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Nigerian Corporates -Dangote, Konga, Others Can Defend Future of Nigeria

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By Umar H.Farouk, a corporate guru based in Dubai.

A popular philanthropist and business icon was once quoted as saying that when entrepreneurs from Nigeria die, they will be ushered into heaven by God because they cannot suffer twice.

The statement above, although capable of drawing some mirth, is a reflection of the challenging business climate that Nigeria represents. Doing business in Nigeria is tough.  There is no hiding from this fact. Although the Nigerian economy is blessed with a number of indices which make it a prime investment destination, the reality on ground is that of a peculiar environment where only the most resourceful, tenacious and firm believers in Nigeria and the Nigerian project can survive and thrive.

If you are in any illusions as to how tough it is to cut it and make a success of entrepreneurship in Nigeria, the latest World Bank report on the global Ease of Doing Business can provide some valid insights.

Nigeria is presently ranked a lowly 131 in the report which captures about 190 countries. However, that does not tell the full story. The country is ranked lower than many of its contemporaries in Africa, among which are Togo, Kenya, Rwanda, Mauritius, South Africa, Zambia, Botswana, Uganda, Ghana, Namibia, Senegal and Seychelles, among others. In addition, the report throws some light on other data which show that successful entrepreneurs in Nigeria do indeed deserve a special place in heaven.

One of these is the rating of 36 for access to electricity by business owners in Nigeria which remains one of the lowest in the world. Others are registering a property – 48; trading across borders – 40; resolving insolvency –  41 and the country’s eye-watering taxation policies which is pegged at 29.

The summary is, successful Nigerian entrepreneurs or businesses are doing something special.

There is a sense, with doing business in Nigeria, that you do not only require a large dose of outstanding common-sense, street-smartness and determination to achieve, but that one of the essential qualities is also an incurable optimism in Nigeria. The foregoing appears to be one of the unerring factors that has distinguished the majority of businesses that have made a success of their entrepreneurial pursuits in Nigeria. The list of venture capitalists, angel investors or fly-by-night entrepreneurs that have flocked to Nigeria in search of quick gains and easy exits cannot be numbered in their thousands, with the majority of these often drawn by the promise which Nigeria’s attractive population dynamics represents.

Indeed, research shows that the Nigerian demographics mix is an investor’s dream. While other major economies are battling with an ageing population, Nigeria is swelling with a predominantly youthful population, many of whom are exposed, aspirational, tech-savvy and whose buying power is on the rise. Little wonder a recent survey by a renowned medical journal, The Lancet, predicts that Nigeria may soon become a global power, owing to its favourable population indices. This is based on the premise that Nigeria will become the world’s ninth-largest economy with a life expectancy higher than 80 years by 2100.

“By the end of the century, the world will be multipolar, with India, Nigeria, China, and the U.S. the dominant powers. This will truly be a new world, one we should be preparing for today,” Dr. Richard Horton, editor-in-chief of The Lancet was quoted as saying in the study.

The foregoing has seen many investors flock to Nigeria. But only a few can confidently navigate the thorny path to success in Africa’s biggest economy or stay the course when their portfolio investment is not yielding the much-envisaged quick returns.

This is why the Nigerian government must recognise and appreciate the efforts of some Nigerian success stories; businesses owned by Nigerians, creating tons of employment opportunities for Nigerians and making a big impression on the global stage. While space will not permit an exhaustive look at these shining stars, a few of them are worth mentioning in this intervention.

Dangote Industries Ltd. is a great example of a business that has defied the odds in making a success out of doing business in Nigeria. From being hampered by the poor transport network in Nigeria, the company has diversified to building concrete roads for Nigeria. With Africa’s richest man, Aliko Dangote at the helm of affairs, the group has made a brilliant success of its many portfolios ranging from sugar and salt refining, cement manufacturing and fertilizer production to building what is potentially Africa’s biggest refinery. His is a story of an unflinching belief in Nigeria, with Dangote widely known to have consistently supported successive Nigerian governments.

