In the thinking of many, billionaire businessman, Babatunde Tijani Folawiyo’s paths had been already laced with roses because of his background. But what those who hold this view do not know is that Folawiyo himself has been able to maintain the legacy left by his legendary wealthy father—Wahab Iyanda Folawiyo— with sweat, determination, hard work and discipline.
The dandy 63-year-old mogul has kept the family business —Yinka Folawiyo Group— afloat and today, the conglomerate is not only recognised around the world as a powerhouse of investments encompassing energy, agriculture, shipping, real estate, and engineering, but he has been listed as one of the richest on the continent of Africa.
Folawiyo’s acumen and impact extend beyond the family dynasty that he heads. He is one of Africa’s most highly regarded entrepreneurs, philanthropists and scholars who has served as a constant source of support for the country’s economic growth. On his own merit, Folawiyo stands as a driving force in the corporate landscape. He has silently been making landmark strides in different sectors of the Nigerian economy that ranges from manufacturing to oil and gas to the creative industry.
His extensive leadership journey has significantly impacted other big businesses including Ecobank and Access Bank. Folawiyo is also one of the prominent investors on the Nigerian Exchange with his strategic investment in MTN Nigeria Plc with a 1.08 per cent stake valued at over N62 billion. As that ubiquitous peg that fits into all holes, Folawiyo also owns New Age (African Global Energy) —an investing company with interest in the family’s oil exploration firm, Yinka Folawiyo Petroleum.
The YFP owns a 60 per cent interest in an oil block —OML 113— that contains the Aje offshore field in the Dahomey-Benin Basin, offshore Nigeria. However, Folawiyo is trading off his New Age’s interests in the OML 113 to an Oslo, Norway-listed PetroNor E&P. Under the terms, PetroNor will give the Nigerian billionaire $6 million upfront and a deferred future gas production payment, capped at $20 million, to buy New Age’s holdings that has a 32 per cent economic and voting interest in the OML 113 Joint Operation Agreement (JOA).
Last year, PetroNor entered OML 113 by buying Panoro Energy’s Nigeria stakes. With this new deal, PetroNor and YFP will form a jointly-owned company, Aje Production AS. After these transactions, the combined JOA voting and economic interest for PetroNor and YFP-associated companies will be 71 per cent with the Lagos State-born mogul still wielding strong influence as the head of the Folawiyo Dynasty.