Henry Fajemirokun’s biography, fact, career, awards, net worth and life story

Henry Oloyede Fajemirokun was a trade unionist who later became a prominent Nigerian businessman and one of the country’s dynamic indigenous entrepreneurs who promoted West Africa’s economic integration. He was a former president of Nigeria Chambers of Commerce & Lagos Chambers of Commerce and of the Federation of West African Chambers of Commerce (1972–1978).

Early life and career

Fajemirokun was born in Ile Oluji, Ondo State. He was educated at St Luke’s School, Oke-igbo (1937–1940), CMS Grammar School, Lagos (1941–1942) and the Ondo Boys High School (1942–1944). After Ondo Boys school, he joined the Royal West African Frontier Force and served in India during World War II. After the war, he joined the Post and Telegraph Department as a clerk. He was a member of the workers’ union in the department and rose to become president of the department’s ex-servicemen’s union in 1948. In 1952, he became president of the Post and Telegraph’s Clerical and Workers Allied Union. He started private business in 1955 from a loan he received from a relative. He entered the agricultural export sector, exporting cattle bones as his first product, then hides and skin, rubber, coffee and shea nuts. He earned the trust of buyers who extended letters of credit to finance his business. He added other ventures into his business activities, in 1962, he started the a maritime services firm. In the 1960s he started a massive importation of cement from Egypt and Poland. He received funding for this particular venture from a credit facility that had been provided to him by a British bank in London. In 1968, Fajemirokun was awarded the chieftaincy title of Yegbata of Ile-Oluji by his traditional sovereign, the Jegun, thus making him a tribal aristocrat of the Yoruba people. He also ventured into commodity brokerage and in 1969 he bought and held a seat on the London Stock Exchange. His company Henry Stephen was the first indigenous company to get oil prospect license in Nigeria.

Henry Stephens

In 1971 he received another title, becoming the Asiwaju of Okeigbo. Later in the decade, as the chairman and largest shareholder of the Henry Stephens group of companies, he became a major shareholder in some leading companies in Nigeria. Following a decision to withdraw the wealth of the country from foreign nationals that was taken in 1972, an ‘indigenization’ decree was promulgated by the Federal government, he pioneered this scheme which benefited Nigerian greatly. Henry Stephens capitalized on the euphoria of the contemporary nationalism of the period and acquired or represented major foreign operations in the country. It became the sole distributor for Xerox. He was denied the right to acquire the Daily Times from the British Daily Mirror who own the title by the Obasanjo junta. Henry Stephens also acquired stakes in Johnson Wax and Fan Milk. He established Henry Stephens Shipping company with three lines: Ile-Oluji Line, Ifewara Line and D.F Fajemirokun Line, the company was a pioneer in the Nigerian maritime industry and was one of the first Nigerian companies to own an interest in a shipping line.