TAIWO AFOLABI’S HEADACHE
Taiwo Afolabi, CEO, SIFAX Group, is a familiar name in Nigeria’s shipping business. He can hold the candle to anyone in the industry owing to his brilliance. His businesses are scattered within and outside the country and he dazzles with beautiful ideas. Besides, the billionaire businessman has a Midas touch, as anything he touches turns into gold. But the shrewd businessman is not happy at the moment, as he seems to be having a challenge realising one of his beautiful dreams. How?
Afolabi was one of the few business moguls who were issued licences to build private refineries in Nigeria based on his antecedents as a trusted and reliable businessman. Consequently, he was said to have secured several hectares of land around Snake Island, Lagos, to build the refinery that is expected to produce 120, 000 barrel per day. But there is snag. He is said to be having some “financial constraints.”
“Some of his business partners abroad who showed interest in investing in the proposed refinery have withdrawn owing to current insecurity in the country. At the moment, he is running from pillar to post to raise the needed funds for the gigantic project. It is a big headache for him, as he has not made any headway so far,” a source said.
Afolabi is a well-trained professional with over 20 years’ experience in the maritime and shipping industry. His wealth of experience and organisational prudence have remained invaluable assets to the Sifax Group and the nation’s business terrain, where he is fast becoming a leading and shining light.