By Dapo Akinrefon
LAGOS – THE London Stock Exchange, LSE, has selected the Lagos Deep Offshore Logistic Base, LADOL, as one of its companies to inspire in Africa 2019. The report by the LSE, launched during the week at the opening of the market in London at the LSE, aims to give companies global recognition and attract foreign investment into the continent.
Commenting on 2019 report, LSE CEO, David Schwimmer 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.
Mr. Schwimmer added that: “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 realise that potential and we are pleased to highlight and celebrate the company success stories behind one of the world’s fastest growing markets.”
Reacting to the development, Managing Director of LADOL, Dr. 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 currently markets 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 rather than eking out low returns from investments in developed markets, international investors should focus on the many hugely lucrative market opportunities across Africa.
Jadesimi said: “Investing in Africa requires a seismic change in investment strategy – international investors that want to remain relevant and viable need to immediately invest in new 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.”
Besides, the LADOL boss noted that “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 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 billon dollar investment opportunities by not investing in market case-based business models in Africa.”
Also speaking, West Africa Regional Senior Partner, PwC, Uyi Akpata said: “Initiatives such as this help expose these companies to a global audience, and we hope 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.”