African Premier Women Leaders: Top Female CEOs of Public Companies

While women-led public companies remain scarce in Africa, those with a woman at the helm outperform financially by a substantial margin.

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Across the African continent, only 5% of companies listed on the 29 stock exchanges have a woman as CEO, as revealed by a study of 2,020 companies and Bloomberg data, presented in the Definitive List of Women CEOs from Africa.com and Standard Bank Group.

The analysis, which covered 93 women across 17 countries, revealed that while women-led companies remain scarce in Africa, those with a woman at the helm outperform financially by a substantial margin.

This trend of outperformance by large-listed, women-led firms in Africa mirrors a global pattern. McKinsey research from 2020 showed that companies in the top quartile for gender diversity on executive teams were 25% more likely to have above-average profitability than those in the bottom quartile. 

To celebrate the exceptional performance of female-led companies in Africa, we list the women who have ascended to top leadership roles across the continent as ranked by the Definitive List, exploring their journeys to success and their remarkable achievements.

1. Nompumelelo Zikalala

CEO, Kumba Iron Ore Ltd

Revenue: US$6.9 billion

Country: South Africa

A seasoned mining executive, Nompumelelo Zikalala (Mpumi), has served as CEO of Kumba Iron Ore, a subsidiary of Anglo American, since January 2022. With over two decades of experience, she has been instrumental in driving diversity and sustainability in the industry. Under her leadership, Kumba, Africa’s largest iron ore producer, delivered resilient financials in 2022 while focusing on safety and sustainability. 

Mpumi’s 20-year career at De Beers saw her hold senior operational and commercial roles, becoming the first female GM in 2007. She was GM at Voorspoed Mine, Deputy CEO of De Beers Consolidated Mines, and MD of De Beers Group Managed Operations overseeing South African and Canadian operations. Listed among the Top 100 Global Inspirational Women in Mining in 2018, Mpumi is passionate about involving women and youth in the industry.

A chemical engineering graduate from the University of the Witwatersrand, she began her career as an Anglo-American bursar. Mpumi’s diverse experience and commitment to transformation make her a pioneering force in the mining sector.

2. Mpumi Madisa

CEO, Bidvest Group

Revenue: US$6.6 billion

Country: South Africa

Nompumelelo Zikalala (Mpumi) made history in 2020 when just shy of her 40th birthday, she became the only black female CEO among the top 450 companies listed on the Johannesburg Stock Exchange after taking the helm at Bidvest Group.

Despite assuming leadership amid the pandemic, Mpumi has successfully steered the industrial conglomerate, with interests in freight, consumer, and commercial products, to double-digit profits – posting a 15% increase to R9.7bn. Under her tenure, Bidvest has also expanded its renewables and alternative energy segment.

With four years of experience at Bidvest, including roles like Group Sales and Marketing Director and Executive Director, Mpumi worked her way up the ranks as the CEO-in-waiting before her historic transition to the top job. Her “exceptional leadership skills and depth of experience” were praised by the former CEO.  

A passionate advocate for mentorship and female leadership, Mpumi has focused on creating an enabling environment for women to succeed and rise through the ranks. Her trailblazing career, spanning over two decades in mining and industrial sectors, has made her a pioneering force for diversity and transformation in South African business.

3. Bertina Engelbrecht

CEO, Clicks Group Ltd

Revenue: US$2.6 billion

Country: South Africa

Bertina Engelbrecht made history in early 2022 when she became the first Black woman to lead a listed retail group in South Africa as CEO of Clicks Group. Under her leadership, Clicks has achieved impressive turnover and profit growth, expanded its retail network, and acquired its inaugural 24-hour pharmacy, with aggressive expansion plans for 2023.

Engelbrecht’s appointment capped off 15 years on the executive team, where she was instrumental in Clicks’ strategic growth into a health and wellness leader. As Group HR Director from 2006, she championed integrating the people agenda into operations and launched a highly successful employee share scheme.  

Before Clicks, Engelbrecht held leadership roles at Shell SA Energy, Shell Oil Products Africa, and Sea Harvest. An admitted attorney with a Master’s in Law from the University of Cape Town, her legal background and cross-industry experience in HR and organizational effectiveness primed her for the CEO role.

