How This Nigerian Entrepreneur Built A Billion Dollar Fortune Starting With Medicine & Cocoa Trading
Passion and drive are key metrics in forming the true identity of any successful individual. They can lead any human through the path designed for greatness, and many have attained success by building a foundation on the both of them.
Here is the success story of the late Bode Akindele, the CEO and founder of Mondondola; a billion dollar diversified business group with interests in manufacturing, real estate, maritime, agriculture, and so much more.
Here’s how he did it:
Early Life And Education Of Bode Akindele
Bode Akindele was born to Mr Joshua Akindele and Rabiatu Adedigba on the 2nd of June, 1933. His father was a Western Region Chief Tax Clerk, and his mother, an affluential trader in the city of Ibadan.
He began his primary education at Olubi Memorial School, after which he moved to Lisabi Grammar School, Abeokuta, where he obtained his Higher School Certificate (HSC). Although he was given funds to study abroad, Bode Akindele followed his passion for business and used the funds to invest in a small business which brought him good profits.
In 1952, Bode Akindele was employed as the secretary in United Africa Company (UAC) to an Assitant District Officer and soon rose to become an Assitant to Expatriate Manager. He also worked with Western Nigeria Union of Importers and Exporters after which he moved on to establish his first company.
Journey To Entrepreneurship
Bode Akindele was a man who understood the need to follow his passion for business, chase his dreams, and stand out. His parents were well-to-do but that was not a factor for Bode. He knew he had a lot to achieve in his own name.
He never let the situations in the country stop him, neither did he stop growing in various spheres of entrepreneurship; expanding his reach to areas outside the shores of Nigeria.
No doubt, Bode Akindele inherited his business acumen from his parents. He was born to an industrious family who understood and practised entrepreneurship at one level or the other.
Bode Akindele started his own company at the age of 20 when he traded in medicine. He distributed the same across several states within Nigeria and later ventured into cocoa trading and opened a warehouse in Agege, Lagos state.
Soon after, Bode became an international dealer and agent, shipping to London.
The Start Of Modondola Group Of Companies
When Bode Akindele started what has now grown into Modondola Group Of Companies, he had already established himself as a businessman, albeit in successful small businesses. His business ventures took him to London and Sweden. In 1993, he bought a Swedish Match manufacturing company. The company accounted for one-third of the matches all over the world. However, he soon shut down the company.
Within the period, Bode delved into international real estate. This business led to the formation of Fairgate Group, a company that owns lots of property in the United States, the United Kingdom and a few other parts of the world. The headquarters were seated in London. His real estate company rents its property to high ranking stores like Walmart, Sainsbury and Asda to mention a few.
Chief Bode Akindele was a true entrepreneur at heart and invested in multiple businesses in diverse parts of the world. He grew a business empire that covered various sectors ranging from maritime to agriculture, as well as manufacturing.
His business success proved that to be a successful entrepreneur, you must have the zeal and integrity to not just chase success but to add great value to the client while aiming for the top position.
Bode Akindele Today
Bode Akindele was an industrialist, founder and president of Modondola group that encompasses businesses in maritime, real estate, flour milling, manufacturing as well as the financial sector. His businesses span these and a few more sectors, with their headquarters located in the United Kingdom.
In 2015, Bode Akindele was ranked as the 16th richest man in Nigeria with an estimated worth of $1.2b.
Unfortunately, on June 29th 2020, Bode Akindele died in Apapa Lagos, Nigeria, at his residence at the age of 87.
Bode Akindele’s Impact On Society
In 1985, Bode Akindele founded the Bode Akindele Foundation (BAF) which partners with many institutions to have a positive impact on several young entrepreneurs in Nigeria. In collaboration with academic institutions such as the University of Ibadan, the BAF empowers over 1,000 young entrepreneurs annually. He also built the Alhaja Rabiatu Adedigba Medical Centre (ARAMED) situated in Ibadan in honour of his late mother to provide health services to the locals.
He also founded the Bode Akindele Yield Initiative (BAYI) which operated under the management of retired Archbishop Kehinde Stephen, with the primary objective “to develop millions of focused and well-oriented Nigerian youths as innovators, entrepreneurs and leaders.”
Bode Akindele’s Awards and Recognitions
Bode Akindele was a great patriot who believed in investing in Nigeria to develop the nation’s economy. As such, he received the Parakoyi title and the honour of Order of the Federal Republic (OFR), amongst many other honorary degrees and recognitions.
To Sum It Up
As an entrepreneur who built his company to a valuation of over $1 billion, Bode Akindele’s determination and zeal led the Modondola Group to become a leading conglomerate in different sectors of the Nigeria economy, ranging from Real Estate to Maritime, Agriculture, and more.
His entrepreneurial acumen shows that consistently growing and expanding your investments is a recipe to someday build a successful business group.