Babatunde-Dada Funmi is the executive director of TECO Group, a pioneering Nigerian engineering firm dedicated to delivering high-performance and innovative solutions that drive industrial growth across Nigeria and Africa.
With over four decades of excellence, the company’s expertise spans the design and construction of high-performance, sustainable palm oil mills, pioneering cassava processing technologies that convert raw cassava into premium products, and efficient power distribution solutions to help customers’ businesses thrive.
Reflecting on her personal connection with the company, Funmi shared, “TECO has been part and parcel of my life, my childhood. When we were young, we used to go to the office. As we grew up, we had moments where we did internships, working with TECO. Over time, it was a no-brainer. It was only a matter of time before I could take my skills that I’d learned working in different industries and bring them to TECO and say, you know what, it’s a family business, let’s keep it alive, let’s keep it running, let’s grow it beyond where it’s been.”
On the company’s success stories, Funmi proudly remarked, “The fact that we have been around for 45 years is a success story. One of our clients owns the biggest local oil palm processing businesses in Nigeria. We’ve built about five or six palm oil mills for him. The first mill we built for him, I think, was 25 years ago. Since then, he’s built many more. We’ve been part of his success and growth story, and we’re very happy about that. We’ve built numerous palm oil mills across Nigeria over the last 45 years.”
Lucrativity
Discussing on the lucrativity of the business, Funmi stated that, “Ours is building industries. Our motto in TECO is to create innovative machinery that improves livelihoods and transcends generations. That’s our motto. So our focus is really about building industries where we see there’s a gap. And there’s a really big gap in the processing industry, the food processing industry in Nigeria, a really big gap. And that’s the gap we’re trying to fill wherever we can. There’s a big gap, and even if it’s a little bit of that gap that we can try and plug, that’s where our focus is. And my belief is always, if you provide the right value, money will come.”
Challenges
Access to affordable finance, not just finance, remains a significant issue. Moreover, obtaining raw materials poses challenges since, as explained earlier, even locally sourced materials are still imported. In Nigeria, no one manufactures steel, meaning efforts to provide affordable, locally made solutions are indirectly tied to the volatility of the currency against the dollar. Steel sheets and gear motors, for instance, are imported, making them subject to fluctuations in exchange rates.
This impact cascades through the pricing structure, affecting the cost of raw materials and ultimately the price of equipment. These are the types of challenges we continue to face.
Power supply also represents a major hurdle. For over 45 years, operations in Owo, Ondo State, have proceeded without electricity at the factory. Generators have been relied upon for 34 years, and high diesel costs exacerbate the situation. The lack of access to electricity directly affects the business’s efficiency. While the challenges are daunting, efforts remain focused on overcoming them and striving for success as a business.
Advice
“We need more thinkers. When Nigerians leave Nigeria and go to other parts of the world, they go there and do great things, right? Can we have the Nigerians that are still here, the engineers that are still here, innovating, coming up with solutions for Nigeria, because we are the only ones that can solve the problems that we have.
“So I would say if you want to come into this space, please come. We need more engineers, we need more people that can conceptualise solutions to our problems. And I think that if you’re able to do that, there’s a market, there’s a gap that can be filled. And there’s a big gap that all of us can play a part in,” she stated.
Biography
Babatunde-Dada Funmi is the current Executive Director of TECO Group with subsidiaries operating in Oil and Gas Services (providing electrical and mechanical engineering solutions), Palm Oil Mills and Cassava Processing Plant Construction and other Steel Fabrication.
With a background in business consultancy, her extensive experience spans a period of over 21 years leading teams to deliver on a range of projects for multinational clients across Africa and the UK in the Agriculture Industry, Manufacturing Industry, and the Oil and Gas Industry.
Over the last six years, she has focused on delivering projects in the Oil & Gas as well as Palm Oil Mill industry, successfully managing teams that fabricate, install and commission Mechanised Palm Oil Mills all over Nigeria.
She believes building Mechanised Palm Oil Mills across the nation is one of the quickest routes to bringing infrastructure to rural areas while creating jobs, which in turn reduce national poverty levels and support the country’s economic growth.
She is a cofounder of a registered women led charity that supports less privileged citizens in Nigeria. She is a graduate of the University of Sheffield, UK, a fellow of the Association of Certified Chartered Accountants, a member of the Chartered Institute of Taxation and a part of the Stanford University Seed Transformation Network.
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