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Youssef Omaïs: the unassuming head of a Senegalese giant

6 May 2016 Comments (0) Africa, Featured, Leaders

Youssef Omaïs

Youssef Omaïs continues to grow his Senegalese agribusiness – Patisen – after 35 years of success.

Youssef Omaïs is unlikely to be a name that is familiar to most people, as he is not a man who courts fame or accolades. However, as the CEO of Patisen, Omaïs heads up a group that provides many of the most popular food brands in Africa.

Omaïs is of Lebanese heritage but is Senegalese born and raised. This firm connection to the country, in which he launched his business, has been integral to earning the respect of his peers but also to ensuring that Patisen has continued to grow year on year.

Patisen was launched in Senegal, in 1981, and aimed to provide the people of the country and others in West Africa with a range of affordable food products. Patisen did not just set out to market recognizable brands, but to take on the international giant Nestlé, in one of its strongest markets. Patisen has even been accused of copying Nestlé with its color scheme and product names. Omaïs casually dismisses such complaints, insisting that the truth behind his success in Senegal and the wider African market is down to two key tenets.

Firstly, there is the fact that Patisen is entirely Senegalese owned and run. Every position within the company is filled by a local person, which must not only foster local support but also keeps overhead costs lower than rivals who employ European staff. Omaïs also states that it is simply a matter of knowing your customers saying, “We know we address consumers, while most foreign manufacturers are disconnected from the ground.”

The Growth of a Giant

This connection to the local markets enabled Omaïs to rapidly turn Patisen‘s range of spreads, chocolate drinks and bouillon cubes into hugely popular and recognizable names. The Chocolion brand of chocolate spread is one of the most popular in Senegal and export markets to the rest of West Africa and even into Europe have continued to increase.

In 2011, Omaïs said that the company’s export business accounted for “10% to 15% of our sales” but that he wanted to “increase this to 85%” as he aims to become West and Central Africa’s first choice.

In the same year, Youssef Omaïs was announced as the “Best Entrepreneur of the Year” for his previous year’s work, at Senegal’s prestigious, annual Sedar awards. This award sits alongside his title of “Knight of Agricultural Merit”, which was given to him by the department of agriculture in Senegal for his contribution to the nation’s economy and job production.

While individual recognition might drive some business figures, Omaïs is a quiet man who does not court the limelight. Rather, his focus is entirely on turning Patisen into an even greater presence within the African market. In 2011, Omaïs secured investment of $14.3 million from the International Finance Corporation, of which $3.2 million was equity.

Omaïs said that he believed the money would “transform us into a regional champion.”

The investment evidently worked, as by 2013, Patisen was employing over 3,000 local people and had a turnover of $143 million. The quietly spoken CEO continued to bolster his local reputation, by using some of his organization’s money to repair and re-open the abandoned Dakar Market, which had fallen into disrepair after numerous fires. Such moves resonate with local communities and make Patisen brands even more marketable.

Omaïs looks to the future

While the heart of Omaïs’s company lies in Senegal, his aspirations extend far beyond his home nation. Patisen is already exporting to 20 different countries, and it is gradually making its mark in Central Africa; but Omaïs wants to spread across the entire continent.

At 61 years of age, Omaïs believes that moving into new lines of food produce will allow his company to become the “undisputed leader in Africa”.

Patisen will open up a new production plant near Dakar in the second half of this year, as it moves into the manufacturing of mayonnaise. Within a year, Omaïs expects the plant to be producing 25,000 tons of the condiment for a turnover of over $42 million.

Omaïs summarizes the ethos of his company goals by saying, “We work every day to contribute to the well-being of millions of people who use our products.”

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Ellen Johnson-Sirleaf: Africa’s First Female Head of State

30 April 2016 Comments (0) Africa, Featured, Leaders

Ellen Johnson-Sirleaf

Ellen Johnson-Sirleaf, Africa’s first female head of state and the rebuilding of the post-war economy of Liberia.

Ellen Johnson-Sirleaf, Africa’s first female head of state has led a remarkable life; after spending time imprisoned and exiled, she rebuilt her country after a turbulent decade of civil war. In 2010 Newsweek listed her as one of the top ten leaders in the world and in 2014 she was named the 70th most powerful woman in the world by Forbes magazine.

Sirleaf was born in 1938, in Monrovia, Liberia. After marrying at 17, she had a thorough education, which started with her studying at the College of West Africa in 1955. She then moved to the USA and completed her Master of Public Administration in 1971 from Harvard’s prestigious John F Kennedy School of Government. Shortly afterwards, she returned to her homeland.

Driven Twice into Exile

Sirleaf’s return to Liberia was eventful but also troubled. In 1971 she briefly took up office of the Assistant Minister of Finance under William Tolbert before resigning over a disagreement regarding government spending.  She served as Finance Minister from 1979-1980 until the bloody military coup in 1980 where Tolbert and all but four of his ministers were executed by firing squad. She was offered a role under the new leadership but fled the country later that year after publicly criticizing the new regime.

