Lagos Deep offshore Logistic Base, LADOL, made the London Stock Exchange Group LSEG list of companies to inspire Africa in 2019 having been found to have met the Group’s stringent conditions of recording an average compound annual growth rate of 46% up from 16% last year, and employing at least 350 people with an average compound annual growth rate of 25 percent.
The London Stock Exchange Group adjudged LADOL and other companies nominated “as crucial to the future of the African economy capable of driving transformative economic growth in their home countries, Africa and beyond.”
At an impressive ceremony at the London Stock Exchange, LSE last week, David Schwimmer, the Chief Executive Officer, CEO, of LSEG said: “London Stock Exchange Group’s ‘Companies to Inspire Africa’ report showcases inspirational and entrepreneurial businesses from across the African continent, representing a wide variety of industries and countries. It is particularly encouraging to see the increasing influence of women in leadership roles in these fast-growing companies, playing a pivotal role in shaping the future of African business.
Potential to transform
These high growth companies have the potential to transform the African economy and become tomorrow’s job creators. At LSEG, we are committed to helping companies realize that potential and we are pleased to highlight and celebrate the company success stories behind one of the world’s fastest growing markets.”
This is the second edition of this prestigious report which identifies Africa’s most inspirational and dynamic private, high-growth companies. The report aims to give these companies global recognition and attract foreign investment into the continent.
Managing Director of LADOL, Amy Jadesimi said: “LADOL is honoured to be included in London Stock Exchange’s (LSE) list of Companies to Inspire Africa. We thank the entire LSE team for all their hard work in compiling the report and today’s launch, at which I was proud to be invited to speak.
LSE’s high-profile focus on real indigenous private sector companies across the African continent is an important step in highlighting the fact that Africa is already home to a thriving and growing number of leading companies. The broad range of companies represented show how shallow investment understanding of our current market is and how many opportunities there are for investment today. We look forward to working with the LSE and cooperating with the other indigenous companies highlighted.”
She explained that investment in Africa is about the market case, noting that instead of eking out low returns from investments in developed markets, international investors should focus on the many hugely lucrative market opportunities across Africa.
“Investing in Africa requires a seismic change in investment strategy – international investors that want to remain relevant and viable need to immediately invest in diverse teams and new financial instruments that will enable them to invest in Africa. Teams that use outdated and inappropriate bankability definitions will continue to struggle to tap into this highly lucrative market.”
“Operating out of LADOL saves IOCs 50% on their costs in deep offshore logistics, saving billions of USD each year. This compelling value proposition was well known for over a decade and a half, yet today LADOL is the only deep offshore support base in Lagos. A clear example of how international investors are missing out on billion dollar investment opportunities by not investing in market case-based business models in Africa,” Dr. Amy said.
LADOL is the largest private indigenous free zone and a strategic economic zone in Nigeria, built in a secure Island, inside the port of Lagos. Local and international oil and manufacturing companies have found the LADOL location and facilities as the most ideal to execute giant industrial projects.
The partnership between LADOL and Samsung Heavy Industries, SHI in respect of the construction of Floating Production Storage Offshore, FPSO, vessel for the $16 billion Egina deep water oil field, is a testimony to LADOL’s special position in respect of logistics services for the offshore operators.
In support of the Nigerian government local Content Law, Total invested some $214million for upgrading of LADOL’s facilities with Samsung as the contractor. Local and International companies can now engineer, manufacture and train in this safe sustainable ecosystem.
LADOL is looking at creating 50,000 direct and indirect jobs across a range of industries, thereby boosting the economy of Africa’s largest black nation.
LADOL’s strides have indeed impacted significantly on the economy, thereby earning it the recognition of LESG among other foreign agencies and groups.
LADOL’s Managing Director, Amy Jadesimi was voted the Young CEO of the Year (2018) by the African Leadership Forum, an Archbishop Tutu Fellow, working to reduce maternal mortality, Young Global Leader (WEF), Rising Talent (Women’s Forum for Economy and Society), 20 Youngest Power Women in Africa (Forbes), Top 25 Africans to Watch (Financial Times), named as one of the 2018 Most Influential People of African Descent (Under 40) Worldwide, in support of the United Nations International Decade for People of African Descent (UN IDPAD), named as one of 50 Influential Women in Business by The Africa Report, Jeune Afrique and the Africa CEO Forum and she is a member Advisory Board of Prince’s Trust International and contributor to Forbes.
The companies to inspire Africa 2019 report was produced by LESG in partnership with African Development Bank Group, CDC Group, PwC and Asoko Insight.
The West Africa Regional Senior Partner, PwC, Uyi Akpata said: “initiatives such as this help expose these companies to a global audience, and we hope it will lead to further collaboration across border with London-based investors and strategic partners. It is also great to see the public sector represented here. It is an important testament to their commitment to supporting the private sector and continuing to drive improvements in ease of doing business.”
Partnership to Inspire Africa
African Development Bank Group Vice President, Private Sector, Infrastructure and Industrialization, Pierre Guislain also said: “Through this partnership around Companies to Inspire Africa, we are joining efforts to build an information base to showcase African growth SMEs to a global investor audience. We also hope to encourage African enterprises to trade and invest with one another, create stronger value chains and expand into new markets.”
In addition, Instinctif Partners Managing Partner, David Simonson, said: “Working with the Companies to Inspire Africa 2019 is truly inspiring – they reflect the entrepreneurial energy and skills present across the African continent and across all sectors. Instinctif is proud of its long-standing role in advising African businesses on their positioning and communications with stakeholders in their home markets and internationally, and we are looking forward to supporting this year’s cohort of companies in CTIA 2019 as they build on their business success.”