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Women Breaking Barriers: Nigeria’s Highest-Earning Female CEOs on the Rise

Here are the highest-earning Nigerian CEOs. Leading the pack of high-earning female CEOs is Nneka Onyeali-Ikpe, the CEO of Fidelity Bank Plc. 



Fidelity Bank MD - Mrs Nneka Onyeali-Ikpe

Gone are the days when the top echelons of companies were almost exclusively filled by men as more companies continue to boast female chief executive officers (CEOs) who are making their mark and reshaping the business landscape.

Here are Nigeria’s highest-earning female CEOs. Leading the pack of high-earning female CEOs is Nneka Onyeali-Ikpe, the CEO of Fidelity Bank Plc.

Nneka Onyeali-Ikpe, the CEO of Fidelity Bank Plc (Earned N110 million)

Onyeali-Ikpe, with her impressive track record of over 30 years in the banking sector, earned a staggering N110 million in 2022, maintaining her earnings from the previous year.

Assuming office as the managing director and CEO of Fidelity Bank on January 1, 2021, she succeeded Nnamdi Okonkwo.

Prior to her current role, she served as an executive director, overseeing the bank’s business in the South West region of Nigeria.

Onyeali-Ikpe’s leadership prowess has propelled her to the top of the earnings ladder, inspiring aspiring female leaders across the nation.

Owen Omogiafor: Driving Success at Transnational Corporation Plc (Earned N90 million )

Another remarkable figure among Nigeria’s highest-paid female CEOs is Owen Omogiafor, the president and CEO of Transnational Corporation Plc.

Heading a conglomerate comprising various businesses, including Transcorp Hotels Plc, Teragro Commodities Limited, and Transcorp Power Limited, Omogiafor earned N90 million in 2022.

With an extensive background spanning two decades, she brings expertise in organizational development, human capital management, banking, change management, hospitality, and energy.

Omogiafor’s remarkable career has seen her serve on the board of Avon Healthcare Limited and as a member of the Board of Trustees of the Association of Power Generation Companies in Nigeria.

Her contributions extend far beyond her immediate role, making her a prominent figure in the Nigerian business landscape.

Dupe Olusola: Pioneering Change at Transcorp Hotels Plc (Earned N62.7 Million)

Dupe Olusola, the managing director and chief executive officer of Transcorp Hotels Plc, is the second woman to lead the prestigious organization. Olusola’s dedication and leadership have earned her recognition and financial success, with earnings of N62.7 million in 2022, a slight increase from the previous year.

Her career journey started in 2002, and she has held various positions in renowned institutions such as African Capital Alliance and United Bank for Africa (UBA) Plc. At UBA, she played a pivotal role as Group Head of Marketing, devising and implementing integrated strategies for all UBA Group Bank and non-bank subsidiaries.

Olusola’s relentless pursuit of excellence has propelled her to the helm of Transcorp Hotels Plc, solidifying her position as a trailblazer in the industry.

Oluwatomi Somefun: A Visionary Leader at Unity Bank Plc (Earned N41.7 Million)

Completing the lineup of accomplished female CEOs is Oluwatomi Somefun, the managing director of Unity Bank Plc. Somefun, with her impressive academic credentials and extensive experience in the financial service industry, earned N41.7 million in 2022.

A graduate of English Language from Obafemi Awolowo University, she further honed her skills through advanced studies at prestigious institutions such as Harvard Business School and the University of Columbia Business School.

Somefun’s journey began with renowned firms like Peat Marwick and Co. and Arthur Andersen (now KPMG), before she assumed the role of executive director at Unity Bank plc. Her tenacity and commitment to excellence have propelled her to the top ranks of Nigeria’s banking sector.


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Banking Sector

CRC Credit Bureau Celebrates 15 Years with Record 14% Credit Penetration in Nigeria



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CRC Credit Bureau Limited celebrated its 15th anniversary with a record 14% credit penetration rate.

