Meet top 10 powerful CFOs of Nigeria’s largest companies by market cap

Despite Nigeria’s challenging economic environment, characterized by persistent naira devaluation, high inflation, and socio-economic instability, the country’s leading companies have achieved laudable market capitalizations.

This resilience is largely attributed to the adept financial stewardship of their Chief Financial Officers (CFOs), who are key players in guiding their firms through turbulent financial conditions.

These CFOs are instrumental in steering their companies towards stability and growth. They manage financial reporting, strategy, and risk, ensuring that their organizations navigate the economic downturn effectively.

For instance, one of the CFOs in this article successfully managed a bank with a market capitalization of N1.18 trillion, ensuring robust performance amidst economic challenges.

Another has overseen a company’s growth to a market cap of N2.50 trillion, reflecting significant operational and financial success.

Their leadership ensures that despite economic headwinds, their organizations remain resilient and continue to contribute significantly to the national economy.

Meet the Chief Financial Officers driving Nigeria’s largest companies valued at N39.8 trillion combined on the Nigerian Stock Exchange in August 2024.

10. Mukhtar Adam – CFO at Zenith Bank Plc

Dr. Mukhtar Adam, currently the Chief Financial Officer (CFO) of Zenith Bank Plc, brings over 20 years of extensive experience in finance.

• He holds a Doctorate in Finance from Leeds Beckett University, an MSc in Financial Sector Management from the University of London’s SOAS, an MBA in Finance from the University of Leicester, and a B.Ed. in Social Sciences with a focus on Economics and Management from the University of Cape Coast, Ghana.
• His qualifications also include a Diploma in International Financial Reporting Standards (IFRS) from ICAEW and a Postgraduate Diploma in Islamic Banking and Insurance.
• Dr. Adam has enriched his expertise through executive programmes at prestigious institutions such as Wharton Business School, Harvard Business School, INSEAD, LSE, and MIT. He is a member of ICAN, ICAG, and CITN.

Before assuming his current role in 2007, Dr. Adam served as Deputy CFO at Zenith Bank.

Zenith Bank has a market Capitalization of N1.18 trillion at a N37.85 per share price. The group’s interest income surged by 155% year-on-year to reach N488.546 billion, with interest income from loans and advances to customers playing a pivotal role, constituting 62% of the total interest income.

In addition, gains on other trading books surged to N186.334 billion from N4.330 billion reported in Q1 2023.

9. Adebanji Adeniyi-Group CFO GTCO Holdings 

Adeniyi is a distinguished finance professional with over 24 years of experience in consulting, auditing, and banking.

His early career included roles at Coopers & Lybrand (1996-1998), PricewaterhouseCoopers (1998-2000), and Arthur Andersen (2000-2001), where he gained valuable experience in the Manufacturing, Oil and Gas, and Financial Services industries.

• In 2001, Adeniyi transitioned to banking with Lead Bank, eventually rising to Deputy Manager and Head of Internal Audit. He then joined Guaranty Trust Bank (GTBank) in 2006, where he advanced to General Manager and Chief Financial Officer.
• Adeniyi played a key role in several high-profile projects, including the issuance of GTBank Eurobonds, transitioning financial statements to IFRS for a $825 million GDR listing on the London Stock Exchange, and leading IFRS adoption.
• He holds a Doctor of Veterinary Medicine degree from the University of Ibadan, is a Fellow of the Institute of Chartered Accountants of Nigeria. GTCO has a capitalization of N1.35 trillion at a share price of N46 as of August 16, 2024.

The Group achieved a profit before tax of N509.3 billion for the period, marking a dramatic 587.5% increase from N74.1 billion in the same period of March 2023. The Group’s net loan portfolio grew by 21.9%, rising from N2.48 trillion in December 2023 to N3.02 trillion by March 2024. Deposit liabilities also saw a substantial increase of 26.0%, climbing from N7.55 trillion in December 2023 to N9.51 trillion in March 2024.

8. Eleanor Adaralegbe – Chief Financial Officer, Seplat Energy Plc

Eleanor Adaralegbe is a prominent finance executive with over 30 years of experience in the oil and gas industry.

•  A Mathematics graduate from the University of Nigeria Nsukka, she holds an MSc in Global Finance from BAYES Business School and completed Harvard’s Advanced Management Program. She is also a chartered accountant and a Fellow of the Institute of Chartered Accountants of Nigeria.
• Eleanor began her career at Ernst & Young International and has since held pivotal roles, including Vice President of Finance and CFO Designate at Seplat Energy PLC. Her career spans significant positions at ConocoPhillips, Addax Petroleum, and Devon Energy.
• She led finance operations at Devon’s Nigerian subsidiary, negotiating a major gas plant buyback, and executing financial due diligence for a $500 million acquisition listed on the London Stock Exchange.