Exile was a frustrating time for Sirleaf; she lived in the USA and Kenya before returning to Liberia for two unsuccessful presidential elections in 1985 and 1997. Times were very hard in Liberia: there was peace for only two years before civil war broke out again, leading to the destruction of much of the infrastructure and a death toll of nearly 200,000. Sirleaf fought with the dictator Charles Taylor, whom she initially supported, and was imprisoned for treason. Fortunately, after international pressure and public outcry she only served seven months of a ten year sentence and was exiled once again from her homeland.

Sirleaf stood for the presidency in a contested general election

Ellen Johnson-SirleafThe end of the civil war in 2003 marked Sirleaf’s return to the country and her rise to real power and prominence. A transitional government was established with Sirleaf serving as Head of the Governance Reform Commission. She then stood for the presidency in the hotly contested general election of 2005. Sirleaf managed to best the popular candidate, footballer George Weah, and secure the leadership. Sirleaf later went on to win a second term in office in 2011. She accepted the Nobel Peace Prize just four days before announcing running for a second term, the timing of which was heavily criticized by her opponents.

During the last decade in power, Sirleaf has been credited with much of Liberia’s recovery. The country she inherited was devastated by a decade of civil war; hospitals had been destroyed, teachers and academics had fled the country and an entire generation had missed out on an education. Agriculture had ground to a halt and basic amenities such as electricity and clean water were not available to many Liberians. Her priority became restoring education, and in 2007 she made education free and compulsory for all elementary aged children.

A “zero tolerance” policy on corruption ineffective

Over the last ten years, Sirleaf has also successfully negotiated the write-off of nearly $5bn in foreign debt, allowing Liberia to borrow again from foreign banks, which has kick-started the economic recovery of one of the most impoverished countries on the planet. However her “zero tolerance” policy on corruption has been criticized for being ineffective, with government corruption still rampant in Liberia.

Her Nobel Peace Prize in 2011, for her dedication to women’s rights, was the culmination of years of fighting for equality at home, and abroad. Sirleaf described it as, “the recognition of my many years of struggle.” Her promotion of tolerance and equality has been a hallmark of her presidency. Despite strong prejudice in West Africa on LGBT issues, Sirleaf has been praised for resisting proposed changes to the law that would criminalize homosexuality further. She stated that, “the status quo in Liberia has been one of tolerance and no one has ever been prosecuted under that [current] law.” Sirleaf has stood almost alone in refusing further criminalization and oppression of the LGBT community, against mounting pressure from the media and Liberian lawmakers.

Liberia still has a long way to go

Despite her best efforts, Liberia still has a long way to go. The Ebola crisis of 2014 illustrated how ill equipped the healthcare system and infrastructure was when faced with such a major outbreak of disease. More people died in Liberia than any other country, amassing a total death toll of over 4,500. Critics have also chastised her for not doing enough to battle unemployment, whilst claiming the restoration of some basic amenities have been lacking in the post-war decade.

After decades of fighting for justice and equality for Liberia, she has spent her presidency re-building a war-torn nation. Whilst she has her critics, few could question her unwavering dedication to the country. She has endured exile, imprisonment, and grave risks to her life for the future of the Liberian people. Liberia still faces many challenges; however its future is undoubtedly brighter as a result of Sirleaf’s leadership and commitment to the nation.

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Bader Al Kharafi, one of Kuwait’s most powerful figures

21 April 2016 Comments (0) Featured, Leaders, Middle East

Bader Al Kharafi

Bader Al Nasser Kharafi, is rapidly establishing a reputation as one of Kuwait’s most powerful figures and as one of the most influential young Arab businessmen in the world.

Bader Al Nasser Kharafi, is rapidly establishing a reputation as one of Kuwait’s most powerful figures and as one of the most influential young Arab businessmen in the world. Making a name for himself has never been Al-Kharafi’s focus, but as the son of the hugely respected late Nasser Al-Kharafi, his family name was already synonymous with Middle Eastern business.

It is never easy for a child to follow in the footsteps of a highly successful and renowned parent. Nasser Al-Kharafi had taken the family company, MA-Al Kharafi & Sons (MAK), to dizzying heights before his death. However, since taking the helm of the family conglomerate, in 2012, Bader Al-Kharafi has stepped out of his father’s shadow and maintained the company’s long-standing reputation.

A long tradition of family-run success

MA-Al-Kharafi & Sons (MAK) was set up, in 1956, by Bader Al-Kharafi’s grandfather Mohammed Abdul Mohsin Al-Kharafi and the contracting company rapidly expanded into multiple markets outside his native Kuwait.

However, it was one of the sons, Nasser Al-Kharafi, who became a legend within Kuwaiti business, and turned the company into a vast conglomerate of varied operations. It is, therefore, no surprise that when Nasser died, in 2011, stocks in many of the MAK owned entities plummeted and a host of investors began to feel decidedly nervous.

Replacing a highly esteemed business leader is never easy and when there is a potential for in-fighting between family members, shareholder unease is understandable. Bader Al-Kharafi himself said, “I think it is very hard to convince someone to have confidence when you lose someone like Mr. Nasser.” Despite initial concerns, the company made a united, and fairly quick, decision to appoint Bader as the senior figure within the organization.

