Dr. Wuraola Abiola
As Nigerian women continue to break through the once-imposing glass ceilings of the corporate world, Dr. Wuraola Abiola, a non-executive director at Lekoil, emerges sure-footed on the board of oil and gas, automobile manufacturing, publishing companies among others. Born of a strong pedigree in business, her journey and insights resonate with Lekoil’s commitment to inclusivity and diversity, Vanessa Obioha writes
“No tardiness,” the interview coordinator implores in his note. “Dr Wuraola Abiola values punctuality.” At precisely noon on the scheduled interview day, Abiola, adorned in Ankara dress and heeled shoes, enters the reception hall of Four Points by Sheraton Hotel in Victoria Island, Lagos, radiating an aura of simplicity and grace.
Her warm smile creates a balance for her intimidating voice in the corporate world. Having worked with Lekoil as an independent strategy consultant, Abiola’s journey to the top echelons of Lekoil was a result of her remarkable leadership, catching the attention of Lekan Akinyanni, the founder of Lekoil, who invited her to join the board as a non-executive director. Lekoil, an Africa-focused oil and gas exploration company, boasts a diverse leadership team, with five out of eight members being women, including Mrs. Aisha Oyebode serving as the Chairperson.
“I was delighted because I felt that I could do even more with them,” says Abiola in a soft and tranquil tone.
“As a strategy consultant, you get to see the organisation at different snapshot points when they need your intervention. But as a non-Executive Director, you get to follow through on the decisions we take at the board level, and you work more broadly across the organisation, always with the leadership because we’re non-executives,” she explains, highlighting the importance of gender mix and dynamics in the workplace and how comfortable she felt with the number of women in leadership positions at Lekoil.
At Lekoil, Abiola notes, expertise supersedes gender bias, allowing every board member to contribute based on merit.
“To be fair, gender is important, but it’s not relevant per se in this particular board where all they see are fellow board members who are able to contribute to the decision-making process, help to identify risks, and also very importantly, are pragmatic about problem-solving,” she elaborates.
“Because what you have to understand about Nigeria is that our problems are quite complex, so simple decision-making, and logic may not always work. We have a lot of stakeholders and variables to consider. The ability to first of all analyse the situation and have the tools of complex problem-solving is really, very important in the board of Lekoil and we’re all accepted for our abilities to contribute to the positions of the board.”
In that regard, Abiola is not found wanting. She is the Managing Director of Management Transformation, a consulting firm with expertise in leadership, governance, organisational development, risk management, strategy and public sector policy consulting since 1999. Over the years, Abiola has worked extensively across the African continent, serving as the Co-Chair of the FMDQ Debt Capital Markets Development/ Infrastructure Finance Sub-Committee and was a member of the Chartered Institute of Bankers of Nigeria (CIBN) Research, Strategy and Advocacy Committee.
Her educational background includes a degree in Accounting from McLaren School of Business, University of San Francisco and a doctorate in Organisational Behaviour from Imperial College, London, which she obtained in 1997. Beyond her expertise in transforming organisations through their people and for the benefit of society, Abiola also lectures at the University of Lagos and the University of Lagos Business School where she teaches Strategy and Business Policy. She is committed to passing on her knowledge and expertise to the next generation, a trait she inherited from her late father, the iconic businessman and politician, Moshood Abiola, better known as M.K.O.
Over the years, Lekoil has survived stormy waters but remains keen on its mission to shape the future of oil exploration and production in Africa by always having a dedicated and competent team on board. Abiola, with her vast experience, comes in handy. She describes Lekoil as an innovative company, being meticulous when using the word ‘innovation.’
“Innovation is something people talk about a lot but don’t actually mean. To be honest, innovation is quite difficult in the oil and gas sector because it’s very regulated. So, people think of innovation as something that gets introduced into oil and gas through technological advancements,” she says, describing Lekoil’s innovativeness in its market approach, structured partnerships, and value-capture mechanisms in the oil sector from the beginning.
“Innovation in terms of the value proposition and business model were at the heart of the company’s recreation by Lekoil’s founder, Lekan Akinyanmi. So, asking ourselves how to do things differently and better, is part of our DNA. Because that’s just what the company is all about. Which is also why I guess when Covid-19 struck, we were able to adapt, both in terms of how we work together and how we dealt with the technical issues. We showed a lot of resilience because being innovative and looking for solutions to problems is just the way we are.”
With many Nigerian women breaking the once-daunting corporate glass ceilings, Abiola highlights one of the key things women do when occupying the top echelons, using Lekoil as an example. “I don’t want to stereotype but at least the ladies on the board of Lekoil ask questions. Sometimes pointedly, other times reflectively. And we expect cogent answers.
“We read everything. Women read every single line of every single document. We will edit it if we’re not comfortable. Again, we will ask questions. We will challenge why it is there. What are we trying to achieve? We’re thorough.”
Abiola has an instructive perspective on the issue of gender equity and inclusivity in the oil and gas industry, particularly in terms of work-life balance. In her view, the leadership progression path in the sector (especially upstream) is mainly via the operations path, and given the natural roles of women in the context of family life, it is challenging for many women to maintain the same on-site presence as men, at certain points in their lives.
“We should not minimise that. So what companies have to do is be able to distinguish between what is fair versus treating people equally. In this context, you can’t treat women the exact same way you treat men. It’s not fair to do so,” she argues.
“What is fair is to treat us appropriately for who we are, because whichever way we will add value. So, when somebody has a young family, especially now that technology and the post-Covid work approach has really helped with that, partial or fully remote work is a very viable option for a period of time. That is what is fair. It’s really that distinction, fairness and equality that people forgot about for a very, very long time.”
She emphasises that Lekoil is keen on treating women fairly and has in the pipeline, a mentoring programme for women in the industry just starting their careers. At the moment, the company has an informal programme where the women are attached to a mentor in the industry.
As the conversation progresses, Abiola’s delicacy becomes apparent. To begin with, she expresses a dislike for ambiguity and attributes her strong work ethic to her upbringing. Amidst these traits, one stands out: she is a daddy’s girl through and through. Her eyes immediately well up as the conversation shifts towards her late father. As the youngest child of M.K.O. and Simbiat, and as such, she holds countless cherished memories of him, making it challenging to choose a favourite.
“I was telling somebody the other day that Daddy was just a good father,” she remarks in an emotionally laden tone. “He was always there when it mattered. And for somebody that was so busy, and towards the latter years became so globally important, he would drop everything to pick me up from school because he believed he still had to be there.”
Fondly recalling her father’s support, she advocates for nurturing the next generation, citing Lekoil’s example when a young founder assembled a skilled team.
Abiola learnt a few lessons from her parents: staying positive, setting goals, and believing in oneself. These lessons, inspired by her father’s wisdom, she stresses, are crucial for empowering girls in today’s complex world.
