Company News

Nigeria’s Oldest Companies Defy Odds, Thrive Through Decades of Turmoil

With over 125 years of operation, First Bank has weathered numerous storms, including economic downturns, political unrest, policy changes, and financial crises.

Published

1 year ago

July 18, 2023

Samed Olukoya

In the face of economic challenges, political uncertainties, and global crises, a select group of companies in Nigeria has defied the odds, standing tall for over six decades.

These resilient businesses have weathered military coups, civil war, economic booms and busts, and even the recent COVID-19 pandemic and Russia-Ukraine conflict. Their ability to adapt, innovate, and diversify has been key to their enduring success.

Topping the list is First Bank of Nigeria Limited, a financial institution with a remarkable history dating back to 1894. With over 125 years of operation, First Bank has weathered numerous storms, including economic downturns, political unrest, policy changes, and financial crises.

Following closely is John Holt Plc, which established its presence in Nigeria in 1897. The company’s diverse business units, ranging from engineering to property development, have contributed to its longevity and adaptability.

Union Bank of Nigeria Plc, tracing its roots to 1917 as Colonial Bank, claims the third spot on the list. The bank has undergone transformative changes, including ownership transfers to Nigerians, which have contributed to its resilience over the years.

Royal Exchange Plc, founded in 1921, and Unilever Nigeria Plc, known initially as Lever Brothers (West Africa) Limited in 1923, also feature prominently among Nigeria’s oldest surviving companies.

UAC of Nigeria Plc, incorporated in 1931, and Shell Petroleum Development Company, the pioneer oil company in Nigeria since 1937, continue to thrive despite the country’s ever-evolving economic landscape.

May & Baker Nigeria, established in 1944, and Wema Bank Plc, founded in 1945, have also demonstrated remarkable endurance in Nigeria’s business landscape. United Bank for Africa Plc (UBA), established in 1949, and Julius Berger Nigeria Plc, a construction giant founded in 1950, round out the list of resilient companies.

Aero Contractors, established in 1959, and Sterling Bank Plc, formerly known as NAL Bank, which began operations in 1960, have proven their mettle over the decades.

These companies have successfully weathered economic storms by adapting to changing market conditions and diversifying their operations. They have invested in innovation and placed a strong emphasis on providing quality products and services, all while navigating the challenges unique to doing business in Nigeria.

Experts attribute their success to factors such as strong management teams, a focus on innovation, and commitment to quality.

However, they acknowledge that Nigeria’s business environment poses formidable challenges, requiring companies to overcome various constraints to achieve longevity.

Some of these challenges include weak consumer purchasing power, supply chain disruptions, and the inability to innovate or adapt to change.

Also, factors such as poor power supply, bad roads, exorbitant levies, administrative bottlenecks, and inadequate regulations have hindered the growth and survival of many companies, leading to their eventual closure.

While some businesses, like the defunct Kingsway Stores and A.G Leventis, have succumbed to these challenges, Nigeria’s oldest companies continue to stand tall, a testament to their resilience, adaptability, and unwavering commitment to success.

In a country where the “pain of doing business” often overshadows the ease of doing business, these enduring companies serve as beacons of hope, inspiring future generations of entrepreneurs to persevere and thrive against all odds.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Company News

NNPC Helicopter Incident: Three Bodies Found as Rescue Missions Continue

Published

2 days ago

October 25, 2024

Samed Olukoya

The Nigerian National Petroleum Corporation (NNPC) announced on Thursday that a helicopter en route to the NNPC FPSO, NUIMS Antan, had disappeared.

According to the NNPC, the helicopter with registration number 5NBQG took off from the NAF base in Port Harcourt at around 11:22 am before losing contact after departure.

The helicopter operated by East Winds Aviation was carrying eight people, six passengers and two crew members.

On Thursday, the NNPC confirmed the loss of communication with the aircraft, adding that the Ministry of Aviation had been informed immediately and a search and rescue team dispatched to the area.

Olufemi Soneye, Chief Corporate Communications Officer for NNPC explained that the organization is committed to the ongoing rescue efforts and extended heartfelt prayers to the families of the victims.

In the press statement posted on its official X @nnpclimited, NNPC said three bodies have been recovered while the search continues to know the fate of the remaining five individuals on board.

As families await further news, the nation remains hopeful that more survivors can be found. The NNPC has assured the public that it will provide regular updates as the search progresses.

Company News

Meta Fires Employees For Using Office Free Meal Vouchers to Buy Household Items

Published

1 week ago

October 18, 2024

Ugwoke Ogbodo

The parent company of Facebook, Instagram, and WhatsApp, Meta, has allegedly relieved about 24 staff members at its Los Angeles office of their jobs.

The affected staff were accused of using their $25 (£19) meal credits to buy items such as toothpaste, laundry detergent, acne pad and wine glasses.

It was gathered that the dismissals followed an investigation that revealed the employees had been exploiting the system, including sending food home when they were not physically present at the office.

One of the terminated employees was an unnamed worker earning a $400,000 salary.

Another sacked employee anonymously shared on the messaging platform Blind, explaining how she and her colleagues maximized their dinner credits to buy other necessities when they could get food elsewhere.

The breach was discovered as part of the human resources procedure even though one of the workers admitted to it.

According to reports, employees who occasionally bent the rules received warnings but retained their positions.

Free meals have long been a benefit for employees of major tech firms like Meta, founded by Mark Zuckerberg.

Typically, staff at larger offices, including Meta’s Silicon Valley headquarters, enjoy complimentary meals from on-site canteens.

Employees at smaller locations receive daily food credits, redeemable through delivery services like UberEats and Grubhub, with allowances of $20 for breakfast, $25 for lunch and $25 for dinner.

Company News

Flour Mills of Nigeria to Invest $1 Billion in Expansion and Restructuring Over Four Years

Published

1 week ago

October 17, 2024

Samed Olukoya

Flour Mills of Nigeria Plc, a Nigerian diversified agribusiness company, has announced plans to invest $1 billion over the next four years to expand its facilities and restructure the company.

Chairman John Coumantaros, in an interview on Tuesday, said the new funding is about “doubling down on investment in Nigeria.”

This investment will further support President Tinubu’s reform efforts at a time when companies like Diageo Plc and Unilever Plc are exiting or reducing their exposure to the West African nation.

Since coming to power in May 2023, President Tinubu has introduced a series of reforms from allowing the naira to free float to fuel subsidy removal to make the country more attractive to investors and steer it away from fiscal collapse.

According to Coumantaros, $500 million of the total investment will go into its sugar operations in Niger state to boost production from the current 100,000 tons to over 400,000 tons a year.

An additional $100 million will be allocated to a cassava-processing factory to end imports of starch from the tuber and expand its breakfast cereal offerings.

The 64-year-old company will also undergo reorganization following an offer from Excelsior Shipping Company Ltd. last month to buy out minority shareholders at 70 naira per share.

The company plans to restructure its more than 22 units into five individual companies, Coumantaros said.

“We want to be able to attract technical and financial partners to help us grow our sugar operations and food business. We have a lot of ambitious plans for investment and expansion.”