Economy
FSDH, Proshare, Mouka Ltd, 357 Other Firms to Inspire Africa in 2019
By Dipo Olowookere
The London Stock Exchange (NSE) on Wednesday said a total of 360 companies operating in 32 countries in Africa under seven major sectors have been identified to be the continent’s hotcakes in 2019.
In the report titled ‘Companies to Inspire Africa 2019’, it was said that Nigeria led with 97 companies, while Kenya followed with 66 organisations.
According to the report, 23 percent of the companies are led by women, almost double the proportion in the 2017 report, with standout sectors having senior female executives in Healthcare & Education and Financial Services.
The report pointed out that the fastest growing sectors are Financial Services and Renewable Energy with revenue growth rates of 70 percent and 66 percent respectively.
In addition, Consumer Services was the most represented sector with 79 companies from 20 countries this year, reflecting the growth of sub-sectors such as Consumer Goods, Food & Beverages, Leisure & Tourism, Media and Retail, and the growing middle class in Africa.
However, Agriculture remained an important sector for the continent with 53 companies, almost 15 percent of those featured.
The report identified that Nigeria further built on its leading position established in the 2017 Report with strong representation from the Industry and Technology & Telecom sectors, while the East-West African axis dominated this year’s report with 130 companies from Western Africa and 147 from Eastern Africa.
The report noted that the companies in this year’s report were creating significant employment opportunities across Africa with each company employing an average of 363 people.
Some of the companies from Nigeria listed were Afriland Properties Plc, ARM Life Plc, BudgIT Foundation, Co-Creation Hub Ltd, Eat ‘N’ Go Ltd, Ensure Insurance Plc, Farmcrowdy Ltd, FSDH Merchant Bank Ltd, Interswitch Ltd, Jumia, Lagoon Hospitals Group and Leadway Assurance Company Ltd.
Others were MainOne Cable Company Nigeria Ltd, Mouka Ltd, Niger Delta Exploration and Production Plc, Olori Cosmetics, Proshare Nigeria Ltd, PZ Cussons Nigeria Plc, RenMoney MFB Ltd, Seven-Up Bottling Company Plc, St. Nicholas Hospital Ltd, Swift Networks Ltd, SystemSpecs Ltd, Terragon Ltd, Wakanow.com Ltd and Whogohost Ltd.
Commenting, the CEO of the LSE, Mr David Schwimmer, explained that, “London Stock Exchange Group’s ‘Companies to Inspire Africa’ report showcases inspirational and entrepreneurial businesses from across the African continent, representing a wide variety of industries and countries.”
He added that, “It is particularly encouraging to see the increasing influence of women in leadership roles in these fast-growing companies, playing a pivotal role in shaping the future of African business.
“These high growth companies have the potential to transform the African economy and become tomorrow’s job creators. At LSEG, we are committed to helping companies realise that potential and we are pleased to highlight and celebrate the company success stories behind one of the world’s fastest growing markets.”
For Pierre Guislain, Vice President, Private Sector, Infrastructure and Industrialization, African Development Bank Group, “Through this partnership around Companies to Inspire Africa, we are joining efforts to build an information base to showcase African growth SMEs to a global investor audience. We also hope to encourage African enterprises to trade and invest with one another, create stronger value chains and expand into new markets. On behalf of the African Development Bank, I extend my congratulations to all the companies featured in this edition, along with our thanks to London Stock Exchange Group for the excellent collaboration on this important initiative.”
Rob Withagen, CEO and Co-Founder Asoko Insight, added that, “Access to Africa’s growth markets is increasingly a strategic priority for investors, multinationals and governments. However, aligning available investor capital to Africa’s private sector – particularly the wider middle market of growth companies – remains a challenge.
“The ‘Companies to Inspire Africa’ report makes an essential contribution to closing this ‘middle market’ gap. As a partner in the initiative, we have witnessed the enthusiasm among thousands of local corporates to set aside their reservations and share detailed insights into their promising businesses. Their participation sets the benchmark for transparency and performance in Africa’s corporate ecosystem, and will undoubtedly support accelerated investment into these exciting markets.”
