The Untold Story Of Alajo Somolu

The Popular Thrift Collector Often Thought To Be A Yoruba Myth

Have you heard of the popular phrase "Alajo Somolu"? Did you know he was a real person? Alphaeus Taiwo Olunaike, popularly called Alajo Somolu, was born in 1915 in Isan-Oyin, Ogun State, Nigeria. Taiwo was born as a triplet and in ancient Yoruba land, triplets were believed to bring bad luck to the land. Therefore, the first of the three was taken away and buried alive while the second, Kehinde died at infancy, leaving behind only Taiwo.

In 1934, he graduated from St. John's School in Lagos. Two years later, he enrolled as an apprentice under a tailor named Rojaye, where he learnt for 9 years. A few years after his apprenticeship, he accompanied his uncle on a commercial trip to Cameroon.

In Cameroon, he tried various ventures until he learnt thrift collection from a neighbour and returned to Nigeria in 1954 to start his own thrift collection business called "Daily Alajo Somolu". Taiwo was a smart man who understood the needs of small-time traders, which was savings.

Hence, he began his operation in the Somolu area of Lagos which earned him the name "Alajo Somolu". He would collect a fixed amount of money from traders every day, and pay them back in lump sums at the end of the month.

Contributors could also get loans for their businesses without any collateral. Although there were no calculators to aid his work, Taiwo could tell his clients their exact balance without reference to any documents. He is believed to have had a photographic memory.

Most of his clients found him trustworthy and as the news of his honesty spread, his client base multiplied. He made so much profit from his business that he built himself a house.

He continued his thrift business until he retired in 2010. He died at his Somolu residence on the 11th of August, 2012 at the age of 97. Alajo Somolu was so famous for his ingenuity in thrift collection that many thought he was a Yoruba Myth.

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