A select group of technology companies have emerged as key players on the Nigerian Stock Exchange (NGX), shaping the nation’s digital economy across sectors like telecommunications, fintech, enterprise IT, identity management, and hardware manufacturing.
While revenue often signals scale, this ranking focuses on net profit margin as it offers a more nuanced view of operational efficiency and overall business health.
At the centre of these companies are the CEOs driving strategy, innovation, and profitability. This piece ranks the heads of Nigeria’s eight listed tech firms by net profit margin, revealing who’s delivering the most value where it matters most.
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Here are the heads and net profit margins of the eight listed tech companies in Nigeria.
Olaniyi Toluwalope – eTranzact International Plc
Olaniyi Toluwalope is the chief executive officer of eTranzact International Plc, a Nigerian financial technology company providing payment solutions and switching services across Africa.
The fintech firm realised a revenue of N29 billion in 2024, marking the third largest listed ICT firm in terms of revenue. However, it performs the best among all in terms of managing costs with a net profit margin of 11.35 percent. That is, out of the total revenue e-Tranzact made in 2024, only 11.35 percent translated into profit.
With over 15 years of experience in corporate finance, accounting, strategy, and financial management, Toluwalope has played a pivotal role in steering eTranzact through a transformative phase in the digital payments ecosystem.
Toluwalope joined eTranzact in 2009 and rose through the ranks, initially serving as Chief Financial Officer (CFO). In August 2018, he was appointed Acting Managing Director/CEO following a leadership restructuring, and he was later confirmed as the CEO in 2019, becoming the first non-founder to hold the position.
Before eTranzact, he worked with PricewaterhouseCoopers (PwC) and Deloitte in the United States, where he provided audit and assurance services to Fortune 500 companies. He also worked with JP Morgan Chase, contributing to financial and risk analysis projects.
Toluwalope holds a Bachelor’s degree in Accounting from Obafemi Awolowo University, Ile-Ife, and a Master of Business Administration (MBA) in Finance and Strategy from the University of Virginia’s Darden School of Business. He is also a certified Public Accountant (CPA) in the United States and a Chartered Accountant in Nigeria.
Mohammed Buhari – Bricklinks Africa
Mohammed Buhari is the chief executive officer of Briclinks Africa Plc. He is also the co-founder of the Briclinks Group, an internet service provider with a strong presence across Africa.
Briclinks reported a revenue of N444.9 million in 2024, placing it seventh among listed ICT firms. Despite its modest earnings, the company achieved an impressive net profit margin of 9.01 percent, the second highest, highlighting its strong cost-efficiency and profitability.
Buhari holds a Bachelor’s degree in Architecture as well as a Higher National Diploma in Public Administration.
From 2016 to 2018, Buhari served as the Secretary General of the Young African Parliamentarians Union. His international experience includes serving as a senior executive at BRIC GLOBAL SPAIN and holding board positions across the Briclinks subsidiaries in Kenya, South Africa, and Rwanda.
In addition to his work in telecommunications, Buhari serves on the board of Into-Africa Mining and Exploration Nigeria Plc, a company focused on coal mining for electricity generation.
He has also represented Nigeria at the 2015 United Nations Youth Assembly in New York and was honoured as one of the New Leaders of Tomorrow by the Crans Montana Forum in 2016. Buhari is also the co-founder of the Mohammed Buhari Colloquium (MBC).
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Sunil Taldar – Airtel Africa Plc
Sunil Taldar is the managing director and chief executive officer (CEO) of Airtel Africa Plc, Nigeria’s second biggest telecommunications provider operating across 14 African nations.
Airtel reported a revenue of $3.64 billion for its nine-month financial year, placing it fifth among listed ICT companies. The company’s net profit margin stood at 6.82 percent, the fourth highest in the sector, demonstrating a robust ability to convert revenue into profit.
Taldar joined Airtel Africa in October 2023 as Director of Transformation, bringing over three decades of experience in the fast-moving consumer goods (FMCG) and telecommunications industries. Before his current role, he was a member of the Bharti Airtel Management Board for 15 years, where he held several leadership positions and played a pivotal role in shaping the company’s strategic direction.
Adewale Adeyipo – CWG Plc
Adewale Adeyipo is the group chief executive officer of CWG Plc, an ICT conglomerate with operations spanning three additional African countries.
CWG closed the 2024 financial year with a revenue of N46 billion, positioning it as the second-highest among all listed ICT companies in Nigeria. The company also ranked second in profitability, recording a net profit margin of 6.57 percent, an indicator of efficient cost management and sustainable business growth.
Adeyipo holds a Bachelor’s degree in Computer Science from the University of Ilorin and is an alumnus of the Lagos Business School (LBS). He has also completed advanced executive training in sales and leadership, both locally and internationally, equipping him with a global perspective on business and technology.
