The Nation Newspaper

Category: Equities

  • Dangote Sugar grows Q3 profit to N14.2b

    Dangote Sugar grows Q3 profit to N14.2b

    Dangote Sugar Refinery (DSR) Plc, Nigeria’s largest sugar producer, recorded modest growths in profitability in the third quarter, according to the interim earnings report released by the company.

    Key extracts of the unaudited report and accounts for the nine-month period ended September 30, 2015 showed that modest growths in pre and post tax profits as the company drew on improved cost efficiency to mitigate similarly modest decline in sales.

    Profit before tax stood at N14.22 billion for the nine months ended September 30, 2015 compared with N13.97 billion in corresponding period of 2014.  Gross profit had risen by five percent to N18.80 billion in contrast with N18.63 billion. Profit after tax increased to N9.34 billion from N9.15billion in the same period in 2014. Turnover had dropped marginally from N73.8 billion in third quarter 2014 to N73.05 billion in third quarter 20145. The report showed that production at the company’s subsidiary-Savannah Sugar, was on the increase, rising to 6,610 tonnes whereas a total of 6,245 tonnes was produced in 2014.

    Commenting on the results, deputy group managing director, Dangote Sugar refinery, Abdullahi Sule, explained that after a good performance in the second quarter, the company struggled to sustain the pace of improvement in the third quarter as it continued to face challenges getting its sugar out of the Apapa area to customers, which constrained overall operations in the quarter.

    He said the company has started to explore alternate means of product evacuation including the rail and additional warehouses to fulfil the growing demand of its sugar in the Northern parts.

    “I am pleased that despite these challenges we were still able to improve our profit margins and bagged additional market share from the sugar smugglers and competition as the quarter ended.  “We are excited as our Sugar for Nigeria project continues to gain momentum and our five year target to execute the first phase of our backward integration plans – the Savannah rehabilitation and Lau/Tau projects progress,” Sule said.

    He pointed out that Dangote Sugar is Nigeria’s largest producer of household and commercial sugar with 1.44 million tonnes of refining capacity, with the ability to supply most of the country through an extensive network of distributors.

    He added that the refinery at Apapa imports raw sugar from Brazil and refines it into white, Vitamin A fortified sugar suitable for household and industrial uses noting that Savannah cane sugar factory located near Numan, in Adamawa State has an installed sugar capacity of 50,000 tonnes.

    According to him, covering 32,000 hectares in extent, the Savannah Sugar estate has considerable opportunity for expansion which is underway.

    “Our strategy is to become a global force in sugar production, working within Nigeria’s National Sugar Master Plan to end importation and sell more than 1.5 million metric tonnes of locally produced sugar in Nigeria and neighboring countries. As part of this plan we acquired Savannah Sugar in December 2012 and are currently improving its farm acreage and upgrading its production facilities. We intend to augment Savannah’s 32,000 hectares in Adamawa state by acquiring and planting a further 150,000 hectares across Nigeria, supporting the new plantations with modern production facilities that are located closer to the consumer,” Sule said.

     

  • May & Baker Nigeria grows Q3 profit by 165%

    May & Baker Nigeria Plc grew pre-tax profit by 165 per cent in the third quarter as the healthcare company continued to leverage on its recent investments in a multi-billion Naira world-class  pharmaceutical manufacturing complex.

    Key extracts of the nine-month report for the period ended September 30, 2015 showed that May and Baker Nigeria recorded significant improvement in profitability amidst steady growth in turnover during the period. Turnover rose by nine per cent while pre and post tax profits grew by 165 per cent and 144 per cent respectively.

    Turnover stood at N5.3 billion in third quarter 2015 compared with N4.8 billion in comparable period of 2014. Profit before tax stood at N60.63 million in 2015 as against a loss N93.5 million recorded in corresponding period of 2014. Gross profit had improved by 10.3 per cent to N1.8 billion as against N1.6 billion for the same period of 2014 while operating profit grew by 31 per cent from N360 million  to  N470 million. After taxes, net profit grew by 144 per cent from a loss of N93 million in third quarter 2014 to net profit of N41 million in third quarter 2015.

    Further analysis showed that selling costs followed the increase in revenue with a growth of 8.2 per cent while  distribution, sales and marketing expenses remained flat at N847 million. Administrative costs inched up by two per cent at N444 million. However, the company reined in finance charges, reducing these by 8.7 per cent from N466 million in third quarter 2014 to N425 million in third quarter 2015.

