Ibrahim Apekhade Yusuf writes on the rising profile of some of the nation’s thriving boardroom amazons who despite the odds are stamping their feet in the major commanding heights of the economy
Time was when only men bestrode the nation’s socio-economic landscape and controlled big businesses. Interestingly, the narrative is fast changing now as the womenfolk are steadily getting involved in big businesses just like their male counterparts.
New face of big businesses
To say that many women are now major players in many blue-chip companies is not in doubt. Truth is, whether in manufacturing, banking, oil and gas, extractive industry, aviation, publishing, architecture, engineering, hotel chains, maritime, telecoms, to mention just a few, more women are not just playing in the big league but are giving the men a run for their money!
Enter the major players
Mrs. Folorunsho Alakija, the richest African woman, worked as a secretary in a Nigerian Merchant Bank in the 1970s and later left to study fashion design in England. She subsequently founded Supreme Stitches in the late 80s, a Nigerian fashion label that catered for upscale clientele, including the late Maryam Babangida, wife of Nigeria’s former military Head of State, General Ibrahim Babangida.
A philanthropist with focus on orphans and widows, she also serves as the Vice Chairman at Famfa Oil, an indigenous oil-prospecting company.
In 2013, Forbes named Alakija as the richest black woman on earth as she defeated the television show-host and actress, Oprah Winfrey. By November, 2013, Forbes put her net worth at $2.5 billion. But by January 2014, her net worth had skyrocketed to $7.3 billion courtesy Mail of UK, beating Oprah Winfrey whose net worth is now $2.9 billion to the second place.
Like Alakija, Mrs. Stella Okoli is the foremost woman when matters of pharmacy are spoken of in Nigeria. She is the Chief Executive Officer of Emzor Pharmaceutical Industries Limited, a company she floated way back in 1977. She undertook the venture armed with a first degree in Pharmacy from Bradford University in 1969 and a Master’s degree in Bio-Pharmaceutics from the University of London in 1971.
She worked in various capacities at Middlesex Hospital, London; Boots Chemists London and Part Davis Nigeria before opening a retail outlet, Emzor Chemists Ltd, in 1977. The manufacturing plant of the company was commissioned ten years later. It has since introduced over 50 successful products into her company’s line.
Clearly, another woman that could easily be described as a successful business amazon is Mrs. Ibukun Awosika, Founding Chief Executive, The Chain Centre, a company which makes bespoke furniture for high net worth individuals within the sub-region.
Awosika, who has a lot of achievements under her belt, has her hands in several pies, and sits atop many blue-chip companies, where she has continued to make her mark.
Mrs. Sola David-Borha is the Chairman of Stanbic IBTC Asset Management Limited as well as the Chief Executive of Stanbic IBTC Holdings PLC and former Chief Executive of Stanbic IBTC Bank PLC.
Unassuming, Mrs. David-Borha is arguably one of the most successful women bankers in Nigeria. She joined the board of IBTC in July 1994 and has since served in different capacities at the financial organisation. Previously, she was the Deputy CEO of Stanbic IBTC Bank PLC (Jan 2008 – April 2011). She also served as Acting Managing Director, IBTC Chartered Bank Plc (Oct 2007 – Jan 2008).
Before then, she had served in the bank as Executive Director, Corporate and Investment Banking (2006 – April, 2010) and Executive Director, Corporate Banking (1994 – 2005). David-Borha is a member of the Chartered Institute of Bankers of Nigeria and the Nigerian Economic Summit Group. She holds an MBA degree from Manchester Business School, United Kingdom. Her executive educational experience includes the Advanced Management Programme of the Harvard Business School. She is also acclaimed as the highest paid Managing Director of any bank in Nigeria, with her annual take-home in over seven digits.
For Hajia Bola Shagaya, arguably one of Abuja’s most influential business women, her business acumen has paid off well. Shagaya, who once served in banking sector, established Fotofair (Nigeria) Limited in 1997, which is a one unit of her business empire. Fotofair is reputed to have over thirty photo laboratories across the country, while she also plays leading roles in boards of several companies.
