KEYFACT Energy
Contacts
Yinka Folawiyo Group
Yinka Folawiyo Plaza
38, Yinka Folawiyo Avenue
Apapa, Lagos
Nigeria
Tel: +234-1-2805432
Yinka Folawiyo
Description
In 1957, late Wahab Iyanda Folawiyo founded Yinka Folawiyo & Sons, the parent company of the Group, to develop import and export between Nigeria and the rest of the world.
In 1958, he became the first entrepreneur to develop trading activities between Eastern Europe and Nigeria. Incrementally Yinka Folawiyo & Sons expanded its activities across the region, trading commodities like sugar, cement and construction materials. The company then expanded its product offering with dairy products, tinned and frozen fish, fertilizers and other essential commodities like rice.
In 1967, to facilitate its fast expansion independently, Maritime Associates International was incorporated as shipping and forwarding agents, becoming one of the first Nigerian shipping companies, in an industry where foreign corporations had a monopoly. Nigerian Green Lines was subsequently formed, being the first Nigerian ship owning company and later garnered a fleet of six vessels with a combined deadweight of just under 200,000 MT. At its peak, it was the largest owned fleet in Africa. Wahab Iyanda Folawiyo became the first African Principal Member of the Baltic Exchange in London.
In 1971, the founder created United Property Developers to answer Lagos' growing needs in residential and commercial properties. Since then, the company has built several iconic developments across Lagos.
In 1982, the company entered the oil industry with the formation of Yinka Folawiyo Petroleum, a leading indigenous E&P company in Nigeria. The company is currently operating the Aje field, the first oil‐producing field in Lagos state. The group expanded its oil activities across the value chain with Folawiyo Energy, owning and managing a world‐class storage and distribution unit in Lagos. Enyo Retail & Supply completed the group's oil business bringing value with its marketing and trading capacities.