Some businesses in Lagos have earned the status of household names having withstood the harsh forces of the global market and a fragile local economy.
By making intelligent decisions when occasions demand and harnessing available resources, these companies have sustained their relevance, comparative advantages and qualitative brands for over half a century in the state.
Ikeja Record has compiled brief profiles of five firms which belong to this class of businesses in Lagos.
1. FirstBank of Nigeria
The oldest financial institution in Nigeria was founded in 1894 as FirstBank of British West Africa and renamed First Bank of Nigeria in 1979. First Bank is owned by FBN Holdings PLC.
FirstBank maintains the leading position in many of the markets in which it operates, market-leading distribution capability and a well-recognised brand with a large customer base and a staff strength of not less than 16,000.
With over 800 business locations in Nigeria, all online and in real-time, the bank has one of the largest domestic sales networks in the country. As a market leader in the financial services sector, FirstBank pioneered initiatives in international money transfer and electronic banking in the country, serving more than 42 million customer accounts.
2. Daily Times
Daily Times was incorporated in 1925 in Lagos by Richard Barrow, Adeyemo Alakija, and V.R. Osborne who printed the first copy as The Nigerian Daily Times on 1 June 1926.
Alakija was an African barrister, while the other founders represented European interest groups in the Lagos Chamber of Commerce.
In the 1970s, the newspaper was one of the most successful locally-owned businesses in Africa but went into decline after it was purchased by the government in 1975.
What remained of the media outlet was sold to a private investor in 2004. Folio Communications Limited officially assumed the ownership of the Daily Times of Nigeria Plc in 2004.
Business and production activities in The Daily Times resumed after the assumption of ownership in earnest from 2006 until 2009, with the aim to meet the requirements contingent upon the Enterprise Sale Deed as restructuring went on.
3. Cadbury Nigeria
Cadbury Nigeria, incorporated in 1965, is the brainchild of a mission in the 1950s to source cocoa and prospect for a market in the country.
It has remained the market leader in sugar confectionery, gum and food beverages in Nigeria with strong market shares in each category.
Thriving with a workforce of 40,000 employees and a formidable presence in 200 countries, Cadbury operates through two segments, Confectionery and Food Drinks, and Intermediate Cocoa Products. Cadbury Nigeria is a member company of Cadbury Schweppes Plc, a major player in the global confectionery and beverages markets.
The Confectionery and Food Drinks segment is into the production and sale of Bournvita, Bubba, Stimorol, Tom Tom, Trebor, Ahomka, Buttermint, and Eclairs products. It distributes its products through a network of 43 distributors.
4. Union Bank
What is now known as Union Bank was first established as Colonial Bank in 1917.
In 1925, the bank became known as Barclays Bank DCO (Dominion, Colonial and Overseas), resulting from its acquisition by Barclays Bank. Following Nigeria’s independence and the enactment of the Companies Act of 1968, the bank was incorporated as Barclays Bank of Nigeria Limited (BBNL, est. 1969).
With its headquarters in Marina, Lagos Island, the bank has 2,200 employees and over 300 branches across the country.
5. Unilever Nigeria
Unilever is one of the world’s leading consumer goods companies, making and selling around 400 brands in more than 190 countries.
The history of Unilever in Nigeria began in 1923 when Robert Hesketh Leverhulme opened a trading post under the business name, Lever Brothers (West Africa) Ltd.
The company was majorly engaged in trading of soap and in 1924, the name was changed to West African Soap Company. Certain of a viable market for the product in Nigeria, the firm opened a soap factory in Apapa, Lagos, a year later (1925).
Marking 100 years in Nigeria in 2023, the firm prides itself as the longest-serving manufacturing company in the country with branches across states and a strong workforce of more than 500 employees in total.
