How Jimoh Ibrahim Became One Of Nigeria’s Wealthiest Entrepreneurs


Jimoh Ibrahim is one of the wealthiest people in Nigeria.  He is the Chief Executive Officer of Global Fleet groups, a conglomerate based in Nigeria with subsidiaries in sub-saharan African countries. He is a businessman, enterprenuer, industrialist, lawyer, politician and a motivational speaker- well known in Nigeria and internationally.

The Global Fleet groups consist of Global Fleet industries, Global fleet building, Global Fleet energy bank (located in Accra, Ghana) ,Global Fleet oil and and gas with about 200 gasoline stations across Nigeria.

He is also the Managing Director of NICON groups, which consists of subsidiaries including NICON academy, NICON airway and energy, NICON hotels, NICON insurance, NICON investment; schools, real estate, transport, NICON PFA, NICON properties, NICON trustee, NICON United Kingdom, NICON Saotome, etc.

Many people know Jimoh Ibrahim, but not too many know the untold story behind  his entrepreneurial journey and success. Let this inspiring entrepreneurial story of this great entreprenuer inspire you to business success.

Early days

Jimoh Ibrahim was born on the 24th of February, 1967 in Ogbotako, Okitipupa, Ondo State of Nigeria. His father was a bricklayer and had seven wives while his mother was a local fish seller. What a humble beginning! 

He attended community Grammar school, Ogbotako and proceeded to Federal school of Arts and science, Ondo State. He obtained his Bachelors Degree in International law at Obafemi Awolowo university (OAU), Ile-ife in Osun state after been transferred from Lagos state university. He also obtained his Masters Degree in Public Administration in OAU. Jimoh further acquired a combined Masters of Law and Masters of International Taxation as a combined honor at Harvard University in Cambridge, Massachusetts, USA. He was said to graduate as one of the best students in his class.

Jimoh is married to Mrs. Modupe Jimoh Ibrahim and are blessed with four children.

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Starting his carer

Jimoh’s journey into business started from his home. He executed small scale building contracts using his experience gotten while working with his father as a bricklayer. He was interested in his father’s business and learnt the rudiments of entrepreneurship at an early age and he also made some income from it. 

Jimoh also made use of his talents. As an entrepreneur, he found out what was missing in the Nigerian law and tried to proffer solution to them. He found out that the Local Governments in Nigeria do not have a law on taxation unlike the Federal and State Government. He grabbed the opportunity and made good use of it. As an undergraduate, he organized Local Government seminars on laws of taxation for the Local Governments in Nigeria and this fetched him a huge money. He also organized workshops for top personnels at all levels of government. Another source of income!

In the course of the workshops, he grabbed another opportunity with which he submitted a proposal on how he could help the country get funds from taxation of the multinational oil companies. The proposal was accepted and he helped the Federal Government earn billions of naira from taxation of oil companies. At the completion of his NYSC, Jimoh already had several millions of naira in his account.

Moving on to greater heights

As one of the best students who graduated with a combined honor of Masters of Law and Masters of International taxation, he worked in Europe as a Tax consultant with the International Monetary Fund (IMF). He later went on to have his own law and justice chamber where he practiced for six years.

Jimoh acquired a swampy land at Victoria Garden City where he built an ultra -modern filing station and banking hall. This was from his income from his consultancy. The banking had several banks who paid rent to him.

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In 2003, Jimoh contested for governor at Ondo State gubernatorial election under the platform of All Nigerian Peoples Party (ANPP). Even though he proposed to extend oil company in Ondo State, he lost the election and he carried on with his businesses.

He set up a private oil company called Global Fleet oil and gas marketing company which imports petroleum and has a large storage depot in Lagos.

Jimoh has a unique business strategy. He acquires businesses that needs help, re-brands and renames them and make something good out of them. He also borrows from banks and pays on time before the agreed date, this makes banks eager to lend him money.

Examples of businesses he acquired, re-branded, remaned and made something good from include; Virgin airline and renamed it NICON airline, Meridian hotel in Lekki and renamed it NICON hotels, HFP industries limited and renamed Global Fleet industries, Allied bank building and renamed Global Fleet building, etc.

Jimoh also owns a furniture making company in Victoria Garden City that fetches him millions. Apart from all the mentioned businesses, he also has investments in real estate, telecommunication, industrial dry cleaning, insurance, roofing tiles, hotels and resorts, banking, etc.

His Achievements

  • Jimoh has a net worth of over $500 million and his magazine (News Watch) was reported to be one of the biggest media outfit in the world by Forbes.
  • He was the special adviser to the first military administrator of Bayelsa state, member of the Exclusive Federation Account Allocation committee and chairman of FAAC news (the first monthly magazine that published activities of the committee) , Executive secretary of African center for policy studies.
  • He is currently, the chairman and CEO of Global Fleet groups, the Managing Director of NICON groups and the chairman of Corporate Affairs Commission.
  • Jimoh was part of the team at Harvard that visited Asia to build tax reforms.
  • He was the first to introduce banking halls into oil marketing in Nigeria.
  • He was the publisher of National Mirror newspaper in Nigeria and the author of the book “Indigenous Governance in Nigeria”.
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Jimoh holds free seminars on how Nigerians can start from scratch to make millions in any business, which usually holds once in a month at Excellence hotel, Ogba through City people.

Jimoh Ibrahim is a prominent business man known in Nigeria and in most parts of the world. His business ideas and strategies are worthy of emulation. For the upcoming enterprenuers, this amazing story about Jimoh Ibrahim should inspire you to aspire for greatness.

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About the writer:

This was written by Chiamaka Uduezue, content contributor 1 at MyAfribusiness.com. She is a graduate of Environmental Management and enjoys researching, learning new things, sharing knowledge with others and motivating people to succeed.

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