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The Man Called Tayo Amusan

August 21, 2024

Tayo Amusan is currently Chairman and Managing Director of Persianas Nigeria Limited. A company incorporated in 1990 to develop luxury residential, retail, entertainment and hospitality centres as well as commercial developments in Nigeria.

In addition to his various business interests, Amusan also serves on boards of several companies, including Garages Limited and Southern Petroleum Limited.

Tayo Amusan Biography

Born on September 24, 1957 into a family that valued education and hard work. Amusan was exposed to the challenges and opportunities that the country presented. This early exposure to the business environment in Nigeria would later influence his entrepreneurial journey.

Amusan pursued his higher education abroad, earning a Business Administration degeree from the University of Atlanta. His academic background provided him with a solid foundation in understanding market dynamics, financial management, and strategic planning—skills that would prove invaluable in his future endeavors.

However, it wasn’t just formal education that shaped Amusan; his keen interest in real estate and retail, coupled with a desire to make a significant impact in Nigeria, drove him to explore opportunities in these sectors.

Birth of Persianas Group

Amusan’s entrepreneurial journey began in 1990 with the establishment of Persianas Group, initially focusing on real estate development.

Collaborating with his wife, Ayo Amusan, the business flourished, constructing luxury residential homes, retail centers, and entertainment hubs across Nigeria.

Notably, in 2004, Amusan ventured into retail with the groundbreaking establishment of The Palms Shopping Mall, Nigeria’s first international-standard shopping mall, situated in Lekki Peninsula, Lagos. This venture paved the way for subsequent malls in Ibadan, Enugu, Abuja, and Kwara.

The success of The Palms, featuring 69 stores, a cinema, and prominent tenants like Game, ShopRite, and Viva Cinemas, showcased Amusan’s entrepreneurial acumen developed over 25 years.

Expansion and diversification

Following the success of The Palms Mall, Tayo Amusan and Persianas Group expanded their footprint across Nigeria. The company developed several other shopping malls, including Polo Park Mall in Enugu, The Palms Mall in Ibadan, and Kwara Mall in Ilorin. Each of these malls was strategically located to serve the growing demand for modern retail spaces in different parts of the country.

In addition to shopping malls, Persianas Group diversified its portfolio by venturing into residential and commercial real estate. The company’s projects include luxury apartments, office complexes, and mixed-use developments. This diversification has not only solidified Persianas Group’s position as a leading real estate developer in Nigeria but also demonstrated Amusan’s ability to adapt to changing market conditions.

Tayo acquires ShopRite Nigeria

Tayo’s strategic decision to position ShopRite as the anchor tenant across all Persianas malls resulted in a symbiotic relationship that bore fruit when, in 2021, he acquired ShopRite Nigeria, securing the management, brand name, trademarks, and supply chain with 25 stores nationwide.

However, Amusan’s vision extended beyond mere acquisition. He injected N3.5 billion into the venture to revitalize underperforming ShopRite outlets, aiming for sustained growth and leadership in the retail business.

This commitment was underscored by a Suppliers and Partners Forum in Lagos, engaging over 200 stakeholders to drive ShopRite’s expansion.

Omoyemi Akerele acknowledges the significant impact of the Persianas Group, led by Tayo and Ayo Amusan, as the largest indigenous commercial retail development company in Nigeria, boasting six malls across key cities.

Tayo and Ayo Amusan

Tayo and Ayo Amusan are a couple with a vision to grow the Nigerian retail sector at a steady pace. Their company, The Persianas Group, is the largest indigenous commercial retail development company in Nigeria with 6 malls located in Lagos, Ibadan, Kwara, and Enugu.

Over the last decade, the company’s retail arm, led by Ayo Amusan, has launched franchises such as Hugo Boss , Lacoste and Puma.

An early entrant into the burgeoning Nigerian retail scene, Tayo used his 25-year property experience to build The Palms, a 45,000 square metre property. Situated on Lagos’ Lekki Peninsula, the mall-complex has 69 retail stores, among other facilities.

In 2021, Persianas Group acquired the Shoprite brand, the largest chain of supermarkets in Nigeria, with 25 stores nationwide. Persianas merged the legacy brand with in-house retail chain Jara.

