Chief Oladele Fajemirokun, Globally-acclaimed Businessman, Entrepreneur, and Philanthropist @ 75

By Ademola Akinbola

Chief (Dr.) Oladele Fajemirokun, fondly referred to as CDF or Baba Oba, is a Nigerian businessman, entrepreneur, investor, venture capitalist, and philanthropist. He was born on April 16, 1950, into the families of High Chief Henry Oloyede Fajemirokun, the Yegbata of Ile-Oluji, a successful businessman, community leader, nationalist, and philanthropist, and Chief (Mrs.) Osebosade Fajemirokun.

Education: He had his early education in Ile-Oluji, then St. Peter’s in Lagos, finishing primary and secondary education at Mayflower School, Ikenne, Ogun State, and Loyola College, Ibadan, Oyo State, respectively. Thereafter, he did his Higher School Certificate (HSC) at ‘Gboluji Grammar School, Ile Oluji, Ondo State, before proceeding to the University of Ife (now Obafemi Awolowo University) in Ile Ife, where he obtained a Bachelor of Science degree in Business Economics, and a doctorate (Honoris Causa) from the City University of Los Angeles, USA.

CDF, ‘a chip off the “old, successful and philanthropic” block’, is an African entrepreneur who has carved a niche for himself as a respected, talented, and accomplished investor and trader. He has more than forty-two years of extensive business-building and wealth creation experience, both within and outside Nigeria, having built a business empire that is unique in comparison to conventional businesses.

The story of CDF is the story of a young man who had faith in himself and earnestly took hold of his life: a man who thrives on taking challenges and confronting odds. Scorning all props, supports, crutches, and life preservers, he decided to plunge into the sea of life. He strove to become a creator rather than an inheritor; to bequeath rather than to borrow. Instead of wielding the rusted sword of his departed father, he forged his weapon. He fought his own battle, a living testimony to self-reliance and self-methodology. 

 A Consummate Business Mogul: Chief (Dr.) Oladele Fajemirokun is a well-known businessman, entrepreneur, investor, venture capitalist and philanthropist. His business empire spans flourishing businesses in major sectors of the economy, such as King Guards, Multishield Limited, Chicken Republic, FSS Gas Limited, Blue Chip Communications Limited, Food Concepts and Entertainment, amongst others.

Success Story: This is the life and success story of Dele Fajemirokun, a smart entrepreneur who surrounds himself with brilliant minds and positively uses their influence to his advantage in attaining great strides in his engagements. He is the CEO of Henry Stephens Group of Companies, and his approach to success has helped him manage and grow a multi-million-dollar business. Here’s how he did it:

Entrepreneurship: Coming from a wealthy background and with access to a lot of resources and finance, Dr Dele Fajemirokun cultivated and invested in several high-class companies in Nigeria, helping him to secure an abundance of high-performance enterprises in key sectors of the economy ranging from insurance to telecommunications, oil and gas, agriculture, and manufacturing. He is currently the Chairman/Director of the board of the companies, and many others, totalling over forty.

 His approach has always been to surround himself with brilliant minds who are great executives. This has helped him to forge relationships with many friends who would later become his business partners. For many of his ventures, he invites friends to be partners, shareholders, and employees while he retains a controlling interest. This model enables him to share the risks with others and benefit from the synergy associated with working with a formidable team of partners rather than just running things solo. Together, they’ve built multiple large businesses, shared larger profits, and experienced losses together.

CEO of Henry Stephens: When his father died in 1978, he became the Group Executive Director (GED) of Henry Stephens Group (comprising at least 19 companies). Although he had not worked in a managerial capacity in the group before this, his father’s excellent and accurate record-keeping practice provided all the information he needed to know about the businesses.

 He is not only adept at raising finance, but he is skilled at making his money work for him. He possessed the desire to put his company’s interests even above his own, and that contributed significantly to his status. He took several risks in the interest of the companies. For instance, as Chairman of the board of AIICO Insurance, he used his main house as collateral to enable the company to raise a draft of N650 million in 24 hours before the company’s license could be reissued by its regulator. His dogged and innovative approach to business is portrayed in how he acquired a significant stake in AIICO and later increased his stake to become the majority shareholder of the company.

 In the early 90s, the Nigerian government wanted to sell its shares in AIICO Insurance. He was interested in purchasing, but he had been reliably informed that the Federal Government did not want an individual or entity to own it. He was not discouraged by this but still figured out a way to legally purchase the 11% stake in the company, making him the 2nd largest shareholder in the company after American Insurance Group (AIG).

 He expressed interest in purchasing AIICO Bahamas’ 40% stake in the company, but they valued their shares at an “eight-digit dollar price”, and he had to bid his time. His patience paid off slightly over a decade later, and he acquired their shares, making him the largest shareholder in AIICO Insurance Plc.

Trials: Having lost his father at the age of 28, Dele had to relocate from Kano to run his father’s companies. Running the firms was a challenging task because, prior to this period, he had only worked as a “sweeper” in his father’s warehouse and a “tally clerk” in his clearing and forwarding company while he was a student. The entire corporate burden was upon him as everyone expected him to step into his father’s shoes and sustain the legacy with the expectation of doing greater than his predecessor.

 Notable Achievements

• He used personal assets as collateral to secure significant funding for AIICO Insurance. He subsequently acquired a significant stake in AIICO Insurance and became the majority shareholder.
• He successfully navigated government regulations to acquire shares in AIICO Insurance.
• He expanded Chicken Republic’s operations, establishing it as a prominent player in Nigeria’s fast-food industry.

Source: The Making of me: My Odyssey in Business (Autobiography of Chief Dele fajemirokun)