According to The Punch, the business mogul died on Saturday, July 1, at the age of 96.

Oluremi Ajose-Adeogun confirmed the death of the octogenarian on behalf of the family in a statement on Monday, July 3.

The statement partly reads: “The family of Chief Mobolaji Ajose-Adeogun has announced the passing away to the eternal glory of their patriarch, father, grandfather, and great-grandfather, Chief Mobolaji Ajose-Adeogun, FCIS, CON, JP."