This was the response of a young man to a question I had just asked about why so many young people seemed to be betting. Betting has evolved into a fashionable pastime, which is why many people would recognize the name Akin Alabi. He is the creator of Nairabet, Nigeria’s first betting site.
Alabi keeps coming up with fresh ideas and forging new avenues. This explains his many business interests over the years and may explain why he is considered one of Nigeria’s richest internet entrepreneurs.
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Oloye Akin Alabi Profile
Full Name: Oloye Akin Alabi
State of Origin: Oyo State
Marital Status: Married
Occupation: Businessman, Writer and a Politician.
Oloye Akin Alabi Age
Oloye Akin was born on March 31, 1977, in the Nigerian state of Oyo, in the western area. He was born into Chief Adediran Alabi’s royal family.
Oloye Akin grew up in Ibadan, a beautiful city in Nigeria. His parents taught him everything he needed to know about life.
Oloye Akin Alabi Net Worth
Oloye Akin is a wealthy man who derives his riches from a variety of sources. His net worth is estimated to be over $75 million.
Akin Alabi was born in Ibadan, Oyo State, Nigeria, on March 31, 1977. He spent his early years there, completing his elementary education at Command Children School in Ibadan before continuing his secondary study at Federal Government College in Enugu. When he returned to the west, he went to The Polytechnic, Ibadan, to get a Higher National Diploma in Business Administration.
After that, he went to the University of Liverpool in the United Kingdom to pursue a marketing degree. He went on to Harvard University in Boston, Massachusetts, to earn a master’s degree in Intellectual Property Strategy. Entrepreneurial strings were already pulling at him at this point.
Venture Into The World Of Business
Akin began producing manuals and selling books shortly after graduating from high school in 2003. Despite the fact that many individuals had different ideas about his line of work, Akin preferred to call himself an information entrepreneur.
“I began as an information marketer; I was mostly involved in the authoring and selling of books, which was essentially the same as selling my knowledge and experience, both online and off.” It gives me pleasure to inform you that I continue to do so,” Akin said in a tweet.
He later launched a seminar and training company, where he taught and advised companies. He also created Income, a small company owner’s publication with business opportunities. This magazine provided him with another opportunity to practice “information entrepreneurship” while also sharing his business knowledge with other small business owners.
How it Started NairaBet
On a visit to the United Kingdom to see his brother, he went to a betting shop with him and discovered sports betting. Knowing that Nigerians were passionate about European soccer, Alabi saw an economic opportunity there. He first produced and created an information product detailing how to place a sports bet online in Nigeria when he returned to Nigeria. The product’s tremendous sales and profitability provided Alabi with all the motivation he needed to plunge in with both feet.
He’d already looked into the sports betting business model and knew it could be lucrative, but seeing so many individuals interested in knowing more indicated that there was a market for sports betting in Nigeria.
Nairabet was founded by Akin Alabi in 2009, and it was the first company to create a fully functional website where individuals could deposit money, place bets, and withdraw funds. The firm has grown to over a thousand shops across the country and is headquartered in Lagos after more than a decade of operations controlled by the National Lottery Regulatory Commission. Nairabet is the most frequented African sports betting website, according to Alexa.com, a traffic rating service.
Akin Alabi is also the founder of Nightlife.ng, an online portal that focuses on Nigeria’s nightlife business and the economy that surrounds it. He founded Over The Top Entertainment, a musical label that has signed some of Nigeria’s most talented musicians, including Skuki.
Awards And Recognition
In December 2016, the Olubadan of Ibadan, HRH Saliu Adetunji, appointed him as the Mogaji of Ajiwogbo complex in Ibadan. Akin Alabi is also known for his humanitarian work with young people and widows, which he does through the Akin Alabi Foundation.
The Olugbole of Igbole Ekiti, HRM Oba Emmanuel O. Ajayi Adetiloye II, decorated him with a chieftaincy title as the Otunba Atunlushe of Igbole Ekiti for his philanthropic works.
In 2018, he resigned as CEO of Nairabet to pursue a political career. In March 2019, he was elected to the House of Representatives on the platform of the All Progressive Congress (APC). In Oyo State, he represents the Egbeda/Ona Ara Federal Constituency.