Women CEO Tops 5% Of Companies Listed On Africa’s 24 Stock Exchanges

While only 5% of companies listed on Africa’s 24 stock exchanges have a woman as CEO, those that do have a woman CEO outperform financially by a wide measure, a new analysis has said. 

According to the report, to mark the evolution of Definitive List of Women CEOs, sponsored by Standard Bank Group, now in its third year, the online outfit analysed 2,020 listed companies on Africa’s 24 stock exchanges to compare the performance of companies where women hold the top position as CEO.

Women led companies remain a rarity across Africa in spite of a growing body of evidence that more diverse management produces better results.

Teresa Clarke, Chair of Africa. com, the company that conducted the analysis, said: “Despite difficult market conditions in most sectors and most geographies across the continent, in 2022, female run companies in Africa outperformed most benchmarks,” said

Transcorp of Nigeria, a diversified conglomerate with investments in the power, hospitality and energy sectors run by President and CEO Ms. Owen Omogiafo, ranked as one of the top performers on the list gaining 8.27% in share price in 2022.

She joined us on the 19th to talk about how Transnational Corp. was able to outperform its competitors in this environment.

Another top performer was Bidvest Group of South Africa, a diversified industrial services company which has been run by chief executive Ms. Mpumi Madisa since 2020, saw its share price increase by 5.82% in 2022.

To put the figures into perspective, the share prices of the collective group of 93 women led companies analysed by outperformed the Johannesburg Stock Exchange (FTSE/ JSE All Share) by 506 basis points, the Nairobi Securities Exchange Index (NSEASI) by 2,712 basis points, the London Stock Exchange (FTSE All Share Index) by 1,202 basis points, and the S&P 500 by 1,714 basis points.

Vera Songwe, Senior Fellow – Global Economy and Development, Africa Growth Initiative joined the virtual event on April 19th for the unveiling of the Definitive List of Women CEOs to share her perspective on why women outperform in the investment arena.

The trend of large, listed, women-led companies in Africa outperforming their male-run counterparts is consistent with trends seen in other parts of the world. Why do women-led firms often outperform? Patricia Lizarraga of Hypatia Capital wrote, “According to McKinsey, women face well-documented additional barriers in today’s workplace.

The few who rise to the highest executive ranks, by definition, must possess additional leadership and performance characteristics versus the average executive, predominantly male, who did not face the same barriers.”

Hypatia Capital of New York designed the Hypatia Women CEO Index, measures the performance of publicly traded securities on U.S. exchanges that have female Chief Executive Officers.

Over the same period, 6678 January 1, 2022 – December 31, 2022, that index outperformed its benchmark by 479 basis points. Patricia Lizarraga, CEO of the Hypatia Womens CEO Index Fund in the US talked more about the “Female Factor,” her term for how women impact investment performance.

One of the caveats to the Africa. com analysis is that the various exchanges on which the companies are listed report share prices in their local currencies.

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Veteran actress, Hilda Dokubo jubiliates as she bags Doctorate degree in Literature

Actress Hilda Dokunbo has taken to her Instagram page as she jubilates bagging a Doctorate Degree in literature.

Weeks after Helen Paul bagged a PHD degree, Hilda Dokubo has been conferred with a Doctorate degree in Literature.


Hilda Dokubo can now be addressed as a Doctor of Literature in Leadership and Human development.


The degree is to honor the actress for her selfless works in leadership and human development in the country.


The degree was awarded by the Institute Suprereur of Technologies Et De Management.


Sharing the good news, Hilda Dokubo advised her fans to keep doing their works.


According to her, they can never know who is watching them.





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Zainab Bello Broke Sixty Years Record, Become First Female First Class Graduate In Mathematics Department.

Zainab Bello a female student at Ahmadu Bello University Zaria, Kaduna has broken sixty years old record in becoming the first female to graduate with a First Class in the Dapartment of Mathematics.


This very intelligent lady has surprised almost everyone with her performance, ever since it’s establishment in 1962.


