Temilade Aduroja is the Senior sub-saharan African Oil & Gas/infrastructure equity analyst for Standard Bank Group. She has 10 years of finance experience with a demonstrated history of working in the investment banking industry. Temi worked most recently with Renaissance Capital as a Vice President, covering the Oil and Gas and Infrastructure sectors where she was responsible for covering over 10 oil and gas and cement stocks listed in Nigeria, Kenya, Tanzania, Morocco and Egypt. In her previous roles, She worked with PWC as a corporate finance executive focused on oil and gas projects and Standard Chartered bank, as Financial risk analyst. She speaks regularly at Oil & Gas conferences, most recently at the 2018 Africa Oil Week, Cape Town. Temi mentored Covenant University at the 2018 CFA Institute Research Challenge. She was rated 3rd and 2nd in 2018 and 2019 Financial Mail sub-saharan Africa analyst of the year. She is a CFA level three candidate.
How was growing up like for you and how has it helped to influence where you are today?
I grew up in a family of successful women in finance; I believed this shaped the start of my career path. Being surrounded by strong women gave me the drive to achieve my goals. I learnt early on that hard work, determination and persistence were the key to success.
Being senior sub-saharan African Oil & Gas/infrastructure equity analyst for Standard Bank Group
I value listed stocks across the sub-saharan African market and write insightful research reports on the sector as well as on individual stocks. I follow the industry to foresee catalyst and signal which could impact the space. I analyse trends and cycles in the sector to predict future performances. I speak to portfolio managers and advise them on my recommendation per individual stocks. I give sector insight to the corporate finance and corporate banking teams at SBG.
10 years of being an investment banker. Why investment banking? Experience and lessons learnt
I majored in Computer Science and Physics. By my second year in school, I realized that I had little interest in IT or Computer Science, but found myself excited when I took an elective course in Finance. I had the opportunity to take part in a few internship programs in financial institutions and that was when I realized I wanted to be part of the stock market and investment banking industry. It was difficult to get an investment banking job given I studied sciences and I had no full time experience. I was determined; I improved on myself by speaking to experts in the industry, watching videos and reading books. This I would say gave me an edge over my more experienced peers. I started my investment banking career as an analyst in the Corporate Finance department of PWC. This was a good training ground as I was surrounded by young ambitious minds eager to learn. I believe starting your career in a good organisation with a solid training culture is very important.
As former Vice President at Renaissance Capital, what was your experience? Was it any difficult because you are female?
I wouldn’t say it was difficult as a female, but I would say it had its challenges. I believe as a woman in finance, you have to work twice as hard to be recognized and respected especially at the beginning of your career. It became challenging for me when children came into the picture, as you begin to joggle family responsibilities and work responsibilities. The long work hours and frequent travelling could be challenging when you have young children at home. I believe the key to making this work is having the right support systems in place. I have been lucky enough to work in organisations that are supportive and tolerant.
In SBG, having over 10 oil and gas and cement stocks listed in Nigeria, Kenya, Tanzania, and Ghana, how were you able to cover all?
I work with a great team and Standard Bank provides very good support systems. With a great team, you cannot go wrong. With the right environment, it becomes even easier. SBG is that right environment and I am blessed to be part of the family.
Importance of mentorship
I believe mentorship is very important; speaking to the right professionals especially early on in your career could help you avoid mistakes in your career decisions. I have been blessed with good mentors within my family and also externally. For me, I found that women mentors had more of an impact in my progress. Building a good mentee /mentor relationship is ideal, and it is the mentees responsibility to keep the relationship on-going.
What do you believe are the challenges of women hindering them from being on boards?
For women, I believe that having a family changes your focus and perspective. It is difficult to balance both responsibilities therefore, you find that one or both areas begin to suffer. As a result of experience and support, the number of women on boards are thankfully increasing. There is however room for more women to be on boards and I believe with more accommodating working environments for women, support and guidance, this can be achieved.
Personal and professional challenges
My professional challenge is remembering to always get out of my comfort zone. Striving for more and not being comfortable with yesterday’s achievements. My personal challenge is managing being a great mother, wife and successful career woman; I believe women can have it all.
Through the years, why the area of concentration on Oil & Gas?
I found myself in oil & gas not by choice, but was placed there. I also found it to be a male dominated sector which made me work harder. Over the years, I have grown to love oil & gas and I believe its niche skills and technicality has made me stand out. I also enjoy being a woman excelling in a male dominated turf.
2018/2019 Financial Mail sub-saharan Africa analyst of the year (3rd and 2nd) share on that experience
This was a great achievement for me, I am truly honoured. Being a rated analyst validates the quality of your analysis and reports. The award comes from portfolio managers in South Africa. My mantra in life is ‘Put God first and with hard work and determination the world is yours’.
How important is woman empowerment?
Women empowerment is very important to me. Women should definitely have a seat at the table, and should be given equal opportunities as their counterparts. Standard Bank is very strong on women empowerment, and has joined forces with the United Nations Women Heforshe movement. Heforshe invites men and women to stand in solidarity for gender equality. I am proud and fortunate to be part of such an organisation. The rhetoric has changed and the awareness is impressive. However, we all should make conscious decisions so that the next generation is not having this same conversation.
What day in your life is it that you can never forget and why?
I can never forget the day I went on my first international road show. I had to present to portfolio managers in the UK, USA and South Africa. This was very early in my career and was extremely nerve-racking. I look on that day and it reminds me of how far I have come and I draw on that experience to knock down new hurdles. The experience boosted my self-confidence and shaped me into the woman I am today.
Greatest lesson of life
Never give up, forget the 100 NOS, all you need is one yes. The God factor is very important; I put
If you stood in front of a sea of people and they ask you to share what you find most intriguing about the oil and gas sector, especially as regards Nigeria, what will you say?what advise will you give the government?
I would say that everyone who ever predicted oil prices has failed. For Nigeria, I would say oil & gas has been a blessing to the country but it is time to diversify the economy. We can’t continue to rely on a commodity where we have no control on pricing.
Final words
For young women starting in their career, don’t give up. Success comes with its fair share of challenges, but the key is to learn from those hiccups and come out even stronger. Every experience is a learning ground and is preparing you for the next chapter. We also have to remember to continue improving upon ourselves as you never stop learning.
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