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Business News of Tuesday, 23 May 2023


Top Nigerian firms with highest female board membership, UBA, Guinness take the lead

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United Bank for Africa (UBA) has emerged as the company with the highest number of females on board.

The bank achieved a significant milestone by surpassing major Nigerian companies such as Lafarge, Guinness, BUA, Stanbic IBTC, and Nigerian Breweries.

UBA leads with most women representation

The bank boasts 15 women and is now the foremost company to exceed the 50% mark of female board membership in 2022.

Nairametrics reports that the other companies that make up the top five with female representation on their boards in 2022 are Larfage Africa, with 45% female representation; Guinness Nigeria, with 45%; Stanbic IBTC, 42%; and Nigerian Breweries, with 42% female board members.

However, FBN Holdings Plc has 9% females on board, BUA Cement, with 13%, Geregu Power, with 11%, Union Bank Plc with 14%, and Okomu Oil, with 15%. These firms recorded the lowest ratios of female board members.

The development indicates a positive direction in gender diversity among Nigeria's top companies.

According to reports, the share of women on boards reached an all-time high in 2022.

More Nigerian companies include more women in their boards

Analysis revealed boards of Nigeria's 25 most valuable firms on their market caps at the end of 2022.

Further analysis shows a steady trajectory in the increase in the ratio of female board members in the last five years, increasing from 18% in 2018 to 25% in 2022.

However, other countries such as South Africa, the UK, and the US have higher percentages of female board members, with 36%, 41%, and 35%, respectively.

The research and credit agency firm, Augusto Consulting, acknowledges the need for improvement, highlighting that the 25% threshold in Nigeria was due to efforts of forward-thinking companies committed to promoting diversity.

Agusto also said 10 companies increased their female board membership between 2020 and 2022. It pointed out companies such as Okomu Oil, which saw a transformation, growing from zero female representation in 2020 to 15% by the end of 2022.

Flour Mills and Zenith Bank also made significant strides and increased their representation from 7% and 8%, respectively, to each by the end of 2022.

Top companies with women's representation

UBA with eight female board members:

Owanari Duke

Aisha Baba

Caroline Anyanwu

Erelu Adebayo

Angela Aneke

Abiola Bawuah Sola Yomi-Ajayi: CEO of UBA America

Emem Usoro: UBA's executive director, Nigerian North Bank.

Lafarge Africa with 12 female board members

Adewale Oyinkan

Elenda Giwa-Amu

Adenike Ogunlesi

Karine Mercie

Sonal Shrivastava

Adewunmi Alode

Guinness Nigeria has five of its 12 board members and is women

Omobola Johnson

Ngozi Edozien

Gráinne Wafer

Yemisi Ayeni

Tariye Gbadegesin

Stanbic IBTC Holdings with five out of its 14 board members are women

Sola David-Borha

Bunmi Dayo-Olagunju

Miannaya Essien

Rabi Isma

Funeka Montjane

Nigerian Breweries with five female board members

Adeyinka Aroyewun

Ndidi Nwuneli

Ifueko Omoigui-Okauru

Yeliz Yedikardesler

Juliet Anammah