NGX-Profiles of 10 leading Ceos of companies with the best performance in 2023

Taiwo Ajayi
16 Min Read
In the face of numerous challenges in 2023, including the hike in petrol pump prices due to subsidy removal, a weakened foreign exchange (FX) rate

In the face of numerous challenges in 2023, including the hike in petrol pump prices due to subsidy removal, a weakened foreign exchange (FX) rate stemming from the unification of the FX markets, and a persistent 10-month rise in inflation, the Nigerian Stock Exchange All Share Index (ASI) emerged as a shining light for investors.

The index concluded the year at a record-breaking 74,773.77 points, while the market capitalization, just shy of a N41 trillion valuation, settled at N40.92 trillion.

In 2023, the ASI soared by an impressive 45.90% year-on-year, and part of the surge in Nigeria’s capital market can be attributed to the outstanding performance of the top ten companies, collectively contributing an average market growth of 625.23% throughout the year.

Certain stocks have exhibited outstanding performance, with one of the top 10 boasting quadruple-digit and the remaining triple-digit returns.

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These stocks have managed to deliver remarkable results, even amidst economic volatility.

The exceptional performers span diverse sectors, presenting a wide array of opportunities for investors.

The noteworthy success of these companies can be credited to the skilful leadership of Managing Directors and Chief Executives, who have consistently spearheaded decision-making, steering these firms towards prosperity.

10. Sunday Olumorin, the adept MD/CEO of Infinity Trust Mortgage Bank Plc (ITMB), boasts over two decades of expertise in commercial and mortgage banking.

  • He has a B.Sc. in Accounting from the University of Lagos and an MBA from the University of Ilorin and took the helm at ITMB Plc on March 21, 2005.
  • His leadership propelled ITMB to the tenth-best performer on the NGX, yielding a remarkable 372.44% return in 2023. Starting at N1.27, the stock soared to N6.00 by year-end.
  • The mortgage bank witnessed a significant surge in profit after tax, reaching N781.57 million, marking a remarkable 52.14% increase from N514.04 million in 2022, as indicated by its 9-month financial statement.
  • If this trend persists, the company’s profit after tax could potentially close at N1.04 billion. Additionally, the mortgage bank reported a turnover of N1.9 billion for the nine months ending in 2023, reflecting a notable 34.15% increase compared to N1.5 billion recorded in the same period in 2022.
  • This positive trajectory suggests a possibility of the company reaching a turnover of N2.6 billion for the full year 2023.

  • 9. Akin Laoye- Managing Director FTN Cocoa Processors

Akin Laoye, previously an Executive Director, reigns as the Managing Director of FTN Cocoa Processors.

With a degree in Political Science from the University of Ibadan in 1988, Laoye expanded his expertise through international business seminars, at the University of Navarra, Barcelona, Spain.

  • His diverse work experience spans Persuaders Nigeria Limited, UAC, First Equity Securities Limited, and FTN Cocoa.
  • In 2023, FTN Cocoa’s share price surged by 410%, closing at N1.48 from its N0.29 starting point. The year-high was on July 11, 2023, when it reached N3.85, propelling the market capitalization from N638 million to N5.77 billion.

However, financial reports for 9M 2023 revealed a comprehensive loss of N431.2 million and negative reserves of N9.267 billion, underscoring the company’s challenges.

