The year 2023 has asked tough questions about Nigeria’s commercial and industrial concerns and put millions of businesspeople, entrepreneurs, managers, and executives under immense pressure. Resource scarcities, government policy pivots, and an uncertain political environment have all combined to raise the stakes of operating within the country’s business space.
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But through it all, some venture leaders have thrived. These people have gone beyond the ordinary, battered as that plane has been by the realities of these past 11+ months, and have achieved great feats within their domains. This article celebrates a selection of Nigeria’s top 10 businesspeople for 2023, presented in no particular order.
Herbert Wigwe
The Access Corporation
Herbert Wigwe is currently CEO of Access Corporation, the parent organization of Access Bank. In this capacity, he superintends over what is Nigeria’s largest private financial institution. While he’s had a relatively quiet year at the helm, it’s his other involvements that have placed him on this list. He’s recently founded Wigwe University, a $500 million project which he hopes will transform the face of higher education in the country. The setup, which has been tagged ‘Nigeria’s first ivy-league university, is set to open in 2024.
Tony Elumelu
Premium Times NG
As a businessperson, Tony Elumelu probably needs no introduction. He’s chairman at Heirs Holdings, Transcorp, and United Bank for Africa (UBA)—all very significant organizations. The Tony Elumelu Foundation, which he established in 2010, is committed to creating 10,000 entrepreneurs across Africa and is staking $100 million on this initiative. It is this engagement of his that places him on our list.
Oliver Alawuba
Nairametrics
UBA was recently recognized as ‘African Bank of the Year’ at the 2023 Bankers Awards, organized by Banker Magazine (a publication of the Times of London). The bank also clinched eight other awards at the event. If these accolades hint at an improving business, it’s only fair to note its leadership’s role in making that happen. Oliver Alawuba, who has been UBA’s CEO since August 2022, has steered the bank towards greater success. In October 2023, the Chartered Institute of Bankers Nigeria (CIBN) conferred him with its highest honour for his services to the banking industry.
Karl Toriola
Nairametrics
It’s thanks to the efforts of Karl Toriola and his team that MTN Nigeria has maintained its place as the most widely used telecoms network in the country. Mr. Toriola, who is the company’s CEO, should take at least some of the credit for the great year that it’s had with awards. MTN took home 6 awards at the ADVAN Africa Awards and 5 certificates of excellence at the SABRE Africa Awards, both held in 2023.
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Adesola Adeduntan
The CEO Magazine
An experienced commercial and investment banker, Dr Adesola Kazeem Adeduntan is the CEO of First Bank of Nigeria. Under his watch, the bank has maintained its place as one of Nigeria’s most trusted financial institutions. In 2023, partly due to a prolonged stock market rally, First Bank became a trillion naira company by market capitalization.
Maya Horgan Famodu
Disrupt Africa
Maya Horgan Famodu is the founder of Ingressive Capital, a venture capital fund that’s investing in technology companies based in Africa. She’s also cofounder at Ingressive for Good (I4G), along with Sean Burrowes and Blessing Abeng. This year, I4G has empowered numerous Africans with tech skills, in line with its mission to create an army of competent technical talent on the continent. By partnering with other organizations, I4G has helped many young people with scholarships for its learning programs.
Ladi Delano and Jide Odunsi
LinkedIn Nigeria
Ladi Delano and Jide Odunsi are cofounders of Moove, a mobility FinTech which provides vehicle financing and other financial services to mobility entrepreneurs. Thus far, the startup has raised $325 million to support its growth and development within and beyond Africa. That amount includes $76 million which it raised in 2023—the highest for any Nigerian startup within the period. Moove’s latest financing puts its valuation at $550 million, making it one of the most valuable tech ventures ever set up by Nigerians.
Anu Adasolum and Ademola Adesina
Legit NG
Sabi, a B2B digital marketplace that connects businesses with distributors and producers, raised $38 million in 2023 to deepen and expand its operations. This round suggests a valuation of $300 million for the startup. Anu Adasolum (its CEO) and Ademola Adesina (president) established Sabi in 2020 as a spinoff from Rensource (where Anu had worked as Chief Operating Officer and Ademola as CEO). Their efforts at building a platform linking businesses on various points of the trade value chain appear to be yielding positive results.
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Final Words
Nigeria has experienced much economic turbulence in 2023. But the exploits of its most successful entrepreneurs; these top 10 businesspeople in such difficult conditions as we’ve seen this year allow us to hope for a brighter future. If these people can excel and make a positive impact, the rest of us can too.
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Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.
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