CFI.co Meets the Managing Director of Bangladesh Building Systems: Abu Noman Howlader

Engineer Abu Noman Howlader is a successful industrialist in Bangladesh who is the managing director of the Bangladesh Building Systems Ltd. The second of six children, Mr Howlader was born in Bhola District in 1973. His father was a teacher. He has completed his BSc in Mechanical Engineering from the Bangladesh University of Engineering Technology (BUET) - one of the most renowned institutions of higher education in Bangladesh.

After graduating from BUET in September 1997, Mr Howlader joined in Sinha Textile - the largest textile mill in Bangladesh where he remained until June 2000 when he embarked upon his career in business. Founding his own company, Mr Howlader leveraged his strong background in manufacturing industry and engineering technology. High-tech projects in particular require leadership based on knowledge of cutting edge technology. Mr Howlader brought precisely the kind of management required to propel his company to the very apex of the local high-tech industrial sector.

Mr Howlader is intimately acquainted with Bangladesh heavy industry and started his venture with a solid business plan and desired to make a sizeable contribution to the country’s industrial development as well as its economy.

Mr Howlader has set up a number of companies in Bangladesh which sustain the nation’s economy. He is the honourable managing director of BBS Cables, BBS Metallurgic Industries, Nahee Aluminum Composite Panel, Helix Wire Cables & Industries, Nahee Geo-Textile Industries, Xiamen Reflective Insulations, Speed Builders and Engineers Ltd.

He is also the director of BBS Infrastructure, BBS Developers, Total Knit Composite, Nahee LPG, BBS Ready-Mix Concrete, BBS Distributions, and Nahee SS Pipes Industries Ltd.

He was presented with the 2011 Kabi Nazrul Gold Medal Business Asia Award as the Best Entrepreneur of the year 2010-2011 for his remarkable contribution to green business. The Financial Mirror awarded him its National Business Award.

Mr Howlader is a corporate member of the Dhaka Chamber of Commerce & Industry (DCCI), Uttara Club, Bangladesh Electrical Association, and Electrical Merchandise & Manufacturing Association. He is also a member of the Bangladesh Malaysia Chamber of Commerce & Industry (BMCCI), National Association of Small & Cottage Industries of Bangladesh, Turkey Bangladesh Chamber of Commerce, Steel Building Manufacturing Association of Bangladesh (SBMA), Capital Recreation Club, and Gulshan Runners Society, Banani Club, Uttara Engineering Club, Institute of Engineers Bangladesh (IEB). He is also a life member of the All Community Club in Bangladesh.

Mr Howlader is involved in many social activities and a founding member of Abdul Hannan Howlader Secondary School. He is also a donor member of the Karimganj Secondary School, Telehati High School, and Sheora Rail Line Nurani Madrasha. He is the founder of the Alhaj Abdul Hannan Howlader Scholarship.

He has visited a number of countries such as the UK, Sri Lanka, Saudi Arabia, Australia, Thailand, Singapore, India, Malaysia, China, Hong Kong, UAE, amongst others. He spends his leisure time in reading books, travelling abroad, and playing cricket.

Engineer Howlader aspires to be a successful entrepreneur in Bangladesh and seems to have a special role in every institution that he touches. He has dedicated all his achievements in life to his beloved father and mother.


CFI.co Meets the CEO of Asia Plantation Capital: Barry Rawlinson

Barry Rawlinson believes in strong foundations. While his first foray into the world of sustainable plantations and agroforestry wasn’t premeditated, it turned out to be a natural progression from what had gone before, putting levels of experience and areas of expertise to good use. In our existential world, sometimes it’s not a matter of choice. There are occasions when a job chooses you.

Attracted to the concept of what used to be termed an alternative investment, Mr Rawlinson perceived an opportunity to involve himself in an industry that gave back more than it took, improved people’s lives, and yet still produced the kind of financial returns that would keep all but the most avaricious stakeholder happy.

“I met a former business partner in Southeast Asia,” recounted Mr Rawlinson, “and he explained his vision for the company. The business model was intended to be eco-friendly, and one that would help rural communities that often struggle to make ends meet. Some of those communities relied on illegal logging for their livelihoods, and I couldn’t help thinking that there must be a better way of going about things.”

Asia Plantation Capital (APC) has, over the years, become increasingly aware of its responsibilities to the people who work in, and live in and around, the plantations it operates. The company involves itself in infrastructure projects such as roads, schools, and medical facilities, and treats its employees with a degree of respect and understanding that cynics might describe, pejoratively, as new age. Mr Rawlinson, however, is proud of the company’s philosophy, insisting that it is the plantation workers themselves who deserve the most credit.

“Our top management, compliance people, accountants, scientific advisors, and administration staff are all integral to the success of the company,” he said, “but for me, it’s those who are literally on the ground who have enabled us as a company to grow so well from the initial foundations that we laid.”

Despite having been involved in agricultural projects in previous business incarnations, Mr Rawlinson’s involvement in the world of sustainable plantations required the scaling of a steep learning curve. It’s been hard, but also rewarding.

“I had more than thirty years’ experience in top level management, and would always have described my approach as down to earth and common sense,” said Mr Rawlinson. “I’d like to think that these remain as the qualities I bring to my role as CEO at Asia Plantation Capital, but nothing previously can compare to the immense personal satisfaction I have gained leading the company over the past few years.”

Asia Plantation Capital and its parent company the Plantation Capital Group (of which Rawlinson is also CEO) pride themselves on a vertically integrated business model that is fast becoming the envy of the corporate world. They buy land, plant trees and crops, grow them using proprietary technology to facilitate successful husbandry, and harvest in a sustainable manner.

Certain trees – in particular the previously endangered aquilaria species – are then processed, with the rare and valuable agarwood or Oud being distilled in factories and distillation units that the company itself owns and manages. At the end of this remarkable supply chain is a luxurious and exclusive retail product in the form of a perfume house, Fragrance Du Bois, which is already making waves in the ultra-competitive cosmetics and fragrance industry.

At every link in the chain, Mr Rawlinson insists that his credo of holistic sustainability is observed and put into practice. “We’re a business, of course,” he conceded, “but we want very much to leave a legacy. We want our employees and their families to be able to afford to live together, in their own homes, leading fulfilling lives. They need to be in an environment in which they can educate their children, receive medical treatment when required, and enjoy a good standard of living, while not only contributing to the success of the company, but also helping to get our environment back on its feet.”

Asia Plantation Capital and the Plantation Capital Group are dreaming big. Expansion plans are afoot, with investment in place and a concerted effort in mind to change the face of the global bamboo market. At the helm, Barry Rawlinson is both delighted and gratified to be part of a group of companies that’s doing its bit to prove that business and good ethical practices are not mutually exclusive.


CFI.co Meets the Group Chief Executive of UOL Group: Gwee Lian Kheng

Keeping a leading edge over the competition requires constant attention to detail and a willingness to invest in the future. UOL Group Limited (UOL) is one of Singapore’s leading publicly-listed property companies, recognised for its pioneering, innovative, and award-winning developments. The group adopts a disciplined approach to managing its diversified business portfolio of residential developments, property investments, and hotel operations. CFI.co spoke with Mr Gwee Lian Kheng, UOL group chief executive on his company’s achievements and challenges.

How did your company start?

UOL was founded in 1963 under the name Faber Union Limited. It was renamed United Overseas Land Limited in 1975 and subsequently to UOL Group Limited in 2006. Today, UOL has a diversified business model in residential development and hospitality and property investments.

As a developer with a long track record in Singapore, what are the accomplishments you are particularly proud of?

UOL is an integral part of the Singapore story and closely associated with the city state’s changing skyline in the last fifty years. In 2014, we commemorated our golden jubilee. The company started small but our entrepreneurial spirit quickly led us to become a forerunner in building quality private residential developments with early projects such as Faber Gardens, Mount Echo Park, and Orchard Bel Air and more recently with award-winning projects such as Nassim Park Residences and Newton Suites.

The group is a leader in rejuvenating old housing estates. We were successful in acquiring several sites en bloc in the 2000s including those in Tiong Bahru, one of Singapore’s oldest estates.

We also had humble beginnings in the hospitality sector with the 260-room Hotel Merlin on Beach Road in the early 1970s. We bought additional hotels and hotel brands as we became more profitable with increased cash flow. Between 1993 and 2005, we purchased several hotels in Australia, Vietnam, Malaysia, China, and Myanmar. Today, we own and manage more than thirty properties globally through our wholly-owned subsidiary Pan Pacific Hotels Group Limited (PPHG).

The group has made some significant acquisitions. In 2009 during the global financial crisis, UOL increased its strategic stake in United Industrial Corporation Limited (UIC), making it an associated company of the group. Over the years, UOL has gradually added its interest in UIC to the 44% it now owns. In turn, UIC holds more than 99% of Singapore Land Limited (SingLand) which was privatised in 2014. The increased shareholding in UIC enlarges the group’s exposure to UIC and SingLand’s quality commercial assets in the Singapore CBD [Central Business District].

In 2013, UOL decided to delist PPHG so as to allow greater management flexibility to review the running cost of the subsidiary and seize new opportunities.

Good design is very much part of UOL’s DNA. UOL is behind several Singapore landmarks including PARKROYAL on Pickering and Pan Pacific Serviced Suites Beach Road which garnered the prestigious FIABCI [International Real Estate Federation] World Prix d’Excellence Awards. To date, we have received more than ten local and international FIABCI awards for both our hospitality and residential projects on top of other highly acclaimed awards such as the President’s Design and Aga Khan Awards.

We are very proud of the loyalty displayed by our staff. Many of them, especially from the property development and maintenance side of the business, have stayed with us through thick and thin with about 30% dedicating over a decade of service. Our achievements would not be possible without their integrity, tenacity and team spirit.