Globacom, led by billionaire magnate, Mike Adenuga, is another worth mentioning. In a sector dominated by foreign players, Glo, as it is fondly called, remains a proud indigenous standard-bearer. In addition to pioneering the per-second billing option that lifted the telecoms industry to new heights, the company has also consistently delivered more options that have helped deepen the spirit of competition, keeping other players on their toes and offering Nigerians more options. At a time when the world has become more open to subterfuge and the influence of external influences felt even keener in national affairs, the benefits of having a local player in such a sensitive sector cannot be over-emphasised.

Competing in the same vertical as Dangote is not a task for the lily-livered. But that is exactly what Abdul Samad Rabiu and BUA Group have done and made a success out of, in the same geographical space. Rabiu, whose BUA Group, has also invested in cement manufacturing, as well as sugar, oil mills, ports & terminals and real estate, is the only other Nigerian, apart from Dangote and Adenuga, on Forbes rich list. The BUA Group is one of Nigeria’s entrepreneurial success stories, having being in business for over 30 years and navigating the multi-faceted pitfalls and challenges of doing business in Nigeria.

Zenith Bank Plc., the brainchild of Jim Ovia, one of Nigeria’s more recognizable entrepreneurs, also deserves some plaudits. The story of Zenith Bank’s entry in 1990 and remarkable rise to the zenith of the Nigerian banking industry has been well-chronicled. Nevertheless, what many fail to realize is that the bank, like a few others, has survived several storms and upheavals, among which are recapitalisation exercises and mergers/acquisitions that have swallowed many in the industry. Today, Zenith Bank is one of the most profitable financial institutions in Nigeria. Not only that, the bank ranks as one of the largest and most profitable in Africa.

Access Bank Plc. is another outstanding player in the banking industry; one that may disrupt the banking industry in Africa. Access certainly deserves a mention. Under the leadership of the always impeccably-dressed Herbert Wigwe, Access Bank has grown into one of the most formidable lenders in Nigeria, with major in-roads into other African markets. Among the list of banks that Access Bank has acquired on the continent within a space of one year is South Africa’s 74-year-old Grobank, Kenya’s Transnational Bank and Zambia-based Cavmont Bank. This is not to forget its successful merger with Diamond Bank in 2019 which ultimately transformed it into one of the biggest entities in the Nigerian banking sector.

In the e-Commerce sector, the exploits of Konga, another fully Nigerian-owned business cannot be swept under the carpet. Konga has shown that Nigerian youths are technically ready and imbued with common sense to confront and compete favourably in the digitaleconomic war of the future.Prior to the acquisition of the brand by its current owners – the Zinox Group from former wealthy owners – Naspers and AB Kinnevik – Konga was looking like it would go the same way as many of the foreign-owned businesses that run out of steam and quietly exit the country after its investors get tired of the waiting game for quick profits. However, Konga, which analysts confidently say will exceed a unicorn valuation when it goes public, has thrived under its new owners, so much that it is being courted by global stock exchanges, including the NYSE, among others. Konga appears to have leveraged the experience of Africa’s leading digital disruptor, Leo Stan Ekeh, Chairman of the Zinox Group, who holds the record of pioneering e-Commerce in Africa with his BuyRight Africa.com which he floated many years ago and which predated the advent of e-payment channels. Today, Konga has successfully resolved the thorny challenge of logistics which has snuffed the life out of many players in Nigeria’s e-Commerce market, built up its own world-class technology, warehousing and payment infrastructure and launched a number of thriving subsidiaries against all odds. It is a brilliant futuristic group that would undoubtedly provide jobs for over a million Nigerians in the nearestfuture.