    It should be recalled that May & Baker had raised her capacity to produce more products with the construction of the world class pharmaceutical centre known as the PharmaCentre located in Ota, Ogun State. The facility has raised May & Baker’s production capacity by over 60 per cent.

    The Pharma Centre  is a mega investment in the pharmaceutical sector targeted at making Nigeria one of the leading producers of quality medicines in the world. It is one of the few Nigerian pharmaceutical facilities that were recently certified by the World Health Organisation (WHO) on Good Manufacturing Practice (GMP). The PharmaCentre is currently undergoing the process of WHO pre-qualification for its specific products.

    In a recent interview with The Nation, managing director, May & Baker Nigeria Plc, Mr. Nnamdi Okafor, said the company will consolidate its performance in the years ahead.

    According to him, with the completion and stability of the new factory, which is now running well, management’s focus has shifted to how to optimise the potential of the new factory to generate returns for shareholders.

    “Just on its own, we are going to get a lot of returns from that facility going forward because the output is getting better, the efficiency of the processes is improving, and with that we believe the products should be coming out at a lower cost unit as we do more volumes and our margins will also get better. But beyond that, we have taken a look at our products portfolio and we are repositioning the company in a way that we put emphasis on those products that are not what everybody is doing in the market. Those products surely will give us better returns,” Okafor said.

    He said The Pharma-Centre as a centre of excellence would soon begin to do specialized products that will have better margins and will lead to higher profits for the company.

    He noted that with the WHO certification, the company has been getting a lot of enquiries from multinational companies abroad which want to manufacture on contract basis from that facility, and some Nigerian companies that want quality products; wanting to do their products from the Pharma-Centre.

     

  • Honeywell Flour Mills wins award

    Honeywell Flour Mills wins award

    Honeywell Flour Mills Plc has won the Corporate Awards for Excellence in Human Resources Practice, otherwise known as HR Best Practice Award organised by the Chartered Institute of Personnel Management (CIPM).

    Honeywell Flour Mills,  picked among more than 26 companies from different sectors was adjudged the overall winner of the HR Best Practice Award at the 47th Annual Conference of the CIPM held in Abuja.

    President, Chartered Institute of Personnel Management (CIPM), Mr. Anthony Arabome, commended Honeywell Flour Mills, noting that the company’s emergence as the overall winner is a clear testimony of the integrity and transparency of the evaluation and award process.

    According to him, for an indigenous company like Honeywell Flour Mills to beat major players, both local and multinational, in sectors like oil & gas, telecoms, financial services and manufacturing goes a long way to show that Honeywell is a well-run company, especially from HR perspective.

    “This Award has been given to Honeywell Flour Mills in recognition of its invaluable contributions to the development and advancement of the human resources profession in Nigeria. The evaluation process leading to the Awards involved very rigorous assessments and process audit of human resources practice conducted by Accenture,” Arabome said.

    He said Honeywell Flour Mills like every other company, was assessed on service delivery, creativity, results, integrity, professionalism and team work in the practice of human resources, noting that the company performed excellently in all areas.

    Human Resources Manager, Honeywell Flour Mills Plc, Mr. Tunde Adebayo, while receiving the award on behalf of the company’s managing director, Mr. Lanre Jaiyeola, said the award would further encourage the company to sustain and improve on its good corporate governance.

     

     

     

     

  • Skye Bank records strong growths in Q3

    Skye Bank records strong growths in Q3

    Skye Bank Plc recorded considerable growths in the top-line and the bottom-line in the third quarter as gross earnings rode on the back of improvements in interest and non-interest incomes to close the quarter with a total increase of 33.1 per cent.

    Interim report and accounts of the bank for the nine-month report released yesterday at the Nigerian  Stock Exchange (NSE) showed that gross earnings rose by 33.1 per cent to N129.24 billion in third quarter 2015 as against N97.13 billion recorded in comparable period of 2014. Interest income had grown by 25 per cent from N79.51 billion to N99.50 billion while non-interest income rose sharply by 69 per cent from N17.62 billion to N29.74 billion.

    Profit before tax rose by 21.5 per cent from N12.33 billion to N14.98 billion while profit after tax also rose correspondingly by 21.5 per cent from N9.87 billion to N11.98 billion. Earnings per share for the nine-month period stood at 86 kobo in 2015 as against 75 kobo recorded in comparable period of 2014.

    Group Managing Director, Skye Bank Plc, Mr. Timothy Oguntayo, said the bank would sustain the upward growth pattern through the last quarter of the year, assuring that the bank has steadied on a positive growth trajectory.