Bader Al-Kharafi commented on how this helped to placate any concerns with shareholders and thus arrest the initial drop in share prices saying, “The committees running the company and the family members and uncles all united together, that is the message that the market wants.”

Diversified interests and an eye for new horizons

Bader Al-Kharafi was not just taking control of a very prosperous company in 2012; he was heading up a corporation that operates on a huge scale and over a multitude of industries and nations. According to Arabian Business Magazine, in 2012, MAK was operating over 28 countries with 135 companies under its umbrella and was worth over $8 billion. The group has major interests in a plethora of areas, from its large holding in the telecommunications company Zain, to its petroleum, manufacturing and even hospitality interests.

Telecommunications is one of the most significant strings to the MAK group’s bow, and its company Zain has over 44 million customers across 8 nations. Zain has continually invested in new technology to try and keep ahead of competition and Al-Kharafi proudly states, “We introduced…new technologies before Europe and some other countries, including the United States.”

To continue the growth of Zain, Al-Kharafi signed a deal with Vodafone allowing the latter a greater access to the Middle East and allowing Zain to benefit from Vodafone’s existing British and European networks.

Tradition behind continued growth

Al-Kharafi has already expanded his own interests and personal positions of influence since taking over the family company. In 2012, shortly after taking over MAK, he was asked to join the board of Gulf Bank, adding to his existing positions as a board member of Foulath Holding (Bahrain Steel) and as chairman of Gulf Cables and Electrical Industries. By 2014, the world famous private bank Coutts had also added Al-Kharafi to its board.

Aside from continuing the family legacy, Al-Kharafi has shown a dedication to investing in other people and providing the youth of Kuwait with new opportunities, as the job market continues to change and adapt. INJAZ Kuwait is a non-profit NGO that was founded, in 2005, to provide educational support for young people in Kuwait.

Under the guidance of Al-Kharafi and other board members, INJAZ Kuwait has helped over 25,000 students at more than 25 educational institutions learn entrepreneurial and leadership skills. Al-Kharafi says, “I am always up for challenges and risks; mainly because I was introduced to the business at a young age…I like to make sure that I make the first step to becoming a pioneer.”

With such support, INJAZ could help provide the education for the next Al-Kharafi to emerge from the small but prosperous gulf state.

Although he continues to invest in new ideas, Al-Kharafi believes that continuing his father’s ethos is what will ensure ongoing success saying, “The model my father proved time and time again to be vital to success is: people, honesty and making sure you deliver.”

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Folorunsho Alakija: A portrait of a billionaire

18 April 2016 Comments (1) Africa, Featured, Leaders

Folorunsho Alakija

Businesswoman, fashion designer and even a marriage counselor; Folorunsho Alakija won’t be retiring any time soon.

Folorunsho Alakija is not only the second richest woman in Africa but she has also been listed as one of the most powerful 100 women in the world by Forbes magazine. This is a businesswoman who takes diversified interests to a quite remarkable level, as Alakija is not only involved in oil mining and fashion design but has even written books on marriage counseling and started up her own ministry.

So how did this 64 year old Nigerian woman end up in such a position of wealth and influence?

Folorunsho Alakija: “Many have asked how I got to where I am”

Alakija arrived into the world on July 15th 1951, born into a large family in which her father had an incredible 52 children. Alakija and one of her sisters were sent to school in the United Kingdom at the age of 7 and remained there for 4 years.

Although she returned to Nigeria for her high school education, Alakija made her way back to the UK as a young adult where she studied to be a secretary and also took up a fashion design course at the American College in London and the Central School of Fashion.

Alakija began her first job in 1970, working as a secretary for Sijuade Enterprises and then 4 years later moved on to become the Executive Secretary to the Managing Director of First National Bank of Chicago (now First City Monument Bank).

From this point on, determination, hard work and the confidence to take risks are what saw Alakija’s career go far beyond her formal qualifications. While she did not have a degree, diligence and natural talent helped her carve out increasingly senior roles in the corporate world. Within two years of joining the bank, Alakija was promoted to the Head of Corporate Affairs and subsequently rose further into the company hierarchy by becoming Office Assistant to the Treasury Department.

While many people would have been happy to continue such a progression in the corporate world, Alakija wanted to use her creativity and took a gamble by leaving the security of her career to launch her own fashion house in 1983. The Rose of Sharon House (originally named Supreme Stitches) was an almost immediate success and made Alakija a household name in Nigeria as she promoted traditional prints and Nigerian styles in her clothing.

A move from the finance sector into fashion design might seem unusual, but Alakija’s massive success has been built upon her willingness to take calculated risks and in 1991 she made another bold move into yet another arena.

