Tunde Folawiyo, the first son of the late Baba Adinni of Yorubaland, Yinka Folawiyo and the chairman of Yinka Folawiyo Group, a conglomerate consisting of large investments in virtually almost all the sectors of the economy is about to start oil exploration in Lagos, and this is authoritative.
Tunde Folawiyo who controls the conglomerate that has interest in agriculture, energy, shipping, real estate, engineering, telecommunications and banking and so on signed a pact with the ministry of energy to start exploration at the AJE Oil Field.
It is no more a hidden fact that Lagos has been declared the next oil producing state in Nigeria since oil deposit in large quantity was found at Aje Field, offshore Badagry some years ago. The first phase which is scheduled to start next month is targeting 10,000 barrels per day of oil from two target wells.
Tunde Folawiyo has remained the constant source of advocacy for the exploration of Nigeria’s lucrative crude oil. Consequently in 1989, in his effort to promote the expansion of the Yinka Folawiyo Group, he founded the Folawiyo Energy Limited. This singular effort, led to the construction of a world class storage facility in 2004, a facility which has the capacity to contain approximately about 30 percent of the total Premium Motor Spirit of the country. His contribution to the energy sector of the economy earned him the Vice President of the Nigerian Association of Indigenous Petroleum Explorers and Productions, (NAIPEC) since 1996 to date.
Tunde Folawiyo has grown the conglomerate value to $650m net worth since he took over the leadership of the business from his late philanthropist father who died in 2008.