    According to him, having successfully executed one of the biggest acquisitions in the nation’s banking industry, the bank was poised to deliver superior value and returns to its various stakeholders.

    It would be recalled that Skye Bank acquired erstwhile Mainstreet Bank Limited in December 2014, and concluded the integration of both banks in June 2015. It has also successfully re-engineered its operations, people, and processes for seamless customer experience at all its service points and channels.

     

  • Transcorp Hotels floats N10b bond for expansion

    Transcorp Hotels floats N10b bond for expansion

    Transcorp Hotels Plc has launched a N10 billion bond issue to provide complementary finance for the upgrade of the company’s flagship Hotel, Transcorp Hilton Abuja, and construction of a multipurpose banquet centre.

    The N10 billion Series 1 Senior Seven-Year 16.0 per cent fixed rate unsecured bonds 2022 is being issued under the N30 billion medium term bond programme of the company. The bond issue is fully underwritten by FSDH Merchant Bank Limited and United Capital Plc.

    The new bonds will carry a amortised gross coupon of 16.0 per cent per annum for a period of seven years. The redemption on maturity, expected to be 2022, will be at 100 per cent of the nominal amount of the bonds. The bonds are available in denominations of N1,000, and will be listed on the main market of the Nigerian Stock Exchange and also the FMDQ OTC platform for enhanced tradability.

    FSDH Merchant Bank Plc is the lead issuing house, while United Capital Plc and Stanbic IBTC Capital Limited are joint issuing houses. FSDH Merchant Bank and United Capital Plc are the joint underwriters to the bond issue.

    The launching of the bond issue followed approvals from relevant regulators including Securities and Exchange Commission (SEC) and National Pension Commission (Pencom), which has issued a certificate of “PENCOM Compliance” to enable participation by Pension Fund Administrators (PFAs) in the bond.

    Managing Director, Transcorp Hotels, Valentine Ozigbo, said the net proceeds from the bond issue would be used as part of the financing for the upgrade of the Transcorp Hilton Abuja and the development of a 5,000-seater multipurpose Banquet centre.

    “The availability of funds enables us to enhance our financial flexibility by diversifying our sources of funding while significantly extending the maturity of the group’s funding and ensuring optimal capital mix. We are delighted by the investor reception for Transcorp Hotels in the bond markets,” Ozigbo said.

    Transcorp Hotels, the hospitality subsidiary of Transnational Corporation of Nigeria Plc, owns and operates Transcorp Hilton Abuja and also holds 100 per cent interest in Transcorp Hotels Calabar Limited, which owns and operates the Transcorp Hotel in Calabar

     

  • Stanbic IBTC Holdings grows incomes to N104b

    Stanbic IBTC Holdings grows incomes to N104b

    Stanbic IBTC Holdings Plc grew its top-line by 10 per cent to N104.4 billion in the first nine months of this year as total assets rose by six per cent to cross the trillion Naira mark to N1.001 trillion.

    Interim report and accounts of Stanbic IBTC Holdings Plc for the nine-month period ended September 30, 2015 showed that the financial services group drove its overall income performance and sustained key capital and liquidity ratios above regulatory benchmarks but macroeconomic and industry headwinds impacted on the bottom-line.

    Gross earnings rose by 10 per cent to N104.4 billion in third quarter 2015 as againstN94.6 billion recorded in corresponding period of 2014. Interest income stood at N62.68 billion while non-interest income closed at N41.32 billion. Total operating income stood at N74.3 billion in 2015 as against N76.7 billion in 2014. Operating cost rose by four per cent from N44.7 billion to N46.3 billion. Profit before tax thus closed third quarter 2015 at N15.3 billion compared with N30 billion in comparable period of 2014. After taxes, net profit stood at N13.5 billion in 2015 as against N25.2 billion in 2014.

    Total assets however increased from N944.5 billion at the beginning of this year to N1.001 trillion by September 30, 2015. Gross loans & advances to customers inched up to N418.3 billion from N413.4 billion recorded at the beginning of the year while customer deposits similarly rose from N494.9 billion by the start of the year to N503.6 billion by September 2015.

    The group maintained adequate capital to support its business during the period, with various ratios substantially above the regulatory requirement. The group’s total capital adequacy ratio closed third quarter 2015 at 20.6 per cent, while the tier 1 capital adequacy ratio stood at 17.2 per cent, well above the 10 per cent minimum statutory requirement. Also, the group’s liquidity ratio stood at 51.2 per cent, significantly higher than the 30 per cent regulatory minimum.