Zainab finished with an impressive CGPA of 4.85, a record that has never been achieved. The Department of Mathematics in ABU was established in 1962.


Zainab’s academic prowess apparently did not start today. A post made on Facebook by Mohammed Ali shows that she has consistently emerged as best since her nursery school days. According to the post:


“Meet Zainab Bello the overall best graduate graduating with 1st class (CGPA 4.85 in the Dept of Mathematics ABU Zaria & the 1st female ever to graduate with such grade. She’s been the best student since her nursery & guess what? She was Hafiza (Memorized The Glorious Qur’an at 11 years), Congratulation may Almighty Allah bless your certificate.”

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Kemi Nanna, Newly Appointed Immigration Comptroller

Kemi Nanna Nandap has been appointed as the new comptroller to resume the duty of Nigeria Immigration Service (NIS), Murtala Muhammed Airport, Lagos command

She replaced Abdullahi Dalhatu, the immediate past comptroller of the command who retired from service earlier in the year.

A statement by the Public Relations Officer (PRO) of the command, Louisa Amadiokoro, said until her appointment, Nandap served as comptroller in charge of Plateau State Command where she “left indelible marks of infrastructural and human capital development.”

The statement hinted that the new comptroller had served as the Assistant Comptroller General (ACG) in charge of Zone C.

Born on June 3, 1966 in Zaria Kaduna State, she had her undergraduate studies at the University of Ilorin where she bagged a Bachelor of Science in Biochemistry.

Nandap had previously served in many commands and in different capacities including Officer-In-Charge (O/C) Investigation and Compliance, O/C Economic Community of West African States (ECOWAS) and African Affairs and second in command Nasarawa State Command.

Others are Lagos, Ogun, and Anambra states commands, Federal Capital Territory (FCT) and the service headquarter in Abuja.

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11 female advertising trailblazers emerge APCON Fellows

A symbol of hard work, resilience and professionalism, 11 female advertising trailblazers have been inducted as Fellows of the Advertising profession in Nigeria. This was at the just concluded APCON induction ceremony which held at the Radisson Blu Hotel in Ikeja, Lagos.

The inducted amazons expressed that the newly donned Fellowship hat is a representation of their quest to be at par with their global counterparts, to enable them for strategic positioning in building an outstanding and sterling career amidst male dominance and gender stereotypes in the advertising industry.

Some of these amazing and accomplished practitioners who have made notable contributions in the industry include:

Temitope Jemerigbe, Chief Executive Officer, DKK Nigeria; Betsy Iheabunike, Chairman/ CEO Betex Communication Ltd & MISHAB IDEALS Ltd; Margaret Olele, CEO/Executive Secretary, American Business Council;Ifeyinwa  Onukwuba, Managing Director, Nigeria Advertising Service, NAS; Julia Jacks, Head Consultant, Julia Jacks Consulting; Hannah Oyebanjo, Managing Director, Redwood Consulting; Ijedi Iyoha, Director at APCON; Ifechukwude Kagho Manages Customer Loyalty Programme for MTN; Martha Onyebuchi, Deputy Director, Sourthern Region, APCON; Funke Nwankwo, General Manager, Human Resources, NDPHC; Omowunmi Owodunni, Chairman of APCON’S Advertising Standards Panel, (ASP).

The ad experts agreed, that the mantra to succeed in the highly competitive space is through constant up-skilling and upgrading of career status in the industry to help reach the top of the corporate ladder.

Sharing the happy news of elevation of status, Temitope Jemerigbe, Chief Executive Officer, DKK Nigeria, one of the leading lights who have carved a special place for herself in the hallowed portals of advertising, said she is glad to be reckoned with APCON’s highest industry status, as an inductee, describing it as a thing of honour.

“It is recognition of the experience and contributions of individuals who are being conferred with the induction of which I am one, and I am really glad for this.”

Hannah Oyebanjo, Managing Director, Redwood Consulting, with pride and prestige over the new feather placed on her cap, said it will go a long way in promoting Nigerian advertising’s brand positioning.

