Business

“Change Should Be More Than Mere Slogan” – Julius Nwokolo

Published

10 years ago

November 13, 2015

Julius Nwokolo, the CEO of Ultramoda Nigeria limited , a clothing company, in this interview gives an overview of the state of the nation, proffering solutions to thorny issues and explaining how he has managed to attain and maintain the high standard his company is noted for

Can you give us a brief history of your company?

We have been on this work for 16 years. I started it while I was a student. It was a hobby but it later took part of me and became etiquette, so to say. I resigned from lectureship in Europe, came back and embarked on it and since then, I’ve been on it, trying to sustain it. I’ve always dreamt to be a master of myself. From my course of study, I went through developmental studies, so I think that influenced me that I could also be an employer of labour. That’s a brief history of my company.

As an economist, can you take us through the gamut of the economy of this great country?

It’s been good that we have beautiful structures historically and every time we push this to the colonial masters. We have had all the years to restructure the economy but if we turn the pages, everything about us is beautifully written but implementation is always the issue. Implementation is part of the problem we basically have in Nigeria and this has to do with the government.

Proffering a solution to this problem, how can we go about it?

The government should restructure the situation. Nigeria is very rich. They should be employer of labour instead of having full loads of cash in bank accounts. Ordinary toilet roll industry costs less than N50m. They can tap into it. We have about 10 families that will feed under that directly. Ordinary wooden hanger is being imported from China. We have woods all over Nigeria; we can establish a furniture company. We can tap into establishing small scale businesses. We overlook things that could contribute to national economic development.

What is your take on efforts by the current administration?

Unfortunately, you can’t talk about them without mentioning the past administration; which was very weak and corrupt. And that is why Nigerians rushed into the acceptance of the slogan ‘Change’.

Basically, it’s like the ‘Change’ is just a slogan thing. I won’t be surprised if at the end of the regime there was no change, because the structure for change was not made. You cannot embark on a project without the foundation. Change isn’t just from pages of newspapers or on television. You have to have the right people to be there. I seriously doubt if there will be any change.

What is your take on the new ministers?

The ministerial nominees are a serious disappointment after the long wait. You can’t tell me that you can’t find the ‘Change’ in personalities in a country of over 200 million people. I wouldn’t want to take it personal but the truth is the nomination is like compensation. It is not about what they know. We are bringing the same people together. It is like compensation, maybe because they have been part and parcel of you. We have different vibrant Nigerians who are very capable but they were not nominated. We need someone who can give the radical change.

The nomination was based on compensation. They were nominated because they helped the President during election. If we want change, we need new people too. Even if they don’t perform well, history will acknowledge that, at least, you did it.

A lot of people believe Buhari is diverting his strength to fighting corruption, thereby neglecting economic policies. What is your take on that?

It takes me back to what I said earlier – lack of super structure. This is a distraction from focus. He has deviated. Fraud isn’t the function of the President; it is the work of the law enforcement agencies. It’s not an achievement. It’s a complete distraction. Instead of hearing that Niger Bridge has been completed, I’m hearing that Diezani [Alison-Madueke] is being held in London. What is my business with that? Does that contribute to my meal ticket, as an average Nigerian? What’s the accountability on the looted funds?

Basically, are you cautioning or advising Buhari?

Buhari is my president, I cannot caution him. My advice to him is to be focused. He should read the theory of change, he should establish the super structure for what a change is supposed to be and take it over from there and restructure all that has gone wrong. We are waiting on him because we need a real sense of change. The people who will make the change are in this country and they should be invited to do that. Not those that we already know; we want freshers. You don’t have to be a member of a party to bring a change. We are talking about Nigeria, not APC or PDP.

Let’s take a look at Lagos State. A lot of people think Governor Akinwunmi Ambode hasn’t really taken off. Whats your take on that?

Don’t forget he is an accountant by profession. He could be very good in his field. With that background, I’m not expecting much. Take a look at Allen Avenue and Opebi Road, even Ikeja, which is Lagos State headquarters. You can’t just drive around. From Opebi to Allen is just too bad. You can’t tell me government officials don’t pass through there. We are not thinking in Nigeria. They should also stop disturbing the movement of people all in the name of construction. They can do it on Sundays or even midnight. A lot of things had gone slow before Ambode took over, so it is going to take him some time.