Also, Nick O’Donohoe, Chief Executive Officer, CDC Group, said, “CDC Group has more than 70 years’ experience investing for growth in Africa so it’s a privilege to champion more than 360 high performing businesses recognised in today’s publication. These companies are led by some of the continent’s most dynamic management teams who are shaping the future of their industries.
“CDC plays a large role in backing Africa’s most ambitious businesses. We were proud to invest $180 million in the continent’s largest independent fibre and cloud provider, Liquid Telecom, who will deliver broadband connectivity to support SMEs from Cairo to Cape Town.
“With a further £3.5 billion to invest across Africa over the next three years, we plan to partner with many more strong management teams to help drive growth and prosperity through socially responsible business. We are thrilled to support the London Stock Exchange Group in highlighting the breadth of commercial talent and tenacity from Africa’s thriving business community.”
David Simonson, Managing Partner, Instinctif Partners, said, “Working with the Companies to Inspire Africa 2019 is truly inspiring – they reflect the entrepreneurial energy and skills present across the African continent and across all sectors. Instinctif is proud of its long-standing role in advising African businesses on their positioning and communications with stakeholders in their home markets and internationally, and we are looking forward to supporting this year’s cohort of companies in CTIA 2019 as they build on their business success.”
Uyi Akpata, West Africa Regional Senior Partner, PwC, said, “We are extremely honored to partner again with London Stock Exchange Group for the second ‘Companies to Inspire Africa’ report. At PwC, we view private businesses as a critical catalyst to job creation, economic growth, and innovation. Initiatives such as this help expose these companies to a global audience, and we hope will lead to further collaboration across border with London-based investors and strategic partners. It is also great to see the public sector represented here. It is an important testament to their commitment to supporting the private sector and continuing to drive improvements in ease of doing business.
“We are also looking forward to hosting the Lagos launch, especially given Nigeria has the single largest representation with 97 of the 360 companies. We at PwC are committed to supporting private businesses, and applaud London Stock Exchange Group for this initiative.” Tony Edwards, Partner and Head of Africa, Stephenson Harwood, said, “The quality and diversity of the companies identified in this excellent report is striking and gives a great snapshot of the evolution of African business. As a leading international law firm, with a wealth of experience advising companies, entrepreneurs, banks and Governments in Africa and international businesses investing there, we are incredibly pleased to be a part of this initiative. It provides an opportunity both to recognise the achievements of African companies and entrepreneurs and to help them and others on the next stage of their journey.”
By Bon Peters
About 17 containers containing illicit items worth over N2 billion have been seized by the Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Port Harcourt, Rivers State, between January and April 2026.
In the period under review, the agency generated about N258 billion as revenue, a statement signed by the command’s acting spokesman, Mr Paul Istifanus Gimba, an Assistant Superintendent of Customs 1, disclosed on Thursday.
The Customs Area Controller for the Command, Comptroller Aliyu Mohammed Alkali, said last month, more than N77 billion was generated, noting that this reflects the command’s unwavering commitment to revenue generation, trade facilitation, and the enforcement of extant government fiscal policies.
He stated that in the second month of this month, his men intercepted an attempt to smuggle one 40-foot container declared to contain plumbing materials, with a Duty Paid Value (DPV) of N185.2 million.
According to him, upon examination, it was discovered that the perpetrators had concealed the original container number and replaced it with a fake one in an attempt to unlawfully remove the container from the port without payment of duty.
Furthermore, he hinted that in April 2026, the command intercepted six 20-foot containers carrying a total of 1,100 jerricans of Super Delicieux Vegetable Oil with a DPV of N494.0 million, in contravention of section 55 of the Nigeria Customs Service Act, 2023, which prohibited the importation of refined vegetable oils and fats in order to protect and promote local industries, particularly domestic vegetable oil producers and agro-allied businesses.
The senior customs officer highlighted other items seized by his men during the period under review, including cartons of chilli cutters, ceiling fans, and food packs.
