From street vendor to industrial giant: Life story of Matthew Oyin Jolayemi

Otunba (Dr.) M. Oyin Jolayemi, OFR, is a name synonymous with resilience, vision, and entrepreneurial excellence.

As the founder of Daily Need Group of Companies, he transformed a small pharmaceutical venture into a thriving manufacturing empire.

His journey from a struggling street vendor to a celebrated industrialist is a testament to his determination and business acumen.

A Determined beginning

Born in Iludun Oro, Kwara State in 1940, Jolayemi grew up in a family where formal education was not prioritized.

His father, Pa Sangotoye Jolayemi, a traditional healer, encouraged him to learn handcrafts such as mat-making instead of attending school.

However, young Oyin aspired for more and, at the age of 13,  left his hometown for Lagos in search of opportunities.

His first job involved selling handkerchiefs and dusters on the streets, but financial struggles and unfulfilled promises from his employer soon pushed him to start his own business.

With sheer determination, he began selling the same products independently, eventually expanding to raincoats.

Understanding the importance of education, he enrolled in adult education classes while running his business.

Even after being swindled by fraudsters who stole his entire stock, he refused to give up, demonstrating a resilience that would later define his success.

Birth and growth of Daily Need Group 

Jolayemi’s breakthrough came when Folorunsho Akosile, a patent medicine dealer, introduced him to the pharmaceutical trade.

Inspired by this opportunity, he established Daily Need Chemist in 1970 at Idumota, Lagos.

By 1972, he expanded into manufacturing, launching his first product, “Paulina” beauty cream, followed by Penicillin Ointment, which marked his entry into large-scale pharmaceutical production.

Over the years, Daily Need Group diversified into multiple sectors, including personal care and healthcare, with subsidiaries such as:

• Daily Need Industries Limited
• DNI Personal Products Ltd.
• Oyin Holdings Ltd.
• De Honey International Ventures
• Jolayemi Nigeria Ltd.

The company now produces popular pharmaceutical products such as Biovit Syrup, De-Deon’s Syrup, Uniplex Cough Syrup, and Matthew Worm Elixir, all of which are widely used in Nigeria.

Personal life

Beyond his business empire, Oyin Jolayemi was a dedicated family man. He was married to Chief (Mrs.) Elizabeth Jolayemi, who played a vital role in his success.

Together, they raised children who have continued to uphold his legacy in business and other fields. He ensured they received quality education and instilled in them the values of hard work and entrepreneurship.

Achievements

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

His global travels,to Japan, Germany, the UK, the USA, and the Middle East, helped him refine his industrial expertise.

As a mark of his influence, Oyin Jolayemi Street in Victoria Island, Lagos, was named in his honor, cementing his legacy in Nigeria’s corporate history.

Net worth

Through strategic investments in manufacturing, pharmaceuticals, and banking, Jolayemi amassed significant wealth, with estimates placing his net worth in the hundreds of millions of dollars.

His businesses continue to contribute immensely to Nigeria’s economy.