Can you please elaborate on your latter remark?

All these qualities have helped UOL to grow. Today, our total assets stand at $11.63 billion as compared with $77.1 million in 1972. Over all these years, UOL was and continues to be managed by an independent and professional team. The board and management team share the same passion and work towards the realisation of our corporate vision. Given the trust and authority by the directors, we are able to focus in pursuing strategic moves in today’s competitive residential development landscape.

What was the most challenging moment your company has faced?

The severe acute respiratory syndrome (SARS) outbreak in 2003 was one of the most challenging periods for UOL. Tourist arrivals declined and occupancy rates at our hotels fell. Our malls in the Novena area were deserted and business plunged as people were afraid to be in the vicinity of Tan Tock Seng Hospital, the treatment centre for SARS.

How did you cope with this?

We took some decisive steps to mitigate the impact of SARS. A cost containment plan was introduced. With the union’s co-operation, our staff at three Singapore hotels took no-pay leave over a period of four months. We also cut back on hiring and took advantage of the lull to intensify staff training. To restore confidence in our malls, the maintenance team stepped up its frequent cleaning of common areas such as lifts and installed hand sanitisers at entrances. We gave rental reductions to some of our tenants to cushion the drop in business. Such steps helped us ride out that very difficult period.

Mr Gwee is a veteran in hospitality. He received the Asia Pacific Hotelier of the Year award in 2003 and the Hotel Legends Hall of Fame Award at the 11th Australian New Zealand Pacific Hotel Industry Conference in 2011.


CFI.co Meets the CEO and President of Hidrovias do Brasil: Bruno Pessoa Serapião

Bruno Serapião has been chief executive officer and president of Hidrovias do Brasil S/A (HBSA) since 2010. That year, Mr Serapião accepted the position of director of infrastructure at Pátria Investimentos – the alternative investment manager that owns the Brazilian inland navigation company.

Mr Serapião has built a successful career and obtained a degree in Aerospace Mechanical Engineering from the Technological Institute of Aeronautics (ITA) in São José dos Campos, São Paulo State. He also received a master degree in Operations Research by the Federal University of Rio de Janeiro (UFRJ) and an MBA from the INSEAD business school in France.

Before assuming the top position at Hidrovias do Brasil, Mr Serapião worked at General Electric (GE) Transportation for Latin America as director of Marketing & Services and director of Business Development from 2007 to 2009. Prior to that, Mr Serapião held positions at América Latina Logística (ALL) as director of commodities (mining and agriculture) in Argentina (2006-2007), agricultural commodities manager for the states of São Paulo and Paraná in Brazil (2005), and production planning manager (2003-2004). He also served as senior consultant at Roland Berger Strategy Consultants in Switzerland (2001-2002) and as a civil aviation department engineer at the Departamento de Aviação Civil (1996-2001) – Brazil national aeronautic authority.

Accomplishments at Hidrovias do Brasil

Created the company platform that has been implemented and is now fully operational in Uruguay, Paraguay, and Brazil (Belém do Pará and São Paulo) with 100+ fulltime employees.

Lead a senior executive team, reporting to the board of directors, responsible for business development, finance, engineering, and operations.

Guides joint ventures and subsidiaries through board of director seats in all seven affiliated legal entities.

Developed, negotiated, closed, and implemented the largest international inland navigation contract ever signed – $400m investment and $2.5bn total contract value – for a 3.2m tonnes/year iron ore logistics operation.

Acquired an inland navigation pulp logistics operator in Uruguay.

Developed two ports project in Northern Brazil through port regulatory changes, interacting with government agencies, the national congress, and senior government officials.

Led a $120m private placement with Temasek Holdings and the Alberta Investment Management Company (AIMCO) to support corporate growth based on a business plan projecting $320m in annual revenue, with 50% EBITDA (earnings before interest, taxes,and amortisation) margins.

Structured a $238m project financing facility on a 13-year term with the Inter-American Development Bank (IADB), the International Finance Corporation (IFC, part of the World Bank Group), and a number of international banks to support the implementation of the contract with mining company Vale.

Structured a global sourcing team that enabled strategic alliances with naval architects and workboat and barge shipyards in Canada, Turkey, and China.

Delivered company development with $20m for two years – 25% below original budget.
Implemented the SAP Platform allowing for the implementation of a strong compliance structure from the pre-operational stage.


CFI.co Meets the CEO of Paris Gallery Group: Mohammed Abdul Rahim Al Fahim

Named the most powerful entrepreneur in the Arab World’s retail sector for a second year running, Mohammed Abdul Rahim Al Fahim is CEO of the Paris Gallery Group of companies and a member of the Al Fahim family – the founders and owners of the conglomerate that now operates a network of retail stores and distribution channels throughout the UAE and the GCC countries. Mr Al Fahim joined the family business in 1996 soon after graduating from the University of Kentucky, US, when he moved to the Kingdom of Saudi Arabia (KSA).

He played an active role in developing the group’s overall strategic plans, helping it take its first steps into the luxury retail sector. He was instrumental in restructuring the management and rewriting company policies resulting in high employee satisfaction levels. In his ten-year stint in KSA, he held various senior leadership positions in supply chain management. He helped establish the company’s Saudi Arabian businesses by spearheading various initiatives and campaigns resulting in record growth. He is credited with having increased company foothold in the market and building brand value.

Since his appointment as group CEO in 2006, Mr Al Fahim has successfully brought about important and far-reaching reforms in the organisation. He re-established a healthy bottom line. Anticipating high growth in business, Mr Al Fahim increased the number of stores, drove up profits, and expanded the workforce. He also took the plunge into further improving corporate governance standards. This brought about profound changes in policies, structures, and processes.

The many awards Paris Gallery has received since then not only proved that the company was on the right track, but also recognised Mr Al Fahim’s strong leadership and his remarkable foresight. Mr Al Fahim advocates corporate governance which promotes innovation, supports creative thinking, and nurtures the creative spirit of employees. He avidly shares his experiences and expertise on the subject at business forums nationwide. Now settled in Dubai, he’s a family man that loves reading, socializing, and playing soccer.

In Words

“Regardless of the economic climate, our strategy has always been to remain focused on consumers because they hold the key to our success. Being customer-centric is all about understanding the customer’s needs and desires, and finding innovative ways to deliver great products and provide an outstanding, experience in our stores.”

“What we have achieved in the last nine years would not have been possible if it weren’t for a visionary leadership and a team of high-performing individuals who were quick to recognize, understand and accept the transformational changes that were being made in the organisational structure to best achieve company goals.”

“The main ingredient for a successful and harmoniously workforce is transparency, because by being totally transparent you make sure everyone has the right information at the right time to make the right decisions.”

“Technology is in the driver’s seat. As consumers becoming increasingly tech savvy, it opens up additional channels of communication. Not only will a customer be able to purchase a product with ease anytime, anywhere, but they will also be able to make educated choices before purchasing a product.”

In Action

Paris Gallery, under the leadership of Mohammed Abdul Rahim Al Fahim, has evolved into a dynamic and diverse enterprise with a growing portfolio of iconic brands reaching consumers across the region through its retail, franchising and distribution channels.

Over the past nine years, Paris Gallery’s shareholders have enjoyed steadily increasing annual returns. 2011 was the most successful year in Paris Gallery’s almost two-decade-long history of retail and distribution, with revenues crossing the 1$ billion mark. The steep growth curve of 2011 continued into 2015 with steadily growing profit margins.

2015 Mr Mohammed Abdul Rahim Al Fahim was awarded the Degree of Honorary Doctorate from the American Institute of Education Development for his distinguished work in voluntary youth activities, and he was awarded the ‘Best Business Leader’ Award at the 2015 MENAA Awards and Paris Gallery was awarded the MENAA ‘Customer Delight’ Award. Also, earlier this month, Paris Gallery’s loyalty program Luxury Club was declared the winner of the ‘Service Olympian 2015 Customer Experience Award’ in the ‘Customer Loyalty Program’ category.

2014 Paris Gallery was awarded the ‘Best Luxury Retail Brand, Middle East’ Award and the Best Company for Leadership (Luxury Retail, Middle East). In addition to Enterprise Agility Achiever in the Retail Sector.


Calestous Juma: A Biotech Revolution for Africa

In western countries, the genetic modification of crops is often seen as a threat to the environment. Professor Calestous Juma takes a contrarian view: he is a keen advocate of biotechnology and its potential to transform African economies. The dynamic professor believes that genetic engineering can become the engine of growth for Africa much in the way that Japan and South Korea transformed their economies forty years ago by embracing the transistor.

In Africa, around three quarters of the population works the land, often struggling to make a living. Prof Juma points out that biotechnology can improve productivity in a number of ways such as controlling pests which then leads to a reduced use of pesticides. Biotechnology can also help reduce the amount of back-breaking work as it allows crops to be grown without the constant ploughing now required to keep weeds in check.

Energetic, creative, and optimistic, Prof Juma is an authority on the application of science and technology towards the promotion of global sustainable development. He is regularly named as one of the most influential Africans. Prof Juma runs a course on the practice of international development at Harvard Kennedy School of Government and is director of the Agricultural Innovation in Africa Project that receives funding from the Bill and Melinda Gates Foundation.

Prof Juma grew up in a farming village on the Kenyan side of Lake Victoria. When he was nine years old, the village farms were devastated by a flood. Faced with a need to eke out a living from a smaller plot, Prof Juma’s enterprising father suggested farmers switch to cassava, a starchy carbohydrate-rich tuber that was not usually grown in the area.

The introduction of the new crop was controversial. Many local farmers were initially suspicious of the new plant and quite reluctant let go of more traditional crops. However, the innovators prevailed and cassava soon became a staple. Prof Juma took a life-long inspiration from his father’s foresight and willingness to innovate.

