| Net Worth: | $2 Billion |
|---|---|
| Gender: | Male |
| Profession: | Businessperson |
| Nationality: | Nigerian |
What is Olu Akanmu’s Net Worth?
Olu Akanmu is a Nigerian businessperson who has a net worth of $2 Billion. Olu Akanmu, a former FCMB Executive Director for Retail Banking, has been named the new president and co-CEO of OPay’s Nigerian business, the Chinese-owned fintech firm has announced.
Olu Akanmu will assist the present leadership group in guiding Opay Nigeria toward achieving all of the organization’s goals and objectives, the business claims. Olu Akanmu offers more than 20 years of business leadership to this position. He formerly worked in the banking and telecommunications industries.
Early Life
Olu Akanmu is a University of Ife pharmacy graduate (now Obafemi Awolowo University). He began his career with Glaxo Nigeria as a marketing manager and regional manager for eastern and northern Nigeria.
He afterward started working for Population Services International (PSI), a global nonprofit dedicated to reproductive health, as the Chief Operational Officer (Nigeria).
Early Career
Later, as General Manager-Consumer Marketing at MTN Nigeria Communications, Olu transitioned to the telecommunications industry and was a key contributor to the expansion of the company in Nigeria. Prior to transitioning to the financial services industry, he served as the Chief Marketing Officer for Airtel Nigeria.
He spent more than eight years as FCMB’s Executive Director for Retail Banking until being named President of OPay-Nigeria in 2021. Olu, a thought leader in business strategy, marketing, and technology, is a highly sought-after speaker at business gatherings.
He holds post-graduate business management degrees from the University of Witwatersrand and the Edinburgh Management School.
Career
Olu Akanmu will, according to the company, collaborate with the current leadership group to direct Opay Nigeria toward achieving all of the company’s aims and objectives. In this position, Olu Akanmu offers more than 20 years of corporate leadership experience from his prior work in the banking and telecommunications industries.
Olu Akanmu was previously FCMB’s Executive Director for Retail Banking for more than eight years prior to his appointment as Opay Nigeria President. He also served as the same FCMB’s senior vice president and divisional head of retail banking before taking on this position.
He may have a competitive advantage in running the fintech company given his expertise in the Nigerian banking sector, but he also has a wealth of knowledge in the country’s telecommunications services sector.
He had been the chief marketing officer for Airtel Nigeria, according to his remarkable employment history, a post he held for a brief period between 2012 and 2013. He transitioned into this position not long after leaving his five-year position as managing director of retail and consumer banking at the now-defunct Bank PHB.
Following a number of rocky and challenging moments that the company had to deal with conducting business in Nigeria, Olu Akanmu was appointed president of Opay Nigeria.
In May 2019, OPay began operating in the Nigerian market. The business unveiled ORide, a bike-hailing service, in addition to its fintech offering. In the future, the business would diversify into a number of different industries.
Together with OList (classified advertisements), OFood (food delivery), OKash (loans), OCar (ride-hailing), OBus (bus-hailing), and OWealth, it grew to incorporate these services as well (investments). Nevertheless, in July 2020, the corporation had to close some of its divisions in order to concentrate solely on financial technology services.
The COVID-19 pandemic’s spread and the Lagos State Government’s decision to forbid commercial motorcycles in a large portion of the Lagos metropolitan area were also contributing factors.
It was necessary to suspend OExpress, the company’s delivery business, as well as all of its ride-hailing platforms (ORide and OCar). “We can confirm that some of our business divisions, such as our logistics service OExpress and the ride-hailing services ORide and OCar, will be put on hold.
This is mostly a result of the difficult business circumstances that many Nigerian businesses—including our own—have had to deal with as a result of the COVID-19 outbreak, the lockdown, and the government ban.
The fintech business has since bounced back from its setbacks, and in August it became a unicorn thanks to a stunning $400 million fundraising round that was led by Sof bank.
The $2 billion market valuation of Opay is more than the $1.5 billion estimate. The business asserts that it will keep placing its emphasis on aiding developing nations’ economic growth.
According to Opay CEO Yahui Zhou in an interview with Bloomberg, “We want to be the force that helps emerging nations achieve faster economic development.”
The organization boasts of having more than 300,000 agents and more than 5 million users throughout Nigeria, despite the fact that it hasn’t been simple to compete in the Nigerian market. Its monthly transaction volume surpasses $3 billion.
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