    Commenting on the results, chief executive officer, Stanbic IBTC Holdings Plc, Sola David-Borha, said the business of the group has continued to thrive in spite of stiff and challenging operating environment.

    According to her, the third quarter report reflected steady growth in balance sheet position, improved revenue from fees and commission and continued drive on cost containment measures.

    She noted that operating income declined by three per cent while cost growth remained below inflation rate as loans and advances to customers grew marginally by one per cent due to economic conditions and the group’s focused approach to maintain good quality loan book.

    She added that the group was able to grow its deposits from customers during the period while maintaining focus on reducing cost of funds, noting that the continued slow pace of growth in the economy impacted the earnings during the period.

    “Our focus for the rest of the year is to deliver exceptional service and value to our customers, while remaining profitable and improving margins,” David-Borha said.

     

  • UACN hails appointment of Udoma, Enelamah as ministers

    UACN hails appointment of Udoma, Enelamah as ministers

    Nigeria’s most diversified and oldest conglomerate, UAC of Nigeria (UACN) Plc has commended the appointment and confirmation of two of its non-executive directors- Senator Udoma Udo Udoma and Dr Okechukwu Enelamah, as ministers in President Muhammadu Buhari’s cabinet.

    The Senate last week cleared Udoma and Enelamah, after they had been screened and found worthy by the National Assembly. Both were among the ministerial nominees forwarded to the National Assembly by President Buhari for confirmation.

    Udoma, an accomplished lawyer and two-time Senator of the Federal Republic of Nigeria, joined the board of UACN in 1995 and was appointed as the non-executive chairman of the board with effect from January 2, 2010. Udoma is also the non-executive chairman of Union Bank Plc and serves on the board of Unilever Nigeria Plc.

    Enelamah, who joined the UAC Board in 2010, first graduated as a medical doctor before qualifying as a chartered accountant. He has an MBA from the prestigious Harvard Business School, Massachussetts, USA and is also a chartered financial analyst. He is the chief executive officer of African Capital Alliance Limited (ACA), a leading private equity firm.

    Group managing director, UAC of Nigeria, Mr Larry Ettah, UAC of Nigeria (UACN) Plc, at the weekend said the appointments further highlighted the long-standing contribution of UACN to national development and the depth of quality of the conglomerate’s human capital.

    According to him, at UAC, the directors will no doubt be missed but Nigeria’s gain will not be UAC’s loss but its donation as a responsible corporate citizen of men of consummate talent and good stewards of capital to the stand out performance that is required to build a new Nigeria and a more enabling commonwealth for all citizens – both individual and corporate.

    “Their appointment is a further validation that UAC, as reflected in its history, remains an incubator of national leadership, integrity, character and service,” Ettah said.

    In the past, Chief Ernest Shonekan was appointed as the Head of the National Interim Government and Commander-in-Chief of the nation’s Armed Forces and Late Mr Isaac Aluko-Olokun was appointed as Minister of National Planning. Both were serving UACN senior managers when they were called up for national service.

    Udoma, founding Partner of Udo Udoma & Belo-Osagie, a foremost legal firm in the country, has served the nation in very many capacities. He was the pioneer chairman of the Corporate Affairs Commission; non-executive chairman of the board of the Securities & Exchange Commission (SEC) and was also chairman of the Task Force on the Petroleum Industry Bill.

  • Nigerian economy has bright prospects, says Adenuga

    Nigerian economy has bright prospects, says Adenuga

    Chairman, Conoil Plc, Dr. Mike Adenuga, has said Nigerian economy has intrinsic value-adding potential that would create future opportunities for growth and returns on investment.

    In his address at the 45th annual general meeting of the oil firm at the weekend in Uyo, Akwa Ibom State, Adenuga assured that in spite of the myriad of problems confronting the downstream sector of the oil industry, Conoil has been positioned to reward shareholders with better returns on their investments in the years ahead.

    He said the future of the company was bright and secure, while also predicting a brighter future for the nation’s economy.

    “Our company’s long term future is assured beyond any doubt, conscious efforts will be directed at achieving better execution, especially in the areas of marketing and customer management. Greater attention would be devoted to cutting costs of operations in the different segments of the company’s business, while maintaining and improving on the quality of its products and services,” Adenuga said.