As a young man, Calestous Juma gained a reputation for being an inquisitive and practical tinkerer who enjoyed experimenting. He established a small business repairing broken radios and record players. At the age of nineteen, Calestous Juma became an elementary school science teacher in Mombasa. The young educator used his spare time to write letters to local newspapers on a wide range of topics. This eventually landed him a job as a science and environment reporter at the Daily Nation.
A year later he was poached by a Nairobi-based environmental group funded by the Canadian International Development Agency to launch their new magazine. This job not only led to a wide range of new contacts, but also landed the journalist a scholarship at the University of Sussex where he gained a masters and a doctorate in science and technology policy.

Once back in Nairobi, Calestous Juma established the Africa Centre for Technology Studies – the continent’s first think tank to apply science and technology to development issues. His meteoric rise to international prominence continued when in 1995 he was hired by the United Nations to become the executive secretary of the Convention on Biodiversity.

The convention, a global commitment to sustainable development, came into force at the end of 1993. Key strands are the conservation of biological diversity, the sustainable use of its components, and the fair and equitable sharing of benefits arising from the use of genetic resources. In 1996, the convention established its permanent home in Montreal and Prof Juma moved to Canada. Two years later, he moved to Boston to take up a fellowship at Harvard.

Around the time that Prof Juma moved to Northern America, the first commercial GM crops were planted in the US and genetic engineering became a hot topic. Many environmentalists argued that genetic modification of crops could harm the environment and only benefitted multinationals and industrial farms. Prof Juma disagrees, decrying the “technological intolerance” that has hampered the introduction of bio-engineered crops in Africa.

Prof Juma believes that, as latecomer to new technology, Africa can learn from other countries’ mistakes and move forward, merging innovation and sustainability and developing new strains of crops engineered to thrive on the continent. In the same way that much of Africa has embraced mobile phones, Prof Juma argues that biotechnology can boost growth and eradicate poverty.


CFI.co Meets the Chairman and CEO of Elwan Group: Ibrahim I Elwan

Ibrahim Elwan is the chairman and the chief executive officer of Elwan Group – previously Infrastructure Capital Group – a company created in 1995 to develop, own, and operate infrastructure and real estate projects. To date, Elwan Group has developed projects in power, wastewater, and real estate in the United States, Europe, and the UAE amounting to about AED 2 billion, including TANQIA, a privately-owned wastewater utility in the Emirate of Fujairah. Elwan Group currently has a number of projects in advanced stages of development such as real estate undertakings, privately-owned wastewater utilities, andmunicipal solid waste treatment plants.

Prior to establishing the group, Mr Elwan held a number of senior positions at the World Bank during his nineteen years with the institution. His professional career was primarily focused on the development of infrastructure, energy, and the private sector in the emerging economies of Europe, the Middle East, North Africa, and South Asia.

His last position at the bank was that of manager for private sector development and privatisation. In that role, Mr Elwan developed the Energy Development Fund in Pakistan. Established under the aegis of the World Bank bank to provide financing for private sector projects in the energy sector, the fund raised $600 million which, in turn, generated an additional $2.6 billion in equity and commercial debt to finance about 3,000MW of privately-owned power generation capacity.

At the World Bank, Mr Elwan was also responsible for the design of Enhanced Co-Financing, the first instrument provided by the institution to support projects financed under limited recourse by guaranteeing the performance of host governments. ECO instruments successfully attracted financing for major power projects in countries such as Pakistan and China.

Prior to joining the World Bank in 1976, Mr Elwan was a senior economist at Ontario Hydro and Shell Canada. Before that, he taught at a number of universities in the US and Canada. Mr Elwan has degrees in Engineering and Economics.

Mr Elwan has written two books on restructuring the energy sector in former Yugoslavia and Jordan. His articles on project finance have appeared in numerous publications, including the Financial Times, Project Finance International, Infrastructure Finance, the Middle East Economic Digest (MEED), Project and Trade Finance, Power in Asia, and the Far Eastern Economic Review.


CFI.co Meets the CEO of Alliance Financial Services: Roshan Boodhoo

The youngest CEO ever of a company regulated by the Mauritius Financial Services Commission, Roshan Boodhoo of Alliance Financial Services is making his mark on the island nation’s booming offshore sector. A peerless grasp of the market’s dynamics has enabled Mr Boodhoo to respond quickly and effectively to changing conditions. Since being named CEO of Alliance Trust – the precursor to the present company – in 2010, Mr Boodhoo has managed to increase revenue by well over 800%.

“I joined Alliance Trust in 2009 just as the full dimension of the global financial crisis was becoming clear. Up to then our company had focused on providing wealth management services. However, the downturn necessitated a corporate rethink in order to arrive at a more diversified palette of services.” Thus Alliance Financial Services came into being. The name change reflects the broader approach that was chosen to better serve clients and broach new markets.

“Alliance Financial Services has become a one-stop-shop for businesses that wish to leverage the attractive legal framework put in place by the Mauritius government for the offshore industry. We provide not just legal advice but enable interested parties to establish a corporate presence in this jurisdiction without suffering the usual hassles and hurdles. Our company takes care of all minutiae from premises and office furniture to tax structuring, accounting, human resources, and everything in between. As such we offer a service unique in its reach.”

Mr Boodhoo has readied Alliance Financial Services to join up with PrimeGlobal, one of the world’s largest and most prestigious networks of independent accounting firms. Mr Boodhoo has been named PrimeGlobal’s regional officer for Sub-Saharan Africa in recognition of his efforts to develop the industry. Increasing the size of its corporate footprint and eying business opportunities, Alliance Financial Services recently opened offices in Dubai and London with a view to better serve the company’s clients in these regions.

“While about 40% of our business is generated in Africa, the Middle East is increasingly important to us and now represents slightly over 30% of our revenue. Alliance Financial Services is now known as a hallmark of quality in the provision of offshore management services for companies and investors alike. This stellar reputation was hard-won and allows us to enter new markets and further expand our services.”

After obtaining a BSc in Banking and International Finance from the Mauritius University of Technology and a MA in Finance and Investment from Nottingham University Business School, Mr Boodhoo started his career at Barclays on the corporate finance and credit finance side. “When the Mauritius government signalled its intention to develop the island nation into a financial services centre, it became abundantly clear that opportunities would arise. This realisation motivated me to jump from the banking side of the business to the operational side. I joined Alliance Trust, as the company was then called, in 2009 as chief operations officer. A year later, I was named CEO and am happy to report that last year I became an equity partner of Alliance Financial Services.”

Traveling the world and highly motivated to meet new challenges head-on, Mr Boodhoo was never going to be satisfied with following the lines traced by others: “If you wish to lead and succeed, just go ahead and take the reins. You can do it.”

In a business where personal qualities and relations determine the outcome of many business ventures, Mr Boodhoo is well-equipped to succeed. A walking and talking encyclopaedia on the Mauritius business scene and the country’s offshore legislation, the CEO has a well-earned reputation as a fast thinker and an effective mover and shaker. As a result, Alliance Financial Services is now well settled in a fast expanding niche all its own near the apex of the country’s offshore establishment.

For further information, please visit:
www.alliance-mauritius.com


CFI.co Meets the CEO of First Registrars and Investor Services: Bayo Olugbemi, FCIB, FCMR

Share registration is a vital plank of the investment banking industry and Bayo Olugbemi has played a vital role in redefining this important area of Nigerian national banking operations. His work has been instrumental in transforming share registration from a costly venture to a profit-making proposition that benefits all stakeholders. The innovative approach pioneered by Mr Olugbemi is also responsible for the introduction of additional products and services which have now become de-facto industry standards. For example, in an effort to reduce unclaimed dividend to a minimum, Mr Bayo Olugbemi introduced prepaid cards so that shareholders do not necessarily need to have a bank account in order to receive their dividends.

In Nigeria, as elsewhere, regulatory policies aimed at protecting the interest of investors are becoming more stringent. At the same time, the industry is fiercely competitive. Mr Olugbemi believes that only those organisations that are able to identify and deliver beyond the expectations of customers will survive the tough times. He makes it the priority for all team members, himself included, to continuously deliver on excellence in customer experience and transparency.

A career banker, Mr Olugbemi believes in playing by the rules and sees abundant opportunities for innovation throughout the industry. He is the pioneer Managing Director / CEO of First Registrars and Investor Services Limited (formerly First Registrars Nigeria Limited). He has held the position since January 2000. While at First Registrars, Mr Olugbemi increased client numbers six fold to well over sixty companies. He is proud of adding blue chips and multinational corporations to First Registrars’ client base. During his tenure the company reserves grew from N10 million to over N6 billion before the divestment of First Bank Group from First Registrars.

In addition to his job at First Registrars and Investor Services, Mr Olugbemi currently serves as a director on the board of the Central Securities Clearing System (CSCS), the Central Securities Depository of the Nigerian Capital Market. He also sits on the board of many other Nigerian businesses and entities such as CIBN Press, Attwool Schools, and Oluyole Global Resources.

A professional passion for investment banking and share registration underlies Mr Olugbemi’s impressive career. He started working in investment banking at the Registrar’s Department of Union Bank of Nigeria (now GTL Registrars). Before his appointment as the Managing Director / CEO of First Registrars, he held the same position at NAL Registrars (now Sterling Registrars). Mr Olugbemi was instrumental in setting up a number of Registrars companies in Nigeria including United Securities Registrars, DBL Registrars (formerly Diamond Bank Registrars), Sterling Registrars (formerly NAL Registrars) and Rims Registrars.

