Dr. Taiwo Afolabi Awarded Honorary Doctorate Degree in Business Administration by Ajayi Crowther University


Our Chairman, Dr. Taiwo Afolabi, has been honoured with an honorary doctorate degree in Business Administration by Ajayi Crowther University, Oyo State as part of activities to mark the university’s 15th convocation ceremony. Our Chairman and his wife and top SIFAX Group management team were at the colourful ceremony.

L-R – Chief Dr. Olutoyin Okeowo, Pro-Chancellor and Chairman, Governing Council, Ajayi Crowther University (ACU), Oyo; Chief Dr. Tunde Afolabi, Chancellor, ACU; Dr. Taiwo Afolabi, CON, Chairman, SIFAX Group; Mrs. Folashade Afolabi and Professor Timothy Adebayo, Vice-Chancellor, ACU during the conferment of the honorary doctorate degree in Business Administration on Dr. Taiwo Afolabi by the university at its 15th convocation ceremony


We are happy to inform you that our Chairman, Dr. Taiwo Afolabi has won the Zik Prize Award for Entrepreneurial Leadership.

At the ceremony held yesterday, the organisers lauded the SIFAX Group’s boss’s business acumen, tenacity and grit which has translated into a success strategy for the Group’s businesses and by extension the Nigerian economy.

According to Prof. Pat Utomi, Head of Selection Committee for Zik Prize Award, Dr. Taiwo Afolabi has redefined business enterprise in Nigeria. He said: “Afolabi is the Chairman of SIFAX Group, a leading business behemoth with diversified interests in maritime, aviation, oil & gas, haulage and logistics, tourism, hospitality and financial services. His massive investments in Nigeria’s terminal operations, especially its off-dock solutions, have positively affected the industry and catalyse economic growth. The SIFAX Group boss has shown consistency in developing innovative business models and nurturing same to global acclaim which has made him a leader in various entrepreneurial endeavours. The Lagos Marriott is an example of one of the novel business solutions that have been brought to life by Dr. Taiwo Afolabi”.


The newly-appointed Minister of Marine & Blue Economy, Gboyega Oyetola, has embarked on an inspection tour of Ports & Cargo Handling Services Limited, operator of Terminal C, Tin Can Island and subsidiary of SIFAX Group.

He was received by the management of the terminal led by Capt. Ibraheem Olugbade, Executive Director, Administration.

Upon arrival at the terminal, he was taken on a tour of the facilities of the terminal. Oyetola was excited at the level of infrastructural development and investment in the terminal and assured that the Federal Government will provide the enabling environment to make sure that investments in the maritime sector are secured.

He said: “I am excited at what I have seen here today. As an indigenous terminal of repute, I take particular interest in the success of this terminal and its operations. We are working with relevant agencies to see that various issues hampering successful operations are resolved so the terminal operator can contribute more to the industry’s success.”

While welcoming the Minister to the Terminal, Capt. Ibraheem Olugbade, said the Ports & Cargo Handling Services Limited is one of the indigenous terminal operators in the country. He hinted that the terminal is waiting for the Federal Government to resolve the logjam around the concession renewal in order for the terminal to receive more investments that would boost the economy.

SIFAX Logistics Company Limited, the haulage subsidiary of SIFAX Group, has boosted its operations with the acquisition of 13 brand new trucks.
The trucks, which are 33 tons 6×4 MAN diesel vehicles with 400 horsepower, will help the company increase its market share and competitiveness in long-distance and interstate deliveries. This acquisition now brings the trucks in the company’s fleet to 114.

According to Adewale Adetayo, General Manager, SIFAX Logistics Company Limited, the truck additions became necessary due to the upsurge in demand for the company’s haulage services across the country.
He said: “In order to maintain our market dominance and expansion to various new routes within the country, management decided to embark on the purchase of these new trucks. Our target is to expand rapidly and we have mapped out a strategic plan to acquire 200 new trucks before the end of the 2024 business year. This will be done in phases and we have started with 13 for now. We hope to buy another 20 in the next phase of our acquisition plan.”
Speaking on the brand of trucks purchased, Adetayo said the company went for the MAN diesel brand, which is a German product, because of its high rating in the logistics ecosystem, durability, load-bearing capability, driving stability and adaptability.
Dr. Taiwo Afolabi, Chairman, SIFAX Group noted that the company has always braved the odds to invest more in the Nigerian economy during downtimes. “We are aware many businesses are not favourably disposed to investing at this moment due to the prevailing economic reality. But the reality is that some economic activities like production and movement of goods will almost always demand for haulage services even in challenging times. We are scaling up through the acquisition of these trucks because of the huge potential in the industry.