“With a lot of changes currently occurring within the industry both locally and internationally, Nigeria must be at the forefront of leading change. Attaining this for me is like saying: hey! Get up again and see how much you want to add to the industry to grow generally”, she proudly stated.

Betsy Iheabunike, CEO, Betex Communication Ltd & MISHAB IDEALS Ltd, a passionate advertiser and marketing expert, applauded APCON for creating such a recognizable industry platform that places emphasis on women’s contribution. “I am happy that I am one of the people inducted by the highest regulator in the country, APCON. It is a great honour which will continue to speak well for the industry both home and abroad.”

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Eco Bank Nigeria Appoints New Chairman and Directors

The Board of Directors of Ecobank Nigeria has announced the appointment of three non-executive directors.

They are Mrs. Bola Adesola, Mrs. Titilayo Olujobi and Mrs. Bimbola Wright.

This was disclosed by the bank via a statement issued on Wednesday.

The statement issued by the bank said: “The new Directors have distinguished themselves in their various careers bringing with them a wealth of experience in the financial services industry, their professionalism and integrity, that has earned them international respect.

Mrs. Bola Adesola who has also been appointed as the Chairman of the Board, following the end of tenure of Mr. John Aboh, is a highly respected professional with over thirty-three (33) years of experience in the banking sector. She has commendable leadership qualities and successfully driven expansion initiatives in several banks. Mrs. Adesola retired from Standard Chartered Bank as the Senior Vice-Chairman, Africa.

Prior to this role, she was the Managing Director/ Chief Executive Officer for Standard Chartered Nigeria and West Africa for eight years with oversight over the bank’s West African subsidiaries, including Ghana, Cote D’Ivoire, The Gambia, Sierra Leone, and Cameroun. Mrs. Adesola was also the Chairperson of the Board of Standard Chartered Bank Mauritius and a Director at Standard Chartered, Ghana.”

Commenting on her appointment as Director and Chairman of the Board, Mrs. Adesola said; “I am honoured to be appointed as Chairman of the Board of Ecobank Nigeria. I am familiar with the brand and the proud history that is built on strong foundation across the African continent and indeed globally.

“I look forward to working with the other members of the Board and Executive team as we continue our journey to be top in the Nigerian market, by setting the standards in financial services for our customers. I would also like to express my thanks to my predecessor, Mr. John Aboh, a consummate and respected banker for a very successful tenure and wish him all the best for the future.”

Patrick Akinwuntan, Managing Director, Ecobank Nigeria said: “The entire staff and Management of Ecobank Nigeria warmly welcome Mrs. Bola Adesola and the other new directors to the Board. We will give them our full support in ensuring the actualization of the Bank’s strategic plans in Nigeria. I also thank Mr. John Aboh who recently retired from the Board after successfully completing his tenure of office. Under his tenure as Chairman of the Board, the Bank made remarkable progress in growing its market share and repositioning Ecobank Nigeria for leadership in the Nigerian financial services sector.”

Mrs. Titilayo Olujobi also a new director on the Board is a well-rounded and experienced professional with nearly four decades experience in Public Accounting, Banking, Training Facilitation, Business Consulting and Coaching. She is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Certified Professional Coach of the International Coaching Federation (ICF).

Mrs. Olujobi who is currently Non-Executive Director of IBFCAlliance Limited started her professional career at Z. Olasanya & Co and Coopers and Lybrand (now PriceWaterhouse Coopers) where she led audit assignments and consulted on tax issues.

She was at Nigeria International Bank Limited (now Citibank Nigeria Limited) as a Management Associate and rose through the ranks across multiple positions to become Vice President (Deputy General Manager); She was Managing Director, IBFCAgusto Training Limited; Executive Director of IBFCAlliance Limited after the merger of IBFCAgusto and Alliance Consulting. She holds a B.Sc. Degree in Economics from the University of Ife (now Obafemi Awolowo University).