Eleanor contributed to Seplat’s adoption of IFRS S1 & S2 sustainability reporting standards. She also serves on the board of Elcrest Exploration Nigeria Limited

Seplat Energy has a market capitalization of N2.16 trillion with a share price of N3,682. Seplat Energy Plc achieved a pre-tax profit of N140.5 billion for Q2 2024, reflecting an extraordinary year-on-year increase of 3,480% from N3.9 billion in Q2 2023. The company’s revenue for the same period surged by 142.5% year-on-year, reaching N306.4 billion compared to N126.3 billion in Q2 2023. In addition, Seplat Energy’s total assets have reached N4.7 trillion, reflecting a robust 55% year-on-year growth.

7. Ganiyu Adisa-CFO Geregu Power Plc

Ganiyu Adisa was appointed Chief Financial Officer in 2013, bringing a wealth of expertise in financial management and strategic planning to the company.

• He holds a Bachelor of Science degree in Accounting from the University of Lagos, where he graduated with Second-Class Upper Division honours, and a Higher National Diploma in Accountancy & Finance with Upper Credit from Yaba College of Technology, Lagos.
• As a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Ganiyu’s credentials reflect his deep commitment to financial excellence and professional integrity. Prior to his current role, he served as the Financial Controller of African Petroleum Oilfields Services Limited, now Forte Upstream Services Limited, a wholly-owned subsidiary of Forte Oil Plc.

Geregu Power holds a market capitalization of N2.50 trillion at a share price of N1000. Geregu Power Plc achieved a pre-tax profit of N30.2 billion in H1 2024, marking a significant 145% increase from N12.3 billion in H1 2023. Total assets grew by 14% year-to-date to N207.7 billion. The company reported a pre-tax profit of N21.9 billion in Q1 2024.

6. Evans Okpogoro – Chief Finance Officer Transcorp Power

Evans Okpogoro serves as the Chief Finance Officer of Transcorp Power (TPP), bringing over 16 years of robust experience in the financial services and oil & gas sectors. A Chartered Accountant, Evans has a proven track record in financial leadership and strategy.

• Before joining Transcorp Power, Evans held the position of Financial Controller at WhiteDove Shipping Company Limited, a subsidiary of Nestoil. His tenure at Nestoil included various key roles across its subsidiaries, where he honed his expertise in financial reporting, audit, and business performance improvement. His career also includes significant stints at Keystone Bank, Kedari Capital Limited, and ServArmour Limited, showcasing a diverse portfolio of financial management skills.
• Evans holds a B.Sc. in Accounting from Delta State University, where he graduated as the department’s top student, and an MBA in Finance from Obafemi Awolowo University. He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and a Fellow of the Institute of Chartered Taxation of Nigeria (FCTI).

Transcorp Power has a market capitalization of N2.79 trillion at a market sahre price of N372 .The power generation company which was listed on the NGX in March 2024, recorded a revenue of N135. 4 billion in H1 2024, which represents a 142% YoY growth from the N55. 9 billion posted in H1 2023.

5. Chikezie Ajaero- Acting Chief Financial Director BUA Cement

Chikezie Ajaero became Acting Chief Finance Officer (CFO) of BUA Cement on 1st May 2024, succeeding Jacques Piekarski who resigned as Executive Director/CFO on 30th April 2024.

• A seasoned accountant, Ajaero holds an MBA from the prestigious University of Lagos and is a Fellow of the Institute of Chartered Accountants of Nigeria. With over 26 years of post-degree experience in financial reporting and controls he began with BUA in 2005 as Finance Manager at BUA Flour Mills Limited.
• He subsequently held senior roles, including General Manager, Finance at 1004 Estates Limited and UAC Restaurants, before returning to BUA in 2012 as Financial Controller of BUA Flour/Pasta. In May 2015, he took on the role of General Manager, Finance at Obu Cement Company Ltd.

BUA Cement has a market cap at N3,718,306.08(N3.71 trillion) for a share price of N109 as of Agust 2024. BUA Cement Plc reported a decline in pre-tax profit for Q1 2024, falling by 39.97% to N21.286 billion from N35.461 billion in Q1 2023.

This decline follows a 44.05% year-on-year decrease in pre-tax profit for the full year of 2023. The company’s financial performance continues to be impacted by challenging economic conditions, including high inflation, elevated interest rates, and fluctuating exchange rates.

4. Modupe Kadri- CFO MTN Nigeria

Modupe Kadri is the Chief Financial Officer at MTN Nigeria. Kadri’s career began at PricewaterhouseCoopers (PwC), where he trained and qualified as a Chartered Accountant, gaining 11 years of valuable experience. He then moved to Lafarge Africa PLC, holding pivotal roles such as Financial Controller and Business Development Manager within the West African Portland Cement (WAPCO) PLC subsidiary.