“The economic outlook for the country is looking bright and we know that once the economy bounces back, we would reap the rewards of our investments. Many businesses, both existing and potential clients, continue to reach out to us due to the credibility and efficiency we have achieved over the years. To meet these agreements, we need a larger fleet”, he noted.

Our attention has been drawn to some misleading reports in the press after a fire incident at a terminal operated by one of our subsidiaries, Ports & Cargo Handling Services Limited, at Tin Can Island Port, Lagos.


Here are the facts about the fire incident.

1. At about 12:30 pm on Thursday, July 20, 2023, one of our equipment, a shore crane, developed a sudden technical fault and before anything could be done to fix it, it went up in flames.

2. There was a quick response from all stakeholders which resulted in putting out the fire as soon as possible, even though substantial damage was done to the equipment.

3. Normalcy was returned to the terminal after containing the fire and our operations resumed.

4. The vessel at berth as at the time of the incident was not affected by the fire while containers, both those on board the vessel as well as other consignments at the terminal, were not affected also.

5. There was no loss of life, as the operator working on the affected equipment was safely rescued without any injury.

6. The said equipment as well as all other equipment and facilities at the terminal are all insured.

7. As a company, we are committed to operational excellence in a safe and secure environment for the collective good of all our stakeholders – customers, agents, staff, regulators and the general public.

8. We urge the public to disregard any sensational reports on the incident and stay with the facts as stated here.

9. We urge the press to please ensure their reports are accurate so members of the public are not misled and create unnecessary panic in the industry and beyond.

10. Our sincere appreciation goes to individuals and organisations who reacted swiftly to the emergency situation including: Nigerian Ports Authority, Master and crew of MV Argeciras Express and the Lagos State Fire Service team. Kudos also to the staff of Ports & Cargo Handling Services Limited.



All inquiries should be directed to:

Olumuyiwa Akande,

Group Head, Corporate Communications. olumuyiwaak@sifaxgroup.com


The board and management of Skye Bank, Guinea has approved the appointment of Abdoulaye Kaba as the new Managing Director of the Bank.

Prior to his appointment as the MD, Kaba, was the Head of Public Sector, Building, Construction and Cement of the Bank and was resident at the Head Office in Conakry.


He began his professional career in 2008 as a market supervisor and product controller with Sphynx Cabinet before he moved to Bicigui Bank where he held various positions such as Credit Officer, Operation Officer and Relationship Officer. He joined Skye Bank Guinea in 2011 as Wholesale Relationship Officer.

Kaba holds a Master’s degree in Private Law from the University Général Lansana Conté (U.G.L.C) of Sonfonia Guinea in 2008 and also a Member of the Order of Chartered Accountants of Guinea. He has also attended trainings in Egypt and Lagos.

Speaking on the appointment, Bode Ojeniyi, Group Managing Director, Sky Capital Group, said “As we plan to take the bank to a whole new level, we are convinced that Mr. Abdoulaye Kaba is the right man to lead the bank into its next phase. He has been with the bank for more than fifteen years and has contributed his quota to the growth of the organization. I want to urge you all to support the new MD in our bid to remain the frontline bank in the country.”

Ports & Cargo Handling Services Limited (PCHS), a subsidiary of SIFAX Group and operator of Terminal C, Tin Can Island Port, Lagos, has recorded another milestone with the successful cargo handling of equipment for the $200 million Kano-Maradi (Niger Republic) rail project being handled by Mota-Engil Nigeria Limited.

The multi-million dollars heavy-duty equipment handled by the company arrived via MV-TINA vessel at the terminal last week and included wheel loaders, backhoe loaders, crawler excavators, truck-mounted concrete pumps, concrete mixer trucks, telehandlers, motor graders, vibratory soil compactors, and many more.
Speaking during the unveiling of the equipment at the terminal, John Jenkins, Managing Director, PCHS, thanked the construction firm for trusting the company to handle their equipment noting that handling such volume is an indication of the trust which clients have in the terminal operator’s excellent service delivery.
He said: “I would like to thank Mota-Engil for trusting and working with us. Our handling of this volume of cargo is an indication of our capacity to deliver excellent service. We have a rich blend and mix of human capital and equipment at our company and this has helped us to meet and surpass the expectations of our clients. The terminal has capacity to also store various cargoes conveniently too. We put in our best to make sure that best value is delivered always. We are proud that the equipment that will be used for the rail construction are handled by us”, he said.
Jenkins went further to explain that PCHS has well-established Standard Operating Procedures (SOPs) in line with global best practices which makes service delivery at the terminal seamless. In his words, “We don’t have documentation issues here at PCHS, we have established SOPs to make operations here very seamless. As far as PCHS is concerned we give sufficient resources in handling big and large volumes.”
In his reaction, the Logistics Manager, Mota-Engil Nigeria Limited, Nuno Colaco, the exceptional service delivery, open communication and available manpower at the terminal signpost a serious terminal operator, while noting that the handling of the equipment by PCHS was done in a timely and professional manner.