The Comptroller reminded all mischievous importers and their agents that the command remained unwavering in its resolve to combat smuggling and all forms of illegal trade practices at the port, even as he strongly encouraged all law-abiding traders to remain compliant and resist the temptation to engage in activities that contravene the law.
Mr Alkali praised the professionalism of the officers and men of the command as well as their vigilance and dedication to duty.
He also thanked members of the press for their continued partnership and commitment to disseminating accurate and reliable information about the activities of the agency to the public.
By Adedapo Adesanya
Indonesia has imported crude oil from Nigeria as Southeast Asia’s largest economy moves to reduce its dependence on Middle Eastern supplies amid rising geopolitical tensions involving the United States, Israel, and Iran.
Indonesia’s Ministry of Energy and Mineral Resources confirmed that Nigerian crude cargoes have already arrived in the country as part of efforts to diversify supply routes away from the volatile Strait of Hormuz, a key global oil transit chokepoint that handles about 20 per cent of world oil shipments.
The development positions Nigeria as an increasingly strategic alternative supplier in the global energy market as buyers seek more stable and flexible crude sources outside the Middle East.
Nigeria, which is Africa’s largest crude producer, has always sold some of its crude grades via joint ventures with international oil companies as well as to Dangote Refinery, to boost domestic production.
Indonesia’s Director General of Oil and Gas, Mr Laode Sulaeman, said the country was prioritising crude imports from suppliers whose shipping routes do not pass through the Strait of Hormuz, which has faced heightened security concerns following the ongoing conflict involving Iran, Israel, and the United States.
Apart from Nigeria, Indonesia is also considering crude supplies from Russia and the US.
The move could strengthen Nigeria’s crude export market at a time the country is seeking to boost production levels and attract new long-term buyers for its oil grades.
Speaking in March, the chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, said that Nigeria could increase oil production by about 100,000 barrels per day over the next few months to realistically help the global shortfall.
Before the latest geopolitical tensions, around 20 per cent of Indonesia’s crude imports came from the Middle East. However, the country has now accelerated plans to diversify supply sources, naming Nigeria among key replacement suppliers alongside Angola, Brazil, Russia, and the US.
The development comes as Nigeria continues to gain attention in global oil markets, with its crude grades increasingly sought after because of their relatively low sulphur content and suitability for modern refineries.
Indonesia also recently opened talks with Russia for long-term crude and liquefied petroleum gas supplies, including a proposed purchase of 150 million barrels of Russian crude scheduled for delivery from late 2026.
By Aduragbemi Omiyale
Analysts at Coronation Research have said the inflation rate in Nigeria would be at 15.95 per cent on a year-on-year basis in April 2026 as a result of the “energy price shock stemming from the continued conflict in the Middle East, seasonal issues in regard to food prices and relative exchange rate stability.”
In a note sighted by Business Post on Friday, the research arm of the organisation further disclosed that the average price of goods and services for the month under review should rise by 2.35 per cent on a month-on-month basis versus 4.18 per cent in March 2026, reflecting continued food price firmness, offset by a cooling in the monthly inflation momentum as the March energy price shock partially unwinds.
It said the projected 2.35 per cent inflation rate signals a return toward the underlying disinflation trajectory and could be a pivotal data point in shaping Monetary Policy Committee (MPC) deliberations at the next policy meeting.
The National Bureau of Statistics (NBS) is expected to release inflation numbers for last month later today. In March 2026, the rate soared by 15.38 per cent, triggered by the war in Iran waged by the United States.
Food inflation rate in March stood at 14.31 per cent on a year-on-year basis versus 25.22 per cent in the same month of last year, but on a month-on-month basis, it slowed to 4.17 per cent from the 4.69 per cent achieved in February 2026.
This was attributed to the rate of change in the average prices of Yam, Ginger (Fresh), Cassava Tuber, Groundnuts (Shelled), Irish Potatoes, Avenger (Ogbono/Apon) – Dried Ungrinded, Tomatoes (fresh), Cassava Flour sold loose, etc, according to the stats office.
In their report, Coronation Research expects food inflation to further ease, as food and non-alcoholic beverages remain the dominant contributor to headline CPI, accounting for about 40 per cent of the CPI basket.
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