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.
Abdulrasheed Olayiwola brings over 30 years of extensive experience across both private and public sectors.
- Olayiwola holds a degree in Accounting from the University of Ilorin and is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and an Associate of the Chartered Institute of Taxation of Nigeria (ACTI).
- Since joining BUA Group in 2010, Olayiwola has held significant positions, including Senior General Manager at LASUCO Sugar Company Limited, a former BUA Group subsidiary now under BUA Foods, and Head of Finance at BUA Sugar Refinery Limited.
- His prior roles include a Consultant in Performance Improvement at PricewaterhouseCoopers Nigeria, Manager of Cost and Management Accounts at Nigerian Security Printing & Minting Plc, and Audit Manager at Oghene Omavuezi & Co, Benin. Between 1997 and 2000, he served as an Accountant at Shelter Afrique in Nairobi, Kenya.
BUA Foods has a market capitalization of N6.83 trillion at a share price of N379. BUA Foods reported a pre-tax profit of N76.8 billion for Q2 2024, up 24% year-on-year from N61.8 billion in Q2 2023. The group’s revenue for the quarter reached N315.5 billion, a significant 79% increase compared to N176.6 billion in Q2 2023.
For the first half of 2024, BUA Foods achieved a total revenue of N672.3 billion, reflecting a 110% year-on-year growth from N320.9 billion in H1 2023.