“A truly family business”

In 1991, Alakija ventured into the oil industry and although her prospecting license was not granted until 1993, it was the move that would turn a successful career into one that made billions. Alakija’s company Famfa Oil acquired 60% of a lucrative block of coastal oil that came to fruition in 1996 when Texaco (now Chevron) approached her to broker a deal. Negotiations lasted 3 months, but at the end of it Alakija had a deal with a multinational oil company and Famfa Oil became a juggernaut in African business. Famfa is, as Alakija states, a “family business” in that her husband of 40 years is the chairman and their four sons are the Executive Directors.

Having been happily married for four decades and being a devout born-again Christian, it is perhaps unsurprising that Alakija is saddened by the world’s increasing divorce rates. What might be more surprising about a billionaire businesswoman is that she decided to try and address this by writing a book on marriage counseling and by regularly giving speeches around Nigeria to try and help provide advice on how to make marriage work.

“A burning desire to help the less privileged and needy”

Helping people is something that is important to Nigeria’s richest woman and her huge financial clout has meant that she is able to do a lot more than write books. In 2008, The Rose of Sharon Foundation was launched to allow Alakija to invest in the futures of widows and orphans in Nigeria. Scholarships and interest-free loans aim to help those with very little prospects have a chance at changing their own fortunes.

There have been 9,000 medical and engineering scholarships thus far and in addition to this work, Alakija has provided 21 clinics for treating tuberculosis across the country, 21 science laboratories and is in the process of designing the building of two schools that will bear the name of her foundation.

Alakija’s career has been extraordinary by any standards and yet with her foundation, public speaking and the ministry she launched in 2004, there is no sign of her slowing down any time soon. And it is her religion that she insists is behind her success and her passion to keep working and promoting her belief in her faith. Although many people might look to her ingenuity, brave decision making and talent, Alakija says “Though many have claimed that I have become their role model, I assign all the glory to God.”

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Palestinian banker charts path to economic growth

15 April 2016 Comments (0) Featured, Leaders, Middle East

Hashim Shawa

Hashim Shawa, who took over his family’s bank at age 31, has built the largest bank in the Palestinian territories with deposits of more than $2 billion.

Amidst occupation, war and financial uncertainty in the Palestinian territories, a young financier has built his family bank into the largest financial institution in the territories and its second largest employer.

Hashim Shawa took the reins of the Bank of Palestine in 2007, when he was only 31 years old, following the sudden death of his father.

Named by one of 100 most powerful Arabs under age 40 by Arabian Business, Shawa has made the bank one of the fastest growing in the region with more than $2 billion in deposits.

Bank started to aid citrus farmers

Shawa’s grandfather, Hashim Atta Shawa, founded the Bank of Palestine in Gaza in 1960, as an agricultural bank.

The Shawa family was in the citrus business, exporting oranges and grapefruit to Europe. The elder Shawa launched the bank to help Gaza farmers obtain loans for farm equipment and irrigation systems.

Israeli authorities closed the bank for more than a decade after the Six Day War in 1967. When Israel occupied Gaza, it ordered Hashim Atta Shawa to change the name of the bank from Bank of Palestine. The bank founder refused.

Following a favorable Israeli court ruling, the bank re-opened in 1981 and moved its headquarters to Ramallah on the West Bank. Hashim Shawa’s father, Hani Hashim Shawa, headed the bank until 2007, when he died of a heart attack.

Banking experience in Europe, Middle East

The younger Shawa’s transition to lead the bank at age 31 was sudden and unexpected. However, he had established his banking credentials in Europe and the Middle East.

Shawa worked as assistant vice president at Citigroup Private Bank in London from 1997 to 2002, after completing a degree in engineering at University College in London in 1997. He also served as vice president and senior private banker for Middle East region at Citigroup Private Bank in Geneva from 2002 to 2005. He was as associate director responsible for developing banking business in the Middle East & North Africa, at HSBC from 2005 to 2007.

Shawa said the family had always planned on him eventually taking the reins of the Bank of Palestine, first becoming his father’s deputy and then chief executive officer. “All of those plans had to be fast-forwarded in difficult circumstances,” he said.

Deposits more then double

In addition to being chairman and general manager of the bank, Shawa is vice chairman of the Palestine Institute for Financial and Banking Studies and a director of Investbank – Jordan, Abraj Real Estate Investment and Development Co., the Palestinian Investment Fund, and Palestine Power Generation Co.

Nine years after he took over, the Bank of Palestine has more than 50 branches and employs about 1,500 people. Deposits have doubled since 2009, from $1 billion to $2.1 billion.

Shawa said the bank has grown with demand for basic services such as small business loans and mortgages.

Challenges in Gaza

Progress has not come without its challenges, especially in the Gaza strip.

The bank faced street protests at some Gaza branches after it stopped transactions involving charities that might be in violation of international rules because they support Hamas.

Rival Arab Bank paid an undisclosed settlement after hundreds of terror victims sued on the grounds that the bank maintained accounts for Hamas operatives that made payments to the families of suicide bombers.

The Israeli-Gaza conflict in 2014 forced the bank to close more than a dozen Gaza branches for nearly two months except for occasional openings to allow customers to withdraw cash or make deposits.

