Auto mogul, Michael Ade-Ojo calling it quit?

From been a street vendor to selling charcoal, food, and firewood to make ends meet, auto mogul, Chief Michael Ade-Ojo will be retiring after an entrepreneurship voyage spanning nearly half a century amassing fortunes mainly from selling Toyota cars.Ahead of his 80th birthday in June 14, Ade-Ojo announced he is about to bow out as the Chairman of Toyota Nigeria Limited. Allaying the fear of any likely vacuum to be created as a result of his exit, the Ilara-Mokin, Ondo State-born billionaire said his son, Kunle, who is currently managing director of Toyota Nigeria will be stepping in his shoes. Kunle rose through the ranks and was the executive director until his promotion on May 1, 2014 to head the auto company.

For almost five decades, Ade-Ojo single-handedly made the Toyota brand the most sought after car brand in Nigeria after he acquired 100 per cent equity in RT Briscoe Nigeria, and raised his total holdings in Toyota Nigeria Limited to about 74 per cent. The man with the sobriquet “Mr. Toyota” founded Elizade Independent Agencies (now Elizade Nigeria Limited) in 1971, with his late wife, Elizabeth Wuraola, a company that focused on the distribution of automobiles, especially Japanese cars, in the country.

In spite of a lifestyle of globetrotting in private jets, Ade-Ojo constantly shy away from discussing his personal net worth. Yet, he has not escaped the gaze of Forbes which has highlighted some of his wealth and philanthropy. He reportedly spent over $200 million of his personal funds to rebuild his hometown, Ilara-Mokin’s township roads, while his Elizade University, also located in Ilara-Mokin, cost him about N8 billion (about $40 million) to establish and has been subsidizing the university every year averagely about N1 billion ($5 million) all from his deep pocket. Ade-Ojo has also built in his hometown, a world class golf course, Smokin’ Hills Golf Resort which cost him about $17 million to establish for himself and those who like to play golf. The resort will have a five-star hotel, an aircraft landing strip with hangars, restaurants and other entertainment facilities. The project when completed is expected to transform the serene, leafy locale – with a current population of about 60,000 – into a modern, suburban community.