Mrs. Bimbola Wright is a transformative and human-centered professional with thirty-three (33) years banking experience in top financial institutions, over 20 years of which was at senior leadership levels. She is currently an Executive Director with Wright & Co Limited, a management consulting firm based in Lagos; Chairperson of the Board of Arami Essentials; member of the Institute of Directors, where she sits on the board of IoD Centre for Corporate Governance; and Fellow of the Nigeria Institute of Management.

Her career commenced with NAL Bank Plc (now part of Sterling Bank), from where she moved to Kakawa Discount House which was later acquired by First Bank Holdings to become FBNQuest Merchant Bank; she was Executive Council member of Women in Management, Business and Public Services (WIMBIZ). Bimbola holds a B.Sc in Human Biology from Surrey University, an M.A. in International Relations from the University of Kent at Canterbury.

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Women & BusinessCareerEntrepreneurWomen of Substance

Folorunsho Alakija: From a middle-class home to becoming Nigeria’s richest woman

Hardly would you find a list of Nigeria’s richest entrepreneurs without the name – Folorunsho Alakija popping up. Several rankings have acclaimed her to be the richest woman in Nigeria, and the 2020 list of Africa’s Billionaires places her at 20th position in Africa. Though most public knowledge attributes her wealth to her interests in the oil sector, Alakija also has interests in other sectors like fashion and real estate.

She was born on July 15, 1951, to Chief L.A. Ogbara, of Ikorodu, Lagos State. It was quite a large family and Folorunsho had lots of siblings.

She started her nursery schooling at Our Ladies of Apostles, Lagos from 1955 to 1958, and at the age of seven, she travelled to the United Kingdom to attend Dinorben School for Girls in Harfodunos Hall, Llangernyw, Wales. She returned to Nigeria in 1963 for her secondary education in Sagamu, Ogun state before returning again to London for her Secretarial studies at Pitman’s Central College.

At the time, it was quite commonplace for females to opt to study along the secretarial lines, Tourism and hospitality or Fashion designing. In addition to her Secretarial studies, Folorunsho went to the American College, London and the Central School of Fashion for a degree in Fashion Designing.

Now qualified as a secretary and fashion designer, Folorunsho returned to Nigeria to work. She started out as an Executive Secretary at Sijuade Enterprises in Lagos, in 1974. Next, she worked as the Executive Secretary to the Managing Director with First National Bank of Chicago, which was renamed FinBank and later acquired by First City Monument Bank (FCMB). Briefly, she held the position of Office Assistant to the Treasury Department, and Head of the Corporate Affairs Department.

After spending some years in banking, Folorunsho decided to start her fashion design company, Supreme Stitches. She worked hard at it to set the brand in motion, and the name was later changed to Rose of Sharon House of Fashion.

Later, in September 1991, FAMFA Oil Limited was incorporated and in 1993, Alakija was granted an Oil Prospecting License (OPL) on OPL 216, a 617,000-acre oil block located in the Agbami Field of the central Niger Delta.

Three years later, she entered a joint venture agreement with Star Deep Water Petroleum Limited (a wholly-owned subsidiary of Texaco). She went on to appoint Star Deep Water as technical adviser for the exploration of her license and transferred 40% of her 100% stake to the company. Star Deep ceded 8% of the 40% to Petrobras, thus bringing in even more players. It was no surprise, therefore, that they succeeded in their exploration and soon grew to become one of the largest indigenous exporters of crude oil in Nigeria.

Alakija dived into other interests like printing and real estate. The Rose of Sharon Group consists of The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited and Famfa Oil Limited where she is the Executive Vice-Chairman. Her real estate interests are in the DaySpring Property Development Company, where she has majority stakes.

Alakija had a bone to pick with the FG
After some years of exploring, they struck oil in the OPL 216. As soon as the news went public, the government swooped in and snatched a 40% stake, and soon after, another 10% stakes of the oil bloc. The argument from the government was that if they allowed Alakija keep all those shares, they could be making as much as $10 million daily. For more than a decade, Folorunso Alakija fought the government in court, refusing to let it go.