Mr Olugbemi gained a first degree (BSc Hons) in Accounting from the University of Lagos and followed this with a Master’s Degree in Business Administration (MBA) in International Business Management from Lagos State University and an MSc in Corporate Governance from Leeds Metropolitan University in the United Kingdom.

Impressively well-connected, Mr Olugbemi is an alumnus of Lagos Business School, Harvard Business School, Boston, IMD Lausanne Switzerland, INSEAD Singapore, Wharton Business School, and Stanford Business School. He is a fellow of the Chartered Institute of Bankers of Nigeria (CIBN), the Institute of Capital Market Registrars (ICMR), the National Institute of Marketing of Nigeria (NIMN), the Chartered Institute of Taxation of Nigeria (CITN), the Certified Pension Institute of Nigeria (CPIN), the Institute of Directors (IOD), and the Nigerian Institute of Management (Chartered).

Moreover, Mr Olugbemi is a member of the Chartered Institute of Stockbrokers & Certified Institute of Investment Analysts. He is currently the President and Chairman of the governing council of the Institute of Capital Market Registrars (ICMR) and), the National Treasurer of the Chartered Institute of Bankers of Nigeria (CIBN) and the Deputy Treasurer, Lagos Chamber of Commerce and Industry (LCCI). Mr Olugbemi was a two-term Chairman of the Chartered Institute of Bankers of Nigeria (CIBN), Lagos State Branch. He also serves as the president of the Ibadan Jericho Businessmen Club (JBC), Ibadan.

Mr Olugbemi has extensive experience in investment banking and portfolio management and is a trainer in leadership, management, corporate governance and ethics, business formation, capital market development, and share registration. He is a pastor in The Redeemed Christian Church of God (RCCG) and serves as Assistant Pastor-in-Charge of Lagos Province on Corporate Social Responsibility. He is happily married and blessed with three children.


CFI.co Meets the Group CEO of FDH Financial Holdings Limited: Dr Thomson F Mpinganjira

Dr Thomson Mpinganjira is the first – and so far only individual – who owns a bank in Malawi. After six years in business, Dr Mpinganjira’s bank now ranks amongst the top of the country’s twelve banks. From a small discount house, FDH Group has grown into a major financial services provider.

Dr Mpinganjira is the founder of FDH Financial Holdings, the sole owner of FDH Bank and the FDH Money Bureau, the First Discount House, and FDH Stockbrokers. The group recently acquired a 75% stake in the Malawi Savings Bank (MSB). The FDH Group’s operations reach into the far corners of the country with banking services. Further expansion plans are in the works.

Dr Mpinganjira graduated in 1984 from the University of Malawi and is a chartered accountant by training. He accumulated experience at Deloitte & Touche, Blantyre Printing and Publishing Group, Mandala – an automobile company currently trading as CFAO – where he served as senior accountant and group accountant. After a brief and successful stint in banking as head of operational risk and security at the National Bank of Malawi, Dr Mpinganjira seized the opportunity to become the first Malawian stockbroker and subsequently headed Stockbrokers Malawi Limited. He was tasked to set up the Malawi Stock Exchange and served as its first CEO up to May 2002 when he left to set up First Discount House.

Starting with just nine employees, FDH Financial Holdings now employs 1,075 people. Dr Mpinganjira has a well-earned reputation for championing the welfare of his employees. FDH Financial Holdings is one of only a handful of Malawian companies that provides all its employees, and their spouses and up to two children, with a comprehensive health insurance scheme that fully covers the cost of their healthcare needs. In the past year, HIV/Aids work policies were launched to wide acclaim. Currently, the group is working to build a health and fitness centre to cater to the demand of its predominantly young professional workforce.

Outside of the FDH Group, Dr Mpinganjira has served on, and chaired, several boards and a number of entities. He chaired the boards of both the Malawi Revenue Authority (MRA) and the Malawi Investment Promotion Agency (MIPA). In July 2014, he received an appointment as commissioner of Malawi’s Public Sector Reform Commission. In this role, Dr Mpinganjira helps Vice-President Saulos Chilima and other prominent Malawians provide independent and unbiased policy guidance on the reforms necessary to reinvigorate the country’s ailing public sector. Dr Mpinganjira’s work for the government takes place on a pro-bono basis.

Dr Mpinganjira credits part of his success to his early exposure to business. His father, an accountant, owned and ran a trading company. He aims to pass on his personal experience and create awareness and offer guidance and inspiration, by speaking at entrepreneur forums and educational institutions secondary to postgraduate levels.

With this in mind, the FDH Bank Limited in 2014 agreed to provide a multimillion Malawi Kwacha sponsorship for the Top of the Class competition organised by the country’s national broadcaster MBC. The educational quiz programme pits secondary schools against each other in several knockout rounds to reach an annual grand finale. The programme was a Malawian household staple in the 1970s before going off air in the mid-1990s. It is now again broadcast on both national radio and television platforms with FDH Bank providing sponsorship of no less than 100 million Malawi Kwacha (over $160,000) over the next five years. The Top of the Class programme was re-launched in style at Dr Mpinganjira’s former secondary school, the Zomba Catholic Boys Secondary School, which he has helped restore to its former glory.

Dr Mpinganjira has a passion to see local small and medium-sized enterprises (SMEs) thrive. In 2014, FDH Bank signed a memorandum of understanding with the Ministry of Mining for the provision of loans and financial literacy training to small-scale miners. The partnership holds great promise and has already resulted in the FDH Bank organising the first Malawi symposium on Artisanal and Small-Scale Mining (ASM) – a two-day event which attracted both domestic and international stakeholders. In November, FDH Bank also signed a memorandum of understanding to support the Small and Medium Enterprise Association (SMEA) of Malawi with a credit line of over $800,000 to facilitate and underwrite the growth of businesses.

In December 2014, Dr Mpinganjira was one of seven entrepreneurs recognized by the SMEA for their contribution to the sector over the last fifty years. The list was based on the outcome of a vote organised by the Association of Business Journalists (ABJ). Dr Mpinganjira was awarded the top spot.

Dr Mpinganjira was born in 1961 in Blantyre, Malawi, and is happily married to his wife Barbara. The couple has two children – William and Chikondi Annabel and a granddaughter Gugulethu Valerie. Dr Mpinganjira has been recognised as one of the world’s leading and most successful professionals. His name was included in Madison’s Who’s Who of professionals in March 2006. He has been listed continuously to date and also appears in Sterling Who’s Who for excellent performance and achievement.


CFI.co Meets the MD of FrieslandCampina WAMCO: Rahul Colaco

The fast-moving consumer goods (FMCG) industry is an exciting world with a high rate of change, and the need to constantly meet the everyday needs of customers and consumers. It is also highly competitive, as several brands jostle to earn the share of mind and heart of the target audience. Working in this environment is no easy task. It requires stamina, an agility to formulate decisive solutions, and the ability to constantly adapt. This is what makes a career in FMCG so exciting for Rahul Colaco, managing director of FrieslandCampina WAMCO.

Mr Colaco started off as a management trainee at Hindustan Unilever in 1997, the largest FMCG organisation in India, well-known for its training. As part of a 12-month management programme, he was exposed to various functions. Mr Colaco fondly compared his experience there “to drinking water through a firehose. As drastic as that may sound, I say that in a positive way,” he adds.

Mr Colaco has been the managing director of FrieslandCampina WAMCO Nigeria PLC since January 2015. He has 18 years of experience in the FMCG industry covering general management, marketing, supply chain, and finance, across both developed and emerging markets. He started his career with KPMG as an auditor before joining Unilever, where he worked in India, Italy, and The Netherlands, the latter two in regional roles covering Western and Eastern Europe.

He later moved to FrieslandCampina, one of the world’s leading dairy cooperatives, and was appointed as the marketing director in Malaysia (Dutch Lady Milk Industries) in 2010. He became the managing director two years later, heading Malaysia’s leading dairy company with the additional responsibility for local operations in Singapore. Under his stewardship, Dutch Lady Milk Industries was awarded the Company of the Year Award in 2014 and Best Performing Consumer Products Stock for three years in a row.

Mr Colaco believes in investing in oneself. Like a product, everyone is essentially a brand that needs to be marketed on how you want people to perceive you. One way he recommends, is to constantly learn from all experiences. For Mr Colaco, the learning journey never stops: “The moment you stop learning, your brain begins to die.”

This belief was the reason he decided to take a career break in 2003 to spend a year earning his MBA at the IMD (International Institute for Management Development) Business School in Switzerland. Amid questions on why he was leaving the company, he explains that he wanted a global experience and to learn more from different cultures and nationalities. It was quite a risk, but Mr Colaco asserts: “Investing in oneself provides an invaluable payback.”

At FrieslandCampina WAMCO, Mr Colaco is excited to be able to make a difference to the lives of Nigerians. His belief is that the success of an organisation revolves around answering the following four simple questions: Why (purpose), What (strategy), Who (people), and How (culture). At WAMCO, Mr Colaco and his leadership team have spent several months in defining this explicitly, and are now implementing the model.

“Working in the dairy industry means we do good by default, and our CSR programmes are integral to our mission and business strategy. I am in the fortunate position to feel a strong connect between my personal value system and that of our company.”

There is a significant opportunity to reach out more structurally to the emerging middle class in Nigeria and the company with its leading brands Peak, Three Crowns, and Friso is well placed to do so, bringing the goodness of milk to many. In order to achieve this, Mr Colaco is focused on investing in the brands, assets and capabilities of the organisation.

Talent development and employee engagement are a critical part of the company’s success. Several initiatives such as employee coaching, an FC WAMCO soccer tournament, increased maternity leave, team away days, capability building programmes, and awards for a wide variety of achievements make working at WAMCO a fun and rewarding experience.

