Profile | History
Samuel Adedoyin; CEO of Doyin Groups Net Worth
Several of history’s most respected and celebrated men have risen from nothing to something. Samuel Adedoyin, a renowned industrialist, entrepreneur, and billionaire, falls in this category.
His story continues to inspire the younger generation as his journey and triumph have shone a light into the tunnel of disappointments, failures, poverty and struggles many people find themselves in.
Chief Samuel Adedoyin was born to Solomon Adedoyin Olaosebikan and Rachel Oni on the 4th of December, 1935, in Lagos.
The industrialist wasn’t born with a silver spoon as his father was a farmer and his mother an aso-oke weaver who struggled to make ends meet.
Adedoyin’s parents couldn’t afford to send him to school, but he had elementary education to primary four at Saint Paul Primary School, Agbamu, his hometown, before opting out.
Samuel then learned palm wine tapping before being sent to live with his father at Ebute Mette, Lagos. He slept in his father’s storehouse during this period.
Adedoyin was born into poverty but was determined to leave the legacy behind and rise above all odds.
His staunch determination led him to decide to flee to England in a stowaway ship before he was intercepted at Takoradi in Ghana, where he was going to be sent back to Lagos.
Adedoyin negotiated his way out with the immigration officer to avoid being sent back. He proposed to work for him as a houseboy to raise money as he couldn’t afford to be sent back to his former abode in Nigeria.
His negotiation scaled through, but Adedoyin pleaded with his master to let him go after working for a while. His master agreed and paid him £2, which Adedoyin used to establish a little roadside business of padlocks and door hinge sales even without a particular shelter for himself after his daily endeavours.
Adedoyin then came across a newspaper vendor who introduced him to the publisher of Ashanti Pioneer newspaper. His encounter with the publisher’s family earned him a job as a newspaper distributor and a roof over his head.
Still very ambitious and hungry for more, Adeoyin left the distribution job since it wasn’t converting to his expected aspiration.
Back in Nigeria, Adedoyin’s family has been disturbed because of his sudden disappearance, and his mother has sought herbalists’ and clerics’ help locating him.
After he left the newspaper job, Adedoyin returned to his padlock business.
It was 1949, and Adedoyin had spent about 13 months in Ghana; he had saved about £48 to show for it.
He decided to return to Nigeria. To his surprise, he discovered his mum had been searching for him and had even gone ahead to borrow money to initiate the search.
Adedoyin, remorseful and sad, gave up all he had saved to cover his mum’s debt of about £50, leaving him with nothing left.
He then opted to start another business in umbrella and ballpoint pen sales. Adedoyin rose through the business rank from his savings to begin the importation of pens and umbrellas and even opened his first outlet at 49 Dosunmu Street.
The revenue began to swell, and within another three years, Adedoyin could enlarge his coast by acquiring about nine houses in Idumota, Lagos. He also built himself a private residence at Rummens Road, Ikoyi.
After running the business and recording remarkable success, Adedoyin officially launched the Doyin Group in 1968.
Today, the Doyin group has grown to more than fourteen subsidiaries, with an employee force of more than 5000.
Adedoyin’s net worth
His business spans the manufacturing of leather bags and shoes. production of food and beverages, soaps and detergents, pharmaceuticals, and agricultural produce.
In addition, it has also delved into real estate and hospitality.
Adedoyin’s net worth has been valued at an estimated $540 million.