Arts & Entertainments

Business diversification, secret of Alafaa Kariboye Igbo’s wealth


There is no doubt that among Nigerian billionaires, Alafaa Kariboye Igbo, who is popularly called Oil Money, is famed for making a huge success out of every field he has chosen to deploy his energy. He is likened to the Midas Touch, who turned anything he touched to gold.

Oil Money is a fulfilled businessman with diverse interests in critical sectors of the nation’s economy. He is into entertainment, real estate, oil and gas, and auto business, selling cars of various brands.

This he attributes to the need to diversify one’s stream of income. “One should not lay all his eggs in one basket,” Oil Money said during a chat with newsmen recently.

From a very humble beginning, through hard work and perseverance, he has been able to develop himself into a result-oriented entrepreneur with a clear and defined focus in actualizing his dreams.

The United Kingdon-based Kariboye Igbo said that since childhood, he has always dreamt of becoming a business owner, adding that his success in life was divinely orchestrated by God.

“You can’t believe that I always had this passion of owning my own business since I was very young, I did pray to God that He should grant my heart desires. And with this mindset, I worked very hard to see myself through the thin and thick of this world to be what I am today. I thank God for helping me achieve my heart desires. It‘s God’s doing, not my power,” said Alafaa Kariboye Igbo.

Though Alafaa Kariboye Igbo’s
is living away from home, Oil Money has never forgotten his roots and constantly connects with the people back in Nigeria through his various business engagements and diversified interests.

On why he founded Oil Money Record, Alafaa Kariboye Igbo said that the record labellwas set up to bring to the limelight on the unknown young artists, bring them from the obscure to world’s limelight.

Since inception, Oil Money Records has been managing the development of songs, production of music, manufacturing of merchandise, creative marketing and distribution of the products it creates.

No doubt Oil Money is now a renowned figure in the music and recording industry, reputed for his wide expertise in the creative sector that has taken the Nigerian brand to the forefront of the global scene, which informs his ambition to make Oil Money Records bigger and influential while churning out talented stars for the industry.

“Our desired goal is to operate with a high standard of excellence in business organization and effectively manage music licensing and copyright processes, song promotion, royalty collection, and key partnerships around the world,” said Alafaa Kariboye Igbo.

Oil Money is not just famous for his business wizardry as he has been doing a lot of philanthropy works, which made him to set up a humanitarian organisation he called Oil Money Foundation.

“Philanthropy is truly complex, but I am aware that people face difficult choices and obstacles along the way, so I try to lend a hand and assist them to scale those hurdles of life and give impetus to their dreams.

“As a public figure, I receive thousands of messages daily. I do a lot of giveaways on Instagram and also privately respond to people who reach out to me for help. Still, I can hardly reply to everyone. I am focused on providing empowerment for young people, anything that will give young people leverages in life.

“I believe that any assistance I render to any person improves the lot of humanity in general,” said Oil Money, who studied and graduated from London University and is currently living in the United Kingdom with his family,” added Alafaa Kariboye Igbo, who is also popularly called ‘Alafaa Kariboye Igbo’.




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