“We felt like it was unfair. We had taken the sole risk and invested everything we had in the business. It had become a family business. We spent six years as a family to ensure this worked out and now that it was bearing fruit. They just stepped in and took away everything we had struggled and worked extremely hard for. I said to myself, ‘Folorunsho Alakija does not give up, my husband does not give up and my children do not give up’” she later said of it.

In the end, they won the case and got back the stakes from the government.

Recognitions and philanthropic gestures
In 2015, Forbes listed Mrs Alakija as the second most powerful woman in Africa and the 86th most powerful woman in the world. She was also ranked as the richest woman in Nigeria with a net worth of about $1 billion as of 2020.

She has received no less than 8 Honorary Degree Awards from Universities in Nigeria and the United States of America, the most recent being the one she received from Benson Idahosa University, Benin City on the 17th of July 2021. She became the first female chancellor in Nigeria in 2016 when she was appointed Chancellor of Osun State University in March 2016.

The Rose of Sharon Foundation is one of the avenues through which Alakija helps and empowers widows and orphans through scholarships and business grants. Folorunso Alakija is also the sponsor of the Agbami Medical and Engineering Scholarship Scheme, where over 1000 beneficiaries are awarded scholarships annually. She has also donated a skills acquisition centre to the Yaba College of Technology.

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Desayo Ajisegiri Wins 7up 2021 Havard Business School Scholarship

Desayo Ajisegiri has emerged winner of the 2021 7up Harvard Business School Scholarship Programme.

According the carbonated drinks giant, this year’s recipient, Ajisegiri, comes from a modest background. Having been inspired by the tenacity and courage of her mother, she sailed through adverse circumstances to graduate from Howard University, Washington DC with Summa Cum Laude honours and has dedicated herself to impacting the world through a fusion of entrepreneurial and humanitarian initiatives that solve current global challenges.

Recall that Seven-Up Bottling Company Limited (SBC) has been supporting and celebrating young and promising Nigerian graduates through its fully funded MBA programme at the prestigious Harvard Business School.

Ziad Maloouf, the Managing Director of SBC, while restating the company’s unwavering support for the Nigerian youth and its commitment to the country’s development, said: “We believe in the transformational difference great leadership has on a country. One person can make a huge difference in the trajectory of a people and their development. That’s what this scholarship is about. We are on a mission to inspire extraordinary people to create exceptional ideas.

“Desayo has proven her mettle and passion for people and development, as evident in her work to enhance the financial status of Nigerians. We believe we have identified a leader Nigeria will be proud of. By contributing to her story, maybe we can do our part to change the wider narrative about Nigeria.”

Commenting on the importance of the unique initiative, Yemi Faseun the Chief Corporate Services Officer emphasised the multiplier effect of leadership. “We cannot change the world all at once; however, we can change our world one person at a time. The 7up Harvard Business School Scholarship gives us the opportunity to do that. We wish our 2021 winner, Desayo, the best and look forward to the remarkable impact she would have on the country.”

In her remark, Desayo, the 11th recipient of the 7up HBS Scholarship, expressed her gratitude, while advising the youth to remain tenacious despite challenges. She promised to uphold the values upon which the scholarship was awarded.

In her words: “You have to step into the driver’s seat of your life and do your own part of the equation. I didn’t know I was going to win the scholarship but I planned the whole year ahead of my application to HBS. Now I am here and going in fully funded by SBC. It is amazing. So do your own part, keep your eyes on the goal and the vision and be optimistic.”

Having mentored 15 Nigerian college students in the U.S through college into Medical schools, Phd programmes, and corporate careers, Desayo’s passion for community improvement and rehabilitation was evident. This in addition to other sterling qualities that singled her out amongst thousands of entries received.

The 7Up scholarship recipient plans to come back to Nigeria upon completing her education at the Harvard Business School to float her micro investing platform. She believes that her team has only scratched the surface as they plan to empower Nigerians with the means to make wealth.

