Richest Men In Nigeria: Samuel Adedoyin

Nigeria’s Richest men

Prince Samuel Adedoyin


Samuel Adedoyin was born into the family of Solomon Adedoyin Olaosebikan and Rachel Oni in Lagos, Southwest, Nigeria. He had it rough growing up in a polygamous family with conflicts constantly brewing between both parents, which would later result in separation. He grew up in his hometown, Agbamu. When he was old and strong enough, he tended to a farm owned by his dad.

Samuel Adedoyin attended St Paul’s school, Agbamu. At the age 11, he went over to Lagos to live with his father in Ebute Metta area of the city. While there, he would sleep over at the father’s store at Enu Owa. He always sought greener pastures to enable him fend for both him and his mom. He once attempted sailing away to the UK as a stowaway, but was picked up in Ghana and taken back to Lagos. He is said to have begged an immigration officer to allow him work for him citing that he took the money for the aborted trip from his dad’s without his consent. He would later work for the officer for a period of two months before venturing into trading in Ghana. He returned to Nigeria after sometime.

Initially, he intended to return to Ghana, but decided against that the last minute, and stayed for a brief moment in his hometown, Agbamu instead.  He later travelled back to stay independent of the father. It was in Lagos that he started selling umbrellas and bags. As the business grew, he later rented a store at Idumagbo area of the town.

Today, the story is different. He has now ventured into several businesses including: Doyin Investments Limited—a traveling bag and leather products firm, Doyin Motors, Starco Limited, Starco Motors Limited, Met Manufacturing Industries, Star Mills, Jekoyemikele Oluwa & Bros, Global Soap and Detergent, Doyin Pharmaceuticals, Consolidated Foods and Beverages Limited, Doyin Industries, First City Property Limited, Stafford Chemicals and Industries, and Doyin Shipping International Limited.

To many people, he is the inspiration who went from being a petty trader to becoming a business tycoon. For someone who has had to engage in petty trading at the age of 14, trading in nails, before later divesting into trading umbrellas, pens, among others it was difficult seeing him establish Doyin Investments—a labor-intensive leather and traveling bag producing firm. What later followed was a deluge of successes, as he further established Doyin Investments to deal in vehicle trading as Starco Motors would to deal in Peugeots, while Doyin Motors dealt in Volvos.

In the ‘80s, Doyin Group was birthed in order to ensure proper co-ordination and accounting for the business. The Group would later venture into grits, mats, detergents, pharmaceuticals and cosmetics trading.

The firm is also into real estate.

Mr. Adedoyin was a promoter of City Express Bank but was later removed as Board Chairman in 2005 when the bank could not meet its financial obligations.

Education: St Paul’s school, Agbamu

Net worth:

Foundation or organisation founded: Several businesses