Mr Colaco, an avid tennis player, finds inspiration from Roger Federer, whom he describes as a talent who constantly reinvents himself without losing his identity and someone who embodies great sportsmanship: “You go all out to win, while playing fair.” He is happily married. The couple has two children.


PayShop Management: A Professional Team with Vision

André Gorjão Costa is chairman of PayShop, a position he holds jointly with that of chief financial officer (CFO) at CTT Correios de Portugal. In 1999, Mr Costa initiated his career at Santander Investment in the corporate finance field. Here, he became a vice-president responsible for cross-border mergers and acquisitions (M&A) and participated in a number of major projects. In 2000, Mr Costa joined Santander Totta as commercial director for corporate banking. As such, he headed the commercial coverage team responsible for Large Corporates in Portugal. Since 2007, and before joining CTT Group, Mr Costa was the managing director at Santander Global Banking and Markets for the credit market in Portugal with a particular responsibility for structured finance, acquisition finance, securitisation, debt capital markets, syndicated lending, and credit sales and trading. From 1998 until 2002, Mr Costa also lectured as an invited assistant professor on Competitive Strategy at the Nova School of Business and Economics. In 1996, Mr Costa obtained a BSc degree in Economics with a specialisation in business and managerial economics. He also completed several courses in investment banking, strategy, leadership, and team management.

Sílvia Maria Correia is currently both director of Financial Services at CTT Correios de Portugal and executive member of the PayShop board of directors. The latter role she accepted in 2012. Ms Correia embarked on her professional career in 1996 by joining the technical staff of the Observatory of Employment and Professional Training, an organisation sponsored by the Portuguese Ministry of Qualification and Employment. She soon moved to CTT Correios de Portugal where she started as product manager at the Financial Services Department. Since then, Ms Correia has assumed additional responsibilities within this business field. Between 2004 and 2007, she worked as commercial director. From 2006 to 2012, Ms Correia was key account manager. She obtained her first college degree in Economics in 1995 at ISEG (Institute Superior de Economia e Gestão). Ms Correia went on the complete two post-graduate programmes in Advanced Marketing and General Management at the Universidade Católica Portuguesa and the Universidade Nova de Lisboa respectively.

Adérito Augusto Vieira previously served as assistant of the head of the International Unit at CTT Correios de Portugal. In that role he was responsible for producing advisory reports on a multitude of the financial topics. With a BSc degree in Industrial Management, a MSc degree in Finance, and a number of other academic accomplishments, Mr Vieira has the expertise and experience to excel in his current job as PayShop’s director of Finance, Planning, and Compliance. He assumed the position in 2012.

Pedro Pinheiro is PayShop’s IT director. He manages a small but dedicated team that develops and runs the applications which support the company’s business. Mr Pinheiro joined PayShop in 2003, while it was still a start-up, as head of software development. With a degree in computer engineering and an MBA, Mr Pinheiro has a broad range of technical and business skills.


CFI.co Meets the CEO of Inversis Banco: Javier Povedano

Javier Povedano, CEO of Inversis Banco, boasts more than thirty years of experience at top-tier and highly regarded financial services providers. Mr Povedano obtained a double degree in Law and Economics and Business Administration from the prestigious Universidad Pontificia Comillas (ICADE) in Madrid and has held a number of leading positions at Arthur Andersen (currently Deloitte), March Group, and – since 2013 – Inversis Banco.

Mr Povedano started his career at Arthur Andersen in the tax and mercantile advisory division. Here, he managed different projects related to foreign investment, mergers, and corporate restructuring.

In 1998, Mr Povedano became a member of the executive committee of Alba Corporate Finance, part of the Banca March Group, where he was in charge of investment decisions on both listed and unlisted companies. During that time, Mr Povedano sat on the board of administrators of companies such as COBRA (ACS Group), Antevenio - a listed company dedicated to management of Internet advertising space - Airtel Móviles, and Peopletel. The common denominator that unifies these diverse companies is the dedication to develop and market new technologies.

In 2003, Mr Povedano was appointed managing director of March Asset Management, also part of the Banca March Group. During his mandate assets under management were multiplied by a factor 2.5 to reach €1.5bn.

Since 2014, Mr Povedano has been managing director of Inversis. This company was acquired by Banca March Group at the end of the previous year. The group is now its sole shareholder. Banca March Group has entrusted Mr Povedano with running the newly-acquired business which he knows inside out having been its chief financial officer (CFO).

Mr Povedano’s strategy is to make inroads into the institutional markets both in Europe and Latin America, placing special attention on constant innovation in adopting new technological tools and on continuous improvements to further enhance personalised customer services.

Mr Povedano was born in Madrid and is married. A father of three, he is a dedicated family man who loves water sports and is passionate about a job well done.


CFI.co Meets the CEO of Golden Assets: António Nunes da Silva

After a solid growth for the past fifteen years, Golden Assets has started a new and exciting journey together with its clients: the company launched Golden Future, a distinctive and client-centric financial advising service that aims to help clients build their future by protecting both assets and wealth.

António Nunes da Silva was invited to join Golden Assets as CEO in October 2014. Mr Nunes da Silva was tasked with strengthening the company’s position in the Portuguese market. He eagerly accepted the challenge to enhance the reputation of Golden Assets and solidify its corporate brand by emphasising excellence in the delivery of financial services, making clients feel that Golden Assets team manages their money as if it was their own.

Golden Assets soon became the largest independent asset management company in Portugal thanks to maintaining a close relationship with clients and the expertise of the team working accurately and in a transparent and independent way. The new financial advising service can make and mark the difference in the clients’ choices and thus improve their portfolio’s performance.

Demonstrating a passion for sales, marketing, and innovation – and after more than twenty years working in the banking sector – Mr Nunes da Silva assumed his leadership position at a time of change and new challenges. “The market has changed. Today’s clients have different needs and therefore require new solutions that fit their objectives. At Golden Assets we recognise this need for change and have developed innovative products and services that help enhance the safety of the invested capital.”

Mr Nunes da Silva has fully deployed his strategic leadership skills, and leveraged his extensive knowledge of the retail market to ensure his company’s goals are met. He boasts two decades of experience accumulated at several important financial institutions in Portugal such as Banco Pinto & Sotto Mayor, Millennium BCP, and Barclays.

Married and with one daughter – the love of his life and a young basketball player who makes her father vibrate in every game he attends – the CEO of Golden Assets was born in Vila do Conde, a city in the north of Portugal. His interest in the world of finance started at an early age while helping his parents running the family restaurant. Young Mr Nunes da Silva enjoyed talking to patrons, mostly businessmen, who piqued his interest in the way business, management, and investment decisions are taken.

In addition to the degree in Economics from the University of Oporto, Mr Nunes da Silva also pursued several academic courses abroad. He studied at Harvard Business School, the University of Chicago Booth School of Business, INSEAD Business School, and AESE Business School in Portugal. These specialised courses helped Mr Nunes da Silva further hone his personal and professional skills which ultimately allowed him to succeed in business and establish an unequalled reputation in the market.

Confidence, tenacity, determination, and prompt delivery of assigned goals are important characteristics of the Golden Assets CEO. He applies them on a daily basis while managing multidisciplinary and multicultural teams. Realistic and with both his feet firmly on the ground, Mr Nunes da Silva avails himself of the idea that “dreams drive our lives.”

Golden Assets’ work is based on the idea that any financial advice must help clients find the best medium and long-term solutions for their assets portfolio’s objective. “We can only make this happen because we have a highly specialised in-house team that boasts internationally recognised knowhow. This team can create the market-related situational awareness that is needed in order for the investor to reach sensible planning decisions. This, in turn, enables clients to build a safer future, together with us.”

As CEO of Golden Assets, Mr Nunes da Silva is an inspirational leader who manages a team of eighty highly qualified experts. With an exceptional awareness of business and corporate strategy, deep knowledge of the global investment market, the ability to execute and deliver well-defined plans and solutions, he and his team believe that Golden Assets can help build a brighter future.

Mr Nunes da Silva highlights the importance of a specialised team able to promote change and innovation: “At Golden Assets we position ourselves as partners of our clients, nurturing long-lasting relationships based on trust and on rigorous, methodical, and qualified work; in short we help our clients write their own future.”


CFI.co Meets Akerton Partners: The Experience and Knowhow to Make a Difference

[caption id="attachment_10929" align="aligncenter" width="668"] Francisco Camacho: Founder of Akerton Partners, Rodrigo Imaz: Member of the founding team of Akerton Partners, Antonio Moreno: Member of the founding team of Akerton Partners[/caption]

Francisco Camacho
Francisco Camacho is a managing partner, and cofounder, of Akerton Partners. Mr Camacho has a degree in Economics and Business Sciences, Advanced Direction Programme, of the INSEAD business school in Fontainebleau, France. He has completed a number of postgraduate financial courses in Spain, France, and the US. Mr Camacho has been teacher, lecturer, and speaker at several universities. He is member of several professional bodies in Spain.

Mr Camacho developed his professional career at Arthur Andersen. At Alstom he worked as CFO and CLO of several subsidiaries of the group in Canada, México, France, and Spain. Mr Camacho was also responsible for real estate projects in Spain and for global cash flow and project financing in different countries. At Auna and Orange Spain, he worked as CFO and purchasing director. In those roles he was responsible for various financing and debt restructuring exercises. In 2014, along with his team, he received the award for the Best Refinancing of the Year (€4.5bn) from Euromoney Magazine. In 2005, as CFO of the Auna Group, Mr Camacho participated in the sale of the group to France Telecom (the mobile phone business) and ONO (the fixed-line business) for a total of €12.8bn.

In 2007, Mr Camacho was awarded Best Financier of the Year by ASSET in the financial excellence category.

