Home » 7 companies owned by Nigerian multimillionaire Tunde Folawiyo

7 companies owned by Nigerian multimillionaire Tunde Folawiyo

by Omokolade Ajayi
Tunde Folawiyo

Babatunde Folawiyo, a renowned Nigerian businessman, stands as a driving force in the corporate landscape. As the chairman of the Yinka Folawiyo Group, a powerhouse of investments encompassing energy, agriculture, shipping, real estate, and engineering.

Founded by his father, Wahab Folawiyo, in 1957, the group’s legacy has been skillfully nurtured by Tunde, who assumed leadership in 2008 following his father’s passing.

Under Tunde’s astute guidance, the Yinka Folawiyo Group has blossomed into a multifaceted entity, making significant strides across diverse sectors.

Notably, the conglomerate’s energy, agriculture, shipping, and real estate interests are emblematic of Tunde’s visionary approach to business.

Folawiyo’s impact extends beyond the Yinka Folawiyo Group. His extensive leadership journey has significantly impacted various companies, including MTN Nigeria, Ecobank Mali, and Access Bank Plc. His prominent role as director of MTN Nigeria exemplifies the extent of his significant involvement in the growth of the Nigerian telecommunications sector.

With a net worth estimated at $650 million in 2014, Folawiyo has solidified his position as one of the richest businessmen in not only Nigeria but across Africa, with the bulk of his fortune coming from his interest in Yinka Folawiyo Group, which continues to flourish under his guidance.

Billionaires.Africa has identified and cataloged various companies and holdings linked to Folawiyo. Here are ten companies where he holds direct or indirect ownership: 

  1. Yinka Folawiyo Group

Established in 1957 and headquartered in the vibrant city of Lagos, the Yinka Folawiyo Group is a dynamic conglomerate with a global presence. Its interests span an impressive spectrum, encompassing energy, agriculture, shipping, real estate, and engineering. Under the adept leadership of Folawiyo, the group has evolved into a powerhouse, with its flagship oil exploration arm, Yinka Folawiyo Petroleum, securing a 60-percent participating interest in the Aje Oil and Gas field offshore Lagos. Notably, this field represents a groundbreaking achievement as the first producing oil field outside of Nigeria’s iconic Niger Delta.

  1. Helios Fairfax Partners Corporation

Founded in 2004 by Tope Lawani and Babatunde Soyoye, Helios Fairfax Partners (HFP) is an investment holding company focused on long-term capital appreciation and capital preservation in Africa. The merger between Helios Holdings Limited and Fairfax Africa Holdings Corporation in 2020 created Helios Fairfax Partners, a premier pan-Africa-focused alternative investment manager. Strategic investor Folawiyo is also a partner with HFP.

  1. MTN Nigeria Plc

Among Folawiyo’s strategic investments is his ownership of a 1.08-percent stake in MTN Nigeria Plc, the country’s leading telecommunications service provider. His investment, valued at N62.64 billion ($81.11 million) as of Aug. 25, 2023, showcases his acumen as one of the prominent investors on the Nigerian Exchange.

  1. ENYO Retail & Supply Limited

Folawiyo’s entrepreneurial prowess is exemplified by ENYO Retail & Supply Limited, a fuel retailing and renewable energy products company founded in 2017. With a robust network of more than 85 fuel retail stations spanning 18 Nigerian states, ENYO’s impact on the nation’s energy landscape was solidified through its integration with Ardova, a distinguished oil firm led by Abdulwasiu Sowami. This strategic acquisition added Enyo’s 95 gas stations to Ardova’s portfolio, cementing its position as a leading energy conglomerate.

  1. Lavelle Energy

Among Folawiyo’s visionary endeavors is Lavelle Energy. This Nigerian powerhouse operates at the forefront of subsea services, boasting a proficient team with global expertise in offerings ranging from ROV services and engineering to asset integrity management and specialized vessels. Under the leadership of Folawiyo, who serves as director, Lavelle Energy Services Limited leverages strategic alliances with premier subsea companies and extensive knowledge of Nigeria’s oil and gas realm to deliver unparalleled services, encompassing diving, ROV, IRM, subsea construction, installation decommissioning, and abandonment.

  1. NBA Africa

Beyond business, Folawiyo’s influence extends to the realm of sports, particularly through his involvement with NBA Africa. He plays a pivotal role on its board and joins forces with prominent figures such as CEO Victor Williams and NBA Deputy Commissioner Mark Tatum. This collaboration has fueled the development of the prestigious Basketball Africa League, featuring the top 12 club teams from across the continent. As the driving force behind the NBA’s activities in Africa, Folawiyo elevates the continent’s footprint within the global sports arena.

  1. Folawiyo Energy Limited

The visionary entrepreneur’s footprint in the energy sector extends to Folawiyo Energy Limited, a subsidiary of the Yinka Folawiyo Group. In partnership with Glencore Energy, this subsidiary operates a world-class petroleum storage facility with an impressive capacity of 66,000 metric tonnes. This establishment is a testament to Folawiyo’s commitment to excellence in the energy domain.

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