Tunde Folawiyo is a Nigerian businessman, a philanthropist, and a scholar. He is the CEO and Managing Director of Yinka Folawiyo Group of Companies. Tunde is an advocate of African’s imminent growth and has contributed immensely towards philanthropic efforts across the continent. He is a Goodwill Ambassador, Honorary citizen of the city of Houston, and Honorary Consul of Barbados. His passion for education serves as a driving force in his philanthropic efforts.
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Background of Tunde Folawiyo
Tunde Folawiyo was born on the 12th of April, 1960 in Lagos to (Late) Wahab Iyanda Folawiyo. His father was a well-known businessman and Islamic leader in Nigeria. Alhaji Abdulwahab Folawiyo was the founder of Yinka Folawiyo & Sons, the parent company of Yinka Folawiyo Group of Companies.
Tunde started schooling in Nigeria before proceeding to London for his advance learning. He has a Bachelor’s degree in Economics from London School of Economics in 1980 and later obtained a first degree in Law in 1984. Tunde got a Master’s degree in Law from University College London and was called to Bar of England and Wales in 1985.
He married Reni Folawiyo in 1989 and they are blessed with children including Faridah Folawiyo. His wife, Reni is the daughter of top Islamic and influential cleric, Alhaji Adegbite. She is an entrepreneur and founder of ‘Alara’, an African Inspired Concept Store located in Victoria Island, Lagos.
Tunde Folawiyo Net Worth
His net worth as at 2014 was $650 million according to Forbes.
Early Beginnings
Upon completion of his studies, Tunde Folawiyo returned to Nigeria and practiced law briefly. In 1985, he began his law practice with the firm Ogunsanya but resigned from law in 1989.
His Entrepreneurial Journey
It isn’t surprising that Tunde Folawiyo took over the family business after the death of his father, he has always occupied various leadership position. He was on the board of Access Bank Plc, formerly knowns as Access Bank of Nigeria for 12 years. In 2005, he led Marina International Bank Ltd to successfully merger with Access Bank Plc.
Tunde Folawiyo became the Managing Director of Yinka Folawiyo Group of Companies in 2008. Yinka Folawiyo Group of Companies is a thriving conglomerate with business interests in the area of oil and gas, agriculture, real estate and shipping.
As an astute and visionary businessman, he founded Folawiyo Energy Limited in 1989 which is a subsidiary of Yinka Folawiyo Group. Like his father, Tunde has been instrumental in nurturing the company’s growth into one of the profitable companies in Africa.
Yinka Folawiyo Group of Companies
In 1957, Tunde’s father started Yinka Folawiyo & Sons as a commodity trading company. The company was established to carry out import and export activities between Nigeria and other countries.
In 1956, his father became the first entrepreneur to develop trading activities between Eastern Europe and Nigeria. Yinka Folawiyo & Sons grew its activities across the region, trading in commodities such as sugar, cement, construction materials, tinned and frozen fish, dairy products and rice.
As the company progressed, it evolved into Yinka Folawiyo Group with subsidiaries in shipping, oil and gas, real estate, and agriculture.
Subsidiaries of Yinka Folawiyo Group
Maritime Associates International
The company was incorporated in 1967 as a shipping and forwarding agency. Maritime Associates was invited by the Nigerian Produce Marketing Company (NPMC) to be a national carrier for Nigerian agricultural exports.
United Property Developers
The company was incorporated in 1971 when there was growing need in Lagos for commercial and residential properties. Ever since then, it has developed warehouses, residential and office properties across Nigeria.
Yinka Folawiyo Petroleum
Incorporated in 1982 and has become one of the leading indigenous oil companies in Nigeria. The company was granted an Oil Prospecting License(OPL) in 1991 and owns 60% interest in the Aje Oil and Gas field located in Block OML 113 Offshore, Lagos.
In 2016, Yinka Folawiyo Petroleum commenced production of crude oil from Aje Oil and Gas, which is the first producing field outside the Niger Delta in Nigeria.
Folawiyo Energy Limited
The company is a mainstream oil and gas company. It focuses on delivering storage solutions for refined fuel products. The company has a laboratory and on-site testing facility that measure and sample received and distributed products.
Enyo Retail and Supply
The fuel retailing brand was incorporated in 2016 with the aim of expanding the group trademark in the downstream energy space. It provides fuel retailing services and renewable energy products to Nigerian market.
Folawiyo Farms
The company was launched in 1986 to diversify the interest of the Group. Folawiyo Farms is located in Oyo State and they cultivate and process crops and rear poultry. Crops grown include pineapple, maize, and cassava.
Other Interest of Tunde Folawiyo
Tunde is an art enthusiast and an art collector. He is a patron of William Kentridge, a South African artist known for his paints, drawings and animated films. The artist’s work is one of the most expensive in South Africa and are held in collections in the Art Institute of Chicago, the Tate Gallery in London among others.
Boards Where Tunde Folawiyo Serves
Tunde Folawiyo serves on various boards including educational institutes. He was an ExecutiveDirector of Access Bank Plc, Vice President of Nigeria Association of Indigenous Petroleum Explorers and Production. Tunde was also a member of the Bar Association of England and Wales as well as the Nigerian Bar Association.
He is a member of the global advisory boards of the African Leadership Academy, a Pan-African institution that is committed to identifying, developing and connecting the next generation of African leaders.
The business mogul is a fellow of the Duke of Edinburgh’s World Fellowship, a global network of philanthropists dedicated to inspiring youth development. He is also a member of the governing councils at Crescent University and Lagos State University in Nigeria.
Tunde chairs the board of Coronation Merchant Bank Limited and Yinka Folawiyo Group of Companies. He also serves as a Director at MTN Nigeria Limited and is also one of the Boards of Directors, ACT Foundation. ACT Foundation is a non- profit organisation that is focused on health, entrepreneurship, environment and leadership.
Recognitions and Award
African Business Leadership Award 2010
Forbes’ Africa’s 50 Richest 2014
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