Rodrigo Imaz
Rodrigo is a managing partner, and cofounder, of Akerton Partners. Mr Imaz has a degree in Economics with specialisation in Finance from Pace University, US. He also completed several postgraduate courses such as Structured Finance, Corporate Finance, Cash Management, Derivatives at the IE business school of Madrid and the AFI School of Applied Finance.

Mr Imaz started his career in New York working for companies such as BEX America and Banco Santander. Later, he moved into the corporate finance area of the investment bank Warburg Dillon Read in Madrid. After his banking experience, Mr Imaz decided to join the start-up of the third mobile operator at that time in Spain, Retevisión Móvil (Amena). Here, he participated in Amena’s financing deal for €2.390 million. Amena later became part of the telecom group Auna where he held the position of financing manager and participated in numerous financing deals, including a €4.5bn refinancing transaction. In 2005, France Telecom (Orange) bought part of the group and Mr Imaz continued in his position until 2008 when together with his colleagues Francisco Camacho and Antonio Moreno, he founded Akerton Partners.

Antonio Moreno
Antonio Moreno is a managing partner, and cofounder, of Akerton Partners. Mr Moreno has a degree in Economics and Business Administration from Carlos III University in Madrid, and a MBA in Management and Direction from the CESMA business school. He also completed several postgraduate courses at the IE business school of Madrid.

With an experience spanning over twenty years, Mr Moreno developed the first part of his career in the economic and financial areas of different companies. During those early years, he was in charge of payments at Viajes Marsans. He later assumed responsibility for treasury management at the Auna Group. In those years, Mr Moreno specialised in developing applications to automate the day-to- day business of both companies. In 2006, he joined the multinational environment of Spain Orange (France Telecom), taking responsibility for calculating and budgeting the company’s cash generation.

In 2008, Mr Moreno teamed up with Francisco Camacho and Rodrigo Imaz to establish Akerton Partners where he works to this day. Over the years, Mr Moreno has participated in numerous financing and refinancing operations, advising on strategy, financing, bank negotiation, divestment of assets, business plans, amongst others. He has also helped clients with the development and implementation of treasury systems.


CFI.co Meets the CEO of STOXX: Hartmut Graf

As CEO, Hartmut Graf identifies and executes strategic business initiatives, while driving a culture of client orientation and innovation at STOXX Limited. Dr Graf has extensive experience with index products, portfolio and risk-management, portfolio theory as well as investment and derivative strategies.

Prior to joining STOXX in 2010, Dr Graf spent more than five years at Deutsche Börse Group, where he most recently held the position of head of Issuer Data & Analytics. In this role he was responsible for the index business of Deutsche Börse, overseeing the development, maintenance, and marketing of their global index series.

Previously, Dr Graf spent four years with Roland Berger, consulting clients from the financial services industry. He started his career in product management and research in the fixed income department at the investment banking division of Commerzbank. Dr Graf holds a PhD in Theoretical Physics and an Executive MBA from Stanford University.

STOXX Ltd. is an established and leading index specialist with a European heritage. Since 2010, STOXX has extended its index universe with a broad range of global indices. Its most recent innovative index launch is the STOXX TRU™ index family.

“In today’s interconnected world, having a portfolio that invests in a US, European, and Asian market-cap benchmark leads to unintended regional overlaps of economic exposures, leaving investors with allegedly diversified portfolios that could have highly correlated returns,” explains Dr Graf.

“Our STOXX TRU Indices help investors create an asset allocation based on truly separated geographic buckets. These buckets are significantly less correlated amongst each other compared to standard equity indices, resulting in an improved risk profile. The STOXX TRU Indices are based on a sophisticated and innovative model to identify a company’s economic exposure to a country or region, when a such a breakdown is not available explicitly.”

The recent Libor and Euribor rate-rigging scandals have resulted in new legislation being proposed at EU level to compel benchmark administrators such as STOXX to comply with a range of provisions regarding the source of their data.

While welcoming all initiatives that benefit the end-investor, Dr Graf emphasised that the regulatory principles enforced by the International Organization of Securities Commissions (IOSCO) that are adopted by all major index providers are already delivering the legislation’s desired effect without any of the potential harm.

“All major benchmark providers – including STOXX, MSCI, FTSE Russell and S&P – are currently fully compliant with IOSCO’s Principles for Financial Benchmarks.”

Dr Graf explained that the compliance process involves independent auditing and, where necessary, changes to practices: “At STOXX we began the process of compliance with the IOSCO principles in late 2013. This required us to make some small adjustments to our controls and governance. Overall, most of our processes were already in line with what the principles required. This was followed by a full audit conducted by PwC at the end of 2014. In other words, the compliance with the IOSCO principles sets rigorous standards that are fully enforced through the compliance process.”

STOXX welcomes regulation that promotes transparency and protects investors. In Dr Graf’s view, the IOSCO principles provide a level playing field globally in benchmark regulation: “National as well as regional initiatives such as the European Commission’s should be based on these.”


CFI.co Meets the CEO of eDreams ODIGEO: Dana Dunne

Pushing the mobile experience beyond bookings is the next frontier to be settled by the online travel industry. One of the first to stake a claim, eDreams ODIGEO is dedicating considerable effort to further improve and enhance the experience of mobile users and ensure connectivity at each stage of a traveller’s itinerary. “We strongly believe that the industry is nowhere near extracting the full potential of the medium. While the mobile Internet has been around for ten to fifteen years; we have only just begun mapping its possibilities,” says eDreams ODIGEO CEO Dana Dunne.

Mr Dunne was hired by the Barcelona-based company in 2012 as chief operating officer, after a successful career at AOL Europe and EasyJet. In early 2015, Mr Dunne replaced eDream ODIGEO founder Javier Pérez-Tenessa as CEO. He was charged with broaching new international markets and deepening the company’s presence in its multiple home markets. Unveiling a 6-point strategic plan aimed at taking eDreams ODIGEO to the new heights, Mr Dunne refocused the company to fully embrace mobile technology and commit additional resources to customer service.

“We are determined to offer a level of customer care second to none. In fact, everybody at eDreams ODIGEO, from developers working the back office to telephone operators interacting with clients, is aware of the need to ensure that our customers are fully satisfied. Collectively, we are pushing the boundaries on this front.” Mr Dunne points out that economies of scale tip the balance in the company’s favour. As one of the world’s largest online travel agencies, and Europe’s biggest flight retailer, we have the financial and technological wherewithal to develop innovative products and services and thus stay well ahead of the curve.

“eDreams ODIGEO boasts one of largest development teams of the industry. We can – and regularly do – put ten or more highly experienced engineers on an assignment to perfect or tweak a single minute feature of our platform. This ongoing quest for perfection results in a vastly enhanced user experience which, in turn, results in more business.”

Mr Dunne is optimistic and expects eDreams ODIGEO to keep increasing its market share: “More people move online each and every day. Also and increasingly, more people are comfortable conducting business over the Internet. With over seven billion people in the world, there remains plenty of room for the online space to grow.”
While Mr Dunne does not rule out any future acquisitions, he expects his company’s growth to be generated internally: “We are focused on building a great business with top-quality products and services. Since providing excellence in the delivery of customer service is key to our corporate well-being, we need to be careful in how we pursue growth in order to maintain the required level of overall quality.”

eDreams ODIGEO has established a well-earned reputation for the conservation of its multiple brands as premier providers of travel-related products and services. The company operates five strong brands in different markets. “These brands are well-established in their respective markets and maintain distinct identities, cultures, and meanings that evoke positive feelings and represent an optimum customer experience.”

More than just a multinational company with a presence in 44 markets, eDreams ODIGEO is a multicultural corporation: “We are a young and highly dynamic company and a role model on how to run a global corporation. We have professionals of forty different nationalities working at our Barcelona head office, all engaged in offering customers the best travel experience in the business. By being multicultural, rather than merely multinational, eDreams ODIGEO is able to offer the best products and services, irrespective of the market targeted.”


World Bank Group: Are Stars Aligning for Clean-Energy Financing?

One of the biggest bangs on the opening day of the Paris COP21 climate summit was without doubt the dual announcements by the Breakthrough Energy Coalition, led by Bill Gates and other high-net worth individuals, and the multilateral Mission Innovation, whose signatory governments have committed to doubling their allocations to clean-energy research. The two initiatives aim to increase financing for clean-energy innovation from the basic research stage, funded by governments, to the commercialisation of promising new technologies, with venture financing provided by private investors. In developing countries, where many households and companies have very limited access to energy, new clean-energy technologies will serve the dual purpose of expanding energy access and constraining carbon emissions. For this to happen, innovative thinking will be needed also with regard to financing the deployment of these technologies.

The two initiatives announced in Paris reflect the realisation that carbon-dioxide emissions would continue to rise even if every commitment to cut carbon emissions were fulfilled (see figure). By 2035, the concentration of carbon in the atmosphere will already exceed the estimated levels required to maintain the internationally agreed two-degree Celsius limit. In addition to further deployment of existing clean energy technology, the development of new technologies – for example to increase energy storage capacity and generation efficiency – will increase the options available to efficiently address climate change.

But global public funding for clean-energy research has been only a small fraction of what governments spend on other research-incentive sectors such as biomedical. Due in part to the long lead-times from research to commercialization in the energy technology sector, private venture financing has not been sufficient to bridge the proverbial “valley of death” between basic research and commercialization of a product.

“Global public funds are a convenient way to pool individual countries’ resources for the common purpose of addressing climate change. But multilateral funds’ resources are insufficient to meet countries’ needs for clean-energy investment.”

Mission Innovation and the Breakthrough Energy Coalition aim to address the technology finance gap. Even if these initiatives turn out to be highly successful, the challenge still remains of substantially scaling up financing for the deployment of clean-energy technologies, including in developing countries. Pooling public funding and leveraging it with private sector capital could increase the uptake of existing and new clean-energy technologies.