Young population promises growth

Unlike other parts of the Middle East, nearly all of the businesses operating in the Palestinian economy are small or medium-sized. Growing interest in establishing businesses along with a population that is overwhelmingly young – three-quarters of the population is under age 35 – add up to opportunities for further growth for the bank.

“It’s a good foundation for any company that wants to set up a business and develop a growth strategy in any sector,’’ Shawa said. “We have a healthy target market of customers coming in every year, and they’re going to be looking at personal, home and business loans.”

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Aïssa Dione: One woman’s fight for traditional Senegal textiles

12 April 2016 Comments (1) Africa, Featured, Leaders

Aissa Dione

The lady behind internationally renowned textile company Aïssa Dione; artist, designer and entrepreneur.

Dating back to the 15th century, Senegal has a tradition of textile weaving and dyeing as rich as the fabrics themselves. However, with a shift towards mass-produced clothing and the ever changing fashions and trends, this time-honored practice has suffered a huge set back. The name Aïssa Dione has become synonymous with the ancient craft, as she has fought to revive what was a tradition on the brink of distinction. “Spinning and textile industries have nearly all closed and traditional weavers are slowly but surely disappearing,” said the designer, a woman who has dedicated her life to reviving Senegal’s tradition.

A bold autodidact

Born to a French mother and Senegalese father in 1952, the renowned painter and textile designer grew up in Nevers, France. She attended the school of Fine Arts in Chelles before leaving to Senegal at the age of 20, to pursue an international career as an artist. Fate was to slightly alter her career course, when a potential buyer of her work, Pierre Babacar Kama, head of Chemical Industries of Senegal (ICS), said he would like first for his offices to undergo a revamp. It was “a bluff,” she said, when the budding artist responded confidently that she could manage such an undertaking.

This event marked the beginning of the entrepreneur’s textile and business adventure. Dione began with a single weaver who had worked for her grandmother. They set up their make-shift studio in her garden and she went to work, combining her artistic flare with traditional Senegalese weaving methods, such as the Mandjaque technique. The result was so impressive that many commissions were to follow. Local media interest sparked intrigue and soon her work was reaching a global audience, with orders flying in from all across the globe.

Celebrating Senegal

Aïssa Dione Tissus

Aïssa Dione Tissus was officially launched in 1992. From its modest beginnings it rapidly grew from having a single weaver to 15 workers, prompting a move to a more suitable location. Still her place of work today, her now burgeoning artillery is situated in Rufisque, a small town outside Dakar in Senegal. The company employs 100 Senegalese artisans. Dione dreams of recruiting more and expanding her business further but in the meantime there are Senegal’s restrictive labor laws to contend with.

Passionate about her roots, what she has borrowed from the country’s tradition and methods, she has more than given back by celebrating all that is Senegalese through textile and showcasing it to the world. The company’s philosophy is one of slow industry; creating a refined, luxury brand from local raw materials. While the West African country exports 5,000 tons of cotton annually, none was previously leaving as finished pieces of textile; the entrepreneur is changing this trend. The products from Aïssa Dione Tissus are 100 percent made from Senegalese materials, created by a purely Senegalese workforce and traditional methods of dying and weaving that are still harnessed to this day. One example: the all-natural dyes they make out of local bark and mud collected from the lake during the dry season.

“I strongly believe in small-scale industries, as a way to bring development to West Africa. We grow a million tons of cotton in this region and we export 99% of that. If I can process that cotton here, at home, I can increase my revenue fifty or one hundred times,” said the elegant 62 year old.

The future for textile and art

What the statuesque designer has so masterfully achieved is introducing a social and economically aware business into the world of high fashion and design. She discovered how to elegantly blend the traditional with the modern and it is a roaring success. What had been slowly slipping into oblivion was rescued from the precipice and with just the right modern twist is made palatable for the current trends. Labels such as Hermès, Christian Lacroix and Fendi Casa have made orders from Aïssa Dione fabrics and designers such as Jacques Grange, Christian Liaigre and Peter Marino have all used her products.

Her passion, her drive and her determination to stick fast to her beliefs make the success of Aïssa Dione Tissus even more incredible. Many frustrations along the way could have tempted a less resolute person to take shortcuts here and there but that would have compromised too much of what this French-Senegalese artist and “Lioness of Africa” believes in.

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Cyrille Nkontchou, African business tycoon with a conscience

29 March 2016 Comments (0) Africa, Featured, Leaders

Cyrille Nkontchou

Always a firm believer in his continent, the Cameroonian businessman now is investing himself in Africa’s future.

Having recognized the potential of his continent early on, Cyrille Nkontchou was one step ahead of the rest by investing and believing in Africa. A man of the world, he lived, studied and worked across the globe before finally returning, full of knowledge and experience, to his motherland. The serial entrepreneur operates from his Sandton office in the heart of the exclusive suburb of Johannesburg. Quiet and discreet, this tycoon has already pioneered a way to bring investors to Africa. Now he wants to help educate his academic and entrepreneurial successors.

