FRIDAY, 04 JUNE 2010
United Bank for Africa Plc (UBA) and Dangote Group, have been listed by the Boston Consulting Group (BCG), the global management consulting firm and leading advisor on business strategy, as one of the 40 African challengers in a pan-African study just released. A company was assessed to be a challenger, if it has a mindset of being creative, exhibiting long-term vision and not driven by quick profits in expanding overseas.
Of the top 40 African challengers listed in the report, 18 are from South Africa, seven are from Egypt, six are from Morocco, two are from Nigeria.BCG said: “Hidden in plain view, scores of African companies have been competing and rapidly expanding in the global economy. To spot light the economic awakening, we have identified 40 fast growing African companies with global aspirations - the African challengers”.
In the extensive study, BCG said: “We examined almost 600 companies covering all economic sectors in order to pick the 40 African challengers using criteria such as revenues, growth rates, cash flow, leverage ratio, level of globalisation, foreign-based employees, foreign assets and foreign acquisitions and partnerships. The companies we chose as the challengers were those with the most dynamic international presence”.The 40 African challengers range in size from $350 to $80 billion in yearly sales and they all display strong growth, an international footprint and ambitious plan to expand overseas.
UBA has continued to receive international accolades for it business model and global aspirations. Offering universal banking to more than 7.5 million customer accounts, it currently operates in 16 countries including Nigeria, Ghana, Uganda, Cameroon, Côte d’Ivoire, Kenya, Liberia, Sierra Leone, Senegal, Burkina Faso, Gabon, Chad, Benin, Tanzania, Zambia, and Guinea together with presence in New York, London and Paris and is one of Africa’s largest financial services institution.
Dangote on its part, is a conglomerate, spanning food processing, cement manufacturing and freight. With sales in excess of $2 billion, Dangote operates in nine countries and is the second largest global sugar producer.