    He explained that the operating environment last year was very difficult for operators in the downstream sector as they relied mostly on importation of petroleum products to meet domestic demands due to lower output from the local refineries. This, he stated, came at a high cost due to depreciation value of the naira and high bank charges.

    Reiterating the challenges all major marketers are battling with, Adenuga highlighted that N264 billion, as at the end of last year, was outstanding subsidy claims, adding that it also comprised of foreign exchange differentials and bank interests.

    As part of the strategy to shore up its bottom-line, the Chairman revealed that the company would consolidate its leadership position in the lubricant market by offering bouquet of quality lubricants to consumers as well as building new production lines to increase capacity.

    “As the leader in the aviation jet fuel market, we are boosting our fuel dispensing capacity by acquiring additional state-of-the-art bowsers to meet the growing list of our local and international clientele of airlines,” Adenuga said.

    He  also assured shareholders that the firm would remain committed to its goal to be in the forefront of refined petroleum products marketing with double-digit growth. He promised that the company will leverage on its well-established distribution strength, bringing delightful innovations into marketing and distribution of its products by giving greater value to its teeming customers and shareholders.

    He praised the company’s workers and urged them to continue to move the company forward, noting that a performance driven culture, engendered by improved and structured management system has been established by the company in all areas of its business.

    “As we look forward to our employees’ unrelenting dedication to our corporate goals, we will continue to give priority to their professional fulfillment, their work-life balance and their ability to contribute equally as part of a diverse workforce,” Adenuga assured.

     

  • Lafarge Africa’s profit dips amidst slow sales in Q3

    Lafarge Africa’s profit dips amidst slow sales in Q3

    Lafarge Africa Plc’s pre and post tax profits dropped in the third quarter as the cement company struggled with slow sales and rising costs.

    Key extracts of the nine-month earnings report of Lafarge Africa for the period ended September 30, 2015 showed that sales rose marginally by five per cent to N168.14 billion in third quarter 2015 as against N159.4 billion recorded in comparable period of 2014. Profit before tax declined by 12 per cent from N38.09 billion to N33.67 billion while profit after tax also dropped by six per cent from N31.47 billion to N29.52 billion.

    Lafarge Africa attributed the decline to the challenging operating environment in Nigeria.

    Chief executive officer, Lafarge Africa Plc, Mr. Peter Hoddinott said the earnings report was still a good performance in the face of the challenging business environment and competitive situation in the Nigerian cement company.

    “Our business expansion is remarkable and we are optimistic that our company will continue to deliver strong value to our shareholders,” Hoddinott said.

    According to the company, the Nigerian market is temporarily challenging, but it is expected to return to growth as the transition period is completed, leading to future growth in the infrastructural space in the short to medium term.

    “Lafarge Africa Plc will continue to leverage its strong brands, technological advantage and support from the global group. The expansion plans are on track, with the aggregate business ramping up, new ReadyMix plants being erected, the UNICEM second line set to come on stream in 2016 and the Ashaka expansion plans being finalized,” the company stated.

    According to the company, its South African market is foreseen to pick up over the medium term while operational performance and commercial offerings are improving, and the foundation is strengthening.

    The company added that Lafarge South Africa will remain a strong cash flow generator to Lafarge Africa, further improved by the strengthening of the Rand against the Naira.

    Lafarge Africa this month completed the acquisition of 30 per cent equity stake in United Cement Company of Nigeria (Unicem) Limited from Flour Mills of Nigeria Plc. Nigerian Cement Holdings BV (NCH), a 50 per cent affiliate of Large Africa, completed the acquisition of the second tranche of 15 per cent in Unicem, making the company a wholly-owned subsidiary of NCH. NCH had in March 2015 acquired the first tranche of 15 per cent stake in Unicem from Flour Mills of Nigeria.

    With this final acquisition, NCH now owns 100 per cent of Unicem and consequently Lafarge Africa now owns 50 per cent of the equity of Unicem. The completion of this transaction removes any representation or equity interest of Flour Mills on the board of Unicem, according to the initial terms of agreement.

    The management of Unicem will continue to be shared between Lafarge and Holcim, technically implying that the cement company is under the same global management with the merger of Lafarge and Holcim to form LafargeHolcim.

    Lafarge Africa plans to use Unicem to further deepen its geographical strength in the South-South axis. Unicem’s operational office is located in Calabar and its manufacturing plant is in Mfamosing, Cross Rivers State. It currently has a cement production capacity of 2.5 million metric tonnes per annum (Mtpa) and it is developing a second production line of 2.5Mtpa. The second production line is targeted to be commissioned in 2016 to bring Unicem’s total production capacity to 5.0Mtpa.