The occasion was marked with the CRC Finance and Credit Conference 2024 held in Lagos, where key industry stakeholders gathered to reflect on the bureau’s journey and discuss future trends in credit risk management.

Founded in January 2010 and licensed by the Central Bank of Nigeria (CBN), CRC Credit Bureau has played a pivotal role in enhancing access to credit across Nigeria.

Dr. Tunde Popoola, the Group Managing Director/CEO of CRC Credit Bureau Limited, highlighted the bureau’s journey, noting that from its inception with a single product, CRC has expanded its offerings to 18 products covering all aspects of the lending value chain.

Speaking at the conference, Dr. Popoola underscored the bureau’s contribution to Nigeria’s financial sector, stating, “CRC Credit Bureau has been instrumental in transforming access to credit in Nigeria over the past 15 years. We started with a vision to simplify credit access through reliable data and have since grown to serve millions of Nigerians.”

The event focused on the theme “Sustainable Financing Options: Innovations in Credit Risk Management,” emphasizing the importance of sustainable finance amid economic challenges.

The conference provided a platform for stakeholders to discuss strategies for mitigating risks and enhancing the efficiency of credit operations in Nigeria.

Reflecting on the current state of credit penetration, Dr. Popoola noted that while Nigeria has made significant progress, the 14% penetration rate still falls below global benchmarks.

He highlighted that CRC Credit Bureau currently holds credit scores for 33 million Nigerians, facilitating over 29.4 million searches in 2023 alone, with an additional 10 million searches conducted in the first quarter of 2024.

Joel Owoade, Chairman of CRC’s Board of Directors, acknowledged the economic headwinds impacting businesses in Nigeria but stressed the importance of sustainable financing to mitigate risks associated with lending.

“As we navigate economic fluctuations, sustainable financing remains crucial to fostering economic stability and growth,” Owoade remarked.

The conference also featured insights from industry experts on leveraging artificial intelligence (AI) in credit risk management and regulatory frameworks to support AI-driven innovations.

Olaniyi Yusuf, Managing Partner of Verraki, highlighted the potential of AI to create jobs and enhance economic productivity, calling for supportive regulatory environments that balance innovation with risk management.

Representatives from the Central Bank of Nigeria (CBN) emphasized the regulator’s efforts to promote sustainable credit practices.

Dr. Adetona Adedeji, Acting Director of the Banking Supervision Department at CBN, outlined initiatives such as the National Collateral Registry and Global Standing Instruction aimed at enhancing credit access while minimizing risks.

As CRC Credit Bureau looks ahead, Dr. Popoola expressed optimism about the future, stating, “We remain committed to driving greater financial inclusion and expanding credit access in Nigeria. Our focus is on leveraging technology and strategic partnerships to deliver innovative solutions that meet the evolving needs of consumers and lenders.”

The celebration of CRC Credit Bureau’s 15th anniversary underscored its pivotal role in Nigeria’s financial sector, marking a milestone in the nation’s journey towards broader financial inclusion and sustainable economic growth.

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Nigeria’s Public Debt Hits N101tn as World Bank Loans Soar to $4.95bn



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Nigeria’s public debt has breached the N101 trillion mark, driven by a substantial influx of loans from the World Bank totaling $4.95 billion over the past twelve months.

This surge in borrowing has raised concerns about the country’s ability to service its growing debt obligations amidst economic challenges exacerbated by the COVID-19 pandemic and fluctuating global oil prices.

As of December 2023, Nigeria’s debt stood at approximately N97 trillion, according to data from the Debt Management Office (DMO).

The recent borrowing spree has propelled this figure to N101 trillion, reflecting a rapid escalation in the country’s indebtedness.

The loans from the World Bank are earmarked for various developmental projects, including critical sectors such as power, women empowerment, education, renewable energy, and economic reforms.

These initiatives are part of Nigeria’s broader strategy to enhance infrastructure, socio-economic development, and institutional reforms aimed at bolstering long-term growth and resilience.

The breakdown of the World Bank funding includes $750 million allocated for power sector financing aimed at improving electricity generation and distribution, which remains a persistent challenge in Nigeria.

