By Akin Akinremi
The London Stock Exchange Group recently unveiled the inaugural edition of its ‘Companies to Inspire Africa’ report and listed three companies from the Obijackson Group – Nestoil, Energy Works Technology (EWT) and B&Q Dredging in the report. Nestoil Limited is a Nigerian indigenous leader in Oil and Gas Pipeline Construction, EWT is a foremost ISO 9001: 2008 UKAS certified manufacturer of Pressure Vessels, Process Plant Equipment, and Oil and Gas Steel Structures Fabricator in West Africa, and B&Q Dredging has the largest fleet of Dredgers in Nigeria. The report showcases Africa’s success stories to international investors, policy makers and other stakeholders in the global space.
According to a commentary by the World Bank Treasurer, Ms. Arumah Oteh, “The companies profiled in this Report, not only generate vital employment opportunities and contribute to sustainable economic growth, but are also the bastions of Best Practices and Good Corporate Governance. They have also had to weather the challenges that African private entities often have to contend with, notably a difficult operating environment, weak infrastructure and inadequate access to finance”.
In a related development, the CEO of the London Stock Exchange Group, Xavier Rolet KBE noted that “the motivation behind researching and publishing this report, was to demonstrate what we instinctively believe – that these companies are fundamental to the successful future of the African economy, with enormous potentials for growth and high quality job creation. High growth private companies are fast becoming the driving force behind African economies: and are developing skills, creating high quality jobs and driving economic growth”.
The ‘Companies to Inspire Africa’ Report identified 343 companies across 42 African countries, and these included three subsidiaries of the Obijackson Group, namely Nestoil Limited, Energy Works Technology (EWT) and B&Q Dredging. Commenting on this achievement, Dr. Ernest Azudialu-Obiejesi Group Managing Director of the Obijackson Group said “This recognition has joined the list of factors propelling our Group forward to the achievement of greater level of Best Practices, Good Governance, Quality and Efficiency, in our effort to help lift a huge number of people out of poverty on the African continent. We happily accept the recognition and interpret it as a call for us in the Obijackson Group to remain focused in our mission of contributing substantially to economic growth, further creation of quality jobs, training and sustaining some of the best talents in Africa, generation of tax revenues and helping to drive forward our continent of Africa that is home to more than one billion people”.
In building the list of ‘Companies to Inspire Africa’, the London Stock Exchange Group collaborated with several reputable international organisations with a history of unwavering credibility. These organisations included Price Waterhouse Coopers (PwC), CDC Group, African Development Bank and other notable institutions.
The rigorous evaluation process which resulted in the identification of the nominated companies included an analysis of the company status, evaluation of demonstrated growth capacity over the past three years in terms of revenues, staff strength and operational output. Revenues analysis was based on audited financial accounts, undertaken and accredited by a “Big Four” audit Firm.
Highlighting the efficiency of the companies listed in the report, the CEO of the London Stock Exchange Group indicated that “The companies listed and profiled in the report boast an impressive average compound annual growth rate of 16%”. Similarly, Professor Edward Scicluna, an economist, who is also the Maltese Minister of Finance and President of the Council of the European Union (EU) said “that the companies like those showcased in the ‘Companies to Inspire Africa’ Report will generate productive jobs and sustainable livelihoods, and that the report is an admirable milestone in the rise of Africa’s entrepreneurs – sharing theirs success with the global community”.
The Rt. Hon. Priti Patel, a member of the British Parliament and the British Secretary of State, Department for International Development averred that “Companies to Inspire Africa’ showcases some of the outstanding stories of innovation, bravery and growth across the continent. It brings Africa’s entrepreneurial spirit to an international audience, and I would like to congratulate all the companies featured, for their vision, ambition and tenacity. It is their success that will drive Africa forward to a future of prosperity and away from reliance on international aid”.
The Obijackson Group of Companies under the leadership of Dr. Azudialu-Obiejesi, has today been acknowledged as one of the fastest growing conglomerates in sub-Saharan Africa, with exceptional technical capabilities and proven expertise in every sphere of its operations. The Group has over 2,000 employees. Companies in the Group include Nestoil Limited, Energy Works Technology, Shipside Dry-dock, B&Q Dredging, Hammakopp Construction, Impac Oil and Gas Engineering, Nesthak Limited, Century Power Generation, Nesto Aviation Services and Neconde Energy Limited.