Business leaders, Captains of Industry, C-Suite Executives and Chief Financial Officers of leading companies and organizations across Nigeria and Africa recently converged at the Balmoral Convention Centre, Victoria Island, Lagos for the maiden edition of the Lagos Business CFO Leadership summit.
It was an opportunity to explore how to deepen the CEO-CFO synergy with the Chief Financial Officer as the architect and catalyst of business transformation and sustainability.
The Academic Director, Global Chief Executive Program, Lagos Business School, Mr. Patrick Akinwuntan in his welcome address described the summit as a platform to deepen the leadership horizon of the CFO as a strategic partner of the CFO. He noted that the LBS remained committed to thought leadership, continuous learning and fostering leaders.
He believed that CFOs have a key role in maximizing value for shareholders as they interact regularly with CEOs, investors, and other key stakeholders. Speaking further on the summit he said, “It is an opportunity to gain fresh perspectives and insights that will shape our business environment and economy.”
Giving his opening remarks the Dean, Lagos Business School, Prof. Chris Ogbechie said the summit was a significant milestone in the trajectory of the LBS in developing strategic business leaders. He noted that role of the CFO has never been more pivotal as many businesses are grappling with issues like talent, inconsistent government policies and a challenging operating environment.
The scholar opined that the CFO plays the critical roles of driving innovation, maximizing value, managing costs, and mitigating risks, amongst others which calls for repositioning and continuous learning. He affirmed the dedication of the LBS to driving positive change and transformation of the Nigerian business environment.
Speaking on “Global Expansion Strategies” the Technical Lead, Finance, Office of the Vice President, Dangote Industries Limited, Mr. Isah Aruwa representing the Group CEO, Dangote Industries, pointed out that businesses are looking beyond the domestic environment to expand their footprints, and this requires visionary leadership to achieve this ambitious step.
He emphasized the point that the Finance team is critical to driving the strategies of the organization in areas like foreign exchange management, capital allocation, ensuring tax planning and compliance. The finance expert also stressed the importance of navigating challenges like regulatory headwinds, political instability, and currency devaluation.
On the impact of CEO-CFO synergy on Dangote Industries he said, “Collaboration between the CEO and CFO is fundamental to the sustainability and ability of an organization to navigate complexities in the business environment and the economy. Dangote Industries has benefitted from this seamless collaboration to expand its operations across Africa.”
Mrs. Yeside Onafuye, the Vice President, Financial Control & Budget, Africa Finance Corporation representing the President/CEO Mr. Samaila Zubairu, in her presentation highlighted the success stories of major corporations like Amazon, JP Morgan Financial Group, Apple and Africa Finance Corporation on account of the robust CEO-CFO synergy. She added, “The CEO steers the ship while the CFO navigates the terrain creating a synergy that propels the businesses and organizations forward.”
Looking at the imperatives for Global CFOs in financial reporting beyond compliance , the Director, Accounting Standards, Public and Private Sector, Financial Reporting Council of Nigeria, Mr. Iheanyi Anyahara representing the Executive Secretary/CEO asserted that a modern CFO is expected to be a catalyst for growth and trusted partner of the organization. He listed integrity & transparency in financial reporting, transforming financial reporting to a forward-thinking tool, effective communication, risk management & continuous learning as key qualities.
The Group Chief Financial Officer of ECOBANK Transnational Incorporated, ETI, Dr. Ayo Adepoju charged CFOs to adopt a growth mindset and align in the place of strategy.
“The modern CFO is likened to a Chief Diagnostic Officer who must have credibility and confidence on the job. He or she should be future minded, analytical, strategic, agile, savvy with an evolution-mindset that anticipate changes, building the right team with a long-term view,” Dr Ayo Adepoju added.
It featured robust panel sessions that discussed “How Technology Enablers Can empower CFOs and CEOs in executing strategies” and “How CFOs Can Assure Strategy Execution”.
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