Can you tell us what has been the secret of your success?

Consistency. No matter how it comes, I try to correct myself when I need to. That’s the magic so far. Practically, the way I talk about developing people. A lot of people have worked in and established themselves from this place. If I can do that, you can do that, it will be easy; it’s not all about the government. The other part of is humility, I don’t think there is anyone that will say I offended him or her, even as a customer. Financial challenge is the negative part of it but as much as it is, we’ve been trying to manage it.

What would you say makes you unique?

I try to source for uncommon things and then do achievable things. We have what everybody wants.

How have you been able to manage where you source your materials from?

My relationship with my supplier has been very cordial. Most of my current designers now have known me for long. We have known each other for more than 15 years. I’ve never been arrested for refusing to pay up; whenever we have debt, we manage it.

Do you have any plans to bequeath the business to any of your children?

Funny enough, my children have chosen academics. It doesn’t have to be my children. Someone working under me can take over. I know people who I’ve planted in and have seen them grow. People like appreciation. Many of them are far richer than I am but I’m happy that they passed through me. It gives me joy

How have you been able to maintain the brand?

It’s the same consistency. If you answer to a different name every time, something is wrong, it is not about branding.

Business

BUA Chairman Abdul Samad Rabiu Rises to Become Africa’s Second Richest Man

Published

1 day ago

April 30, 2026

Sahara Weekly

BUA’s Abdul Samad Rabiu Promises $1.5m Windfall, Goal Bonuses as Super Eagles Fly Past Algeria

BUA Chairman Abdul Samad Rabiu Rises to Become Africa’s Second Richest Man

LAGOS – In a notable reshuffle of Africa’s wealth hierarchy, Abdul Samad Rabiu, Chairman of BUA Group, has climbed to the position of the continent’s second richest individual. The development highlights the accelerating growth of his industrial empire and the increasing global relevance of Nigeria’s manufacturing sector.

Recent valuations show the billionaire businessman overtaking long-standing contenders to secure the number two spot, behind only Aliko Dangote. His rise has been driven largely by the strong market performance of his publicly listed firms, BUA Cement Plc and BUA Foods Plc, both of which have recorded significant gains on the Nigerian Exchange (NGX).

Rabiu’s ascent reflects years of strategic expansion and vertical integration. BUA Cement, Nigeria’s second-largest cement producer, has scaled up operations with new production lines to meet rising infrastructure demand. At the same time, BUA Foods has strengthened its leadership in key segments such as sugar, flour, and pasta, reinforcing its role in regional food supply.

Analysts note that his focus on essential goods has provided stability, helping his businesses maintain steady revenues despite broader economic fluctuations. By prioritizing domestic production, BUA Group has also reduced exposure to external shocks.

Philanthropy and Development Impact

Beyond business, Rabiu has earned global recognition for his philanthropic efforts through the ASR Africa Initiative, a $100 million annual intervention fund supporting education, healthcare, and social development across Africa.

His rise in the rankings is widely viewed as evidence of the power of African-driven industrialization—not only in building wealth but also in delivering meaningful social impact. As Africa’s economic landscape evolves, the shifting billionaire rankings underscore the growing influence of Nigeria’s private sector in shaping the continent’s future.

Bank

ZENITH BANK EXPANDS FRONTIERS WITH CÔTE D’IVOIRE SUBSIDIARY, DEEPENS FRANCOPHONE WEST AFRICA PUSH

Published

3 days ago

April 29, 2026

Sahara Weekly

ZENITH BANK EXPANDS FRONTIERS WITH CÔTE D’IVOIRE SUBSIDIARY, DEEPENS FRANCOPHONE WEST AFRICA PUSH

Zenith Bank Plc has taken a major step in its Pan-African growth journey with the official launch of its Côte d’Ivoire subsidiary, reinforcing its strategic ambition to dominate key markets across the continent.

The grand opening ceremony, scheduled for Wednesday, April 29, 2026, is expected to draw top-tier government officials and regulators from Nigeria and Côte d’Ivoire, alongside leading business executives and members of the diplomatic corps—underscoring the growing economic ties and investment flows between Anglophone and Francophone Africa.