Engelbrecht now spearheads Clicks’ trajectory, leveraging her unique combination of legal expertise, business acumen, and passion for people development as the retail giant’s pioneering first Black female chief executive.

4. Dr Nombasa Tsengwa (Ph.D.)

CEO, Exxaro Resources

Revenue: US$2.2 billion

Country: South Africa

Nombasa Tsengwa is widely regarded as one of the hardest-working leaders in the mining industry, having secured numerous accolades over her two decades of executive management and board experience across public and private sectors. These include the Standard Bank Business Woman of the Year award in 2017 and being named Africa’s Most Influential Woman in Business and Government in the Mining Industry at the 2018 Pan African Awards.

She has spent 20 years at Exxaro Resources, one of South Africa’s leading mining and renewable energy companies, holding increasingly senior roles like heading up coal operations and leading the minerals business. Nombasa played a key role in formulating Exxaro’s low-carbon strategy.

As part of a careful succession plan, Nombasa was appointed CEO Designate of the JSE-listed, black-empowered, and black-led Exxaro in 2021, becoming CEO 18 months later. Since taking the helm, she has strengthened the executive team, expanded the company’s geographical footprint, and bolstered project management, cost control, and capital allocation capabilities.

Nombasa’s rise through the ranks at Exxaro, ability to drive strategic initiatives like the low-carbon transition, and recognition as one of Africa’s most influential mining leaders underscore her as a trailblazing force in the industry. Her leadership will be critical as Exxaro continues its transformation.

5. Albertinah Kekana

CEO, Royal Bafokeng Holdings

Revenue: US$1.1 billion

Country: South Africa

For over a decade as Chief Executive of Royal Bafokeng Holdings, Albertinah Kekana has adeptly executed the community investment company’s portfolio diversification strategy. Her 20-year career spans executive and non-executive roles across mining, financial services, oil and gas, telecommunications, digital infrastructure, and energy. 

Kekana’s financial expertise is extensive, including investment banking stints at Rothschild and UBS, where she was a corporate finance director. She spent eight years as COO at the Public Investment Corporation, driving corporate performance. Her early career included three years as an assistant corporate finance manager at PwC.

A chartered accountant by training, Kekana holds a commerce degree from the University of Cape Town and has advanced management training from Harvard. Her cross-industry leadership experience, investment acumen, and strategic execution make her an authority in South Africa’s asset management and investment landscape. Under her guidance, Royal Bafokeng has diversified into a formidable sector-spanning investment force.

6. Miriam Chidiebele Olusanya

Managing Director, Guaranty Trust Bank

Revenue: $1.1 billion

Country: Nigeria

Miriam Chidiebele Olusanya, the Managing Director of Guaranty Trust Bank, is a visionary leader in finance, renowned for her commitment to excellence. From humble beginnings in Nigeria, her journey was marked by academic brilliance and a natural affinity for numbers. Rising through the ranks with tenacity and strategic prowess, she now spearheads the institution’s vision with confidence.

Under Miriam’s leadership, Guaranty Trust Holding Company has experienced remarkable growth, solidifying its position in the financial world. Her keen insight into market trends ensures the company’s resilience in dynamic economic landscapes. Beyond her professional achievements, Miriam is dedicated to nurturing the next generation of leaders through mentorship initiatives.

Known for her warmth and humility, Miriam inspires colleagues to strive for greatness. Her story—from a small-town scholar to a trailblazer in finance—is a testament to determination and resilience. With Miriam at the helm, Guaranty Trust Holding Company is poised for continued success and prosperity.

7. Jane Karuku

CEO and Group MD, East African Breweries PLC (EABL)

Revenue: US$970 million

Country: Kenya

As EABL Group MD and CEO since 2021, Jane Karuku made history by becoming the first woman to lead the 100-year-old company. She is among the most senior business leaders in East Africa, driving the region’s largest and most profitable manufacturing business with over 40 global brands like Johnnie Walker and Guinness.

Under Karuku’s tenure, EABL has undergone a remarkable financial and operational turnaround. In 2021, she oversaw a 15% year-over-year jump in net sales to Sh86 billion, surpassing pre-pandemic 2019 levels. Her leadership also saw EABL publish its inaugural Sustainability Report with initiatives like a $5 million pub/bar recovery fund and an ambition to locally source up to 80% of raw materials.