Mrs. Charis Grace Onabowale, Managing Director and prime mover of Mama Cass Restaurants Limited – an eatery, which operates in over 15 outlets spread across the nation and even in the United Kingdom (UK). Mrs Onabowale, who graduated from the West London College in 1973 with a Higher National Diploma in Business Administration, worked with British Petroleum (BP) in Nigeria for 13 years and rose to the position of Employee Services Superintendent in charge of staff services and welfare. In 1986, she moved to Sir Lawrence Petroleum briefly as Personnel Manager and later resigned a year later to face her business.
Mrs. Abosede Ayeni, Chief Executive Officer and Managing Director of Tantalizers Plc, is arguably one of the most successful Quick Sercvice chains operating in the country. Tantalizers, which is a late entrant in the quick service sub-sector, has lived beyond expectations as it seems to be expanding rapidly with so many branches spread all over the federation, thanks to the dexterity of the Mrs. Ayeni.
Like Mrs. Ayeni, Kehinde Kamson started Sweet Sensation – a Quick Service Restaurant business – in 1994 from a tiny guard house in Ilupeju, Lagos after she had spent about 10 years doing the business on a small scale from her young family’s garage. The business has since grown to become one of the most successful chains of Quick Service Restaurant businesses in Nigeria with over 25 outlets across the country, over 2,000 employees and over 60 array of meals that are served daily.
Mrs. Olajumoke Adenowo, widely recognised as ‘Nigeria’s foremost female Architect’ and the face of Architecture in Nigeria, is the CEO of AD Consulting, which she set up 20 years ago.
Adenowo also runs an oil and gas firm, Advantage Energy, and a property management firm, Advantage Energy. Her hobby is developing private residences and in her private portfolio has developed 12 high end properties in gated clusters in the highbrow VI-Lekki axis.
AD Consulting Limited is the only Nigerian firm nominated to provide architectural services by the British Chamber of Commerce. AD Consulting has received several awards for design excellence.
Adenowo mentors and develops young architectural talent through AD’s “Discover Design” and internship schemes. Her NGO, Awesome Treasures Foundation (ATF), has raised hundreds of entrepreneurs with notable success. ATF runs an education camp to address the education gap for inner city kids. Mentoring for entrepreneurial and career success is a focus; numeric and literacy skills are developed. ATF runs Awesome Princesses for young girls in the inner city at risk for sexual abuse. Mentoring for entrepreneurial and career success is a focus, coaching, financial, medical and educational intervention is frequently needed. Awesome Treasures runs Synergy groups to closely mentor and groom women for leadership and entrepreneurship. Small groups of 12 meet in various city locations. Twenty-seven AD staff in three offices currently oversee at least 18 projects.
Leadership style
It is not surprising that many of these women have since validated the age-long dictum that what a man can do, a woman can do even better, judging by the lofty heights they have attained in business.
Speaking in an interview with The Nation on what it felt like to be operating in a male-dominated profession, Adenowo waxed philosophical: “I hear it is a male-dominated field. My parents forgot to warn me. My advice to females is the same as the advice to males and every young professional. Make sure architecture is what you really want to do. AD is always full of young people interning with us – I call it “AD College”.
“However, I tell the younger people ‘there are easier ways to make money if money is your aim’. An architect is a noble artist, creating art to live in. The execution of your edifice should be in itself a huge part of your reward, like a woman is fulfilled at a fundamental level after she births a new life. If money is your real aim, become a contractor – that’s more lucrative.
“Particularly for men and women in architecture, if you must marry, then marry right. Make sure you marry someone who understands the demands and pressures of our profession and the sacrifice and patience it involves before your reward (or as we Nigerians put it “your breakthrough”) comes.”
In her assessment of boards controlled by women recently, Ms. Arumah Oteh, Director-General, Securities and Exchange Commission (SEC), observed as a matter of fact that, by far, women are better managers when compared to their male counterparts out there.
Oteh minced no words when she declared that more women should be encouraged to head boards as they have the propensity to achieve better results in terms of fundamentals of the business.
Echoing similar sentiments, Chief Timothy Adesiyan, who leads a major shareholder group, observed that women are beginning to play a leading role in companies’ boards these days as they enjoy the support of their male counterparts.
According to him, most of the corporations listed among the famous Fortune 500 companies are being run by women. Thankfully, he says, Nigerian women are also playing in the big league too and as such should be given the necessary fillip.