Getting started

Nkontchou spent his formative years in his country of birth, Cameroon. Leaving at the age of 13 he moved with his diplomat parents to France. A good and committed student, he studied Economics at the Paris Institute of Political Sciences before earning a place at the illustrious Harvard Business School, coming away with a Master of Business Administration (MBA) degree. His impressive education led him to work for the likes of Andersen Consulting, in their branch in the French capital and Merrill Lynch investment bank in London, where he started his career as an investment adviser for international companies interested in opportunities in Africa. Here he gained experience that would prove invaluable for his future pursuits.

In 2000, the young aspiring entrepreneur took a leap of faith, packing his bags as he set off for Johannesburg to create Liquid Africa. With many years experience it was a calculated risk but nothing could prepare him for his first failure. Hailing his primary business as a platform to access financial info on the internet proved to be unviable in Africa. It was back to the drawing board, which gave the Cameroonian businessman the opportunity to successfully re-orientate his company as an investment banking business. “Fortunately, from 2005, Africa has again become fashionable, and we had a lot of success,” said Nkontchou.

Sharing good fortune

On the back of his first venture’s triumph, the winner of the accolade “Young Global Leader in 2006” at the World Economic Forum, decided to go into business with his brother. Together in 2007, they created Enko Capital, an asset management company that deals with launching and managing investment funds for clients. Investments are made in public and private equity, and fixed income markets, mainly in the African continent. The company is still going strong, with offices in London and Johannesburg.

This hard-earned prosperity has given Nkontchou the opportunity to put something back into his continent. “In addition to the infrastructure, in particular energy, agribusiness is a promising sector in Africa,” he said. Whilst working with a pesticide company in West Africa he realized that many small producers struggled because of a lack of capital. He decided he could assist by providing pesticides to farmers on credit. Re-payment is then not required until crops have been harvested and sold. Already more than 50,000 small producers have benefitted from Nkontchou’s lending scheme.

Enko Education

Enko Education

Investing in the future

After many years of hard work Nkontchou is not ready to put his feet up. Instead he is continuing to use his privileged position to focus on the social issues that surround him. In 2013 he set up Enko Eduction: private schools that aim to assist the youth of Africa’s increasing middle class. Having benefited from a good education in France, he feels it is hugely important to bring this same opportunity to the African entrepreneurs of tomorrow. He believes this can best be done through the private sector, as he expressed, “Africa will come to work when governments will rely more on the private sector which is more effective in management.”

Enko Education has a goal, to welcome 20,000 students across a network of 45 schools, in 30 countries in 5 years. Cyrille Nkontchou also has a goal, to put back what he can into his continent and to help pave the way for all its bright future graduates. He has a legacy that he wants to share, that Africa is worth investing in. “You know, at the beginning of a career one thinks only to accumulate the most wealth possible but, from a certain age, we think more to give and leave an intangible heritage,” said the conscientious businessman.

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Ojay Greene, helping the land bear fruit for those in need

24 March 2016 Comments (0) Africa, Featured, Leaders

ojay greene

Ojay Greene is a business seeking to improve lives in East Africa by working with smallholder farmers.

With consumer consciousness being on the rise, demand is high for products to be sourced locally, ethically and sustainably. The food industry in particular is noticing a trend towards a more aware buyer and while popularity may make some companies jump on the bandwagon, one has set a precedent for genuine philanthropic and ecological concern. Only two years in the running and already winning big investors, Ojay Greene is going for it full-heartedly and making changes for the better.

The brainchild of Kenyan born Yvette Ondachi, the agribusiness seeks to address the key problem that faces small-scale farmers in Kenya, the inability to contend with their larger counterparts. At present a mere 5% of the country’s fruit and vegetable suppliers hold the monopoly on supermarkets, providing them with 80% of their produce. Rural farmers have little chance to compete without the support and knowledge of a company like Ojay Greene, which is creating inroads for them to sell to the big buyers.

At the roots

A small enterprise themselves, the business is run mainly by a dedicated team of four based in the country’s capital Nairobi. Headed by founder and managing director Ondachi who set up Ojay Greene in March, 2014 the venture has quickly acquired a solid client base. Currently working with over 200 smallholder farmers they connect the rural producers in contracted terms with the likes of Naivas Supermarket and the Fairmont Hotels and Resorts.

To optimize the impact of their business model and share their philosophy and knowledge, Ojay Greene offers a range of services but the area in which they excel and have gained most success is food production. Concerned with enhancing small, rural agriculturists, they work alongside the farmers, offering solutions, training and providing market links to long-standing clients in order to help each one reach full potential.

“If we have professionals with a sense of justice and strong sense of determination, they will join the entrepreneurs in trying to shape our society,” said founder Yvette Ondachi.

Lady with the “greene” fingers

Yvette Ondachi

Yvette Ondachi

The lady behind it all, with experience both academic and vocational, Yvette Ondachi not only has a vision, she also has the means to provide all the services her company supplies. After studying Biochemistry & Chemistry at the University of Nairobi, the young entrepreneur worked for 15 years in pharmaceutical sales and marketing. After traveling all over East Africa, what struck her most was the great divide between rich and poor.