Can one make a case for some of the most successful Nigerian-owned brands without a mention of UBA and its current Chairman, Tony Elumelu? For a bank that has recorded over 70 years of uninterrupted operations in Nigeria, UBA has gone about its business fairly quietly and without the recognition it deserves. With UBA, one of Africa’s foremost financial institutions which boasts of subsidiaries in 20 African countries and offices in London, Paris and New York;Elumelu, an uncommon entrepreneur, who is touching many lives through his personal foundation, has proved many naysayers wrong, upholding the long-standing tradition of this powerful brand and leading it to new heights. Lest we forget, UBA was the first financial institution to list its shares on the floor of the Nigerian Stock Exchange in an IPO. Today, it is still holding its head high in the challenging Nigerian market under the astute leadership of Elumelu, disrupting the industry with its recently launched Artificial Intelligence bot, Leo and giving many hope in the future of Nigeria.

Flutterwave, Nigeria’s latest unicorn is another flag-bearer in the technology sector that has put the country on the map. Founded in 2016 by Iyinoluwa Aboyeji and Olugbenga Agboola, Flutterwave is making in-roads into many countries across the globe, deploying its cutting-edge payment solutions and infrastructure to solve problems for users in various markets. The recent feat of Flutterwave – a $170 million Series C funding round earlier this year – represented the largest amount ever secured by an African tech start-up at the time, giving it a valuation of over $1 billion. But we must not forget that this is a start-up out of Nigeria which has faced huge encumbrances, the most recent during the #EndSARS protests in late 2020 which put it in the crosshairs of the authorities.

As stated earlier, this list is definitely not exhaustive. There is a host of other successful corporates and entrepreneurs doing great things, battling the policy, infrastructural and socio-economic encumbrances as well as the considerable country risk posed by Nigeria, yet putting food on the table for millions of Nigerians and painting the country in gold.

Advanced economies the world over are built on the spirit of local enterprise. Governments in these climes see entrepreneurs as useful partners in progress, not as cash-cows to be milked dry or orphans to be cast away in times of instability. This is how countries like the United States, China, India, Hong Kong, France and Germany, among others, have succeeded in minting new billionaires on nearly a daily basis.

Nigerian entrepreneurs, including the few highlighted above, are among some of the most creative, hardworking, tenacious and loyal ambassadors of the country who can support the future of our economy and defend her unity.

It is high time the government accorded them the much-needed recognition and forged stronger ties with them.

 

 

 

 

 

 

 

 

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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How and Why N210 Trillion is Missing in NNPCL – CFO

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Adedapo Segun, chief financial officer (CFO), Nigerian National Petroleum Company Limited (NNPC), has explained why there is a missing sum of N210 trillion in the company’s audited financial statement spanning from 2017 to 2023.

How and Why N210 Trillion is Missing in NNPCL - CFO

According to Segun, the missing funds are cash calls requested by joint venture (JV) partners and settlement to the JVs.

He spokeat a session of the Senate Committee on Public Accounts chaired by Aliyu Wadada.

Segun was responding to an alarm raised by the committee over missing N210 trillion in NNPCL’s audited financial statement.

Recall that Wadada issued a one-week ultimatum to NNPCL to account for the missing N210 trillion.

Reacting, Segun said, “The N103 trillion and N107 trillion are made up of joint venture cash calls that have been requested by the JV operators and JV cash call payments made by NNPCL, which are yet to be reconciled because governance procedures were not done at that time.

“That is why you see the description reflecting those two items would be washed out because they are two sides of the same transaction, which is the cash calls by JV partners and the settlement by NNPCL.”

However,  Habu Sadeik, a financial analyst, in a post on X on Thursday, said Segun’s response was unsatisfactory.

Saidik faulted NNPCL’s response about the fund discrepancies, noting that something is not right with the audited financial statement.

“Forget about the senators’ lack of knowledge.

“The CFO’s response is not satisfactory. Are you saying that cash calls worth hundreds of trillions are just appearing on your FS only in 2024 without 31 disclosure?

“If it’s a cash call, why hasn’t the disclosure said so?

“Which cash call is over 100 trillion?

“Something is definitely not right, and I hope they retrospectively correct that FS.

“Someone somewhere did a chef’s work,” he wrote on X.

