January 25, 2024

Behind the Numbers: Top 5 Nigerian FMCG Companies in 2023 and the CFOs Driving their Growth

B2B Payments 2022 Trends and Projections for Nigerian Duplo fintech graphic

If there’s something any finance leader wants to be remembered for, it is their ability to lead their organization toward profitability. It is even more noteworthy if they’re able to achieve this despite opposing economic realities such as what we have been experiencing in the country over the last year.

Source: Nairametrics

Nairametrics recently published a list outlining the largest companies in Nigeria’s sector. We went a little further to highlight the finance powerhouses behind these successes.

1. Isaac Abidemi Oyekale: Financial Controller, Honeywell Flour Mills Plc 

Isaac Abidemi Oyekale is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), with over 20 years of expertise in financial management, reporting, and strategy. His background includes leadership roles in a publicly quoted manufacturing company with a turnover of around N150 billion.

2. Oscar Mbeche: Group CFO, Dangote Sugar Refinery Plc

Oscar Mbeche, Group CFO at Dangote Sugar Refinery Plc, is a seasoned Finance Executive with 30+ years of global experience in sectors like FMCG, Oil & Gas, and Banking. Trained at PWC and Deloitte, he held key roles in companies like Unilever and HSBC.

3. Namit Mishra: CFO, Nestle Nigeria Plc

Namit Mishra is a seasoned finance leader with over 20 years of expertise in varied finance positions spanning different regions and cultures. Namit is a respected finance executive known for steering strategic change initiatives and achieving outstanding business results in dynamic market environments.

4. Abdulrasheed Olayiwola: CFO, BUA Foods

Abdulrasheed Olayiwola boasts 30+ years of experience in the private and public sectors. Notable roles include Senior General Manager at LASUCO Sugar Company Limited and Head of Finance at BUA Sugar Refinery Limited within the BUA Group.

5. Anders Kristiansson: Group CFO, Flour Mills of Nigeria Plc

Before joining Flour Mills of Nigeria, Anders Kristiansson was the CFO for Corporate Centers at LafargeHolcim, Coca-Cola HBC, and PZ Cussons Nigeria. Under his leadership, Flour Mills of Nigeria has achieved significant growth and profitability. In previous roles, such as CFO for Coca-Cola HBC and PZ Cussons Nigeria, Anders played a key role in increasing profitability and expanding into new markets and joint ventures.

Assessing Honeywell’s 2023 Revenue Growth

In July 2022, Honeywell put a hold on production at their Ikeja factory, a move that may have enabled the organization to cut down on operating costs and maximize earnings. By the end of Q3 2023, the company generated N113.4 billion in revenue, representing a 3% year-on-year growth from the corresponding period in 2022.

We spoke with Duplo’s Finance Lead, Mohammed Olabinjo to better analyze the success factors that may have contributed to their win

Cost-Cutting Measures

The decision to put a hold on production at the Ikeja factory in July 2022 suggests a strategic move to cut down on operating costs. This cost-cutting measure could have positively impacted the company's profitability, contributing to overall growth.

Merger with Flour Mills of Nigeria

Barely a year ago, there was a merger & acquisition between Honeywell Flour Mills Plc and Flour Mills of Nigeria. This merger indicates the combining of resources such as supply chain and distribution networks, access to new markets, technical support, amongst others.

Speaking on the impact of this union on their overall growth, the Chairman, Omoboyede Olusanya said, “We are convinced that in the long run, the economies of scale would pay off, and integrating FMN with HFMP would be a success and yield significant benefits for all.”

Marketing and Sales Strategies

In 2023, Honeywell Flour Mills leveraged influencer marketing and social media marketing to engage with its target audience. These are strategies that could lead to increased customer acquisition and retention, driving revenue growth.

Product Innovation

Introducing new or improved products can stimulate demand and attract new customers, contributing to revenue growth. On social media, we see Honeywell introducing new ways of cooking with their products such as their Semolina flour and pasta.

What role did the CFO play in Honeywell's Growth?

The Chief Financial Officer (CFO) plays a crucial role in managing a company's financial activities and ensuring its overall financial health. If a company decides to shut down one of its factories and still ends up topping the charts for the year, the CFO likely played a key role in this outcome by contributing to various aspects of financial management.

Some ways the CFO would have been involved include:

Cost Analysis and Decision Making:

  • Conducted a detailed cost analysis of the factory.
  • Participated in the decision-making process to shut down the facility.

Financial Planning and Budgeting:

  • Developed financial plans and budgets aligned with the decision.
  • Implemented strategies for cost-cutting or resource reallocation.

Capital Allocation:

  • Played a key role in efficiently allocating capital.
  • Evaluated the impact of the factory closure on return on investment.

Risk Management:

  • Assessed and managed risks associated with shutting down the factory.
  • Worked to minimize adverse financial consequences.

Financial Reporting:

  • Ensured accurate adjustments to financial statements.
  • Oversaw the proper reflection of changes in financial reports.

Communication with Stakeholders:

  • Communicated financial decisions transparently to stakeholders.
  • Addressed concerns and provided clarity on the reasons behind the factory closure.

Indeed, finance leaders have their work cut for them considering the times we’re in.  As you make plans for the year ahead, leverage resources to get a headstart.

The eBook, Navigating Inflation and FX Shortages through Effective Cash Flow Management, contains some strategies CFOs can adopt while adapting financial practices to the current economic realities. You will also find tips on mitigating FX challenges amongst others. Download the eBook here.



Dangote Sugar

BUA Foods


LinkedIn: Isaac Abidemi Oyekale

LinkedIn: Oscar Mbeche

LinkedIn: Namit Mishra

LinkedIn: Anders Kristiansson

Honeywell records 24% revenue growth despite economic slowdown - Businessday NG

Honeywell Flour Mills Plc • Instagram  | Honeywell Pasta • Instagram

Angela Obilom
Content Marketer

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