Chief Olu Akinkugbe, Pioneer Pharmacist And Business Leader, Dies At 96
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Nigeria has lost one of its foremost pharmacists, entrepreneurs, and corporate leaders, Chief Oludolapo Ibukun Akinkugbe, CFR, CON, FPS, who passed away peacefully at his Lagos home on Monday, September 22, 2025, aged 96. His death came just eleven days after the passing of his beloved wife of nearly 70 years, Janet Oladunni Akinkugbe.
Born on December 5, 1928, into the prominent Akinkugbe family of Ondo, Chief Akinkugbe’s life was marked by groundbreaking achievements in pharmacy, business, corporate leadership, and philanthropy.
He attended Ondo Boys’ High School, graduating in 1945 with a Grade One in the Cambridge School Certificate, before proceeding to the School of Pharmacy, Yaba, Lagos, where he qualified as a pharmacist in 1949. His career began at the Lagos General Hospital, and by 1950, he had already risen to become National Secretary of the Nigerian Union of Pharmacists (NUP), where he successfully championed better welfare for pharmacists.
At just 25, he became National Secretary of the Pharmaceutical Society of Nigeria (PSN) in 1953, later serving as its President from 1972 to 1974. Under his leadership, the PSN joined the Commonwealth Pharmaceutical Association, while his advocacy laid the groundwork for the Food and Drugs Decree of 1974, the precursor to today’s NAFDAC.
Chief Akinkugbe went on to establish a remarkable entrepreneurial legacy. He founded Palm Chemists in Lagos in the early 1950s and later expanded to Ibadan, where the pharmacy chain grew to six outlets and became a model of modern retail pharmacy. Alongside his wife, who managed the pioneering Alma Stores baby department, he built businesses that transformed the retail and healthcare landscape.
In 1971, he founded Vitalink Pharmaceutical Industries, which later entered a joint venture with Procter & Gamble (P&G) in 1992. He went on to serve as Chairman of P&G Nigeria until 2010. Beyond pharmaceuticals, he was instrumental in creating Palm Chemists, Alma Stores, Thomas Furniture, and Linkup Investments, businesses that provided employment for hundreds of Nigerians.
Chief Akinkugbe also held leadership roles across major sectors of the economy, serving on the boards of Barclays Bank, Bank of Industry, Stanbic IBTC, FrieslandCampina WAMCO, Fan Milk, SmithKline Beecham/GSK, Nigerian Tobacco, West African Portland Cement, Leyland Nigeria, and SecureID. He co-founded and led business associations including NACCIMA, the Ibadan Chamber of Commerce, and the Manufacturers Association of Nigeria (MAN).
In recognition of his outstanding service to Nigeria, he received numerous national and international honours, including MON (1965), CON (2001), CFR (2014), and the Dutch royal honour of Officer of the Orange Nassau. He was also honoured with chieftaincy titles in Ondo and Ibadan, as well as honorary doctorates from the University of Ibadan (1988) and Pan-Atlantic University (2010).
A firm believer in education as a tool for national transformation, Chief Akinkugbe supported the establishment of All Saints Church School and All Saints College in Ibadan, served as Pro-Chancellor and Council Chairman of Pan-Atlantic University, and contributed to the Lagos Business School Advisory Council. His enduring legacy in healthcare and education includes the Olu Akinkugbe WAMCO Nutrition Centre and the Olu Akinkugbe Pharmacy Education Trust (OAPET), which funds the Olu Akinkugbe Faculty of Pharmacy at the University of Medical Sciences (UNIMED), Ondo.
Beyond his professional and philanthropic pursuits, he was a devoted Christian, family man, and community leader. He served the church in Ondo and Ibadan, was active in Rotary International, the Metropolitan Club, and other social organisations.
Chief Akinkugbe is survived by four children, eleven grandchildren, and two great-grandchildren.
The family, represented by Olayinka Akinkugbe, announced his passing and requested prayers for the peaceful repose of his soul.
May his soul rest in perfect peace.
