Women should invest in acquiring knowledge

October 28, 2024

Catherine Nwosu, who is the first female Chief Executive Officer of Africa Prudential tells OGHENOVO EGODO-MICHAEL about her career and lifestyle


Could you tell us about your educational background?

I started my higher education at the Institute of Management and Technology, Enugu, where I got an HND degree. After that, I got a Bachelor’s degree in Banking and Finance from the University of Education, Winneba, Ghana. I then went on to do my Master’s in Management at the Ambrose Ali University, Edo State.

I am also an Associate of the Certified Pension Institute of Nigeria, Institute of Chartered Accountants of Nigeria; a member of the Chartered Institute of Administration, a fellow of the Chartered Institute of Loan and Risk Management of Nigeria, and a fellow of the Institute of Capital Market Registrars.

I have other degrees from programs I took at the Lagos Business School and Massachusetts Institute of Technology, United States.


How do you manage your responsibilities across the various institutions you’re affiliated with, especially given your role as Managing Director?

It is basically good time management and understanding every role one has among the different groups.


How would you describe your journey to becoming the CEO of Africa Prudential?

My journey in this company is a very interesting one. I worked in the core banking operations for eight years and while working in the banks, I handled public offers and dealt with funds. We were buying about 100 units of shares at that time. I was a very young banker. When I learnt about registrars, knowing that they are the ones who mostly handle those shares, I decided that I wanted to join the capital market. I was working at the United Bank for Africa then, and I asked that they should send me to UBA Registrars just to have a feel of what goes on there and it was a very interesting one. The space was mostly manual at that time and I am happy that I led a lot of innovations there.

In Africa Prudential, I grew through the ranks. As one is working, one faces challenges but the most important thing is that one resolves them. Before I knew it, I was here for 25 years and I rose to the position of Chief Operating Officer after which I briefly left then returned as the CEO.


Were you aiming for the MD/ CEO position all along or you were just taking things one step at a time?

When I started, my focus was not on the CEO position. But when I became the COO and had held briefs for the past MD several times, especially when he was not available and I had to act in that capacity, I began to aspire for the position. When the pioneer MD left, I thought I would be the next but I wasn’t. I took it in good faith and continued working but it eventually came.


What impact did some of your key mentors have on your career?

I have had a couple of mentors that have had strong impacts on my career. One of them is the former secretary of UBA, Gisele Lawson. One time when we were still a subsidiary of UBA, I was voted as one of the most valuable performers on the group and one of the packages that came with the award was a special lapel and the opportunity to choose a mentor. I chose this lady because as the company secretary of a bank like UBA, I was very interested in what she was doing. So, I chose her and she brought me up to speed in terms of regulatory compliance as a public limited company, how to manage the board and things like that. When I started making presentations to the Board as the COO, it was an easy ride for me. Another mentor was Dr Toyin Sanni who was also working with one of the companies within the UBA Group then. She is also a smart and intelligent woman. There are others as well.


What are some of the challenges you have encountered as CEO?

As a CEO, one has different stakeholders to manage and they all come with different expectations. The employees and shareholders have their expectations, and one has to manage the various stakeholders and make sure that one satisfies them all. One can’t drop one for the other. The employees have to be happy with one, the board must also be happy that one is performing to continue retaining one’s job. I would say this is the most challenging part because they are all critical. To the glory of God, I have successfully managed that.


You are the first female CEO of the company. What does this milestone mean to you personally and professionally?

It means a lot to me because being first is always an exciting thing and having worked with this company for several years, it is like a fulfillment for me as a person. Professionally, you know when you’re an employee, there are certain things you would want to be done but may not have the power to get them to be done. So, being a member of the Institute of Capital Market Registrars and a leader at that level as well, working with regulators to enhance operations of the business is very important to me.


Many leaders are avid readers. Can you share a book or resource that has profoundly influenced your leadership style?

I started my reading habits in secondary school. Even now, whenever I am on holiday, I pick up a novel to read once I’m done with my chores at home. Also, one needs to read as a CEO in order to be knowledgeable about what is going on. However, there was a particular book I read about six years ago titled, How the Mighty Fall: And Why Some Companies Never Give In by Jim Collins. That particular book looked at several organisations in the world such as Nokia. It examined where they started and where they currently were. It highlighted the fact that when you start a business and it is successful, you don’t dump that business unless there are regulatory issues. You just have to continue innovating because that is where your strength lies. Even if you phase it out, you must have taken it to a certain level, then pivot to move on. I learnt a lot from that particular book and it is one of those principles that has kept me till date and helped me build a lasting organisation. The founders of Coca-Cola are no longer here but they built a lasting organisation. I also want to build a lasting organisation.


You were recently awarded a honourary doctorate from the University of Education, Winneba, Ghana. What achievements do you believe qualified you for this honour?

After I did a programme with the school, I became affiliated to what was going on there. They were watching me closely, especially with how I fared in my roles in this company. When I became the CEO, they felt I deserved the award of a doctorate as their alumnus.


What do you consider to be the most common misconception about investment, and how would you clarify it?

People are afraid of risks. I was speaking to a women group recently during their end of year programme. They asked me to talk to them about financial management. When I mentioned shares and investments in the capital market, one of the women stood up and vehemently said I should not talk about shares that she lost some money investing in shares. I took my time to explain to her that she lost money because she invested into companies whose stance she was not sure of. Generally, people are risk averse because they are afraid of losing but with a data driven information, people should be able to make informed decisions.


