SMEs

50 fastest-growing Nigerian SMEs in 2016

 

We call them SMEs but these companies are not small in any way. According to the Organisation for Economic Co-operation and Development (OECD), SMEs in Nigeria account for 95 percent of formal manufacturing activity and 70 percent of industrial jobs.

With Bossman 50, we hope to identify and celebrate local business solving real and meaningful problems, profitably. On this list, you’ll find companies founded by Nigerians, operating in Nigeria with NGN 300 million in net annual revenues and more than five employees.

Because this is Nigeria, such revenue estimates were based on logically verifiable entrepreneur reports, reliable human sources and other data sources.

The Ultima studio records and produces the wildly popular Who Wants To Be A Millionaire TV game show. The MTN-sponsored music reality TV show, Project Fame, is also one of the many shows the studio churns out.

Since its founding in 1987, the studio has grown to about 200 employees in its Nigerian office. The founder, Femi Ayeni is a University of Pennsylvania alum who is also a Non-Executive Director at Ecobank.

Ultima studio is committed to growing “quality content locally that meets or beats Global standards.”

Animal Care Services Konsult, Nigeria

Animal Care Services Konsult produces and sells farm feed and maintenance tools to Nigerian farmers. They also offer extension services to educate farmers on global farming standards.

This livestock company is the holding company for Futuna Farms which ships the Funtuna Eggs. Olatunde Agbato started Animal Care Services in 1981 after a brief spell as a lecturer at the Department of Veterinary Medicine University of Ibadan.

Between 1987 and 2015, Animal Care Services has bagged more than 15 awards including the CBN Farmer of Year award and the FAO-AIG excellence award for feed analysis laboratories in developing countries.

Futuna eggs is the standard issue for most Nigerian malls. From its farms in Ogun State, Nigeria, Futuna eggs ships more than 105, 120, 000 eggs every year. That is an average of 288, 000 eggs every day.

NairaBET

If a young 20-something Nigerian gets fired up at the end of a premier league fixture, it isn’t because his favorite team just won, it’s likely also because his bet on NairaBET has paid off.

NairaBET is Nigeria’s first and most visible betting platform. Popular with young middle-class Nigerian males – about one in every five of them has or is placing bets on the platform.

Akin Alabi, NairaBET’s founder, studied Marketing at the University of Liverpool with another certificate in Intellectual Property Strategy from Harvard University, Boston.

iRokoTV

iRokoTV is a movie streaming outfit based out of Lagos, Nigeria. It’s been severally called the “Netflix of Africa.”

If there was an ordered list of Nigeria’s hottest Nigerian tech startups, iRokoTV will be close to the top. Jason Njoku, the outspoken founder, and CEO of Iroko isn’t so modest, though. He describes his 4-year old company as “arguably one of the most awesome internet companies in Africa.”.

Since 2015, iRokoTV has drawn more copiously from Netflix’s playbook with investment in original content. ROK Studios, iRoko’s sister company (managed by Mary Remmy Njoku) produces the original content and manages RokTV, a satellite TV channel on DSTV and UK’s Sky TV.

IrokoTV raised $19 million from its series E funding last January bringing its total funding chest to $40 million.

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