Popular but yet silent, Dele Fajemirokun, is a Nigerian ‘maybe’ silent billionaire, fondly called “Baba Oba” by close acquaintances.
Biography
Dele Fajemirokun is a Nigerian businessman, entrepreneur, investor, and venture capitalist. Although an entrepreneur, he preferred to be described as “an economist or director of business”.
Aside from his wealth, he is popular for his investment in Chicken Republic and AIICO Insurance.
His conglomerate comprises of companies which he has a grip on, with some including but not limited to King Guards, Multishield Limited, Chicken Republic, FSS Gas Limited, Blue Chip Communications Limited, Food Concepts and Entertainment, amongst others.
Age
Fajemirokun was born on April 16, 1950. He is 74 years old as of April 16, 2024.
Parents
Chief Fajemirokun was born into the families of late High Chief Henry Oloyede Fajemirokun, CON (Ifewara & Ile-Oluji descendants) and Chief (Mrs.) Comfort Osebosade Fajemirokun (Yeye Bobagunwa – nee Adepetun of Ondo descendants). His parents got married in 1949.
He is the first born of his parent’s four children.
Late Henry Fajemirokun was a prominent Nigerian industrialist and businessman and Founder of Henry Stephens Group who was also born into the prominent family of Daniel Famakinwa Fajemirokun and Felicia Adebumi Fajemirokun (née Akinsuroju) (b.1891), daughter of High Chief Odofin Oganbule Akinsuroju and Madam Adesemi Akinsuroju, and granddaughter of Omoba Adebamigbei (whose father was the Jegun of Ile Oluji).
Hence, it is safe to say Dele Fajemirokun is a descendant of one of the old monies in Nigeria. However, Dele in his autobiography The Making of Me: My Odyssey in Business, Chief Dele Fajemirokun claimed that he was born at a time his parents still lived in a one-room rented apartment in Isale Eko.
Education
The businessman had his early education in various schools in Lagos, Ogun, Osun, and Ondo states.
Fajemirokun finished primary school education at Mayflower School, Ikenne, Ogun State and secondary school education at Loyola College, Ibadan, Oyo State.
Dele attended Gboluji Grammar School, Ile Oluji, Ondo State, and got his B.Sc in Business Economics from the University of Ife (now Obafemi Awolowo University). He also bagged a Doctorate from the University of Los Angeles, USA.
Family
Fajemirokun used to be married to Pricilla, the mother of his daughter, Bisola Fajemirokun-Folawiyo, but when love turned awry and wedlock became intolerable by both parties, the business magnate left his estranged wife and she took custody of their baby girl. According to an insider, Pricilla single-handedly raised the child.
Bisola is married to Bolaji Folawiyo.
Chief Dele Fajemirokun is currently married to Chief Mrs. Edith Fajemirokun (a Ghanaian).
In addition to Pricilla, his other children include: Kike (married to Sir Louis Nwachukwu Mbanefo’s son), Adenike (married to a foreigner, Koumpatis) and Folake (married to Tobi, son of Minister of Finance, Olawale Edun).
Careers and achievements
Growing up, Fajemirokun, knew little about his father’s businesses as he only worked as a sweeper in the man’s warehouse and a tally clerk at his Clearing and Forwarding business.
When he was around 28 years old, in 1978, after his father died, Dele Fajemirokun relocated from Kano to become the Group Executive Director (GED) of Henry Stephens Group, which consists of about 19 companies – his father’s deputy served as the Chairman and managing director of the companies.
His young age and scanty experience may had set him up for failure, but he was brought to speed, thanks to his late father’s excellent and accurate record-keeping practice.
Path to wealth
While serving as the GED of Henry Stephens Group an opportunity came that catapulted him to incredible wealth at the young age of 29.
An American company, T-CAS, which had executed contracts for the Nigerian Ministry of Communications was being owed millions of dollars by the ministry and urgently needed a bridging loan of N50,000 to stay afloat.
The American management team visited his office hoping the company or anybody there would be able to assist.
He noticed their desperation and instead of just offering them the loan, he proposed that he would provide the N50,000 but for 51% shareholding in the business and demanded that he be made the Executive Chairman even though he did not know where and how he would raise the money.
This was an audacious offer and incredible bargain for Chief Dele but the Americans agreed because “desperate men would do desperate things”.
He called his lawyer to immediately draft an agreement for all parties to sign before the Americans changed their mind.
