$37 Million: Solomon Onafowokan’s New Target    

Most Nigerians know Coleman cables only when there is a power fault. Few know the man behind them is now raising fresh billions to expand further.

Solomon Onafowokan, founder of Coleman Technical Industries, is offering up to N50 billion, about $37 million, in short-term commercial paper. The offer sits under a wider N100 billion program and is arranged by Afrinvest.

In simple terms, the company is borrowing from investors for 182 and 270 days. The funds will support working capital, raw materials, inventory, and expansion. Minimum entry is N5 million, placing it within reach of institutional and high-net-worth investors.

The timing links directly to fibre optics. Coleman recently launched what it describes as Africa’s largest fibre optic cable plant in Sagamu, Ogun State. The factory is projected to produce about nine million kilometres of fibre annually, aimed at Nigeria’s growing broadband demand.

For context, Coleman is already the largest manufacturer of electrical wires and cables in West Africa. Founded in 1975, the company built its reputation supplying power utilities, housing projects, factories, and major construction sites. It positioned itself as a serious local alternative to imported cable.

Onafowokan has long argued that Nigeria must produce more at home, even if margins are tighter at the start. The company has invested in copper and aluminium processing in Sagamu to reduce exposure to exchange rate swings and foreign suppliers.

At 83, and a former president of the Lagos Chamber of Commerce and Industry, Onafowokan represents an older generation of industrialists who stayed in manufacturing when others pivoted to trading. His son, George Onafowokan, now runs daily operations as managing director.

The new fundraising means that there is confidence. Therefore, by tapping the debt market, Coleman is betting that demand for power cables and fibre will justify the expansion.

For ordinary Nigerians, the impact may not be visible now, but it will eventually show in stable power lines and faster internet speeds.