure of Diamond Bank and blamed Uzoma for destroying a bank his father started.

“We just focused on making our customers, staff, and shareholders happy. The Diamond-Access merger was smooth. Herbert Wigwe and I did roadshows to answer as many questions as possible. The Diamond Bank investors were happy about the deal they got. The deal was a sweet deal for our investors; they moved from a tier II bank to a tier I bank. There was pretty much nothing to explain to anyone,” he said.

However, what these rumours meant was that Uzoma Dozie was going to have to prove himself with his start-up – Sparkle, and so far, he appears to be doing fine.

Coronation ads

Diamond sparkles

“Keep Sparkling” was the tagline that PGD held on to at Diamond Bank, insisting that all of his staffs were ‘Diamonds’ and must stand out always. This tagline later influenced Uzoma Dozie’s choice of name for his digital bank – Sparkle.

The goal was to use Sparkle to help retailers achieve their daily objectives and scale their businesses, providing a suite of innovative lifestyle services. Other services included in the innovation include customer experience-led support services, ranging from inventory management and invoicing statements to foreign exchange services.

Powered by AI and Machine Learning, Sparkle was also built to create a dynamic community around Nigeria’s retailers and consumers, influencing purchasing decisions based on user-generated behavioural purchase data.

Sparkle partnered Visa, Network International, as well as PricewaterhouseCoopers and Microsoft, to create the platform to enhance convenience & service, and allow outside developers to contribute and build solutions. Sparkle also has a customer service chatbot called Indy, which provides users with real-time information.

app

Uzoma secured a banking license from the Central Bank of Nigeria (CBN) to offer financial services, and so Sparkle allowed users to make purchases online and in-person with both Sparkle physical and virtual cards. Where necessary, users can also pay bills and split payments using SparklePay which lets users send money to people without knowing their account numbers.

About this innovation, Uzoma Dozie said “Retailers and consumers in Nigeria are currently disconnected; Sparkle is building the solution around its understanding of the challenges of small businesses, which will help reduce the operational risks small businesses are exposed to in their infancy. Sparkle is a product, a community, born out of necessity for Nigeria’s retail landscape. We will connect millions of retailers on a digital platform, providing a service they can trust, that is seamless, and that allows for frictionless transactions across all activities and business services.”

The startup recently launched a new service called Sparkle Business, to provide access to various products and services for small businesses and SMEs in the region, including services like Tax Advisory/Calculations, and Payroll/Employee Management.

There are no mentions of an IPO or external funding for the Digital bank, anytime soon.

Other interests

Dozie sits on the Board of Women’s World Banking; and has spoken at several events around the world on the issue of technology and financial inclusion.

Even as a banker, he had developed an interest in the tech space, and launched TechFest in 2018 to bring together leading dignitaries of Nigeria’s technology and business sectors. He showcases tech start-up CEOs and founders in Tech Turks, his online TV show where he discusses opportunities and challenges in the tech industry.

Uzoma Dozie has also founded an angel fund called Black Knight, through which he has invested in a number of Nigerian technology start-ups. According to Uzoma, Black Knights is taking a long-term approach to investing in Nigerian enterprises by providing them with access to funding, access to market, access to business advice and mentorship, and creating a community of entrepreneurs.

Family influence

As the son of PGD, the busy economic consultant and later on Founder, Uzoma recalled that he did not see much of his father, but when PGD was around, he would tell them stories.

“We learnt a lot about decision making, speed, and risk from our parents. I remember how my father took an early bet on MTN Nigeria and I don’t need to tell you how successful it is now,” Uzoma said.

He also noted that his mother’s advice on being transparent is one he has adopted in several trying situations as a Chief Executive. “My mother taught us to be open; if you fail, don’t hide it. She would tell everyone, ‘Look at my son, he failed in school’ and that would kill all the rumours. Transparency removes uncertainty, so you own the story.”

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Billionaire Watch

Billionaire investors in Nigeria you may not know

A compilation of top Investors in companies listed on the Nigerian Stock Exchange, with whom you may be unfamiliar.

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billionaire

As a Nigerian interested in investing or making money, names like Aliko Dangote, Femi Otedola, Mike Adenuga, Tony Elumelu, Jim OviaRabiu Abdulsalam, etc.come to mind as aspirational role models when it comes to net-worth. These men have all made billions of naira investing in companies listed on the Nigerian Stock Exchange either as founders or strategic investors.  

  • However, there are many other ‘lesser-known investors in companies listed on the Nigerian Stock Exchange who are worth billions (in naira).
  • These investors are seasoned and while they may not always be the founders of the companies they are invested in; they own a significant chunk of the business through strategic investment stakes that earn them billions annually in capital appreciation and dividends.  

 

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