That’s how he became the majority shareholder of T-CAS. He raised the money by getting a loan from the bank and pledging the only plot of land he had as collateral. The risk paid off, because shortly after, T-CAS was paid the millions it was owed by the ministry and what accrued to him as majority shareholder was $11million. “The money myth of Fajemirokun had become a reality in his son”.
He went to town! He bought exotic cars, built a mansion in Lagos, bought properties in London, Washington DC and maintained permanent presidential suites in the world’s most luxurious hotels.
Similarly, when the Nigerian government wanted to sell her shares in AIICO Insurance in the early 90s, Dele purchased the 11% stake in the company, making him the 2nd largest shareholder in the company after American Insurance Group (AIG).
Even though the the Federal Government did not want an individual or entity to get all of the shares, Fajemirokun used 11 shelf companies to purchase 1% shares each and legally ended up with all of it.
A decade later, he purchased AIICO Bahamas’ 40% stake in the company, making him the largest shareholder in AIICO Insurance Plc.
As a young boy, Dele Fajemirokun was a rascal. This earned him the moniker “Dele Times, Dele Trouble”. He noted in his autobiography that his father once regretted not including “suicidal” as his middle name.
He however did not grow out of his daring nature. As Chairman of the board of AIICO Pensions, Dele used his main house as collateral to enable the company raise a draft of N650 million in 24 hours before the company’s license could be reissued by its regulator after the pension reform.
Achievements
Some of the positions held by Oladele Fajemirokun include:
- DF Holdings Limited – Executive Chairman
- AIICO Insurance Plc. – Non-Executive Chairman
- AIICO Pensions Managers Limited – Non-Executive Chairman
- AIICO Capital Limited – Non-Executive Chairman
- Amaiden Oil and Gas Limited – Non- Executive Chairman
- Xerox (HS) Nigeria – Non-Executive Chairman of the Board
- Johnson Wax- Non-Executive Chairman of the Board
- Kings Guards Securities – Non-Executive Chairman of the Board
- FSS Gases Limited – Non-Executive Chairman of the Board
- Food Concepts & Entertainment – Non-Executive Chairman of the Board
- Henry Stephens Group – Executive Chairman of the Board
He has served on different boards including:
- Nigerian French Insurance Plc – Non-Executive Director
- Nigerian-American Merchant Bank- Non-Executive Director
- National Bank of Nigeria – Non-Executive Director
- Spar Aerospace/GS Telecoms – Executive Chairman
Awards and international honours
- Honorary Doctorate in Business Administration from City University, Los Angeles, United States (July 1985)
- Alumni Merit Award – Loyola College Old Boys Association, Ibadan (1996)
- Fellow of Institute of Administrative Management of Nigeria
- Fellow Award, Institute of Directors (April 2005)
- Junior Chamber International, OAU Award of Excellence (July 2008)
- Honorary Award from Nigerian Society of Chemical Engineers (2008)
- Recognition Award – Milestone Nigerian Magazine (July 2014)
- Merit Award from Cathedral Church of Christ, Marina Lagos (Dec 2014)
- Ministry of Education Recognition Award (December 2015)
- 40th Anniversary OAU Special Alumni Merit Award
- Honors Award – The Diocesan Elderly Ministry, Lagos
- Merit Award from Diocese of Ile-Oluji Church of Nigeria
- Appreciation Award from Inclusive Unity School (December 2015)
Chieftaincy titles
- Bajulaiye of Okeigbo, Ondo State
- Bobagunwa of Ifewara, Osun State
- Obaluaro of Ado–Ekiti, Ekiti State
- Fiwajoye of Ipetu–Modu, Osun State
- Amuwajoye of MOPA Kingdom, Kogi State
- Chief Atanyese of Ondo Kingdom, Ondo State
- Baba Oba of Ifewara, Osun State
Net worth and cars
Dele Fajemirokun is a billionaire in Naira. While his net worth cannot be independently confirmed, some online reports estimated his wealth at $500 million.
Fajemirokun enjoys spending his money. His car collection includes exotic cars such as the Range Rover, Mercedes Benz E-Class, Mazda CX-5, and an older Phantom in Nigeria.
He also keeps a newer model Rolls-Royce Phantom (series 2) in his garage in London.
Disclaimer
The information in this article was curated from online sources. NewsWireNGR or its editorial team cannot independently verify all details.
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