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[MUST READ] Alajọ Ṣomolu: Nigeria’s Legendary Thrift Collector Who Lived For Almost A Century

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Before the advent of unicorn fintech and banks, people entrusted their savings with thrift collectors. One of them stood out in Lagos and the areas that now constitute the South West of Nigeria: Taiwo Olunaike Alphaeus.

But that name may not ring a bell until one says “Alajọ Ṣomolu”, literally meaning the thrift collector of Ṣomolu.

He had no computer knowledge, not to talk of using a balance sheet or running an excel file, but he was good with counting and keeping money.

His fame embodies honesty, faithfulness, and the true Nigerian spirit of industry.

This explains why his name was likened to success and smartness in the track “Alajọ Ṣomolu” by Afrobeat singer, Olawale Ashimi, popularly known as Brymo.

Born on September 16, 1915, in Isonyin, a small town eight kilometers from Ijebu-Ode in Ogun State, Alphaeus, also called Sir Alphaeus, was one of the surviving duo of a triplet birth at a time multiple births was a taboo because it was believed to bring misfortune to the land.

One of the triplets was sacrificed to the gods and another died at infancy. Their father too died three years after their birth.

Baby Taiwo’s close shave with infanticide was rewarded with longevity as he lived for 96 years. Born a year after Britain amalgamated the northern and southern protectorates of Nigeria, he witnessed the country’s independence 45 years later and the 50th anniversary of independence in 2010.

If his name is mistaken as a myth or legend, that is because he is linked to many wise sayings and anecdotes.

Tailor turned thrift collector

At 12, Sir Alphaeus moved to Lagos in 1927 where he was first enrolled at St. John’s School, Aroloya, and then at Christ Church Cathedral School, where he took his first school leaving certificate in 1934.

Two years later in 1936, he took up an apprenticeship role under a neighbourhood tailor named Rojaye. He would spend nine years under Rojaye’s tutelage.

In 1950, he followed his uncle on a commercial trip to Cameroon. There, he learnt the ropes of thrift collection from a Cameroonian neighbour.

The special kind of microfinance banking Sir Alphaeus came to be popular for is an agelong practice in many Nigerian communities and marketplaces where clients contribute daily, weekly or monthly predetermined amounts to a thrift collector. The collector takes the first contribution as their own fee. The business is called ajọ in Yoruba, esusu in Igbo and akawo/adashe in Hausa.

After four years in Cameroon, Sir Alphaeus was ready to take his trade back home to Nigeria. He returned to Lagos to start his own thrift collection business called the Popular Daily Alajọ Ṣomolu. Not only did he safe keep the savings of individuals, he also offered loans to those he considered had proven integrity.

Photographic memory

But it was not just for his business integrity that Alajo Somolu would become legendary. Practicing at a time computer or calculator was unknown, at least in the area, Sir Alphaeus stood out for his mental acuity. He could recall transactions, their dates, and details without reference to any documents.

This unique trait endeared him to people, many of whom marvelled at his gift.

This gave prominence to the aphorism the Yoruba use in extolling the virtues of wisdom and intelligence in a person; “Ori ẹ pe bii ti Alajọ Ṣomolu, to fodidi ọọdun meta gbajo lai ko oruko ẹni kankan silẹ, ti ko si ṣowo san fenikeni” (meaning: you are as intelligent as Alajọ Ṣomolu, who collected thrift for three years, without writing down a single name, and never made a single mistake in paying back his customers)!

At first, clients approached him with skepticism, but all that soon changed after many testaments of his photographic memory gained traction. Those who dared argue with his impeccable off-the-cuff recollection of statistical details were awestruck when he opened his logbook.

He was a moving bank, ATM booth, chequebook — all in one. His brain worked like a cloud.

Trust and integrity are the capital for the business he ran, and Sir Alphaeus was integrity personified. This attracted many clients to him who trusted, loved, and respected him, making his boom.

In fact, legends suggested that not only did Sir Alphaeus pay back contributors the exact amount they were due, he also paid them back in the exact notes and coins they contributed.

They were mesmerized by this and he became the number one mobile banking choice for many traders in Sangross, Mile 12, Baba Olosha, Ojuwoye, Awolowo, Oyingbo, Olaleye, and Shomolu markets, all in Lagos.

At a time, after one of his cars showed signs of wearing out and was no longer cost-effective for his thrift collection trips, he sold off the car and bought a Raleigh bicycle. The bicycle gave him farther reach to areas that were hitherto inaccessible.

This again won him another star in the heart of people as they read that to mean he was an economically savvy businessman. That act passed as a further advertisement for his business.

Retired Not Tired

Even as he aged, his love for his trade and the trust people had in him did not wane. He continued with the business until 2010 when he was 95 years old.

Even after his children pressured him to retire, people continued to throng his house to deposit their daily contributions. This time he no longer went to them, they came to him. He had earned their trust.

As he served his clients so he did his God. He was the lay reader and treasurer for 30 years at the Ṣomolu Anglican Church he attended.

Though he lived a spartan life, he was well-to-do in his own right. He built his first house at No 10, Odunukan Street in Ijesa, and later sold it to the Deeper Life Ministry. He built another house at Olorunkemi, Owotutu Area, Bariga, Lagos.

Sir Alphaeus House built in Bariga, Lagos State.
There, he lived his last days. He died August 11, 2012, and was buried a month later at the Church of Nigeria Cathedral, Isonyin, Ijebu in Ogun State.

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1 Comment

1 Comment

  1. Temitope Onigbinde

    November 22, 2021 at 11:54 am

    Legend!!!