Karuku’s 25-year career spans FMCG companies and NGOs, amassing expertise in strategy, operations, marketing, and organizational change. She has held senior roles at Farmers Choice Kenya, Kenya Cooperative Creameries, Alliance for a Green Revolution in Africa, Telkom Kenya where she led a transformation, and Cadbury with a multi-country remit.

Her strong management experience and contribution to Kenya’s socioeconomic development have earned her numerous accolades, including a presidential award. Karuku holds an MBA in Marketing from the University of California.

8. Ntombi Felicia Msiza

CEO, Raubex Group Ltd

Revenue: US$781 million

Country: South Africa

Seasoned executive Ntombi Felicia Msiza assumed the role of CEO at construction giant Raubex Group in mid-2022, following five years as the Executive Director responsible for Governance, Risk, and Compliance.

Ntombi’s extensive expertise in ethics, strategy, risk management, corporate governance, legal affairs, and compliance has proven invaluable. Her guidance enabled Raubex to strengthen its structures and processes to support the company’s significant growth over the past six years.

Before joining Raubex, Ntombi had a long career in audit and risk management roles. She served as Director of Risk and Assurance at City Power SOC, Head of Internal Audit at IDT, and Group Chief Audit Executive at Denel SOC.

A certified Chartered Director, Ntombi holds a commerce degree and an MBA. Her cross-functional experience across governance, risk, compliance, audit, and strategy positions her well to lead Raubex’s continued expansion in the construction sector.

Ntombi’s appointment as CEO capitalizes on her deep understanding of Raubex’s operations from her prior executive role, combined with her proven track record in governance and risk management for major organizations.

9. Nneka Onyeali-Ikpe

CEO and Managing Director, Fidelity Bank PLC

Revenue: US$600 million

Country: Nigeria

Since becoming Fidelity Bank’s CEO in 2021, Nneka Onyeali-Ikpe has earned numerous accolades, including Banker of the Year and leading Fidelity to wins like Best SME Bank Nigeria 2022. A transformational leader, Nneka spearheaded Fidelity’s turnaround over six years prior as Executive Director, driving the Lagos and South West directorate’s profitability and 28% contribution to the bank’s profits, deposits, and loans.

Her three-decade banking career has honed her strategic expertise, including roles in the successful turnaround of Enterprise Bank. Nneka has cross-functional management experience spanning legal, investment, retail, commercial, and corporate banking at major institutions like Standard Chartered and Zenith Bank. 

An authority in transaction structuring across oil and gas, manufacturing, aviation, and real estate, Nneka holds a law degree and Master’s from the University of Nigeria and King’s College. She has extensive executive training from Harvard, INSEAD, and Wharton business schools.

Nneka’s legal acumen, cross-functional leadership experience driving transformation initiatives, and proven turnaround skills make her well-equipped to lead Fidelity Bank’s continued growth.

10. Zanele Matlala

CEO, Merafe Resources Ltd (rzt)

Revenue: US$546 million

Country: South Africa

Zanele Matlala’s nearly two-decade journey at Merafe Resources culminated in her appointment as CEO a decade ago. Having joined the JSE-listed chrome and ferrochrome mining company as an independent non-executive director in 2005 before becoming CFO in 2010, Matlala’s deep understanding of the business has proven invaluable. 

Under her stewardship, Merafe reported its second-highest headline earnings in 2017 and adeptly navigated the pandemic rebound, restoring profitability. The company is now one of the JSE’s top “dividend stocks” with a 25% yield, reflecting Matlala’s prudent yet successful guidance.

A chartered accountant by profession, Matlala’s corporate finance expertise spans roles like Financial Director at Kagiso Trust Investments and CFO at the Development Bank of Southern Africa. Last year, her leadership and contributions were recognized with the prestigious Outstanding Alumni Award at the Chancellor’s Calabash Awards.

Matlala’s finance acumen, institutional knowledge of Merafe from board and executive roles, and proven ability to steer the mining company through industry cycles position her uniquely to drive its continued success.

The remarkable achievements of these top female CEOs leading Africa’s biggest public companies underscore the invaluable contributions of women in driving financial success and fostering diversity in leadership roles across African markets.

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