Home African Business Icon Nigerian Business Icon: Jimoh Ibrahim

Nigerian Business Icon: Jimoh Ibrahim

by Valentine Ogbamebor

Jimoh Ibrahim is a Nigerian investor, businessman, politician, philanthropist, industrialist and lawyer. He is the CEO and Group Chairman of Global Fleet Group, a diversified conglomerate with a presence in West Africa and the United Kingdom.

Personal Life

Jimoh Ibrahim was born in Igbotako, Okitipupa, Ondo State, in the southwestern region of Nigeria. He was born on the 24th of February, 1967 to Alhaji Yakubu Jimoh and Omofemiwa Jimoh. He is 53 years old as of today. Jimoh is married to Mrs. Modupe Jimoh Ibrahim and they are parents to 4 children.

Education

Jimoh Ibrahim attended the Saint John’s school, Igbotako, Ondo State, for his primary and secondary education. For his first degree, he bagged the degree of Bachelor of Laws (LLB) from Obafemi Awolowo University in Ile Ife, Osun State, Nigeria.

Thereafter, he proceeded to obtain the degree of Master of Public Administration (MPA) from his alma mater. Later, he went to Harvard University in Boston, Massachusetts, United States of America, where he obtained a combined Master of Laws (LLM) and Masters in International Taxation degree.

Career and Business Life

Jimoh Ibrahim’s venture into the business world began when he started carrying out small scale contracts with his father’s bricklaying equipment. In addition, during Jimoh’s humble beginnings, he was involved in organizing a series of local government seminars on law for all the local governments in the federation. This initiative fetched him millions of Naira.

It is reported that as at when Jimoh was completing his NYSC scheme, his uncanny business acumen had accumulated for him about ₦70 million from various opportunities during his undergraduate years. One of such opportunities was a proposal he submitted to the government on how he could solve the nation’s withholding tax problem with multinational oil firms. With these earnings, Jimoh was able to acquire a swampy land at the Victoria Garden City, where he built an ultramodern filling station and some banking halls.

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The highlight of Jimoh Ibrahim’s business career is not unconnected with his establishment of the Global Fleet Group. Initially, the company was launched as Global Fleet Oil and Gas in August 2004 as a company with interests in petroleum marketing. The company began to expand by acquiring as many gas stations as they found and in just one year, they bought out 150 gas stations.

Global Fleet experienced massive growth in oil and gas sales and they were recording nothing less than $1 million in sales per day. As a result of this business boom, they were able to finish their depot which enhanced the overall operation of the company.

Today, the Global Fleet company has grown into a full conglomeration of diversified businesses and numerous subsidiaries, and is now known as Global Fleet Group. The Global Fleet Group now consists of Global Fleet Energy Bank, Global Fleet Building, Global Fleet Industries, and Global Fleet Oil and Gas which has about 200 gas stations all over the country.

Jimoh Ibrahim is also the Group Managing Director of NICON Insurance and Nigeria Reinsurance corporation; a subsidiary of NICON Insurance, both of which are located in Lagos, Nigeria. He is also a major shareholder in Air Nigeria, which was formerly known as Virgin Nigeria.

In 2003, Jimoh Ibrahim acquired the Le Meridian Hotels and subsequently renamed it to NICON Luxury Hotel. Through the operations of Global Fleet Group, Jimoh Ibrahim has businesses across neighboring West African countries and even beyond. In 2009, he founded Energy Commercial Bank in Accra, Ghana.

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The bank is an extension of Energy Group which is a subsidiary under the Global Fleet Group umbrella. In June 2011, Global Fleet made a 100% acquisition of the former Oceanic Bank (STP) in Sao Tome & Principe, under the leadership of Jimoh Ibrahim. The financial institution is now known as Energy Bank Sao Tome & Principe (STP).

Jimoh Ibrahim is also the managing director of the NICON group which has numerous subsidiaries such as

  • Nicon Saotome
  • Nicon United Kingdom
  • Nicon Trustee
  • Nicon Properties
  • Nicon PFA
  • Nicon Investment
  • Nicon Insurance
  • Nicon Airways
  • Nicon Hotels
  • Nicon Energy and;
  • Nicon Academy
  • Nicon Real Estate

Asides Ibrahim’s investments in oil and real estate, his other enterprises includes industrial dry cleaning, carpentry, block manufacturing, hospitality, and telecommunications.

Net Worth, Wealth and Assets

There is no 100% reliable source detailing the precise net worth of Jimoh Ibrahim. However, majority of sources report that he is worth an estimate of $1.1 billion.

Conclusion

In all, Jimoh Ibrahim is one of Nigeria’s finest businessmen. He is considered as an inspiration to many budding entrepreneurs. He is also a well traveled public speaker, who delivers free lectures to people on how they can also grow their business and make a fortune as a business owner.

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