Despite Nigeria’s challenging economic environment, characterized by persistent naira devaluation, high inflation, and socio-economic instability, the country’s leading companies have achieved laudable market capitalizations.
This resilience is largely attributed to the adept financial stewardship of their Chief Financial Officers (CFOs), who are key players in guiding their firms through turbulent financial conditions.
These CFOs are instrumental in steering their companies towards stability and growth. They manage financial reporting, strategy, and risk, ensuring that their organizations navigate the economic downturn effectively.
For instance, one of the CFOs in this article successfully managed a bank with a market capitalization of N1.18 trillion, ensuring robust performance amidst economic challenges.
Another has overseen a company’s growth to a market cap of N2.50 trillion, reflecting significant operational and financial success.
Their leadership ensures that despite economic headwinds, their organizations remain resilient and continue to contribute significantly to the national economy.
Meet the Chief Financial Officers driving Nigeria’s largest companies valued at N39.8 trillion combined on the Nigerian Stock Exchange in August 2024.
Adeniyi is a distinguished finance professional with over 24 years of experience in consulting, auditing, and banking.
His early career included roles at Coopers & Lybrand (1996-1998), PricewaterhouseCoopers (1998-2000), and Arthur Andersen (2000-2001), where he gained valuable experience in the Manufacturing, Oil and Gas, and Financial Services industries.
- In 2001, Adeniyi transitioned to banking with Lead Bank, eventually rising to Deputy Manager and Head of Internal Audit. He then joined Guaranty Trust Bank (GTBank) in 2006, where he advanced to General Manager and Chief Financial Officer.
- Adeniyi played a key role in several high-profile projects, including the issuance of GTBank Eurobonds, transitioning financial statements to IFRS for a $825 million GDR listing on the London Stock Exchange, and leading IFRS adoption.
- He holds a Doctor of Veterinary Medicine degree from the University of Ibadan, is a Fellow of the Institute of Chartered Accountants of Nigeria. GTCO has a capitalization of N1.35 trillion at a share price of N46 as of August 16, 2024.
The Group achieved a profit before tax of N509.3 billion for the period, marking a dramatic 587.5% increase from N74.1 billion in the same period of March 2023. The Group’s net loan portfolio grew by 21.9%, rising from N2.48 trillion in December 2023 to N3.02 trillion by March 2024. Deposit liabilities also saw a substantial increase of 26.0%, climbing from N7.55 trillion in December 2023 to N9.51 trillion in March 2024.