During her time in college, Desayo who had been a quarterly survivor of malaria found a way to prevent malaria by investing in a detergent that could fortify one’s clothes, serving as a repellent and insecticide to dangerous mosquitoes. Her entrepreneurial spirit and passion for solving problems also led her and her friends to start up a micro investing platform – Trove, that allows Nigerians invest in U.S stocks from the comfort of their homes while on their phones.

Desayo O. Ajisegiri joins Misan Rewane (2011), Olujimi Williams (2012), Mayowa Kuyoro (2013), Oluwasola Olaniyan (2014), Bankole Makanjuola (2015), Chidozie Ibekwe (2016), Ahmed Alimi (2017), Ulunma Izejiobi (2018), Anyanwu Maureen Uzoamaka (2019), and Abdul Rahman Buhari (2020), who have benefitted from the fully funded two-year programme at Harvard Business School.

In attendance at the event, alongside key stakeholders and representatives from the company, were members of the National Youth Corps Service (NYSC), who were challenged by Desayo’s story. They remarked on the impact it has made on their lives, as they take courageous steps towards achieving their dreams.

Photo caption  above are– L-R: Yemi Faseun, Chief Corporate Services Officer, SBC, Nigeria; Desayo Ajisegiri, Winner, 2021 7UP Harvard Business School Scholarship, and Ziad Maalouf, MD, SBC Nigeria

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Olga Okewulonu Achieves Double First-Class as She Graduates from Law School in Grand Style

 Olga Okewulonu a first class graduate of Afe Babalola University Ado-Ekiti Nigeria has taken to social media to bask in the euphoria of her recent academic feat.

Olga shared on her LinkedIn wall that she bagged a first-class from the Nigerian Law School.

In her undergraduate study at the Afe Babalola University, Ado-Ekiti, the lady had also graduated with a first-class in law.

Olga described her sojourn at the Nigerian Law School as one of the most challenging hurdles she had undergone.

Her post read:


“I made a first class at the Nigerian Law School!

“I must say that going through the law school is no joke. This was the most challenging academic hurdle I’ve undertaken so far, and like everyone else, there were days when it felt like all hope was lost.

“However, in the face of obstacles, the only option is to press forward. With the goal in mind and the grace of God making a way for me, I can finally say that I made it.

“Veni, Vidi, Vici.

“I am a double first class graduate of Law!

“From this point, it’s O. C. Okewulonu ESQ!!!”

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CareerAppointmentWomen of Substance

Caroline Anyanwu: United Bank for Africa New Board Member

United Bank for Africa group(UBA), the leading pan-African financial services institution has recently  announced the appointment of Mrs. Caroline Anyanwu to its Board of Directors, effective May 19, 2021.

Caroline Anyanwu holds a First-Class degree in Statistics from the University of Ilorin in Nigeria and has worked extensively in the fields of accounting, taxation, credit risk and banking throughout her career of close to four decades. She worked at UBA from 1996-2006, where she held the position of Head, Credit Risk Management. Mrs. Anyanwu also served as the Deputy Managing Director of Diamond Bank with supervisory responsibility for risk management, until her retirement in 2019.

Speaking on the new appointment, UBA Group Chairman, Mr. Tony O. Elumelu said, “We welcome Caroline back to the UBA Group after fifteen years. She helped develop our credit and risk management, and her track record leaves me in no doubt that she will be able to harness her considerable experience across the African continent to bring valuable contributions to the Group Board of UBA. Corporate governance and risk management are central to what we do at UBA and Caroline Anyanwu aligns perfectly with our vision.”

UBA is one of the largest employers in the financial sector on the African continent, with more than twenty thousand employees Group wide and serving over twenty five million customers. Operating in 20 African countries and in the United States of America, the United Kingdom and with presence in France, UBA provides innovative retail; commercial and corporate banking; cross border payments and remittances; trade finance and ancillary banking services. UBA is leading financial inclusion and implementing cutting edge products in Africa.

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