Kadri joined MTN Nigeria in 2007 as General Manager of Financial Operations and quickly advanced through various key positions within the finance division.

•  In August 2014, he took on the role of Chief Financial Officer at Scancom Plc (MTN Ghana) and was appointed Executive Director in April 2016, a role he held until February 2020. His leadership extends to several directorships, including MTN Ghana (Scancom), MobileMoney Limited, and Hajj Mabrur Ventures Limited (Nigeria).
• Kadri holds a Bachelor of Science (Hons) in Economics and a Master of Science in Management, both from the University of Lagos. He is a Fellow of both the Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants of Nigeria (ICAN).

MTN Nigeria has a market capitalization of N4.19 trillion at a share price of N199 as of August 16, 2024.

In its recently released unaudited H1 2024 results, MTN Nigeria continued its revenue growth trajectory, reporting a 32.8% year-on-year increase in revenue, reaching N1.54tn compared to N1.16tn in H1 2023. On a quarter-on-quarter basis, revenue rose by 4.4% to N786.14bn in Q2 2024, up from N752.98bn in Q1 2024.

3. Abdulrasheed Olayiwola –CFO of BUA Foods 

Abdulrasheed Olayiwola brings over 30 years of extensive experience across both private and public sectors.

• Olayiwola holds a degree in Accounting from the University of Ilorin and is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and an Associate of the Chartered Institute of Taxation of Nigeria (ACTI).
• Since joining BUA Group in 2010, Olayiwola has held significant positions, including Senior General Manager at LASUCO Sugar Company Limited, a former BUA Group subsidiary now under BUA Foods, and Head of Finance at BUA Sugar Refinery Limited.
• His prior roles include a Consultant in Performance Improvement at PricewaterhouseCoopers Nigeria, Manager of Cost and Management Accounts at Nigerian Security Printing & Minting Plc, and Audit Manager at Oghene Omavuezi & Co, Benin. Between 1997 and 2000, he served as an Accountant at Shelter Afrique in Nairobi, Kenya.

BUA Foods has a market capitalization of N6.83 trillion at a share price of N379. BUA Foods reported a pre-tax profit of N76.8 billion for Q2 2024, up 24% year-on-year from N61.8 billion in Q2 2023. The group’s revenue for the quarter reached N315.5 billion, a significant 79% increase compared to N176.6 billion in Q2 2023.

For the first half of 2024, BUA Foods achieved a total revenue of N672.3 billion, reflecting a 110% year-on-year growth from N320.9 billion in H1 2023.

2. Phanindra Nichanametla – CFO of Airtel Nigeria

Phanindra Nichanametla is a seasoned finance professional with a distinguished career spanning over two decades, currently serving as the Chief Finance Officer (CFO) at Airtel Nigeria since May 2023.

• Before assuming his current role, Nichanametla was the Finance Director at Airtel Uganda Ltd, where he managed financial operations for nearly nine years, from August 2014 to April 2023.
• Previously, he served as the Regional CFO for Airtel’s Francophone Operations, overseeing finance functions across seven countries, including the Democratic Republic of Congo, Gabon, and Madagascar.
• Nichanametla’s career also includes significant roles at Airtel India, Raffles Corporate Consultants in Singapore, and early finance roles at Casil Health Products and Grundig Electronics in India. He holds qualifications as a Chartered Accountant and Cost Accountant from the Institute of Chartered Accountants of India and the Institute of Cost & Works Accountants of India, respectively, both earned between 1993 and 1997.

Airtel Africa has a market capitalization of N8.26 trillion at  N2,200 per share as of August 16, 2024.

1. Dr. Gbenga Fapohunda- Acting CFO Dangote Cement 

Dr. Gbenga Fapohunda assumed the role of Acting Group Chief Finance Officer at Dangote Cement Plc on 1 July 2022. A seasoned finance executive with over 22 years of experience joined DCP as Regional Chief Finance Officer for Nigeria on 1 March 2021.

• Prior to this, he served as Executive Finance Director for West Africa at Japan Tobacco International (JTI), where he held a board position. His previous roles include Chief Finance Officer at United Parcel Service (UPS) and Chief Finance Officer at British American Tobacco (BAT) Ghana, where he managed financial operations across 12 African countries.
• Earlier in his career, Dr. Fapohunda worked within the financial advisory division at PricewaterhouseCoopers (PwC) and held a position in KPMG’s Assurance Team. His academic credentials include an MBA in Finance from London Business School, earned on a full merit-based scholarship, and a Doctorate from Rome Business School. He is a Fellow of the Institute of Chartered Accountants of Nigeria and an Associate Member of the Chartered Institute of Taxation.

Dangote Cement has a market capitalization of N10.07 trillion at a share price of N591 as of August 16, 2024.