In the streets of Lagos and across the South West of Nigeria, one name stands synonymous with trust, integrity, and industry—Alajọ Ṣomolu. The man behind this moniker, Taiwo Olunaike Alphaeus, was a thrift collector, renowned for his photographic memory, honesty, and the unique ability to safeguard people’s savings long before the age of digital banking or mobile money.
Born on September 16, 1915, in Isonyin, a small town near Ijebu-Ode in Ogun State, Sir Taiwo’s life was marked by a series of extraordinary events. He survived the tragic fate of his two triplet siblings, one of whom was sacrificed, and the other died in infancy. In fact, his own survival was seen as a miraculous blessing, one that would reward him with almost a century of life. Sir Taiwo lived to 97, witnessing the birth of Nigeria as an independent nation and even its golden jubilee in 2010.
His journey began modestly, as a 12-year-old who moved to Lagos in 1927. He attended St. John’s School in Aroloya and later Christ Church Cathedral School, obtaining his first school leaving certificate in 1934. At 21, Alphaeus began an apprenticeship in tailoring under a neighbour named Rojaye, but his path would take a remarkable turn in 1950, when a trip to Cameroon exposed him to the traditional practice of thrift collection.
The ajọ, or thrift collection business, was a common but vital practice in Nigerian communities where people pooled their resources for savings, often led by a trusted collector who was entrusted with their hard-earned money. Upon returning to Nigeria, Sir Taiwo took on the mantle of Alajọ Ṣomolu—the thrift collector of Somolu, a district in Lagos. What began as a simple business soon grew into a powerful institution, where clients were not just secure in their savings but also in the hands of a man they knew would never fail them.
His business thrived not because of high-tech solutions, but because of his remarkable mental agility. Long before spreadsheets or digital records, Sir Taiwo could recall every transaction, every detail, and every name from memory. This extraordinary ability earned him a reputation that extended well beyond his immediate circle. His clients, initially skeptical, soon trusted him so fully that they would often approach him to deposit their contributions rather than waiting for him to visit them. The legend of his photographic memory only grew, with people marveling at how he could manage countless records without ever needing to write a thing down.
At one point, after his car became uneconomical for the business, Sir Alphaeus sold it and bought a Raleigh bicycle, which he used to travel further, reaching clients in areas previously beyond his reach. His decision to trade comfort for efficiency demonstrated his business savvy and deep commitment to his clients, marking him as an example of Nigerian ingenuity and determination. Hence the proverb:”Ori e pe bii Alajo Somolu, to ta moto, to fi ra keke” (You are so intelligent like Alajo Somolu, who sold his car to buy a bicycle).
Though he was offered opportunities to expand and modernize his practice, Sir Taiwo remained committed to the values that made him so beloved: trust, integrity, and service. Even in his 90s, despite the pleas of his children to retire, people continued to throng his home, depositing their savings into his care. He had become not just a businessman, but a symbol of an era when trust and personal relationships were the foundation of business.
Sir Taiwo’s life was also marked by his deep faith. For over 30 years, he served as a lay reader and treasurer at the Somolu Anglican Church, demonstrating his commitment to his community both spiritually and financially. Though his life was modest, he lived frugally in a house he built in Bariga, Lagos, he was respected and well-to-do, his wealth a result of his hard work and honesty rather than showy extravagance.
He passed away on August 11, 2012, at the age of 97, leaving behind a legacy that transcends the confines of financial transactions. In a time when get-rich-quick schemes abound, Sir Taiwo’s story is a stark reminder of the virtues of patience, integrity, and hard work. As the renowned Nigerian historian, Toyin Falola, remarked after his death, “Alphaeus’s life deserves our attention as a nation” as a testament to the true values of entrepreneurship.
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