Licensed in December 2025 by Côte d’Ivoire’s Ministry of Finance and Budget and regulated by the UMOA Banking Commission, the new subsidiary will operate from its headquarters at SCI Wall Street, Avenue Noguès, Plateau, Abidjan—one of the region’s most important financial hubs.

The move signals a calculated expansion into Francophone West Africa and positions Zenith Bank as a key financial bridge within the West African Economic and Monetary Union. The subsidiary is designed to drive cross-border trade, offering corporate banking, trade finance, offshore banking, and structured financial solutions tailored to businesses operating across Africa and beyond.

Speaking on the milestone, Group Managing Director/CEO Adaora Umeoji said the expansion aligns with the founding vision of Chairman Jim Ovia to build a globally competitive African bank.

“The launch of Zenith Bank Côte d’Ivoire is a bold step in realising that vision. It opens a strategic corridor into Francophone West Africa and reinforces our commitment to facilitating trade, investment, and enterprise growth across the continent,” she stated.

The subsidiary will be led by Managing Director/CEO Cédric Tano, who brings over two decades of industry experience. He noted that the bank is entering the Ivorian market at a time of strong economic momentum and increasing regional integration.

“Our goal is to position Zenith Bank as a customer-centric institution that blends global best practices with deep local expertise, while supporting businesses with innovative financing and enabling seamless cross-border transactions,” Tano said.

Beyond Côte d’Ivoire, Zenith Bank is accelerating its expansion into Central Africa, with plans underway to enter the Central African Economic and Monetary Community, using Cameroon as a strategic gateway.
With an established presence in multiple markets—including Ghana, Sierra Leone, The Gambia, the United Kingdom, France, the UAE, and China—the bank continues to strengthen its role as a conduit linking African economies to global capital and trade networks.

Founded in 1990, Zenith Bank has evolved into one of Africa’s most formidable financial institutions, maintaining the highest Tier-1 capital position in Nigeria’s banking industry for 16 consecutive years. Built on its core pillars of People, Technology, and Service, the bank has consistently delivered strong financial performance and earned widespread local and international recognition.

Business

ADVAN Wins Global Honour at WFA Awards for “Project Freedom” Initiative

Published

7 days ago

April 25, 2026

Sahara Weekly

ADVAN Earns Global Recognition As WFA President’s Award Winner For “Project Freedom”

The Advertisers Association of Nigeria (ADVAN) has been recognised on the global stage as a recipient of the prestigious WFA President’s Award, presented by the World Federation of Advertisers during its Global Marketer Week in Stockholm. The recognition places ADVAN among a select group of leading industry associations worldwide acknowledged for driving meaningful impact in marketing and society.

The WFA President’s Awards, established in 2010, celebrate national industry associations whose initiatives advance the marketer’s agenda and contribute to positive change. This year’s honours were awarded following a rigorous selection process involving 38 submissions from associations across the WFA’s global network, with winners chosen for their measurable impact and potential for replication across markets.

ADVAN’s recognition comes through its advocacy initiative, Project Freedom, a bold and strategic effort focused on addressing the challenges of stifling, non–data-driven regulations affecting businesses in Nigeria and across Africa. The initiative underscores the importance of evidence-based policymaking while championing the constitutional right to freedom of commerce.

Through Project Freedom, ADVAN has taken a proactive leadership role in engaging key stakeholders and shaping conversations around fair, balanced, and transparent regulation. The initiative reflects a shift toward constructive dialogue and collaboration, ensuring that regulatory frameworks support innovation, protect consumer interests, and enable sustainable business growth.

By earning this global recognition, ADVAN reinforces the growing influence of African marketing institutions in shaping international discourse. Its work highlights how local advocacy, when rooted in data and guided by clear principles, can deliver impact not just within national borders but across the global marketing ecosystem.

The award also affirms ADVAN’s commitment to strengthening self-regulation within the industry, fostering accountability, and promoting standards that align with global best practices while remaining relevant to local realities.

As the marketing landscape continues to evolve, ADVAN’s recognition by the World Federation of Advertisers signals a strong endorsement of its leadership and vision. It positions the association as a key voice in advancing responsible marketing, advocating for enabling policies, and ensuring that businesses can operate in an environment that supports both innovation and economic freedom.