Details of how billionaire businessman, Taiwo Afolabi sourced for fund to begin work on his multi-billion naira Marriot Hotel has been dug out.
The Sifax boss’ huge money gulping newest project is said to be quietly and strategically located in the heart of Government Reserve Area, Ikeja, Lagos, societynow.ng has reported.
Those in the know when Afolabi conceptualized the idea have come to town detailing how the Sifax boss actually raised the needed capital to execute the project.
Available information has it the man of means made it a point of duty to set aside a whopping sum of N80 million from Sifax Group bank accounts within the stipulated period.
An investigation carried out showed Sifax Group is solely owned by Mr Afolabi.
It was actually a weekly routine, an insider who is familiar with the specific divulged.
Further checks by societynow.ng revealed that was the trend for two years.
A total sum of N7.8 billion was said to have been set aside and moved into a dedicated bank account with in the period, further findings revealed.
This huge saving, among other cash sourced through other means by the respected shipping magnate, served as the major fund that soared the development of the project.
Aside from running Sifax Group – his claim to fame – Taiwo Afolabi owns Skyway Aviation Handling Company Limited (SAHCOL).
He equally became a major player in the oil and gas sector during former president Goodluck Jonathan presidency.