Richest Men in Nigeria: Jimoh Ibrahim

Nigeria’s Richest List

Jimoh Ibrahim’s Biography

 

Synopsis:

Born 49 years ago into a poor family to Alhaji Yakubu, a bricklayer, in Igbotako, Okitipupa, in Ondo State, Southwest Nigeria, Jimoh Ibrahim is a Nigerian business mogul whose business interest cuts across airlines, banking, hotels, oil and gas distribution, resorts, real estate and insurance. He studied law at the Obafemi Awolowo University, Ile Ife, earning a Bachelor of Laws (LLB) in the process. He would later obtain the degree of the Master of Public Administration from the same institution. He also graduated with a combined Masters of Law and Masters in International Taxation from Harvard University, Massachusetts, United States of America. His mother is Omofemiwa Jimoh, a fishmonger. It has been alleged that his father has 7 wives and 40 children. Since his secondary school days, Jimoh Ibrahim has nursed ambitions of becoming a businessman someday.

In his youthful days, Jimoh Ibrahim would get minor contracts which he executed using some of his father’s bricklaying materials. He continued until he made his first million when he was in his mid-20s, while serving his fatherland as a corps member.

When he discovered that Local Governments had no laws of their own while both State and Federal Governments did, he decided to organize a Local Government seminar on law across the federation, from which he would make an approximated 3.6 million naira. In the same year, he organized about fourteen workshops for top public office holders at all levels of government, which fetched him some more money. By the end of his service year, he was said to have had approximately 70 million naira in savings. He was able to build a house in his village and four others in Lagos. He would have six houses by the end of the service year.

While still conducting seminars, he discovered that Nigeria was losing too much money to the big oil companies who were not paying as much tax as they should, and made a proposal on how such funds can be recouped, with him acting as a consultant. The proposal was accepted by the government, who in turn, paid him commission.

He later combined the money he was making from the commission with that of the seminar to acquire and develop a land at VGC gate into an ultra-modern fuel station with two banking halls with an initial capital of 21 million naira. He further invested the surplus into real estate.  He kept acquiring properties and turning them into successful businesses until he secured a license to operate as independent oil marketer.

He went on to serve as a consultant to the International Monetary Fund on tax reforms in Croatia and Estonia. He was also a part of the team from Harvard that formed Bangladesh’s tax reforms.

Jimoh Ibrahim had also served as Chief consultant to the Federal Government of Nigeria on Petroleum Tax Payment, Collection and Monitoring. He was a one-time member of the Federation Accounts Allocation Committee and the Chairman, Special Committee of the Federation Accounts. He is the Chairman of Global Fleet Companies and GMD, Nicon Group.

Education:

  • St. John’s School, Igbotako
  • Community Grammar School, Igbotako
  • Federal School of Arts and Science, Ondo
  • Obafemi Awolowo University, Ile-Ife
  • Harvard University

 

Net worth: $900 (2016 estimate)

Foundation or organization founded: Energy Group

Awards: Hall of Fame Award (Success Digest, 2013)

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