Ondachi’s decision to step away from a lucrative and stable career, to embark on a risky but now highly successful entrepreneurial adventure, was fueled by the desire to bridge this divide and to make a change to the poverty levels in her country. Despite now having a burgeoning business model everyday still remains a challenge. “Entrepreneurship is definitely not a walk in the park especially because the solutions we are giving smallholder farmers have to do with behavior change,” Ondachi acknowledges.

Key to the future

On the 24th of July, 2015, the company won the Pitch for Impact 100k competition, receiving an investment of $100,000 from Steve Case, founder of AOL. Having already won a big investment and having gained partnerships from leading supermarket chains, it is clear that not only those involved see great potential. “Ojay Greene represents the promise that Africa is truly open for business,” said Steve Case.

It is the hoped that smallholder farmers will continue to embrace the changes in return for a more profitable future. Already the company has increased the income of more than 30 growers by up to 40% and improved the lives of many. Ondachi and her team are intent on extending their invaluable work further, welcoming all who wish to participate into the Ojay Greene care. However, they remain realistic. Change doesn’t happen overnight but little by little, but the incorporation of new methods and the creation of new solid partnerships between rural and urban are starting to bear fruit.

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Sheikha Lubna Al Qasimi : The Arab World’s Most Powerful Woman

22 March 2016 Comments (0) Featured, Leaders, Middle East

Sheikha Lubna Al Qasimi

Sheikha Lubna Al Qasimi’s more than decade-long political career began with the groundbreaking distinction of being the first woman appointed to a ministerial office in the UAE.

CEO Middle East magazine has ranked United Arab Emirates’ Minister of International Cooperation and Development (MICAD, also called the Ministry of Tolerance), Sheikha Lubna Al Qasimi, the most powerful Arab woman for the sixth year in a row. The first woman to hold a government ministerial position in the UAE, Sheikha Lubna’s long political career has enabled her to rise through the ranks of a male-dominated society.

A member of the ruling party, Lubna is the niece of his Highness Dr. Sheiki Sultan bin Mohammand Al Qasimi, the current ruler of the Sharajah Emirate and a member of the Supreme Council of the UAE. Before her political career took off, Sheikha Lubna studied in the United States, where she received her Bachelor’s Degree in Computer Science before undertaking her MBA with the American University of Sharajah.

Becoming the Most Powerful Arab Woman: Education, Family and Positions of Power

CEO Middle East magazine creates its ranking of 100 powerful Arab women based upon the number of lives each woman has touched. With more than a decade in political office, Sheikha Lubna’s position of power has enabled her to create and inform UAE policies, impacting the lives of millions.

Her professional career includes a litany of impressive feats across business and financial sectors: in 2000, she became the CEO of Tejari, the first business-to-business e-market place in the Middle East; acted as the head of the Dubai e-Government executive team and was responsible for instituting initiatives throughout Dubai’s public sector in 2004; and Sheikha served as the Chairperson of the board of Directors of the UAE’s Securities and Commodities Authority from 2004-2008. In addition to her MBA, Sheikha Lubna has three Honorary Doctorates: Law and Economics from in science, from California State University (Chico), in Law, from the University of Exeter (United Kingdom) and in Economics, from Hankuk University of Foreign Studies (Korea). Honorary Doctorates are given in recognition of contribution to the field, and are usually awarded after an individual and provided a commencement speech or rendered another service to a university.

In 2004, Sheikha Lubna was appointed Minister of Economy, earning the distinction of the UAE’s first female minister. After a successful tenure at Minister of Economy, Sheikha Lubna became Minister of Foreign Trade in 2008. In 2013, she was appointed Minister of the Ministry for Cooperation and Development, and in March 2014 appointed as President for Zayed University (one of the UAE’s highest ranking tertiary educational institutions), as well as the Head of the UAE Committee of Humanitarian Aid just two months later.

Moving Up, As a Woman

Sheikha Lubna Al Qasimi with Bill Gates

Sheikha Lubna Al Qasimi with Bill Gates

Sheikha Lubna’s impressive educational, professional and political career would have likely been impossible without her family connections and high standing in Emirati society. That being said, it was due to Sheikha Lubna’s perseverance and persistence that her family allowed her to pursue her academic interests.

“I wanted to be a computer engineer and my dream was to go to the US…It took a lot of [effort] from my brothers to convince my parents to let me go, but I [went to] the UK, and I stayed with a British family. As long as I was within a family environment, it was OK by my parents and eventually I went to the US,” Sheikha Lubna said at the Global Women’s Forum Dubai earlier this year.

Lifting Women along her Journey

Not only does Sheikha Lubna use her position to create positive change for Emiratis, but she is an influential figure for women throughout the Arab world. Her story of academic and professional success is no doubt inspirational for the millions of women who have not had strong female role models.

This highlights the difficulties Emirati, and Arab, women continue to face: Sheikha Lubna is from a very well-respected family, and yet it was her brothers who had to petition her parents on her behalf. When asked why she chose to return to the UAE, where her path would be presumably more challenging than if she stayed lived in a more equitable society, she said “I came back to the UAE because I owed to it to my country and to the leaders, and not many people get such opportunities.”