    The board of Lafarge Africa had rationalized the acquisition as part of the cement group’s continued investment in Nigeria to accelerate the growth and development of its business, with a focus on serving its customers and delivering value through provision of innovative products and services with a strong geographical spread.

    Lafarge had in July 2014 consolidated its cement businesses in Nigeria and South African to create a leading sub-Saharan building materials giant to be known as Lafarge Africa Plc. The consolidation was done by transferring Lafarge’s assets in South Africa and Nigeria to Lafarge Cement Wapco Nigeria Plc, which was subsequently rebranded as Lafarge Africa.

    Under the transaction, Lafarge Group transferred its direct and indirect shareholdings in Lafarge South Africa Holding Limited of 72.4 per cent and its equity stakes in three other cement companies in Nigeria-United Cement Company of Nigeria Limited, 35 per cent; Ashaka Cement Plc, 58.61 per cent and Atlas Cement Company Limited, 100 per cent to Lafarge Wapco for a cash consideration of $200 million and the issuance of some 1.4 billion Lafarge Africa shares to the Lafarge Group.

    The new group managing director, Lafarge Africa, Mr. Peter Hoddinott, who resumed in July 2015, wears two caps as group managing director of Lafarge Africa and area manager for the LafargeHolcim business in the West African region. His main mandate included acceleration of the global cement group’s expansion plan in Nigeria and the West African region.

    Hoddinott’s appointment was said to be in furtherance of Lafarge’s long-term agenda for Nigeria as the focal point of its business within the region and the continent. The new group managing director is expected to deepen the existing businesses of the Lafarge Africa, introduce new businesses and drive the group’s capital investments.

    After it successfully combined its operations in South Africa and Nigeria to create Lafarge Africa, Lafarge had revealed plan to double its production capacity in Nigeria as part of a new expansion programme that would see additional investments by the foreign majority shareholders in its Nigerian subsidiaries.

    Lafarge, which had increased its capacity from 3.0 million metric tonnes to 8.0 million metric tonnes, said it would be making new investments in the next few years to double its capacity and strengthen its position as a leader in the Nigerian cement industry.

     

  • UAC Foods appoints Chidi Okoro MD

    UAC Foods appoints Chidi Okoro MD

    The board of UAC Foods Limited (UFL) has announced the appointment of Mr. Chidi Okoro as the Managing Director of the company, a joint venture business of UAC of Nigeria (UACN) Plc and Tiger Brands International of South Africa.

    UAC Foods Limited manufactures a range of consumer goods in Nigeria with products such as Gala Sausage Rolls, Gala Tinkies, Kingsway Chilli Beef Sausage Roll, Funtime Cake, Funtime Coconut Chips, Supreme Ice Cream, Delite Fruit Juice, Swan Water and Swan Soft Drinks.

    Mr Okoro, a seasoned Fast Moving Consumer Goods (FMCG) industry executive with vast business and product management experience spanning over 25 years, possesses a solid track record that is a good fit with the current strategic focus of UFL.

    Prior to the new appointment which took effect on October 15, 2015, Okoro held a number of senior management positions including General Manager-Africa Lucozade Ribena Suntory responsible for setting up teams, processes and integrating the Africa operations to develop it into a major revenue and profit contributor to Orangina Schweppes International. Before assuming this role, he was for four years the Managing Director of GlaxoSmithKline Nigeria PLC.

    He joined GlaxoSmithKline Consumer as Sales Director for West Africa (Nigeria, Ghana, Liberia, Sierra Leone, and Gambia), where he successfully put his sales and marketing experience from telecommunications, pharmaceuticals and food into practice to achieve the company’s sales objective.

    Mr Okoro kicked off his working career at Emzor Pharma Nigeria Limited as a Product Manager and Senior Sales Representative and Detailing Representative and moved on to Reckitt Benckiser Nigeria Limited as Brand Manager and Regional Sales Manager. He later teamed up with Promasidor Nigeria as Sales Director and National Sales Manager and Regional Manager and Operations Manager before joining MTN Telecommunications Nigeria as General Manager-Business Sales.

    He holds two master’s degrees in Positive Leadership & Strategy from IE Business School, Madrid, Spain and Marketing from University of Lagos, Nigeria and a bachelor’s degree in Pharmacy from University of Nigeria, Nsukka, Nigeria.