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Akin Alabi – Biography, Net Worth And How Akin Built Nairabet From Scratch

Akin Alabi

Akin Alabi popularly called Otunba Akin Alabi is a Nigerian internet entrepreneur, politician, philanthropist and Author. He is the founder of Nairabet, Nigeria’s first and largest sports betting website. He has ventured into many businesses and has authored series of business books. In March 2019, he was elected as a member of House of Representatives, Egbeda/Ona Ara Federal Constituency under the APC party.

See Also: Omoyele Sowore – Biography and political escapades of the founder of Sahara reporters.

Akin Alabi
Start Your Business in 30 Days Even If You Don't Have An Idea
Start Your Business in 30 Days Even If You Don’t Have An Idea

Akin Alabi Background

Akin Alabi was born on March 31, 1977 in Ibadan. He was born as the last child into the family of Chief and Chief (Mrs) Adediran Alabi in Ibadan, Oyo State, Nigeria. He attended the Command Children School, Ibadan and the Federal Government College, Enugu for primary and secondary education respectively. Next, for tertiary education, he moved to The Polytechnic Ibadan to study Business Administration. There, he obtained his Higher National Diploma and proceeded to study Marketing in the University of Liverpool, UK. Akin also holds a certificate in Intellectual Property Strategy from Harvard University, Boston, US.

See Also: Young entrepreneurs in Nigeria who are winning across different industries.

Akin Alabi Early Career

Otunba started by writing and selling books in 2003. Later, he launched his seminar and training company where he taught and consulted for startups. Subsequently, Alabi ventured into publishing. He was publishing Income, a business opportunity newspaper for small business owners. Later on, he started publishing World Soccer News, a weekly sports newspaper.

See Also: Leo Stan Ekeh – Biography and net worth of the founder of Zinox Technologies.

Akin Alabi

NairaBet

Akin Alabi is the founder and CEO of Nairabet, until he resigned as the CEO in 2018 because of his political aspiration. Nairabet officially began operation in 2009. The Nairabet business idea came to Akin during his visit to UK. While Akin was in UK, he went to a betting shop along with his brother who introduced him to the game. He loved the game and considered creating a betting platform in Nigeria. He was more convinced to create the platform because he knew that Nigerians love football especially European football.

See Also: Business lessons from the man who built one of Nigeria’s biggest banks.

Recently, according to a traffic ranking site, Alexa.com, Nairabet is the most visited African sports bookmaking website. It is one of the thriving sports betting portal with headquarters in Lagos and has over 1,000 outlets across Nigeria.

Other Business

Akin Alabi has ventured into other businesses. For instance, he is the founder of Nightlife.Ng, an online platform that reports the nightlife industry in Nigeria. He is also the founder of over the top entertainment, a record label that has signed some ace Nigerian musicians like Skuki, e.t.c.

See Also: 100 profitable business ideas for aspiring entrepreneurs and investors.

Akin Alabi Personal Life

Akin Alabi is married to Damilare who is also an information marketer and they are blessed with children.

Go from idea to starting your business in 30 days
Go from idea to starting your business in 30 days

Also, Otunba loves football and he is a staunch supporter of the Shooting Stars Sports Club, Ibadan and a season ticket holder of Manchester United in the English Premier League.

Political Career

Akin Alabi is a member of the House of representative. He won in March 2019 under the All Progressive Congress (APC) political party and he is representing the Egbeda/Ona Ara Federal Constituency in Oyo State.

See Also: Service based business ideas that you can start and change your financial status.

Akin Alabi Philanthropy

Due to his interest in philanthropic activities, he established the Akin Alabi foundation. The Akin Alabi foundation is aimed at improving the well-being of the average Nigerian. Under this foundation, he has successfully completed some community projects. He has also assisted the youths, less privilege and the widows.

As an Honorable, he launched a Women Empowerment Scheme in July 2019. The empowerment programme was a N250 million community outreach project aimed at assisting widows and the poor women in the Egbeda/Ona Ara Constituency.

See Also: As a graduate, these are creative businesses you can start and say bye bye to paid employment.

Recognitions

He was appointed as the Mogaji of Ajiwogbo compound in Ibadan on Dec. 5, 2016 by the Olubadan of Ibadan, HRH Saliu Adetunji. Akin is the national vice president of the Information Marketers of Nigeria Association. He is also the President of the National Bookmakers Association. Similarly, due to his philanthropic work, he was honored with the chieftain title as the Otunba Atunlushe of Igbole Ekiti by the Olugbole of Igbole Ekiti, HRM Oba Emmanuel O. Ajayi Adetiloye II.

See Also: History of entrepreneurship in Nigeria and government influence.

Akin Alabi Net Worth

According to wealthresult.com, Akin’s net worth is estimated at $75 Million. Nairaland.com also mentioned him as one of the five richest internet entrepreneurs in Nigeria.

See Also: Famous entrepreneurs – List of successful entrepreneurs in Nigeria.

Akin Alabi Quotes

“Live within your means but continually work on expanding your means.”

“Stop hating because you can’t get into the inner circle. Concentrate on your craft and not on others, and you will grow faster.”

“The only way some people can get relevance is by criticizing you. When that starts to happen, do not be upset. It simply means you are doing well.”

“When an organisation competes on price, there is a tendency to reduce quality.”

“Consistency on social media is key these days because that is where people check you out.”

“Don’t go the low-price route. It’s myth that people want cheap products.”

“You define your path.”

“Enforcing orderliness is key.”

“As small business owner, your best chance of success is to sell what people want.”

“Many struggle financially and can’t save because they don’t need most of what they spend money on.”

“Nothing is good or bad. But there are things that are good or bad for you.”

“People love deals. People are not looking for the lowest prices. They are working for what they perceive as the best deal.”

“Don’t be shy. Promote your business. promote yourself. Post content consistently online.”

“Respect your leaders, Respect your bosses. Respect your parents, Respect your elders.”

“You will shine eventually as long as you have the quality, you work hard and you are consistent.”

“You have succeeded in your career doesn’t mean you are an expert at everything or you are superior to everyone.”

“Life is not a sprint. It’s a marathon. It’s not the person in front at the beginning that usually wins. The best usually wins.”

Entrepreneurial Lessons From Akin Alabi

Be a problem solver; through Nairabet, Akin brought betting home to Nigeria. Prior to this time, people usually send money oversee to bet on sports. He has also set a standard for the betting industry in Nigeria.

This is a call for entrepreneurs. Entrepreneurship is about creating a solution to a problem. Look for a problem, solve it and wealth will come eventually.

Also, Otunba Alabi is not just focused on one business, he diversifies his business interest. Recently, after his 42nd birthday, he announced that he will still start another new business. An entrepreneurs is never afraid to thread new paths as long as there is prospects.

Entrepreneurship is a lonely journey, let us help you get through it with our services.

Photo Credit: Twitter.com, Oyoinsight.com, 360nobs, The guardian Nigeria, Nigerianmonitor.com, Talk of Nigeria, Nairametrics.

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