Sheikha Lubna has been recognized by Forbes and the Wall Street Journal as one of the most influential women in the world, regardless of region. Her sense of duty to her nation and countrywomen is truly remarkable. It has been a challenging road to be the first female minister in the UAE, and her dedication has not gone unnoticed.

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Ngozi Okonjo-Iweala: Economic trailblazer

16 March 2016 Comments (0) Africa, Featured, Leaders

Ngozi Okonjo-Iweala

Nigerian economist and author Ngozi Okonjo-Iweala is one of the most celebrated economists in the world today. Renowned for her accomplishments within the country and international institutions, she has impacted the micro and macro economies of Africa, employed successful reforms and won numerous awards.

Born in Ogwashi-Uku, Delta State, Nigeria, Ngozi Okonjo-Iweala is 61, married to Ikemba Iweala who is a medical practitioner and surgeon and together have four children, three sons and one daughter, Onyinye, Uzodinma, Ikechukwu and Uchechi.

From the hard life to Harvard

At the age of 18 she traveled to the United States to begin her education. She attended Harvard University in Boston where she studied Economics and received her undergraduate degree; she subsequently attained her PhD in Regional Economics and Development from the Massachusetts Institute of Technology and has received Honorary Doctorates from Yale University, Brown University, Colby College, Northern Caribbean University, The University of Pennsylvania and Amherst College.

Her tenacity was apparent from a young age when she carried her Malaria-infected sister to a small clinic 10 kilometers away and made her way through the dense crowd to see the doctor; her sister survived and she describes the walk back as “…the shortest walk I ever had. I was so happy that my sister was alive. Today she’s 41 years old, a mother of three and she’s a physician saving other lives.”

The determination she displayed in this situation resonates in her later life as she has held a number of positions within the Nigerian Government and International Institutions. She currently lives in Abuja, Nigeria, working as a Senior Advisor for Lazar Ltd., a position she has been in since September, 2015. Okonjo-Iweala is also the Honorable Minister of Finance of Nigeria and the Coordinating Minister for the Economy, a Member of the Governing Council of Nigeria Sovereign Investment Authority, a Member of the Board of Governors at African Development Bank, an Advisor to the World Bank, Director of the World Resource Institute and Governor of the Islamic Development Bank. This is preceded by various positions in the World Bank, including Managing Director (2007-2011), Finance Minister and Foreign Minister of Nigeria (2003-2006). She was the first woman to hold these positions. She also ran for President of the World Bank but was defeated by Jim Yong Kim, America’s candidate.

Influence and Accomplishments for Okonjo-Iweala

Before Okonjo-Iweala made her way onto Nigeria’s political scene, the vision of a productive economic future did not look all too promising. Okonjo-Wahala was the name she earned herself after becoming Finance Minister, which means Trouble Woman. “It means, ‘I give you hell,’ she said. “But I don’t care what names they call me. I’m a fighter; I’m very focused on what I’m doing, and relentless in what I want to achieve, almost to a fault. If you get in my way you get kicked.”

Having to face issues such as extreme corruption, billion dollar debts and a GDP headed in the wrong direction, she had her work cut out for her. During her average seventeen hour work day, she fought corruption by addressing the issue of financial kickbacks, terminating the jobs of those involved, imposing jail sentences on scammers and investigating corruption within the oil industry resulting in improved transparency of the sector.

Nigeria had been experiencing a negative per capita growth for the past ten years. She came up with a solution that rearranged the budget which led to the stabilization of the economy as well as savings during upwards fluctuation of crude oil prices; these savings were used during the financial crisis to stimulate the economy.

A more adjustable exchange rate was imposed which complimented market-determined rates and from there, she shifted focus to one of the looming issues: debt. The country’s largest debt was for $30 billion form the Paris Club. In 2005 she was able to make a deal which cleared this debt; before this, Nigeria was paying $1 billion per year, with none of the money actually going toward the principal debt.

Okonjo-Iweala also pushed for the privatization of certain government sectors, such as telecoms, power and ports, the result of which was a six percent economic growth which is still maintained.

Dedication does not go unnoticed: awards and accolades

Okonjo-Iweala has been celebrated throughout her career for her contributions to the economic world. She is the author of two successful books and a member of numerous advisory groups including the Nelson Mandela Institution, ONE Campaign, the African Institutes of Science and Technology and Friends of the Global Fund Africa.

She was #48 on Forbes’ The World’s 100 Most Powerful Women in 2015, named by Time magazine as one of the 100 Most Influential People in the World, chosen as one of the World’s 50 Greatest Leaders by Fortune, selected as African Finance Minister of the Year by the Financial Times/The Banker in 2005 and recognized as Global Finance Minister of the Year 2005 by Euromoney Magazine.

Ngozi Okonjo-Iweala’s career has directly aided Nigeria progressing to a leading African economy. She continues to be active in her field and is an advocate of change, growth and equality.

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