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Sifax Group’s Boss, Taiwo Afolabi in Dire Straits
Taiwo Afolabi, chairman and CEO of Sifax Group, has his hands in many pies, including oil and gas, real estate and agriculture, among others.
Afolabi is respected at home and is also one of those who make Nigeria proud abroad. His businesses are scattered within and outside the country, as he always dazzles with beautiful ideas always.
However, Society Watch gathered that the astute businessman is not happy at the moment, as he is having a headache over some of his investments.
Afolabi was one of the few moguls issued licences to build private refineries in Nigeria.
Consequently, he was said to have secured several hectares of land around the Snake Island, Lagos since 2013 to build the refinery that is expected to produce 120, 000 barrels per day. But he is said to be having some “financial constraints”.
Not one to give up on his dreams, reports have it that he has been running around to raise the needed funds for the gigantic project.
“It is a big headache for him. But he has vowed to trudge on,” a source said.
It was also gathered that he has lost sleep over his yet-to-be-completed Marriott Hotel in Ikeja, Lagos. Last year, he had planned to open the hotel situated in Ikeja GRA, Lagos, four years after the foundation was laid in 2014.
The source also disclosed that several billions of naira had been spent in setting up the hotel.
The source, who has been to the world-class hotel, confirmed that it is sitting on a 7,000 square metre area of land.
“Although there are indications that the hotel, a seven-storey structure that boasts of 251 rooms, will be delivered very soon, the businessman is not happy with the slow pace of the construction and has shown his grievances to the contractors handling the project,” the source added.
Afolabi has over 25 years’ experience in the maritime and shipping industry.
His wealth of experience and organizational prudence have remained invaluable assets to the Sifax Group and the nation’s business terrain.