  • 8. Theophilus E. Netufo- Group Managing Director/CEO Ikeja Hotel
  • Theophilus Eniola Netufo is a seasoned Business Administrator with relevant experience spanning over two and half decades.
  • He obtained a Higher National Diploma with Upper Credit in Business Administration and Management from the Federal Polytechnic Akure, then Ado-Ekiti in 1985.
  • He qualified as a Chartered Accountant in May 1991 and was elected a Fellow of the Institute on March 29, 2001. He is a Certified Forensic Accountant and Fraud Examiner, and a Fellow of the International Institute of Certified Forensic Accountants.
  • Under his leadership, Ikeja Hotels which controls three leading Nigerian hotels – Sheraton Lagos Hotel, Sheraton Abuja Hotel, and Federal Palace Hotels and Casino closed in 2023 with a share price of N6.00, representing a growth of 471.4% during the year after starting the year at N0.79.
  • In a remarkable performance, the hospitality group reported a net income of N587.35 million in the nine months ending September 2023, demonstrating an impressive growth of 338.24% compared to the net loss of N246.54 million recorded in the same period in 2022.
  • Projections indicate the company’s net income is poised to further rise to N783.13 million in Q4 2023.
  • 7. Akinloye Daniel Oladapo– Managing Director JAPAULGOLD
  • Akinloye Daniel Oladapo serves as the Group Managing Director/Chief Executive Officer of Japaul Oil and Maritime Services Plc.
  • Holding an HND in Urban & Regional Planning from The Polytechnic, Ibadan, he earned his Postgraduate Diploma and M.Sc Degree in Transport from Ogun State University.
  • His career trajectory includes roles at Dapkol Engineering Limited, where he ascended to Project Manager.
  • Joining Japaul Oil and Maritime Services Plc in 2008, he became Deputy Group Managing Director and later Acting Group Managing Director before assuming his current role in 2018.
  • Oladapo is a member of the Chartered Institute of Transport, London, and a Fellow of the Nigerian Institute of Shipping.
  • In 2023, JAPAULGOLD saw a remarkable 507.1% share price appreciation, closing at N1.70, with a market capitalization of N10.65 billion.
  • The company reported a net income of N661.6 million in 9M 2023, reflecting a remarkable 2,695% growth from the previous year.
  • JAPAULGOLD’s robust growth is linked to its impressive N2.18 billion turnover in 9M 2023, reflecting a remarkable 115.1% surge from the N1.01 billion recorded in the same period in 2022.
  • Anticipated to further increase, the company’s turnover is projected to hit N2.9 billion in Q4 2023. In November, JAPAULGOLD unveiled intentions to raise N20 billion through special placements with identified investors.
  • 6. Adrian Naidoo-Managing Director Northern Nigeria Flour Mills
  • Adrian Naidoo, former General Manager of Northern Nigeria Flour Mills Plc, hails from South Africa, where he initiated his education and career journey.
  • He graduated from the National Institute of Information Technology in 2003, pursuing Project Management and Economics degrees at the University of Witwatersrand, then an MBA from the University of Roehampton, UK.
  • With extensive experience in global multinational companies, Naidoo excelled in project execution, manufacturing, and customer service. Commencing his career with the Buhler Group in South Africa, he eventually became the Managing Director of the Buhler Group in Nigeria.
  • Northern Nigeria Flour Mills closed 2023 with a 639.8% appreciation in share price, reaching N45.50, while reporting impressive H1 2023 revenue of N13.14 billion, a 59.5% YoY growth, and a net income increase of 390.93% to N965.7 million.
  • 5. Marco Storari Managing Director of MRS Oil Plc
  • Marco Storari is a seasoned leader with over three (3) decades of experience in management, shipping, trading, and terminal operations in the industry.
  • He has held various high-level positions where he recorded business successes from companies in Italy, Monaco, and Nigeria.
  • Until he was appointed Managing Director (Acting), he was the Group Executive Director (Storage and Terminal) of MRS Holdings Limited. He has been a driving force in the transformation of the MRS Group over the last ten years.
  • The company closed 2023 with a share price of N105, up by 644.7% from the N14.10 it started at in January 2023.
  • The downstream oil company which is controlled by Sayyu Dantata has recorded an impressive 2023. In 9M 2023, the company recorded a revenue of N100.9 billion, representing a 45.9% year-on-year growth from the same period last year.
  • The company’s net income of N3.44 billion during 9M 2023 was a whopping 338.5% year-on-year increase from the N785 million recorded in 9M 2022.
  • However, the company’s impressive financial performance can be linked to the rise in the price of petroleum products in Nigeria this year.
  • 4. Owen Omogiafo-Group President/Chief Executive Officer TRANSCORP
  • Dr. (Mrs.) Owen D. Omogiafo is the President and Group CEO at Transnational Corporation Plc (Transcorp), Nigeria’s largest conglomerate.
