Nigeria’s Top 10 CEOs of the year, 2019 – Yemi Adefisan
The Brain behind the phenomenal growth of Cititrust Holdings
Mr. Yemi Adefisan, Group Chief Executive, Cititrust Holdings Plc, heads a group with 54 subsidiaries across 10 African countries. It is a diversified investment vehicle with a vision of becoming a leading investment holding company in Africa, diversified to provide a growth-oriented investment vehicle for wealth creation.
Yemi is a post graduate degree holder in management science from Ladoke Akintola University and a fellow, Institute of Management Consultant. He also obtained an MBA from the Metropolitan School of Business and Management and has over 25 years of experience in banking and financial services.
Putting to work the expertise of a master craftsman, he has positioned Cititrust Holdings in high performing centres across Africa to create value for stakeholders. He is the vision driver in structuring the business into a conglomerate with operating arms to serve critical markets.
Operations are structured into nine strategic business divisions and groups, including commercial banking, investment banking, specialized finance, energy business and telecoms. Others arehealthcare services, integrated and engineering services, real estate and hospitality businesses.
The group launched an African expansion plan in 2017 and is now present in 11 African countries. It commands a balance sheet size of N12.6 billion with 250 employees and over 5,000 customer-base. It has reached an advanced stage of acquiring three companies that will add to its existing 54 subsidiaries.
One of the three companies is Omoluabi Mortgage Bank Plc – where it is acquiring 60 percent equity stake. The acquisition is expected to drive Cititrust Holdings’ vision of providing housing units and property development solutions to the masses. The group expects to leverage its significant experience and track record in financial services to drive growth of the mortgage bank.
Cititrust Holdings had total funds under management of close to N5 billion at the end of the third quarter in September 2019. The group had a credit portfolio of N2.91 billion at the end of the third quarter of this year and also held combined real estate investments of over N500 million across three African countries.
Financial services operation is the flagship of Cititrust Holdings. The operations here cover a full range of commercial and mortgage banking services, investment banking, assets management, stock brokerage, bureau de change, pension fund administration and insurance services across Africa. The group is positioned to bring ease and convenience in managing clients’investments to achieve consistent growth, increased efficiency and reduced costs.
The group operations run on Yemi’s broad vision to cover the African market with the high value services it provides. He has led the group to attain great milestones and execute big ticket transactions over the past one year.
Cititrust Financial Services Limited, Nigeria – one of the major subsidiaries, provided funding for Lagos-Badagry land excavation and reclamation. The company has funds under management in the region of ₦3 billion and has invested in over thirty companies across different sectors of the economy. It also has extensive Ghana operations with about ₦100 million in funds under management.
Major operational milestones by the group include approval in principle from NCC for the construction and management of telecoms infrastructure. One of the subsidiaries, First Guaranty Healthcare Ltd, has handled a partnership agreement with American Hospital Systems. Another of its subsidiaries is licensed to carry out oil and gas haulage in Nigeria.
Cititrust Contracting Limited, a major subsidiary in the group’s real estate and hospitality division, has undertaken big time jobs such as $100 million office renovation/setup; $44 million low-cost housing construction; $10 million supply of granite and stone base; ongoing supply of 50,000 tons of sharp sand provision of security and janitorial personnel.
Looking back at the company’s performance over the past one year, Yemi is amazed by what the company has achieved. The strength for the accomplishments, he said, has come from human resource capacity at his command. “We have a strong team of passionate people, committed to making an impact for our clients, the people we work with and the society we live in”, he said.
Central to his company’s purpose is making impact in its mission to serve the public trust and he sees the company progressively measuring up. “We are constantly moving from executing on transactions to building stronger relationships, becoming trusted advisor and offering our clients the best of Cititrust”, he said.
Stakeholders can see the difference the company makes with a return on equity of 20 percent and Yemi is yet making greater promises. He is assuring of new boldness and courage to drive change and embrace diversity in his teams and as a firm. “That will enable us to make our clients and each other successful in the future”, he said.
Yemi has set an example in high corporate governance standard by providing high quality leadership to one of the most diversified and widely spread organizations in Nigeria. He has built a management structure in which operational processes are geared towards quality leadership that delivers corporate objectives.
For his outstanding corporate governance quality, outstanding milestones and phenomenal growth recorded by Cititrust Holdings under his leadership, Yemi is ranked one of The Top 10 Magazine’s top 10 CEOs of the year, 2019.