Another $500 million is dedicated to women’s empowerment programs, focusing on expanding opportunities and economic inclusion for women across the country.

Also, $700 million has been allocated to support education initiatives, particularly for adolescent girls under the Adolescent Girls Initiative for Learning and Empowerment project.

This funding seeks to enhance access to quality education and empower young girls in Nigeria.

Moreover, the World Bank has committed $750 million to the Distributed Access through Renewable Energy Scale-up project, aimed at increasing electricity access through renewable energy solutions.

This initiative targets over 17.5 million Nigerians who currently lack reliable electricity.

The largest tranche of $1.5 billion is designated for Economic Stabilisation to Enable Transformation Development Policy Financing Programme. This funding is intended to bolster fiscal revenues, expand social safety nets, and support economic diversification efforts to reduce dependency on oil revenues.

Despite these investments aimed at driving economic growth and improving living standards, concerns linger over Nigeria’s ability to effectively manage its escalating debt burden.

The country’s debt servicing costs have risen significantly, diverting resources away from critical sectors such as healthcare, education, and infrastructure development.

Critics argue that while external financing is necessary for development, the government must ensure transparency, accountability, and effective utilization of borrowed funds to avoid the pitfalls of previous debt mismanagement.

There is also a growing call for stringent fiscal discipline and reforms to enhance revenue generation and reduce dependency on borrowing.

President Muhammadu Buhari’s administration has defended the borrowing, asserting that it is crucial for bridging infrastructure gaps, stimulating economic growth, and creating job opportunities.

However, stakeholders emphasize the need for prudent debt management and sustainable economic policies to safeguard Nigeria’s financial stability and long-term prosperity.

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Sanlam to Acquire 60% Stake in MultiChoice’s Insurance Arm for R1.2bn




South African insurance giant Sanlam Limited has announced plans to acquire a 60% stake in NMS Insurance Services (NMSIS), the insurance subsidiary of pay TV operator MultiChoice Group, for R1.2 billion.

This strategic acquisition aims to enhance Sanlam’s footprint in the African insurance market and leverage MultiChoice’s extensive subscriber base across the continent.

In a joint statement released on Tuesday, both companies revealed that the deal includes a long-term commercial arrangement designed to expand insurance and related financial services to MultiChoice’s diverse audience.

The transaction also features a performance-based cash earn-out potential of up to R1.5 billion, contingent upon the gross written premium generated by NMSIS by the end of 2026.

Paul Hanratty, CEO of Sanlam Group, expressed optimism about the acquisition, stating, “This partnership provides a unique opportunity to combine our market presence and technological capabilities, fostering growth and market penetration while creating synergies beneficial to all stakeholders.”

Calvo Mawela, CEO of MultiChoice, highlighted the strategic significance of the collaboration, noting, “This deal not only enhances the value we provide to our subscribers but also taps into Sanlam’s expertise to drive innovation and growth in our insurance offerings across Africa. It’s a testament to the hard work and dedication of our teams.”

NMSIS has shown impressive growth, with gross written premiums increasing by 36% year-on-year and profit after tax rising by 51% in the first quarter of 2024.

MultiChoice plans to use the proceeds from the sale for working capital while retaining a 40% interest in NMSIS.

The move comes as MultiChoice faces economic challenges, including a 13% drop in subscribers in key markets such as Nigeria, Angola, Kenya, and Zambia due to economic hardships and currency devaluations.

Despite these setbacks, the partnership with Sanlam is seen as a strategic step to bolster its financial services offerings and stabilize revenue streams.

The announcement also follows recent regulatory developments, with MultiChoice entering a Cooperation Agreement with Groupe Canal+ SA after Canal+ acquired a 45.20% stake in MultiChoice, necessitating a mandatory offer under South African takeover regulations.

As the African insurance market continues to grow, Sanlam’s acquisition of a significant stake in NMSIS positions both companies to capitalize on emerging opportunities, providing innovative insurance solutions to millions of customers across the continent.

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