 

 


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PalmPay, Glo Launch “Recharge and Win Bonanza 2” with Exciting Prizes

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PalmPay, Nigeria’s leading fintech company, has partnered with Globacom to launch the second edition of the “Recharge and Win Bonanza” campaign. The promotion, which runs from June 19th to August 8th, 2025, offers Nigerians the chance to win amazing prizes when they purchase Glo airtime and data via the PalmPay app.

According to a joint statement by PalmPay and Globacom, “A weekly live raffle draw will be held and streamed on PalmPay’s official social media channels throughout the campaign. Customers who make Glo transactions through the PalmPay app will be eligible to win prizes, including the iPhone 15 Pro, Infinix Hot 40, and other exciting items”.

To participate, interested customers can log onto http://bit.ly/PalmPaySms .

The statement added that all transaction above N500 gives participants an extra shot at winning, adding that daily social media challenges will also offer participants a chance to win cash prizes.

Additionally, PalmPay users can enjoy up to 6% cashback when they buy Glo airtime and data through the PalmPay app. As an added bonus, customers who have not subscribed to a Glo data plan in the last 90 days will receive a 100% bonus on their recharge during the campaign period.

Wayne Ruppel, Head of Billers at PalmPay Limited expressed excitement about the partnership, stating that, “This collaboration is a major step in our mission to deliver MORE – more support, more rewards, and more innovation to our customers.

Partnering with Glo, a leader in the telecommunications sector, is a testament to our shared commitment to improving everyday experiences for all Nigerians. We are excited to reward our users and encourage everyone to take full advantage of this exciting opportunity.

Globacom also expressed delight at creating additional value for its subscribers through unique customer-appreciation schemes.

“Our partnership with PalmPay on the “Recharge and Win Bonanza perfectly underscores our commitment to delivering exceptional value and experiences. Over the years, we have always sought innovative ways to enrich the lives of our customers. We, therefore, enjoin our subscribers to utilize the opportunity provided by the bonanza and enjoy the many benefits it offers”, the company stated.

PalmPay and Glo will collaborate throughout the campaign period to deliver exceptional customer experience, reward loyalty, and reinforce their shared mission to make digital transactions more accessible, rewarding, and secure for millions of Nigerians.


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Lasaco Assurance to Invest in Technologies, Systems to Deliver Value to Clients

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Lasaco Assurance Plc, has said it would continue to invest in technologies and systems that delivers tangible value to clients and drive industry innovation.

Mr Abiodun Razzaq, Managing Director of Lasaco Assurance, who stated this at the 2025 customer forum organised by the company for its northern region customers in Abuja, said the forum’s interactive session offered an invaluable platform for open and constructive dialogue.

He said the forum brought together a distinguished assembly of customers, including policyholders, brokers, corporate clients, and industry partners, to engage in a robust dialogue aimed at enhancing service delivery and aligning offerings with the evolving expectations of the Northern market.

In his opening remarks, Regional Manager (Northern Region), Lasaco Assurance, Mr. Kunle Hamza underscored the company’s unwavering dedication to stakeholder engagement as a foundational pillar of its growth strategy. He emphazised that customer insights remain integral to shaping policies, refining service processes, and reinforcing the company’s brand promise.

He provided a compelling overview of Lasaco assurance’s recent performance and strategic priorities. He highlighted the company’s consistent premium income growth, bold digital transformation agenda, and ongoing operational restructuring designed to ensure responsiveness and resilience in a dynamic insurance landscape.

Addressing the customers, Mr. Adedayo Adetokun, Head of Strategy, affirmed that Lasaco assurance was actively developing multiple digital platforms to cater forvarious customer segments—part of a broader digital innovation roadmap that positions the company for future growth. He noted that human capital development was also being prioritised with targeted investments in talent acquisition and training to enhance operational capacity.

In his closing remarks, Mr. Muyiwa Anwoju, General Manager, Sales, expressed the management’s deep appreciation for the feedback received.

He assured participants that all contributions would be meticulously reviewed, categorised, and integrated into the company’s improvement plans. According to Anwoju, this forum marks the beginning of a renewed customer engagement framework, one that would be expanded across other regions in due course.


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