Since joining CWG, Adeyipo has served in various strategic roles that have shaped the company’s growth trajectory. In 2010, he led business development efforts within the Telecommunications division. By 2014, he was appointed Business Director for CWG’s Pan-African Initiatives, driving expansion across regional markets. He later took on the role of Director of Consultative Sales and Managed Services for telecommunications clients, a position he held for over 12 years, delivering value through tailored tech solutions.
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Mayowa Olaniyan – Chams Holding Company Plc
Mayowa Olaniyan holds over 28 years of cross-industry experience in technology, finance, strategy, audit, and operations. She is the group managing director and chief executive officer of Chams Holding Company Plc, where she leads innovation-driven growth across the Group’s diverse portfolio.
Chams closed the 2024 financial year with a revenue of N14 billion, ranking as the fourth highest among listed ICT companies on the Nigerian Exchange. While the company demonstrated solid topline performance, it recorded a net profit margin of 2.63 percent, the fifth highest, indicating that only a modest portion of its earnings translated into actual profit.
Before assuming her current role, Olaniyan was the MD/CEO of Chamsmobile Limited, a Central Bank of Nigeria (CBN)-licensed fintech company offering mobile money and agency banking services. During her tenure, she spearheaded the launch and scale-up of innovative solutions across fintech, identity tech, HR tech, and voting technology, driving strong market adoption and growth.
Her extensive career within the Chams Group includes roles such as Executive Director for Finance, Strategy and Corporate Services; Chief Financial Officer; Group Head of Internal Audit and Risk Management; and General Manager, Finance and Accounts.
Olaniyan began her professional journey in leadership roles at SCOA Nigeria Plc and Tranter International Ltd. She later joined Supercard Limited, a former Chams subsidiary, as Assistant General Manager, Corporate Services.
She is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and an Associate of the Chartered Certified Accountants (FCCA), UK. Olaniyan holds an MBA from Edinburgh Business School, Heriot-Watt University, as well as a degree in Applied Accounting and a Postgraduate Diploma from Oxford Brookes University, UK. She has also completed executive programmes at Lagos Business School (Pan-Atlantic University), University of Stellenbosch Business School in South Africa, and Nanyang Technological University in Singapore.
Karl Toriola – MTN Nigeria Communications Plc
Karl Toriola is the chief executive officer of MTN Nigeria, the largest telecommunications company in Nigeria. MTN Nigeria recorded the highest revenue among listed ICT companies in 2024, closing the year with N3.36 trillion. However, despite this significant topline performance, the company posted a net profit margin of -11.92 percent, placing sixth in profitability, which reflects operational challenges that impacted its bottom line.
Toriola holds a Bachelor’s degree (B.Sc. Hons.) in Electronic and Electrical Engineering and a Master of Science in Communication Systems from Swansea University, UK. He is also a graduate of the General Management Programme at Harvard Business School, the Corporate Finance Programme at London Business School, and the Breakthrough Programme for Senior Executives at IMD.
Since joining MTN in 2006, Toriola has held several strategic roles across the Group. These include Chief Technical Officer (CTO) for MTN Nigeria, CEO of MTN Cameroon, and Vice President for MTN’s West and Central Africa (WECA) region, where he oversaw operations in multiple countries. Before MTN, he served as Chief Operations Officer at Airtel Nigeria and held various technical and leadership roles at Ericsson in both Switzerland and Nigeria.
Toriola also serves on the boards of several MTN Group companies. He is a fellow of the Nigerian Society of Engineers (FNSE), a registered member of the Council for the Regulation of Engineering in Nigeria (COREN), and a member of the Institute of Directors (IoD).
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Ashimi Abdulqudus Anuoluwa – NCR Nigeria PLC
Abdulqudus Ashimi currently serves as the executive director of NCR Nigeria Plc, a technology and services company dedicated to streamlining business-to-customer transactions across the banking, retail, and hospitality sectors.
In 2024, NCR Nigeria recorded a revenue of N2.15 billion, ranking sixth among listed ICT firms on the Nigerian Exchange. However, the company faced significant profitability challenges, ending the year with a net profit margin of -101.03 percent—the second lowest—indicating considerable financial losses relative to its earnings.
Ashimi assumed leadership following the resignation of former director Jimmy James Kallumkal, bringing with him a robust cross-sector background and a strong focus on operational efficiency. He holds a Master’s degree in Industrial and Labour Relations and a Bachelor’s degree from the University of Lagos, equipping him with both theoretical grounding and practical insight.
Yemi Ogundipe – Omatek Ventures PLC
Yemi Ogundipe is the Group Managing Director of Omatek Ventures Plc, a technology firm listed on the Nigerian Exchange and known for its focus on locally assembled computing and energy solutions.
In 2024, Omatek recorded the lowest revenue among listed ICT companies, with just N1 million. The company’s financial challenges were further underscored by a net profit margin of -8,633.00 percent, revealing severe financial distress and the urgent need for strategic turnaround.
Ogundipe is a Fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Taxation of Nigeria (CITN). A graduate of the University of Lagos, he began his career at PricewaterhouseCoopers (formerly Cooper & Lybrand), where he gained foundational expertise in audit, tax, and advisory services.
