Chief (Mrs.) Olufunke Osinaike is a big businesswoman whose business interests transverse across the world. The creative founder of Lafunkky Africana is based in the U.S., but travels around the world for business. She also frequents Nigeria to oversee her numerous businesses.
Her life is a powerful blend of cultural pride, business establishments and unwavering service. She is a graduate of Obafemi Awolowo university, Ile –Ife where she bagged a Combined Hons in Computer Science with Economics.
In this exclusive interview with ACADA Magazine, the distinguished serial entrepreneur who is also a member of Tobalase Obinrin Akile Ijebu shares her journey as a business woman, speaks on the phenomenal growth Ojude Oba has witnessed over the years and what people should expect at the Lafunky Corner at this year’s Ojude Oba Festival.
Can you introduce yourself?
My name is Olufunke Osinaike, a native of Ilesha who is happily married to an handsome Ijebu man, Arc. ‘Lanre Osinaike.
How did you become an entrepreneur? And tell us about your educational background.
I’ve been an entrepreneur since the age of 10. I was in secondary school then but any money given to me by any visitor that comes to our house goes to my business. I would buy stuff like candies and fruits to resell in front of our house despite the fact that none of my parents were into business. My parents were teachers!
I was able to get admission into Obafemi Awolowo University with my first sitting of SSCE & JAMB. My first two years in the university were in the Chemistry department (White House), and in my third year I changed my course of study to Computer Science with Economics.
Business continues as usual at Mozambique Hall, OAU but now I deal in clothing. In my final year at Moremi Hall, I started selling Aloe Vera plants and the extract. Ladies with skin & hair issues bombarded my room then. I made a lot of money from this business. So I’ve always had an interest in business from childhood.
After graduation, I was posted to Aba, Abia State for my youth service where I served with Ecobank Plc., Aba. I later worked with GlaxoWellcome Pharmaceuticals Nig. Ltd., Apapa, Lagos for 3 years before I left and ventured into my personal business.
Tell us about the Lafunkkky Africana. What’s the concept behind it?
I started Lafunkky Africana in the US when I observed so many people around me were battling with either high cholesterol, high sugar or high blood pressure. I juggled my knowledge of plants & biochemistry, how I put everything together in my university days. At Lafunkky Africana we provide alternative and holistic health services.
Then the business started, this was 2019. Boom! Covid ‘19 started and I made a lot of money from selling my herbs.
What prompted your delving into the real estate and investment business?
Talking about Lafunkky Homes & Investment Ltd., I started this brand out of the passion to help a lot of people in the diaspora that wish to invest back home but family members or friends keep scamming them.
We sell legit lands, we help them construct, furnish and hand over their house keys to them. We have been able to help over 120 people who are in the diaspora.
For those interested in farming, we help them startup Palm and Cocoa plantations.
We have Lafunkky Palm City and Lafunkky Cocoa Acres where we outrightly sell lands with palm plantations and cocoa plantations respectively.
What of Lafunkky Clothings?
Like I said earlier, this clothing business started since my university days although no business name was given to it then but it’s now one of our core businesses and we have customers both in Nigeria and overseas that we supply genuine fabrics and clothes. We take care of your general clothing needs.
What were the initial challenges you faced when you were starting out in business and how did you overcome them?
I faced a lot of challenges in my clothing line. First one was patronage. I employed some tailors and it was tough paying their salaries because we couldn’t get enough patronage.
I was able to overcome this because I didn’t quit. I persisted! Let me digress a little. I posted some of our fabrics on our Facebook page a couple of weeks ago, someone commented that she got a fabric from me close to 15yrs ago, that she still wears it and it’s even one of the best in her closet.
Most times people only see the successes and the good sides but they don’t see the difficult sides.
Have you lost money in business before?
Have I lost money before? Yes, of course.
On two occasions, robbers have burgled my clothing shop. Those times were traumatic but I thank God I was able to overcome the challenges and forged ahead.
What is your business philosophy?
For every one of our customers we must leave a print that won’t make them forget our brands in a hurry.
How was growing up like for you?
My growing up was full of fun and love. I grew up in a Godly and a disciplined home, my parents were teachers and you know what that means.
My growing up turned challenging when my father died. I was 12yrs old then and being the first girl and the second born in a family of 6 it was a tough moment.
Your advice for young people out there planning to go into the business world.
My advice to young people going into the business world falls into 4 different categories viz: Vision, Consistency, Prayer and Transparency.
It won’t be all rosy but your vision will keep you going. Be consistent, be prayerful and be transparent in business dealings with people.
With these 4 in mind, you will scale through.
What is style to you?
The specific ways I do my things.
Your favourite Nigerian food.
My favourite Nigerian food is Asaro (yam porridge).
What are your favourite fashion items?
My favorite fashion item are my jewelries.
Your signature perfume.
My signature perf is Chanel Gabrielle because of its elegance and sophisticated scent.
When not working, how do you relax and unwind?
I listen to good music.
You are a member of the Regberegbe (age group), which of the groups do you belong to?
I’m a member of Tobalase Obirin Akile Ijebu.
Aside from the usual merriment and social gatherings, what are the functions of this age group and what are their contributions to society?
We contribute and give back to the society in so many ways such as donation of Medical supplies to hospitals, youth empowerment and contributions to the growth of the palace.
Ojude Oba has grown into a very big festival, what’s your take regarding this and what do you think can be done to make it more prominent?
Ojudeoba is already on the global stage and we shouldn’t relent in making it more grand. The festival is already getting due attention, the government and organisers should leverage on this to milk the tourism and business potentials.
What should people be expecting at the Lafunkky Africana’s corner at this year’s Ojude Oba?
We will be thrilling guests to non-stop fun and merriment. I will advise them to stop by to enjoy finger foods with chilled drinks, all for free!
How are you helping in changing the perspective of foreigners about Nigeria because it’s all about the negative news most times?
I use every opportunity I have to tell foreigners more beautiful things about Nigeria and how cultured and hospitable we are.
