Olu Akinkugbe, Nigeria’s Corporate Boardroom Czar, Dies at 97

Emmanuel Addeh in Abuja

Chief Oludolapo Ibukun Akinkugbe, one of Nigeria’s boardroom greats, who took over from the colonial business enclave establishment during Nigeria’s formative years, has died at the age of 97.

Described as the ‘Chairman of Chairmen’, Akinkugbe, who was either director, chair or member of council of over 40 companies and organisations, passed on peacefully in the early hours of  Monday,  September 22, 2025, marking the end of an era.

A pioneer indigenous boardroom player, Akinkugbe distinguished himself early in his career in terms of competence, diligence and integrity, having served alongside Felix Bankole Cardoso, father of the current Central Bank of Nigeria (CBN) Governor, Yemi, on the Board of Barclays Bank Nigeria, before its nationalisation.

Akinkugbe was a family man and was married to his wife, Janet for 70 years. Janet also  passed away recently on September 11, 2025 at the  age of 97.

Some of the organisations Akinkugbe held sway as director, THISDAY learnt, included:  Barclays Bank of Nigeria Ltd (now Union Bank of Nigeria Plc); R.T. Briscoe (Nigeria) Plc; Nigerian Tobacco Company Ltd; SCOA Nigeria Ltd; Academy Press Plc; Print-On Company Ltd (formerly McCorquordale West Africa Ltd) and Triplex Safety Glass (Nigeria) Ltd.

Others were: Sanitas (Nigeria) Ltd; African Prudential Insurance Co. Ltd; Cogemat (Nigeria);  Investment Banking & Trust Company Ltd; Prudent Finance Ltd; Nigerian Industrial Development Bank; Leyland Nigeria Ltd;  Smithkline Beecham Nigeria Plc and Fan Milk Ltd. Director

He was also director at African Milk Company Ltd; Link-Up Investments Vitalink Pharma, Spectrum Publishing, Thomas Furniture; Palm Chemists Ltd; Alma Stores Ltd and IBTC Chartered Bank Plc.

Besides, Akinkugbe chaired West African Portland Cement Company Ltd; West African Batteries Ltd;  Blue Straps Ltd as well as Procter & Gamble Nigeria Ltd.

In the same vein, he was a member of the Ondo State Economic Advisory Council; Chairman,  Public Accounts Committee, Western State; President, Ibadan Chamber of Commerce; Vice President of NACCIMA; Member, National Economic Advisory Council; Council Member,  University of Ife (now OAU) and Advisory Council Member, Lagos Business School (LBS).

He was also on the Board of Managers, All-Saints Church School; Member, St. John’s Council of Nigeria (Western Zone); Pioneer General Secretary, Nigeria Union of Pharmacists; President,  Pharmaceutical Society of Nigeria (PSN); Council & Executive Committee Member, Commonwealth Pharmaceutical Association (CPA), Council Member, Federation of Commonwealth Chambers of Commerce and Member, Morgan National Wages Review Commission, among others.

Akinkugbe, who hailed from Ondo, died exactly 11 days after the passing of his wife. They were both born the same year, THISDAY gathered. He would have celebrated his 97th birthday in December, this year.

Born on December 25, 1928, Akinkugbe also taught in Ondo Boys High School (OBHS) for sometime before he left Ondo for Lagos. He studied Pharmacy at the School of Pharmacy, Yaba, Lagos and was said to have been in the same class with the great novelist, Cyprian Ekwensi.