Despite Nigeria’s challenging economic environment, characterized by persistent naira devaluation, high inflation, and socio-economic instability, the country’s leading companies have achieved laudable market capitalizations.
This resilience is largely attributed to the adept financial stewardship of their Chief Financial Officers (CFOs), who are key players in guiding their firms through turbulent financial conditions.
These CFOs are instrumental in steering their companies towards stability and growth. They manage financial reporting, strategy, and risk, ensuring that their organizations navigate the economic downturn effectively.
For instance, one of the CFOs in this article successfully managed a bank with a market capitalization of N1.18 trillion, ensuring robust performance amidst economic challenges.
Another has overseen a company’s growth to a market cap of N2.50 trillion, reflecting significant operational and financial success.
Their leadership ensures that despite economic headwinds, their organizations remain resilient and continue to contribute significantly to the national economy.
Meet the Chief Financial Officers driving Nigeria’s largest companies valued at N39.8 trillion combined on the Nigerian Stock Exchange in August 2024.
Modupe Kadri is the Chief Financial Officer at MTN Nigeria. Kadri’s career began at PricewaterhouseCoopers (PwC), where he trained and qualified as a Chartered Accountant, gaining 11 years of valuable experience. He then moved to Lafarge Africa PLC, holding pivotal roles such as Financial Controller and Business Development Manager within the West African Portland Cement (WAPCO) PLC subsidiary.
Kadri joined MTN Nigeria in 2007 as General Manager of Financial Operations and quickly advanced through various key positions within the finance division.
- In August 2014, he took on the role of Chief Financial Officer at Scancom Plc (MTN Ghana) and was appointed Executive Director in April 2016, a role she held until February 2020. His leadership extends to several directorships, including MTN Ghana (Scancom), MobileMoney Limited, and Hajj Mabrur Ventures Limited (Nigeria).
- Kadri holds a Bachelor of Science (Hons) in Economics and a Master of Science in Management, both from the University of Lagos. He is a Fellow of both the Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants of Nigeria (ICAN).
MTN Nigeria has a market capitalization of N4.19 trillion at a share price of N199 as of August 16, 2024.
In its recently released unaudited H1 2024 results, MTN Nigeria continued its revenue growth trajectory, reporting a 32.8% year-on-year increase in revenue, reaching N1.54tn compared to N1.16tn in H1 2023. On a quarter-on-quarter basis, revenue rose by 4.4% to N786.14bn in Q2 2024, up from N752.98bn in Q1 2024.