Indeed, a new trend is emerging in the deployment of public capital: an increasing number of governments are considering the use of investment structures that combine public and private capital, mainly for the purpose of infrastructure investment and venture financing for young firms. This trend has been underpinned by shrinking government budgets since the 2008 financial crisis, a persistent infrastructure financing gap, and a realization that the active involvement of private capital is critical for the achievement of national development goals.

Global public funds are a convenient way to pool individual countries’ resources for the common purpose of addressing climate change. But multilateral funds’ resources are insufficient to meet countries’ needs for clean-energy investment. Could national or regional government-owned strategic investment funds, or public-private hybrid funds also become important actors in financing the deployment of climate-smart energy?

This type of funds aims to drive investment in key sectors of national economies, to support the realisation of critical infrastructure, and to “crowd in” private investors. A recent example is the Ireland Strategic Investment Fund (ISIF), established in December 2014 with a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in the country. ISIF uses a “double bottom line” criterion of commercial return and economic impact to identify investment opportunities.

[caption id="attachment_10948" align="aligncenter" width="700"] Graph 1: Energy-related CO2 emissions. Source: Global Apollo Program to Combat Climate Change.[/caption]

Public-private hybrid funds could be another possible investment vehicle to support or fast-track the uptake of climate-smart energy infrastructure. These funds manage pools of combined public and private capital, and may offer a variety of investor return-enhancing mechanisms, including differential timing of investment draw-downs of public and private investors, leveraging the returns of private investors with publically provided debt, capping the profit entitlement of the public investor, and partial guarantee of compensation to the private investor for loss of invested capital.

The model of the strategic investment fund is relatively new. But the provision of patient risk capital to finance new sectors or industries goes back in history. For example, venture capital (VC) funds, now commonly seen as entirely pertaining to corporate finance, were initially a creation of the US government to improve financing for fast-growing young firms (the UK had similar structures). The Small Business Investment Company (SBIC) programme, established in 1958, consists of federally guaranteed risk-capital pools that in the 1960s represented the bulk of venture capital raised in the US. While not all these early VC funds (called SBICs) were successful, some of the most dynamic technology companies around today – including Apple, Intel and Compaq (now part of Hewlett-Packard) – received support from the SBIC programme.

A central issue for publically-owned or capitalised funds is the independence of investment decisions from political pressures. The SBIC, contrary to its predecessor, the American Research and Development Corporation (est. 1946), places investment decisions in the hands of private investment managers rather than government-appointed bureaucrats. This arrangement aims at solving the problem of picking winners, which has beset industrial policy initiatives where government officials make business decisions.

In hybrid funds, investment decisions are left in the hands of a private general partner, with countries participating as limited partners, under an investment mandate that addresses the moral hazard issues of managing an investment portfolio that may be partially subsidised. To reduce the risk of political interference in the investment process, sovereign funds’ governance arrangements must be designed to underpin managerial independence from the government that owns the fund. Market-based checks and balances include co-investment and partnership arrangements.

Finance has come a long way since the days of the first SBICs, which could borrow up to half of their capital from the US federal government. Risk-sharing arrangements for today’s funds can be targeted to investors with different preferences and tolerance for risk. The Breakthrough coalition aims to provide “truly patient risk capital” beyond what markets are willing to offer for clean energy venture finance. This is expected to result in higher uptakes of young government-funded green energy technologies, and fast-track the research cycle. But the efficient deployment of these technologies in developing countries and elsewhere may require the use of investment funds that have the ability to tailor risk-return combinations to different sets of public, private and impact investors – private investors that are willing to accept longer-term returns balanced by a desirable impact, for example on carbon emissions.

Climate change has already generated a considerable amount of financial innovation, notably emissions trading and green bonds. Following the lead from Paris, this innovation must continue, and sovereign funds may have a significant role to play. For oil-rich countries, their sovereign wealth funds could be instrumental in enabling a transition towards clean-energy generation. With a well-defined investment mandate and strong governance, sovereign wealth funds and strategic investment funds could be well suited to provide truly patient capital for clean-energy infrastructure.

The views expressed in this article are not necessarily those of the World Bank.

About the Authors

Håvard Halland is a senior economist at the World Bank’s Finance & Markets Global Practice, Investment Funds Group. His research and advisory work focus on sovereign wealth funds and strategic investment funds. In particular, his work has focused on fund mandates, governance frameworks, as well as economic and policy implications of SWFs’ domestic investment. He is an author or joint author of academic and policy research papers, book chapters, magazine articles and blogs, and regularly presents at international conferences and seminars. He earned a PhD in economics from the University of Cambridge.

Michel Noel is currently head of Investment Funds in the Finance and Markets Global Practice, Equitable Finance and Institutions Vice-Presidency of the World Bank. Previously, Mr Noel was practice manager for non-bank financial institutions in the Finance and Markets Global Practice and lead financial sector specialist in the Africa Region and in the Europe and Central Asia Regions of the bank. He was on secondment to Dexia Asset Management in Geneva and London from 2000 to 2003 working on local infrastructure private equity funds. Previously, Mr Noel held a number of positions in the Africa and Europe and Central Asia Regions of the bank. He also consulted for the OECD Development Research Centre in Paris. Mr Noel holds a MA in Economics and Social Sciences from the University of Namur, Belgium.

Silvana Tordo is a lead energy economist at the World Bank’s Energy and Extractives Global Practice, Extractives Group. She focuses on extractive sector legal and contractual frameworks, taxation, and sovereign wealth funds. Her advisory work, research, and publications include value creation by national oil companies, auction design in oil and gas, extractives-led productive policies, petroleum taxation, resource revenue frameworks, and sovereign wealth management, with particular focus on governance arrangements and policies for domestic investment. Prior to joining the World Bank in 2003, Ms Tordo held various senior management positions in new ventures, negotiations, legal affairs, finance, and mergers and acquisitions.


PwC: Oil & Gas in Africa - Planning a Response to the Price Drop

Overall, activity in the oil and gas industry across the African continent has slowed in the wake of the declining prices in late 2014. Oil production in Africa has fallen from 10.1% to 9.6% of the world’s total in 2014. This has forced successful oil producers to re-strategize and plan ahead for an enduring low price environment, employing measures such as downsizing their workforce and re-evaluating their business strategies. These are some of the highlights from PwC’s Africa Oil & Gas Review 2015.

PwC’s Africa Oil & Gas Review 2015 analyses what has happened over the last 12 months in the oil and gas industry within the major emerging markets of the continent. As oil prices declined in 2014, the industry response has been far-reaching with a significant reduction in headcount and other cost-cutting measures. Capital budgets have also been slashed, and frontier exploration activity has decreased. While a response to such a drastic price drop is necessary, we have also seen the most successful organisations taking time to reset, re-strategize, and plan for an upturn in prices, which will inevitably come. Many of the frontier exploration plays lie in Africa.

"Organisations identified the price of oil and natural gas as the most significant factor that would affect their companies’ business over the next three years."

The main challenges cited by survey respondents include uncertain regulatory frameworks, corruption, and the inadequate physical infrastructure. In Tanzania, more than 80% of respondents regarded regulatory framework uncertainty as one of the top challenges facing the sector. Over 50% of respondents in Nigeria, Kenya, and Angola viewed regulatory uncertainty as a major obstacle to growing their business.

Organisations identified the price of oil and natural gas as the most significant factor that would affect their companies’ business over the next three years. This is not surprising given the current uncertainty around the market. Fortunately, industry players are looking beyond current prices when planning for the longer term. The results of the report show that a high 90% of respondents expect oil prices to increase gradually over the next three years.

Kenya experienced marginal success over the previous year. The attention is still set on the East African region as it develops significant gas projects, while other players are considering South Africa as hopes for favourable legislation are renewed.

After a rush of bidding rounds in 2014, this year and the next appear to be comparatively quiet with only a handful of bidding rounds expected. This is partly due to the flurry of bidding rounds in the previous couple of years and a consolidation of these agreements together with the lower oil price and lower interest to invest.

[caption id="attachment_10956" align="aligncenter" width="215"] Figure 1: Average expected crude price (US$)[/caption]

In 2014/15 merger and acquisition activity was low. Around one-fifth of respondents have been targeted, and a third of respondents has targeted, or intends to target, companies for acquisition.

The main driver for M&A is opportunistic investment where investors are able to buy quality assets at a good price. For instance, the deal between Shell and BG – which could see Shell acquiring BG’s assets, including those in Madagascar, Tunisia, Kenya, Egypt, and Tanzania for $86bn.

While it seems that the temporary meltdown is receding, African governments have shifted into gear to promulgate and ratify oil and gas regulations that are intended to encourage the monetisation of assets, while doing away with policy uncertainties.

Around 40% of E&P companies expressed interest in investing in drilling or exploration programmes. This is lower than the 70% interest recorded in 2014.

Regarding concerns around fraud and corruption, 98% of organisations said that they have antifraud and anticorruption programmes in place, while 60% believe that their programme is effective at preventing and/or detecting fraud.

Though a few governments have made some effort in trying to curb fraud and corruption, officials continue to be implicated in fraudulent practices throughout the continent. At the top of the list is bribery and procurement fraud.

The study also shows that the uncertain regulatory framework is partially due to African governments’ lack of understanding of the dynamics of the sector. Essentially, governments are trying to extract too much value too early, when resource bases are still to be proven as commercially viable. South Africa’s uncertain regulatory framework for the oil and gas industry is mainly due to unclear and overlapping mandates between the government and state-owned companies. Furthermore, the enforcement of the Minerals and Petroleum Resources Development Act (MPRDA) has raised a number of compliance challenges in the industry, primarily resulting from new requirements directly introduced by the act.