Dr. Taiwo Afolabi, Chairman, SIFAX Group, has commended the appointment of Mr. Adewale Adeniyi as the Acting Comptroller General of the Nigeria Customs Service by President Bola Tinubu.


In a congratulatory letter to the new Customs boss, Afolabi hailed the dedication and commitment Adeniyi has shown over the years to the Service.


He said: “Rising through the ranks, you have dutifully discharged your duties to the best of your abilities. It is therefore not a surprise that the President has found you worthy to steer the ship of the organization at a critical time like this. This appointment is a reward of the dedication, commitment and professionalism you have demonstrated at the Nigeria Customs Service in particular and Nigeria as a whole over the years”

“SIFAX Group as a company is confident in your ability to reset and transform the Nigeria Customs Service to become a major catalyst for the country’s economic growth and development which is the cardinal focus of the current administration”.


Afolabi assured that SIFAX Group will support the new CG and his office in order to make his tenure a remarkable one in the annals of the service.

As Nigeria is transitioning to a non-oil dependent economy, attention needs to be shifted towards other critical sectors, especially the maritime industry, so they could contribute substantially to the country’s Gross Domestic Product (GDP).

Speaking at the 5th edition of the Taiwo Afolabi Annual Maritime (TAAM) Conference held at the University of Lagos (UNILAG), Dr. Taiwo Afolabi, Chairman, SIFAX Group, said the dwindling oil revenue in recent years and the huge potentials locked in the maritime sector make it imperative for the Federal Government to show better commitment to the industry.

He said: “The country’s national budget, in the last few years, has been majorly funded without revenue from oil but from other sectors. The days of over reliance on oil is behind us now and it’s time we focused on transitioning from an oil-dependent economy to non-oil reliance. The maritime sector, I can say without any fear of contradiction, will play a crucial role in this economic transitioning if more attention is committed to the industry.”

Despite the growth that the industry has witnessed in the recent years including development and approval of various deep-sea ports, springing up of inland container depots across the country, linking seaports with rail lines, among others,

Afolabi further noted that the sector is still facing with major problems which are slowing down its growth and impact.

He said: “It is without doubt that the maritime industry in Nigeria is grappling with various issues including infrastructural deficit, foreign exchange bottleneck, insecurity on our waterways, low level of technology adoption and deployment as well as inconsistent policies, among others. These issues have largely limited the ability of the sector to contribute significantly to the country’s Gross Domestic Product (GDP). If well harnessed, the maritime industry has the potential to become a major revenue earner for the country, particularly with the declining oil revenue.”

The TAAM Conference is a maritime summit organised by the Maritime Forum of UNILAG’s Law Faculty in partnership with the SIFAX Group and serves as a platform where key maritime issues that border on the sector’s sustainable growth are discussed, while also stimulating the interests of university students in the industry.

The theme of this year’s conference is The Maritime Roadmap Project: Making Nigeria A Leading Maritime Nation In The World.”

The 2023 edition of Taiwo Afolabi Annual Maritime (TAAM) Conference will hold on May 19, 2023.


The TAAM Conference is an annual event organised by the Maritime Forum of the Law Faculty, University of Lagos, in collaboration with SIFAX Group, with the objectives of highlighting topical issues as well as cultivating the interest of students in the sector.


The conference, with the theme: A Maritime Road Map Project: Making Nigeria a Leading Maritime Nation in the World”, will hold at the JF Ade Ajayi Auditorium of the university on May 19 while the Blueprint Competition, a debate on topical issues in the maritime sector featuring students from different universities, will hold a day earlier.


According to Goodness Ononogbu, President, Maritime Forum, UNILAG, this year’s edition will bring together the brightest minds and experts in the sector, academics and business to design a strategic roadmap that will position the country as a leading maritime nation in the world. She also noted that speakers at this year’s event have been carefully selected in order to generate ground-breaking insights on the conference theme.


The keynote speaker is Temisan Omatseye, former Director General, Nigerian Maritime Administration and Safety Agency (NIMASA) while Ms. Funmi Folorunso, Secretary General, African Ship Owners Association will lead the panel session.


Other dignitaries expected include Dr. Taiwo Afolabi, Executive Chairman, SIFAX Group; Folasade Ogunsola, VC, UNILAG and other maritime industry stakeholders.