SAMUEL ADEDOYIN
SAMUEL ADEDOYIN: PRINCE OF NIGERIAN COMMERCE
Samuel Adedoyin, chairman and chief executive officer, Doyin Group of companies, is, indeed the doyen of industry in Nigeria. He wholly owns and manages one of the biggest and most diversified indigenous conglomerates in the country employing nearly 10,00 people. The group has offices and factories spread over the country and generates a turnover that runs into billions of naira.
Adedoyin started out trading over 45 years ago and from that humble beginning has nurtured his business into a full blown conglomerate with investments in a wide range of sectors of the economy. It produces high quality products that compete favourably within and outside the country. Most importantly, he makes the point of growing and building his group of companies solely on indigenous manpower and skills.
Today, Doyin Group of Companies has about 20 subsidiary companies. They include Doyin Investments Limited, Starco Motors Limited, Doyin Motors, Met Manufacturing Industries, Star Mills and Starco Limited. Other are Jekoyemikele Oluwa & Bros, Global Soap and Detergent, Doyin Pharmaceuticals, Doyin Industries, First City Property Limited, Consolidated Foods and Beverages Limited, Stafford Chemicals and Industries, and Doyin Shipping International Limited.
Over the years, Adedoyin has transformed his business from a trading concern to a manufacturing outfit. He says "what we are doing now is to liquidate our trading business and we are substituting them with industrial ventures." Adedoyin believes that for Nigeria to be developed and become industrialised, her businessmen must move away from trading and pursuit of contracts. He also uses the case history of the multinationals operating in Nigeria as a reference point since they mostly started here as trading outposts before metamorphosing into manufacturing companies.
His first manufacturing outfit is Doyin Investment Limited which was a labour intensive company producing all types of travelling bags including suit cases and wallets. He later went into motor business, first with Doyin Motors that specialised in marketing Volvo cars and later with Srarco, that distributed Peugeot cars in the 1970s.
Today, Doyin Group's manufacturing activities are really outstanding. Doyin Investments (Nigeria) Limited now handles manufacturing of Doyin Paints, and oversees the activities of Property Development Company Limited which manages an estate estimated to cover over 200 property in Lagos and the company also clearing and forwarding services not only to its subsidiary firms but to third party clients.
Global Soap and Detergent Industry manufactures detergents, toilet and laundry soaps as well as scourers under the "Bold" and "Flash" brand names. The company also makes glycerine, an essential input for making detergents. Similarly Doyin Industries Limited manufactures toothpaste, mendicants, disinfectants, creams and pomades including Dentoclean and prudents brands of toothpaste.
Newswatch June 29, 1998
" Newswatch 1998