Top 3 rating agencies in Nigeria and what do they do?

Top 3 rating agencies in Nigeria and what do they do?

Chief Gani Gbadebo Giwa founded Tripple Gee & Company Plc in 1980 (the name is obviously taken from his initials GGG). The company was set up to provide printing and manufacturing services for a selected market.

His B2B model might have been considered risky, but the company has remained through four decades, waxing stronger even after the death of its founder.


Though not a household name, Tripple Gee & Company Plc has continued to show a gradual but steady increase in its yearly sales and revenue. After dealing with its wobbling finances and operations up till 2015, the company appeared to stabilise afterwards and started recording a steady rise in income in 2017.

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About the company and its business model

Incorporated as a private limited company since April 1980, Tripple Gee & Company Plc was not listed on the main board of the Nigerian Stock Exchange until 1991 when it converted to a public limited liability company.

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At its listing, the company has 10 million authorised shares of which 5 million were issued and fully paid for. After 29 years, the company has now expanded operations and increased its shares to almost half a billion units, worth N247.48 million at its current market price of N0.50 per share.

The company specialises in manufacturing financial instruments (MICR encoded and personalised cheques, dividend warrants, share certificates), and other secure and commercial documents. Labels and flexible packaging materials are also part of its products.

Among its customers are firms in need of and labelling products like pharmaceutical labels, anti-counterfeit labels and packaging labels such as printed nylon, BOPP, PVC and shrink packaging products.

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As the company progressed over the years, it has also incorporated into its operations the production of ballot papers and election stationery as well as licenses and permits, customs revenue collection forms and receipts, statement of accounts, utility bills and pension contributions, personalised letters to shareholders and brochures collation, to meet the needs of its expanding clientele.

The market

Every business only survives because of the market it services, and for a name that is relatively unknown, TrippleGee is holding its own in the space producing sensitive documents like licenses, receipts, and ballot papers.


The company provides secure financial instruments such as cheques, and certificates for financial institutions like the Central Bank of Nigeria (CBN), Guaranty Trust Bank Plc, Zenith Bank Plc, Ecobank Nigeria Plc, Union Bank Plc, Bank of Industry (BOI), EDC Registrars Limited, and First Registrars, among others.

Tripple Gee also produces Self-Adhesive Labels used by companies in the Manufacturing, and Oil and Gas sectors. Conoil Plc, Capital Oil Plc, A – Z Petroleum, Oando Petroleum Plc, Tecno Oil & Gas Ltd, Ascon Oil & Gas Ltd and Grand Petroleum Ltd are some of their patrons in the space.

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They also service institutions such as the Joint Admissions and Matriculation Board (JAMB), West African Examination Council (WAEC), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Independent National Electoral Commission (INEC), Institute of Chartered Accountants (ICAN), and some higher institutions.

The company produces vehicle licenses and permits for state governments across all regions including Lagos, Delta, Rivers, Anambra, Osun, Oyo, Kogi, Enugu, Abia, Cross River, Kebbi Niger Plateau, Imo, Adamawa, Kaduna and Sokoto States.

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Major brands like the Dangote Group, Flour Mills of Nigeria Plc, Berger Paints of Nigeria Plc also have Tripple Gee producing their secured documents.

Tripple Gee to pay final dividend, appoints new MD 

A look at the financials

The company’s activities are broken down into manufacturing of packaging products and printing services, with the former making for 53% of its activities, and the latter making up the rest.

Results in recent years show that the manufacturing of packaging products make up the largest part of its revenue, followed closely by printing services, other printing services, and other packaging services.

In 2018, packaging made up 37.8% of its N742.56 million revenue in sales, while printing services brought in 26.1% of the revenue, other printing services brought in 22% and other packaging services, 13.1%.

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In 2019, N784.4 million was raked in from sales made in Nigeria. There was a little reshuffling and this time, the input from packaging dropped to 32.6%, printing services dropped to 25.2%, other printing services also dropped to 21.3%, while revenue from other services increased significantly to account for 20.8%.

Unaudited financials for the year ended March 2020 shows an annual turnover of N1.32 billion, a 68.3% jump from the previous period. Part of the reason could be the additional income accruing from financing and investing activities, as well as the change in management.

Clearly, every aspect of the company’s operations is just as important as the other, and they each account for a reasonable portion of the company’s sales and total revenue.

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The management and board of directors

The company’s Board of Directors is made up of 6 members – Alhaji Ali Safiyanu Madugu Mni (Chairman), Mr Samuel Idowu Ayininuola, Mrs Adebimpe Giwa, Senator (Chief) Felix Kolawole Bajomo, Chief (Mrs) Christy Nkem Okoye, and Mr Olusegun Olusanya.

Mrs Adebimpe Giwa rejoined the company in 2018 as Executive Director, after the death of her husband, Chief Gani Gbadebo Giwa who was also the founder.

Subsequently, she was announced as Managing Director of the company at the AGM in 2019. She had initially served as the company’s general manager (packaging) between 2007 and 2014 before she left to manage AN-BOS Nigeria Limited, a trading company specialised in the supply of raw materials.

The company said Giwa returned to the Tripple Gee as an executive director after the demise of the founder in 2018. The company’s record shows that within the first six months of her return, the company’s turnover increased by 149%, and this made her most qualified for the position of MD.

She has since justified her position as MD, increasing the company’s revenue to N1.32 billion for the financial year ended March 2020, a major leap from the N784 million recorded the previous year in 2019.

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Looking at another 40 years?

In 29 years of being listed and 40 years of existence, the company continues to reward shareholders for their trust and investments, delivering returns to them yearly, although its share price has been on a decline in recent years.

Having outlived its founder, Tripple Gee must have driven home the message that it is here to stay. As the world goes digital, the company continues to expand its services to stay in business and stay relevant to the community.

There is a lesson or two for young entrepreneurs to pick from this company, especially at this time when surveys have shown that most businesses hardly last beyond five years.

I'm business helper , i have 20 year experience in business management sector. I help many business owners to grow business. My passion is helping fellow entrepreneurs and small business owners succeed.

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