Prince Samuel Adedoyin
Posted by Karen on
Prince Samuel Adedoyin
05/20/2016 04:31:51 PM
Samuel Adedoyin is a Nigerian businessman who is the proprietor of Doyin Group of Companies, a conglomerate that spans about 14 or more companies.
Adedoyin is a friend of Lagos socialite and businessman Razaq Okoya, both men traveled abroad in the early 50s seeking new ventures in the import and export trade.
Adedoyin was born in Lagos to Rachel Oni and Solomon Adedoyin Olaosebikan, he had a tumultuous early life coming from a polygamous family with conflicts between his father and mother which culminated in their separation. He grew up in his hometown of Agbamu after being born and when he was old enough, he tended to a farm owned by his father.
He also attended St Paul's school at Agbamu. At the age of 11, he traveled to Lagos to stay with his father in Ebute Metta but while in the city, he mostly slept at his father's store in Enu Owa. Not keen in staying at home and seeking greener pastures to fend for himself and his mother, Adedoyin tried to sail to England as a stow away but was picked up in Ghana and sent back to Lagos where he begged an immigration officer to let him work for him as he had taken his money from his father without telling him and also of his trip.
After working for the immigration officer for two months, he decided to start working as a trader in Ghana. He returned from Ghana and decided to show himself to his family. Though, he originally wanted to return to Ghana and continue his work, he stayed at Agbamu and was able to earn a tidy sum which he later used to travel again to Lagos this time as an independent young boy. In Lagos, he started work by selling umbrellas and bags and later rented a store at Idumagbo.
Adedoyin's group today encompasses Doyin Investments Limited, a traveling bag and leather products firm, Starco Motors Limited, Doyin Motors, Met Manufacturing Industries, Star Mills, Starco Limited, 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.
Adedoyin is known as a successful businessman who rose in the business community from a background of petty trading to an indigenous industrial giant. He got his start in the business world at the early age engaging in petty trading in Ghana and at the age of 14, he was trading in nails, he later divested into trading such products such as pens, umbrellas and some popular goods of the time.
In 1968, he established Doyin Investments, a direct labour intensive leather and traveling bag producing firm. Prior to establishing the firm, he was involved in a failed venture with an expatriate. He followed Doyin Investments with interest in motor trading with Starco Motors dealing in Peugeots and Doyin Motors dealing in Volvos. He also established an electronics assembling factory and a fishing net firm.
During the 1980s, the firm chose an industrial path to reduce risks affiliated with changes in government's policy and in areas where Nigerians could easily be trained. He also consolidated his from under Doyin Group largely for coordination and accounting purposes. The group then invested in grits for beer making, mats, detergents, pharmaceuticals and cosmetics.
The firm also has a sizable real estate portfolio in Lagos which has earned it stable income over the years.
Adedoyin was a promoter of City Express Bank but by 2005, the bank was unable to meet most of its financial obligations to customers and Adedoyin was removed as chairman of the bank's board. He later spoke about his regrets investing in the banking sector and claims that the bank fraudulently loaded his firm's account with loan facilities
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