The volatility and, in particular, low oil prices have been highlighted as the most important factors affecting the industry, with more than 50% of E&P and non-E&P companies expecting price fluctuations to have a high, or very severe, impact on their businesses.

They further believe that difficult times are ahead of them as oil prices continues to decline and that the low commodity price would have a severe impact, in particular, on oilfield services (OFS) companies.

The instability and the low prices have been outlined as one of the important factors that are posing problems within the sector, as more than 50% of E&P and non-E&P companies expect more price instability.

Companies also do not know what to expect regarding acreage/licence acquisition costs. In Kenya and Mozambique, 36% of respondents believe that the acreage cost will increase, while those from developed markets believe the opposite as potential reserves are affected by oil prices.

Finally, 50% of the survey respondents believe that the competitive environment is likely to change. The decline in oil prices, and concerns around corruption and skill shortages, have further disadvantaged the industry. However, companies are encouraged to take advantage of this time and address the many challenges they are confronted with.

This requires strategic planning for a continued profitable presence in Africa which includes, amongst other things, getting costs under control and attracting the strongest players within the industry that are looking for acquisition opportunities.

About the Author

Chris Bredenhann is the Energy Industry Leader for PwC in Southern Africa and the PwC Africa Advisory Oil & Gas Leader. He has more than 25 years of experience with PwC, of which more than 20 years have been in consulting, working with small companies to large national and international clients in Africa and the rest of the world to develop strategy, improve operations, processes and systems. His client base consists mainly of energy companies, ranging from international oil companies, indigenous and independent oil companies, national oil companies and ministries of energy.

Chris is a regular speaker on the oil and gas industry in Africa and has been responsible for five editions of the PwC Africa Oil and Gas review, which provides insight into the industry across Africa. He also published a thought leadership piece on the potential for the development of a natural gas industry in South Africa titled “The Gas Equation”, based on his MBA thesis. He is a Chartered Accountant and holds an MBA in Oil and Gas management from the Robert Gordon University (UK).


Liya Kebede: Millionaire with a Heart

 The people of rugged, landlocked Ethiopia do not lack in natural grace and beauty. Some of the best-known modern Ethiopians are phenomenal long distance runners. Another famous Ethiopian is supermodel, designer, maternal health advocate, multimillionaire, actress, social activist, and entrepreneur Liya Kebede. Tall, graceful, elegant, and thoughtful, the mother-of-two was born in Addis Ababa in 1978. While still at school, her striking good looks were noted by a French model agency. She was signed on and moved to Paris. Now living in the United States, Liya Kebede remains an ambassador for her country.

Ms Kebede’s career as a model took off around the turn of the century with a contract for the Gucci Winter 2000 fashion show. Massive exposure followed including the May 2002 issue of Vogue which was dedicated to her. By 2003, Ms Kebede attained the top of the models.com ranking. She signed a number of lucrative advertising contracts with high profile brands. In the year leading up to July 2007, Ms Kebede earned $2.5 million. Ever-vigilant when it comes to discovering and dissecting top dollar makers, Forbes Magazine named her eleventh on its list of the world’s fifteen top-earning models.

Two years after making the list, Ms Kebede starred in the film-adaption of the bestselling autobiography Desert Flower by supermodel-turned-social-activist Warms Dirie. The film recounts Dirie’s childhood in Somalia, her rise to stardom, and subsequent involvement in the campaign to stop female circumcision.

“It’s always a tricky thing, trying to make aid sustainable. It’s important that we try and help the workers become independent.”

In 2005, Ms Kebede, now a United States resident, was appointed as goodwill ambassador for maternal, new-born and child health for the World Health Organisation (WHO). She also founded the Liya Kebede Foundation to help reduce child mortality in Ethiopia and around the world. The foundation funds advocacy and awareness-raising projects, and provides direct support for low-cost technologies, community-based education, and training and medical programmes. Small-scale, low-technologies can make a big difference. Providing torches to midwives as they visit pregnant women after dark is one such micro-initiative that makes life a little bit easier.

The foundation’s success brought the World Economic Forum to recognise Ms Kebede as a Young Global Leader. She served as a high-level adviser to the Center for Global Development’s 2009 report Start with a Girl: A New Agenda for Global Health. She is also part of the Champions for an HIV-Free Generation, an organisation of African leaders led by the former president of Botswana Festus Mogae.

Writing in the Huffington Post in 2015, Ms Kebede reflected: “Much has been achieved for moms over the past decade. Today the global death rate is declining fast and many highly impacted countries have made big gains in extending care and saving lives. In Ethiopia, where my foundation works with local partners, we’ve seen amazing progress as a result of health worker training programmes.”

Ethiopia is a country with a uniquely ancient culture. The then-kingdom in the horn of Africa was amongst the first independent countries to sign the United Nations’ Charter. The African Union is based in Addis Ababa. Despite a recent growth spurt, Ethiopia remains one of the world’s poorest countries, with a per capita income of barely $550.

On one trip home, Ms Kebede encountered a group of local traditional weavers whose livelihood was threatened by a decline in demand. She agreed to try and help them, and in 2008 launched Lemlem (meaning “to flourish” in Amharic), a line of cotton children’s clothes hand-spun and embroidered in Ethiopia. The label has expanded and now offers womenswear, gifts, and accessories handwoven by the craftspeople using methods that have passed through many generations.

In an interview with The Guardian in 2010 she explained the philosophy behind Lemlen: “It’s always a tricky thing, trying to make aid sustainable. It’s important that we try and help the workers become independent. By employing traditional weavers, we’re trying to break the cycle of poverty while at the same time preserving the art of weaving and creating modern, casual, and comfortable stuff that we really want to wear.”


FrieslandCampina WAMCO: Every Nigerian Deserves Healthy Nutrition

With more than 150 years of experience in dairy leadership, FrieslandCampina has a strong footprint in Africa; proactively building its presence and increasing its scale and reach throughout the continent.

Nigeria is the largest economy in Africa with a population of over 180 million people, making it a country of endless possibilities. The country’s foremost dairy company and market leader is FrieslandCampina WAMCO, an affiliate of the Royal FrieslandCampina in The Netherlands.

Providing branded high-quality dairy products throughout Nigeria and West Africa, FrieslandCampina WAMCO is a household name.

At the heart of its operations in Nigeria is the passion to produce quality dairy nutrition accessible to Nigerians. This is strongly rooted in the company’s mission and overall strategy for product delivery.

A key driver of this strategy is the concern about increasing malnutrition in the country. The Global Nutrition Report 2015 noted that children growing up healthy in Nigeria are in the minority and about 1.7 million Nigerian children were severely malnourished out of 17.3 million affected in the world according to the UNICEF.

“At the heart of its operations in Nigeria is the passion to produce quality dairy nutrition accessible to Nigerians. This is strongly rooted in the company’s mission and overall strategy for product delivery.”

The scourge of malnutrition continues to fuel the resolve of FrieslandCampina WAMCO‘s mission statement of nourishing Nigerians with quality dairy products. For over sixty years, the company has deliberately positioned itself as a provider of branded high quality dairy nutrition throughout Nigeria and West Africa. With a clear strategy of providing affordable nutrition through a range of low unit portion packs (LUPP) of its premium brands - Peak and Three Crowns evaporated and powdered milk – consumers can access quality dairy for as little as a nickel.

With the knowledge that through the daily consumption of milk and increased accessibility to quality dairy nutrition, consumers have the opportunity of getting up to 50% of the nutrients that they require daily for healthy living and which the body cannot make on its own.

This strategy is efficiently applied via the company’s extensive distribution network that features clear territory demarcation, managed by its secondary sales force. To achieve full territorial coverage, FrieslandCampina WAMCO works with key business partners (KBPs) who work market routes and are closely involved in charting the overall business direction.

Also strongly linked to its mission of nourishing Nigerians with quality dairy nutrition is a successful multi-billion-naira commercial-scale dairy farming project in Oyo state, Nigeria, where the company works with over 2,500 local dairy farmers under its Dairy Development Programme.

The programme seeks to empower local dairy farmers to improve their livelihood, raise raw milk quality and safety, increase farm productivity, and help farmers develop a steady market for their milk. For generations, these farmers have milked for subsistence but now things are changing with impressive results. This is where the parent company’s 150 years of dairy expertise comes in; to provide access to the right technology and training for farmers to make sure that from the grass-to-glass good quality is maintained throughout.

FrieslandCampina WAMCO wants to create a sustainable business model which will thrive for many years. Of the thousands of farmers engaged so far, many have increased their incomes by as much as 50% as they now have a steady market for their raw milk through the company and its reach into Nigeria and neighbouring countries.

On a recent courtesy visit to Nigeria’s Minister of Agriculture and Rural Development, Chief Audu Ogbeh, FrieslandCampina WAMCO Managing Director and CEO Rahul Colaco, explained: “On our part, we are committed to raising dairy farming to a higher level in Nigeria and making small-scale entrepreneurs have pride in agriculture. Through our dairy development programme, we develop local farmers in three ways: through practical knowledge transfer by local FrieslandCampina dairy development officers; expert training on feeding, breeding, hygiene, disease control, and milk payment, and; financing of local infrastructure such as milk collection centres, boreholes, milk collection trucks, etc.”

“Having signed an MoU with the Federal Ministry of Agriculture on Dairy Development, we want to take this partnership further, being key players in feeding Nigerians; for us this is a privilege and a responsibility that we are fully committed to. We believe this collaboration is crucial to addressing issues of nutrient security, dairy sufficiency including concerns of improving farmers’ income. We are the first dairy company in Nigeria to go into dairy development, and we plan to make it a nationwide project,” Mr Colaco noted.