  • Formerly the MD/CEO of Transcorp Hotels Plc, she led the impressive $132 million renovation of Transcorp Hilton Abuja, showcasing her distinguished leadership.
  • As the inaugural female and youngest individual in her current executive role, Owen holds degrees from the University of Benin and the London School of Economics & Political Science, with an Honorary Doctorate Degree from the Federal University of Petroleum Resources Effurun.
  • Recognized as one of Africa’s top 100 women in leadership, Owen’s leadership has spurred Transcorp to a remarkable 666.4% growth in 2023 on the NGX.
  • The company’s share price surged from N1.13 to N8.66, and it reported a net income of N22.7 billion for the nine months ending September 2023, signifying a 19.43% year-on-year growth from 2022.
  • 3. Adewale Adeyipo – Chief Executive Officer CWG Plc
  • Adewale Adeyipo is an alumnus of Lagos Business School, Business School, Netherlands, Massachusetts Institute of Technology (MIT)), and assumed the role of Acting MD/CEO at CWG in December 2018.
  • Before this, he held various leadership positions within CWG, including Business Sector Director for Telecommunication in 2010 and Business Director for PAN Africa Initiatives in 2014.
  • Adeyipo, a Computer Science graduate from the University of Ilorin, is also the co-convener of the ‘Train a Child’ initiative and serves as a Facilitator at the CWG Academy.
  • In 2023, CWG started with a share price of N0.92, closing the year at N3.96 with a market capitalization of N20.96 billion.
  • The group exhibited improved financial performance, recording a revenue of N18.26 billion in 9M 2023, reflecting a remarkable year-on-year growth of 79.7% from the corresponding period in 2022.
  • 2. Mayowa Olaniyan-Group Managing Director/CEO Chams Holdings
  • Mayowa Olaniyan, the Managing Director/CEO of Chamsmobile Limited, previously served as Executive Director of Strategy and Finance for the Chams Group. She became CEO in 2022.
  • As a chartered accountant and fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Association of Chartered Certified Accountants (ACCA), Mayowa holds an MBA with a specialization in Strategy from the Edinburgh Business School, UK.
  • She also earned postgraduate and B.Sc. degrees in Applied Accounting from Oxford Brooks University, UK, and is an alumna of NANYANG Technology University, Singapore, and Pan Atlantic University (Lagos Business School).
  • Mayowa has contributed significantly to the success of Chams PLC, Chams Holdings Plc, the company achieved a remarkable share price growth of 795.5%, starting the year at N0.24 and closing at N1.97.
  • The company, a pioneer in computer software solutions, owns Chams Switch, Chams Access, Card Centre, and Chams Mobile.
  • Reflecting its market success, Chams Holdings recorded a gross profit of N1.84 billion in 9M 2023, marking a substantial year-on-year growth of 181.3% from the corresponding period in 2022.
  • 1. Dupe Olusola Managing Director/Chief Executive Officer Transcorp Hotels Plc
  • Dupe Olusola, a seasoned leader with over 22 years of corporate experience, assumed the role of CEO at Transcorp Hotels amid the COVID-19 pandemic.
  • Demonstrating exceptional leadership, she steered the company back to profitability, achieving a remarkable share price growth of over 600% in a year.
  • Before her role at Transcorp Hotels Plc, Olusola was the Group Head of Marketing at United Bank for Africa (UBA), spearheading marketing initiatives across UBA Group’s 23-country footprint.
  • Notably, she had previously held the position of Managing Director and Chief Executive Officer at Teragro Commodities Limited, an agricultural company based in Nigeria and the agribusiness subsidiary of Transnational Corporation of Nigeria Plc (Transcorp Plc).
  • She graduated from the University of Leicester, United Kingdom, in 1996 and subsequently pursued a Master’s degree (M.Sc.) in Development Economics, which she earned from the University of Kent in 1997.
  • Under her leadership, Transcorp Hotels emerged as the top-performing stock on the Nigerian Exchange in 2023, boasting a 1022.9% share price appreciation, starting at N6.25 and closing at N70.18.
  • The company’s market capitalization reached N718.8 billion, and its solid fundamentals were evident with a net income of N4.07 billion in the nine months ending September 2023, marking a 79.19% YoY growth.
  • Additionally, the company’s assets grew by 2.75% to N123.8 billion between January and September 2023.
  • As a subsidiary of Transnational Corporation Plc (TRANSCORP), Transcorp Hotels owns and manages prestigious properties, including Transcorp Hilton Abuja, Transcorp Hotels Calabar, and Aura by Transcorp Hotels.
  • Note: The individuals featured in this compilation have been selected based on the stock market performance of their publicly listed companies on the Nigerian Stock Exchange in 2023.
  • It is important to note that none of the individuals listed have solicited their inclusion. While this list aims to be comprehensive, it is by no means exhaustive; numerous other contributors have played significant roles in advancing the Nigerian Capital Market in Nigeria.
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