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BIG STORY

BREAKING: Federal Government Declares Tuesday Public Holiday To Honour Buhari

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The Federal Government has declared Tuesday, July 15, 2025, as a public holiday in honour of the late former President Muhammadu Buhari, who passed away on Sunday.

The Minister of Interior, Olubunmi Tunji-Ojo, announced the public holiday on Monday on behalf of the Federal Government, after receiving approval from President Bola Ahmed Tinubu.

 

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ECOWAS Caravan 2025 Highlights Barriers, Builds Support For Women In Cross-Border Trade

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The challenges facing women engaged in cross-border trade across West Africa took centre stage at the ECOWAS Caravan 2025, held at the Federal Palace Hotel, Victoria Island, Lagos, on July 11, 2025.

Launched this year by the Economic Community of West African States (ECOWAS), the Caravan is a transformative empowerment initiative designed to support small-scale women traders in West Africa’s informal trade sector.

The two-week journey followed the Abidjan–Lagos trade corridor, running from June 30 to July 14, with major stops in Abidjan, Lomé, Cotonou, and Lagos, culminating at the ECOWAS Gender Development Centre.

Speaking during the official launch of the Lagos leg and the caravan’s closing ceremony, the ECOWAS Commissioner for Social Affairs and Gender, Professor Fatou Sow Sarr, emphasised the pivotal role women play in the region’s informal economy.

“Women are the lifeblood of informal trade in West Africa… this caravan is about visibility, voice, and value — it’s about shifting narratives and shaping policies that support women where it matters most: on the ground,” she said.

Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, officially launched the Lagos stage of the sensitisation and awareness campaign for small-scale women traders. She described the initiative as a timely and necessary intervention.

“This initiative is a direct response to equip and empower our women, who form the majority of traders along the corridor and represent the backbone of informal cross-border trade across the region.

“These women play a critical role in ensuring food security, creating jobs, and sustaining livelihoods in both border communities and their homes.”

According to Ambrose-Medebem, these women are more than traders; they are economic builders who continue to operate under conditions marked by uncertainty and frequent harassment.

She stressed that the campaign represents a significant step forward, aiming to expand awareness of trade regulations, legal frameworks, and ECOWAS community protocols that govern cross-border commerce.

Speaking to the press, the commissioner noted that the Lagos State Government remains committed to supporting informal sector traders, particularly women entrepreneurs.

“I want to say that Mr Governor, Babajide Sanwo-Olu, approved ₦500 billion for MSMEs under the Lagos State Access to Finance initiative for small businesses through cooperatives at 0% interest,” she disclosed.

The fund, matched by the Bank of Industry with another ₦500 billion, is non-collateralised, features a six-month moratorium, and offers a competitive 9% interest rate.

Dr Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry (LCCI), applauded ECOWAS for its commitment to gender equality and regional integration, calling this year’s campaign “symbolic and necessary.”

“For women working in agriculture, fisheries, artisanal value chains, and cross-border trade, their daily grind is not just a livelihood; it’s an act of resilience and enterprise.

“Women traders form the uncelebrated backbone of West Africa’s informal trade economy, representing over 70% of informal cross-border traders and playing an indispensable role in food supply.”

Almona urged governments and stakeholders to invest in institutionalised, continuous capacity building through community-based training hubs in local languages, digitalisation of border procedures, and the creation of mobile-friendly platforms to expedite trade clearance and improve efficiency.

“Women in the informal trade are producing the formal results that is adding to the GDP and creating major employments.”

In her remarks, Princess Omotola Omole, National President of the Federation of Business Women Entrepreneurs (FEBWE), commended ECOWAS for its steadfast support of women.

“ECOWAS has consistently stood with women, ready to support, connect, and empower every woman who dares to dream big and trade to uplift her community,” she said.

Others who presented papers included the Lagos State Commissioner for Agriculture, Ms. Ruth Abisola Olusanya, who sent a representative.

The ECOWAS Small Business Coalition also expressed heartfelt appreciation to the ECOWAS Commission, partners, collaborators, and delegates for their pivotal roles in making the ECOWAS Caravan 2025 a landmark success.

Dr. Abdulrashid Yerima, speaking on behalf of the coalition, emphasised the collaborative impact of the caravan, stating, “The bridges we build today become the trade routes of tomorrow’s prosperity.”

He also praised the ECOWAS Commission for its leadership and credited the collective synergy of partners and delegates for transforming challenges into opportunities.

The closing ceremony, which hosted over 300 participants from across ECOWAS member states, featured an interactive town hall meeting where panellists addressed key topics such as capacity building, awareness strategies, and toolkit presentations, while also responding to audience questions.

Building on the successes of previous editions, the Tema–Paga corridor in 2023 and the Dakar–Banjul–Bissau route in 2024, the 2025 ECOWAS Caravan not only boosted the economic potential of women traders but also strengthened trade facilitation, enhanced market access, and fostered robust institutional partnerships across participating nations.

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BREAKING: Buhari’s Burial Postponed To Tuesday In Daura

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Former President Muhammadu Buhari will now be laid to rest on Tuesday instead of today, contrary to earlier reports.

He passed away on Sunday afternoon at a clinic in London.

According to an earlier report by The Nation, a presidential team arrived in London on Monday morning to bring his remains back to Nigeria.

Katsina Deputy Governor Lawal Jobe informed journalists on Monday afternoon that the burial had been rescheduled.

Jobe visited Buhari’s Daura home at 11.27am to assess the location where the burial is to take place.

 

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