With over three decades in the capital market, what is the biggest lesson you’ve learnt?

The first lesson I have learnt is that the capital market is a long-term business. If you want to play in the capital market, you have to define your objectives. If it’s short-term, there are also short-term investments you can get involved in. What is more important is to know your investment objectives and going for them. The capital market in Nigeria is not yet where it should be. For a lot of economies, capital markets contribute to their GDPs but it is not so here. The capital market can actually drive the ‘one trillion economy’ that President Bola Tinubu is aiming for.

Generally, the capital market is a fun place to work and I enjoy working here, meeting various stakeholders and collaborating.


You also worked at BUA. What was the highlight of your time there?

It was very interesting working at BUA. It further broadened my horizon about diversity because I worked with people from various cultures and strong religious backgrounds. Working with all those people together as the Head of Stakeholder Engagement for the group, I had the opportunity of interacting with people and learning to manage the different stakeholders. It was a good experience for me, especially as it was something different— the manufacturing sector which was a different ballgame for me.


What are your fondest memories of your days as a student at Ambrose Alli University?

Attending school parties was the highlight of my time in the university. You know students really know how to party. Even though the resources to put together those events as students might not be much but, the joy it brings celebrating birthdays and other small room parties was great.


Which skills do you believe have been crucial in helping you navigate the capital markets effectively?

I give my all to everything I get involved in. Dedication and integrity are very crucial for me. We deal with customers so when you make a promise, keep that promise or even surpass it. Some of the deals I got today are from people I have worked with in the past because I am a very good team player. I enjoy working with people and I give listening ears. Also, managing one’s boss is important. When you have a boss, you should study and manage the person so you can be successful. I am also inquisitive and pay attention to details. That helps  to achieve an error-free work.


What future do you envision for capital markets in Africa?

Africa is a destination for investment but the political instability is slowing things down. This should be the investment hub of the world because we have good population, great weather and resources that should support investment. The capital market has very high potential for investors and from the statistics, investors have started coming in more to invest.


What advice do you have for young professionals aspiring to leadership roles?

I will tell them to be focused and take things easy. Today’s young ones want to move from ground zero to the top real quick but life is not like that. You need to understand what you want to do and what you want to achieve, then drive it. Don’t get discouraged. Take it one step at a time because at every step, there are things to learn that will support you to the next level. It’s not all about money. When you create value, money will definitely come.


How can women enhance their financial empowerment capabilities?

Financial literacy is very important. Budgeting is a no brainer, especially this critical period. One needs to have multiple streams of income. If you are working, you ought to have a side hustle that is also bringing something to the table. You have to prioritise your expenses and financial planning. You can always stick to the 60:20:20 rule. The 60 should be spent on major expenses. The 20 should go into investment the other 20 should be shared between other things because there are emergencies that are not planned for. It is important to invest because the unforeseen will surely happen whether you like it or not. If it happens, you don’t have to start running up and down. A woman does not have to always be fully dependent on a man. Be a woman of your own. You should be able to earn on your own. Many women do not even have a will. We should prioritise and even invest in acquiring knowledge, be it for professional or personal sake. Women should attend conferences and webinars. One can learn a lot on a daily basis. Women are taking over the world so they have to be ready.


Do you have a will already?

Yes, I do.


Has there been a time you nearly gave up and what kept you going at those times?

I set a target for myself that every three years, I will add to my certificates and because of that, no matter the challenge I face, I know I am working towards progress, so I was often excited. I also got my promotions when due. I empowered myself academically to support my personal aspirations. I had good people that I worked and related well with and all that kept me going. There are times that there was tension that one could not sleep because of challenges faced but challenges make us stronger. By the time we find solutions to them, we are better off. Also, because Africa Prudential is a very innovative company, new things keep coming on board. There are new and exciting challenges to solve and move to the next level. I didn’t even know the years went by because I was constantly engaged.


How does your family support you in your role as CEO?

I have a very supportive family. We grew together and we are very open to one another. Once they understand that my schedule is hectic, everyone is interested in what they can do to support me. My sons, daughter and husband are very supportive.


What legacy do you hope to leave at Africa Prudential?

I have worked for this company for years and I want to build an enduring institution. A company that is well structured, innovative, has lots of products and is customer-centric. Many companies have failed because they concentrated on products instead of customers. If you are innovative and proactive, you will understand the dynamism of customers and their needs. What you have today may not meet the needs of tomorrow. I want an organisation that has the customers in mind. If you do this, customers would keep coming. Years down the line, I want to see an Africa Prudential that is way bigger than what it is today


Do you cook for your family every day?

My style has always been to prepare the major meals over the weekend and have them in the freezer. Once I do that, I just return and use the microwave and dinner is set. However, I have home helps who support me.


How do you enjoy spending quality time with your family?

Family time is a great time for me. I usually create time for vacation. Last month, we were in Canada for two weeks.


Where are your favourite travel destinations?

The United States, United Kingdom and Dubai (United Arab Emirates) top the list. But, I would also love to visit the Bahamas and Rome. I had a transit at Rome during my last trip but I didn’t get a chance to explore it.


What influences your fashion style?

Culture religion and corporate life. I have been in corporate life for most of my career. I generally love clothes that are a great fit for me.


Are any of your children taking after your career footsteps?

None of them but they invest. My first son studied Computer Science while the other one read Civil Engineering. My only daughter is a medical student.

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