While Tayo is focused on the property aspect of Persianas. Ayo oversees its retailers as the executive director of Persianas Retail Limited. Ayo has been involved in the retail industry since 1998. She holds an MSc in Risk Management from Cass Business School, City University, London. The city in which she began her career working in strategy and budgeting.

With 12 Puma and Lacoste stores, web and social e-commerce channels, and plans to double points-of-sale over the next decade. Ayo and her team at Persianas Retail are committed to driving retail culture in Nigeria — delivering the immersive and innovative shopping experiences to consumers.

In April 2023, the Puma x Davido Sports-Style collection launch event in The Palms Mall, Lagos. The event organised by Persianas Retail, the official retailer of Puma in Nigeria and the leading retailer of choice in Africa had over 300 guests in attendance.

Tayo Amusan Net Worth

Tayo Amusan net worth is estimated to be in the range of $500 million to $1 billion. However, no one can say exactly Tayo’s net worth but from the investments and businesses he owns one can only estimate his net worth. Amusan has not come out in person or on tape to mention how much he’s worth.

Tayo Amusan Launch a Sports Complex

Tayo Amusan’s Persianas Group, in partnership with the Nigerian Sovereign Investment Authority, has initiated a groundbreaking project in Lagos.

A project to construct a monumental $100-million sports complex, “The Arena,” on Victoria Island. This ambitious venture is poised to redefine the landscape of entertainment and sports in Nigeria.

This state-of-the-art facility that will serve as a hub for entertainment and sports. With a seating capacity of 12,000, it will host a wide array of events, from concerts to sporting competitions.

The inclusion of a hotel and ample parking space further enhances its appeal as a premier destination for both locals and international visitors.

The construction of this iconic arena, designed by Yazgan Design Architecture and executed by Sinerji İnşaat/Sinerji Construction. The project commenced on February 24, 2024 with an anticipated completion date of December 2025.

Philanthropy and Social Impact

Beyond their business ventures, Tayo and Ayo Amusan are deeply committed to philanthropy. They believe in giving back to society and creating a positive impact on the lives of others. They are actively involved in various charitable causes, particularly in the areas of education and healthcare.

Tayo with his wife have established the Persianas Educational Foundation. The foundation provides scholarships and financial assistance to deserving students, enabling them to access quality education. In addition, they have also partnered with several non-profit organizations to improve healthcare facilities. And also promote wellness programs in underserved communities.

Awards & Recognitions

Tayo Amusan’s achievements have garnered attention not only within Nigeria but also on an international level. Through his dedication and exceptional business strategies. He has received numerous accolades and recognition for his contributions to the business world.

Tayo and his wife, Ayo Amusan have been featured on Forbes Africa’s list of the continent’s wealthiest individuals. They have earned prestigious awards such as the Entrepreneur of the Year and the Outstanding Business Achievement Awards.

Amusan’s Impact on Nigerian retail

Tayo Amusan’s contributions to the Nigerian retail sector cannot be overstated. Before the advent of modern shopping malls, retail in Nigeria was largely informal, with limited options for consumers.

The establishment of malls like The Palms provided a structured and organized retail environment, where consumers could access a wide range of products and services in a safe and comfortable setting.

Empowering local businesses

By providing retail spaces in prime locations, Persianas Group has enabled Nigerian entrepreneurs to showcase their products and services to a larger audience.

Many small and medium-sized enterprises (SMEs) have benefited from the increased foot traffic and exposure that these malls provide. This has, in turn, contributed to the growth of the Nigerian economy by boosting domestic consumption and supporting local industries.

Attracting international brands

The presence of world-class shopping malls has made it easier for global brands to enter the Nigerian market. Knowing that they have a suitable retail environment in which to operate.

This has not only expanded the choices available to Nigerian consumers. But also created new opportunities for employment and business partnerships.

Conclusion

Tayo Amusan’s journey as entrepreneurs is far from over. Tayo and his wife continue to set their sights on new horizons and pursue opportunities for growth and expansion. Their vision for the future entails further diversification, both within Nigeria and across international markets.

They aim to create lasting legacies, not only in the business world but also in the realms of art, culture, and philanthropy. They envision a future where their contributions have a lasting impact on society and inspire generations to come.

Through their exceptional business acumen, philanthropic endeavors, and commitment to excellence. Tayo and Ayo Amusan have become true icons in the entrepreneurial landscape, shaping industries and leaving an indelible mark on Nigeria’s business scene.

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