By Funsho Arogundade
Everyone dreams of becoming a billionaire, but very few take the time to understand how billionaires actually make their money. Beyond talent and ambition, the real secret lies in their business models —leveraging compound interest, asset appreciation, and strategic acquisitions— to build their fortunes. Nigerian logistics tycoon, Dr. Taiwo Olayinka Afolabi really understands those models. It has helped him to rise to become an icon in the logistics sector of the Nigerian economy.
Afolabi floated SIFAX Nigeria Limited in 1988 as a freight forwarding agency in Lagos, Nigeria, rendering such services as haulage and warehousing operations, as well as adjunct import and export support services. Today, he has led the small company into a one-stop multimodal behemoth with several subsidiaries spanning aviation, hospitality, logistics and financial services with offices in Ghana, South Africa, United States, Belgium, United Kingdom, Djibouti, Gambia and Equatorial Guinea. Yet, Afolabi is not even resting on his oars as he’s currently reviewing the group’s services and processes to deliver a better value. He has remained deeply involved in the group’s expansion, especially in areas where operational capacity can support Nigeria’s growing trade and business environment.
Just last month, through one of his subsidiaries, SIFAX Shipping, Afolabi expanded export access to the United Kingdom with the launch of a direct Less-Than-Container Load (LCL) service. Developed in partnership with Net Cargo UK Limited, the service is designed to help local businesses —small and medium-sized exporters— get their goods to the UK more easily and cost-effectively.
The company also deepens trade links with India and China as he sealed a new import deal with WSC Logistics and Shot To Logistics Limited. Through this setup, goods from countries like India and China will be routed through SIFAX’s bonded terminals and warehouses in Nigeria. The model is particularly useful for third-party logistics firms that lack the infrastructure to manage large shipments on their own.
And the latest was the port deal in Lagos. Afolabi has taken another step toward improving port operations in Lagos. Through Ports & Cargo Handling Services Limited —another of his subsidiaries— Afolabi has finalized a new agreement aimed at strengthening cargo handling at the Tin Can Island Port terminal. Under the new arrangement, which took effect Friday August 1, Ports & Cargo has brought in Micura Services Limited to take charge of stevedoring operations. The change is part of a broader push to streamline services and improve customer experience at one of Lagos’s busiest terminals. Beyond maintaining his dominance in the logistics sector, Afolabi appears focused on efficiency moves that will make every operation in the maritime industry work from the ground up.
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