In the leagues of men who despite being born with a sliver spoon in their mouth, deviated from the norm by not banking on his fathers stupendous wealth but worked hard to make their own money and sustain their inherited wealth, Tunde Folawiyo, holds a special place on the list with his bravery and quest to be independent.
Blessed with a deep pocket and huge financial war chest, the Chairman of Yinka Folawiyo Groups, a conglomerate with wide interest in business chain like; Agriculture, Energy, Shipping, Real estate, Oil and Gas is one of those who have witnessed astronomic rise in what ever they venture into.
The cosmopolitan dude who clocked age 60 last year April has also held several top position which he has earned several commended for his Midas touch of Gold. In 2016, Folawiyo and his firm announced its first production of crude oil from the Aje Field, the first producing field outside of the Niger Delta area in Nigeria. Aje Gas and Condensate Field, lies in Oil Mining Lease 113 in the Benin Basin, about 43 kilometres offshore Lagos State. He was said to have pulled huge investment spanning into billion of dollars for the exploration of crude to reduce the pressure from the Niger Delta region which will also increase the amount of barrel produce daily.
According to sources, in other for Folawiyo to further pull more investment to expand exploration of his oil field in large quantity, sources divulged that; he is allegedly planning to sell off his shares at Enyo Retails. A thriving Oil and Gas retail outlet currently taking over the industry’s downstream sector.
Some averred that; Tunde is quitting the oil and gas sector. Contrary to the claim, the London School of Economics Graduate is planning to focus more on Upstream sector which is exploration and refining of crude product. The Upstream sector is more profit promising with less stress.
In the takeover bid, Tunde is said to be considering the sale of Enyo Retail to Ardova Plc formerly Forte Oil headed by Abdulwasiu Sowami of Prudent Energy.
” The deal is underway and near completion. It should be signed and sealed before the end of Q1 of 2021. The shareholder of Enyo Retails have given their nod which makes the acquisition realistic. Immediately after the completion, Ardova Plc would retain the Enyo branded stations, which will operate side-by side with the AP brand, whilst leveraging the strengths of AP and its group companies. it is subject to the successful completion of due diligence exercise and the receipt of all required regulatory approvals. If the deal is finally sealed, the synergy will give their competitors a run for their money.”
