The Yinka Folawiyo Group

Yinka Folawiyo & Sons, the parent company of the Group, was founded in 1957 to develop import/export business between Nigeria and Europe and it was incorporated as a Limited Liability Company in 1967.  Following a visit to East Europe  in 1958 by the promoter of the Group, Alhaji Chief (Dr.) W. I. Folawiyo, CON, the company was the first to develop a thriving trade between East Europe and Nigeria.  From importing cement and sugar successfully from U.S.S.R., Yinka Folawiyo & Sons Limited expanded the trade to Bulgaria and Romania purchasing large quantities of cement and construction materials.  These trading operations were further developed to include the importation of milk products, tinned and frozen fish, fertilizers and other essential commodities.

As the volume of trade increased, Yinka Folawiyo & Sons became the first indigenous company to engage in sufficient bulk purchase to warrant chartering ships to service the trading operations.  Until this time shipping operations to and from Nigeria had been monopolised by foreign companies. However, with the formation of Maritime Associated (International) Ltd. to carry out chartering, agency, clearing and forwarding activities, the Company was invited by the Nigerian Produce Marketing Company (NPMC) to apply to become a National carrier for Nigeria’s vitally important agricultural exports of cocoa, palm kernels and ground nuts. 

As the Group’s chartering activities developed and demand for shipping space increased, Nigerian Green Lines was founded in 1972, as a ship owning and operating company.  From the purchase of M.V. “Ahmadu Tijani” (10,826 tons dead-weight) in 1973, Nigerian Green Lines Ltd. blossomed in six short years to become the largest privately owned shipping West Africa with a fleet of six general cargo vessels totalling 87,807 tons dead-weight.                                                                        
In 1975 the shipping operations were further expanded with the inauguration of a regular liner service from Europe to Nigeria, utilising both owned and chartered ships.
To improve on the discharging time and facilities in Lagos Port, the Group embarked then, on an approximately US$5 million Investment Programme in lighterage facilities.  This included the purchase of 18 pontoons, two motorised barges and three tug boats.   A new Company Trans-Atlantic International Lighterage Company Ltd, was formed to co-ordinate the lighterage operation which now includes the hire of barges to third parties.
Concurrent with the growth of the trading and shipping operations, United Property Developers Company Ltd (“UPD”) was formed to develop property investments in Nigeria.  These include residential property, office accommodation, warehousing, and agricultural estates.

In 1976 the Group constructed in Lagos a massive bulk cement handling plant capable of producing up to 4,500 metric tons of bagged cement per day and representing an investment of over US$70 million at that time.  The provision of a deep water berth capable of handling vessels up to 35,00 metric tons total dead weight, together with a discharging rate of 10,000 metric tons per day,  led to substantial savings in foreign exchange on freight, handling charges and damage to imported bagged cement.
Although the Yinka Folawiyo empire was founded on the import business, the mission statement of the Group has it  informed that the long term prosperity of Nigeria must lie with the development of her natural resources and local industries. 
In November 1990, Folawiyo Farms, Ilora a modern integrated poultry project established at a cost of approximately US$4.5 million was officially commissioned.                                       
Also in 1990, Folawiyo Fisheries Limited which was incorporated in 1986, took delivery of four out of twelve fishing trawlers built in the United States for its deep sea fishing and shrimping.

 In the realm of property development the Group’s United Property Development Co. Ltd., embarked  upon and completed giant projects such as the twin building, 12-floor Folawiyo Towers of residential apartments at Degema Close, Apapa, Temple Road (Ikoyi), Parkview Estate, Manuwa Court luxury flats and Folawiyo Plaza, the new 13-floor headquarters building for the Group located at Warehouse Road, Apapa.  Other properties including large warehouses were given face lifts to make them conform with the growing nature of business in Nigeria.

The Yinka Folawiyo Group has become one of the biggest conglomerates in Nigeria with a network of business activities at home and abroad.  The Group has also ventured into banking, insurance, energy, communications and ultimately into the oil business.   In the financial sector, it has interests in several banks and financial institutions including Access Bank, Ecobank, Transnational, Togo among others.  The Group also diversified by taking substantial interests in G. Cappa Plc, one of the foremost construction companies in Nigeria.

Among the latest additions to the Group’s fold are, YF Power Ltd and Folawiyo Energy Ltd.