Oyin Jolayemi: From humble beginnings to industrial icon

Otunba (Dr.) M. Oyin Jolayemi, a highly respected Nigerian industrialist with over three decades of experience, has built a legacy of excellence in Nigeria’s manufacturing and banking industries.

As the founder of the Daily Need Group of Companies, he has built a business empire in manufacturing and pharmaceuticals, leaving a lasting impact on Nigeria’s corporate landscape.

Since 1972, he has made significant investments in these sectors, earning widespread recognition in business and financial circles.

In 1991, Kensington University in the USA awarded him an Honorary Doctorate in Business Administration in acknowledgment of his contributions. His global travels across Japan, Germany, the UK, the USA, and the Middle East have further enriched his industrial expertise.

Profile overview

Name: Otunba Matthew Oyin Jolayemi

Born: 1940

Place of birth: Kwara

Tribe: Yoruba

Education: Kensington University

Marital status: Married

Occupation: Businessman

A journey of eesilience and determination

Born in 1940 in Iludun Oro, Kwara State, to the family of Pa Sangotoye Jolayemi, young Oyinlola Jolayemi faced early challenges.

His father, a traditional healer, did not prioritize formal education, pushing him instead toward handcrafts like mat making.

However, driven by a desire to break free from poverty, Jolayemi left his hometown at the age of 13 and journeyed to Lagos in search of opportunities.

Career journey

Arriving in Lagos with nothing but determination, Jolayemi began as a shop boy selling handkerchiefs and dusters.

However, unmet promises from his employer forced him to venture out on his own.

Despite being defrauded early in his business journey, he persevered and eventually transitioned into selling patent medicine with guidance from Folorunsho Akosile. This move laid the foundation for his entrepreneurial breakthrough.

In 1970, he established Daily-Need Chemist at 134 Nnamdi Azikiwe Street, Lagos Island.

The small business quickly grew into what is now Daily Need Group, a multi-billion-naira conglomerate encompassing Daily Need Industries Ltd., DNI Personal Products Ltd., Oyin Holdings Ltd., De Honey International Ventures, and Jolayemi Nigeria Ltd.

Other enterpreneural ventures

Expanding beyond retail, Jolayemi ventured into manufacturing in 1972 with the production of “Paulina,” a beauty cream.

This was followed by the successful launch of Penicillin Ointment, which propelled him into large-scale pharmaceutical production.

Today, Daily Need Group is renowned for its high-quality products, including:

Biovit Syrup (Vitamin B Complex) – for restoring energy and reducing stress.

De-Deon’s Syrup (Haemoglobin Vitamin B12) – aiding blood restoration.

Uniplex Cough Syrup – for treating chesty coughs.

Matthew Worm Elixir – an effective treatment for roundworms.

Vilicin Balm – for muscle pain relief.

Family

Beyond his industrial success, Oyin Jolayemi was a devoted family man. He was married to Chief (Mrs.) Elizabeth Jolayemi, a strong pillar of support throughout his career.

Together, they raised children who have continued his legacy in business and other fields.

Although much of his family’s private life remains out of the spotlight, Jolayemi ensured that his children received quality education and solid entrepreneurial values, which played a key role in maintaining the family’s business empire.

Net worth

Through his manufacturing ventures and investments, Oyin Jolayemi amassed substantial wealth, with his net worth estimated to be above $10 million.

His businesses have continued to thrive, making significant contributions to Nigeria’s economy.

Recognitions

His achievements earned him numerous accolades, including an Honorary Doctorate in Business Administration from Kensington University (USA) in 1991.

He traveled extensively across Japan, Germany, the UK, the USA, and the Middle East, further refining his expertise in industrial management.

In recognition of his impact, Oyin Jolayemi Street in Victoria Island, Lagos, was named after him, solidifying his place in Nigeria’s corporate history.