THE STORY OF ALAJO SOMOLU: THE MAN WHO TURNED TRUST INTO A LEGACY Long before mobile banking, savings apps and digital transfers, there was a Lagos man whose name became almost synonymous with thrift collection, honesty and an extraordinary memory. His name was Alphaeus Taiwo Olunaike, but generations of Nigerians knew him simply as Alajo Somolu. Born on September 16, 1915, in Isonyin, Ogun State, Alajo Somolu lost his father when he was only three years old. He later moved to Lagos, where he attended St. John’s School, Aroloya, and Christ Church Cathedral School, completing his education in 1934. After school, he spent about nine years learning tailoring under a man named Rojaye. But tailoring did not provide the financial future he wanted, so he began searching for another opportunity. In 1950, he travelled to Cameroon with his uncle on a commercial trip. While there, he explored different businesses and encountered a neighbour involved in thrift collection, or ajo. The idea caught his attention. When he returned to Nigeria in 1954, he decided to establish his own thrift collection business. He reportedly obtained a sample collection card from Cameroon, adapted the idea and launched Popular Daily Alajo Somolu. But his beginning was far from glamorous. On his first day of operation in September 1954, nobody wanted to give him their money. Some traders were suspicious and feared that he might disappear with their savings. He refused to give up. Riding his bicycle from shop to shop and market stall to market stall, he continued introducing himself and asking people to give him a chance. Eventually, a few traders did. At the end of the first collection period, their money was returned intact. That was the beginning of something extraordinary. Word spread about the thrift collector who could be trusted. His customer base expanded across several parts of Lagos, including Oyingbo, Awolowo Market, Mile 12, Ojuwoye, Baba Oloosa, Sangross and Somolu — the area that became closely associated with his name. What made Alajo Somolu particularly famous was his remarkable memory and accuracy. At a time when there were no computers, smartphones or digital records, he was remembered for keeping track of numerous customers and their contributions. His reputation became so strong that the Yoruba expression: “Orí ẹ pé bí ti Alájọ Somolu” — meaning “Your mind is as sharp as that of Alajo Somolu” — became associated with exceptional intelligence and memory. His story also became associated with business wisdom. When vehicles used for his business became uneconomical to maintain, accounts say he could sell them and return to bicycles, which allowed him to reach places vehicles could not easily access. But beyond the money, bicycles and business expansion, what made his name endure was trust. He was remembered as a man who valued honesty, discipline and service to his customers. Fellow thrift collectors also reportedly regarded him as a father figure. Alajo Somolu remained connected to the business into his later years. Even when his family encouraged him to retire around 2010, customers reportedly continued bringing their contributions to his home. He died on August 11, 2012, after a life spanning almost a century. Today, the name Alphaeus Taiwo Olunaike may not immediately ring a bell for many people. But say “Alajo Somolu”, and you are invoking the memory of a man whose reputation became bigger than his profession. He started with a bicycle, faced rejection, earned the confidence of a few traders and eventually became one of the most remembered thrift collectors in Nigerian history. His greatest asset was not the money that passed through his hands. It was the trust of the people who handed it to him. What lesson do you think today’s young entrepreneurs can learn from the story of Alajo Somolu? #AlajoSomolu #LagosHistory #NigerianHistory #YorubaHistory #IkoroduUpdatesAndTrends - @ikorodutrends