Business
Top 10 Richest Yoruba Billionaires: South West Wealthiest Entrepreneurs, Key Factors Behind Their Wealth
The Yoruba ethnic group, predominantly located in Nigeria’s southwestern region, has long been home to some of the wealthiest and most influential entrepreneurs in Africa.
Over the years, these Yoruba billionaires have made significant impacts across various sectors, including oil and gas, banking, telecommunications, real estate, and entertainment. Their business acumen and achievements have not only helped shape Nigeria’s economy but have also garnered international recognition.
Here’s a look at the top 10 richest Yoruba billionaires and the key factors behind their wealth:
10. Sulaiman Adebola Adegunwa
Sulaiman Adegunwa is a billionaire philanthropist and businessman from Ogun State. He is the founder of Rite Foods Limited, a company best known for producing popular food and beverage brands in Nigeria. His investments also extend to education, as he founded the Sulaimon College of Education in Ogun State.
9. Fola Adeola
Fola Adeola is best known as the founder of Guaranty Trust Bank (GTBank), one of Nigeria’s largest and most respected financial institutions. He is also involved in several other ventures, including heading MainOne, a telecom company, and running the FATE Foundation, which supports entrepreneurship in Nigeria. His net worth is around $550 million.
8. Dele Fajemirokun
Dele Fajemirokun is one of the most respected Yoruba business figures, with investments spanning insurance, oil, and telecommunications. He is the chairman of AIICO Insurance and a key investor in Food Concepts, the parent company of Chicken Republic. His business acumen has earned him a net worth of $500 million.
7. Samuel Adedoyin
Samuel Adedoyin is a self-made billionaire who overcame humble beginnings to become one of the wealthiest Yoruba men in Nigeria. He is the founder of the Doyin Group, a conglomerate involved in manufacturing, agriculture, and real estate. Adedoyin’s journey from small business ventures to becoming a billionaire is truly inspirational, and his net worth is estimated at $540 million.
6. Oba Otudeko
Oba Otudeko, a respected business magnate and philanthropist, is the founder of Honeywell Group, a diversified industrial conglomerate with interests in food processing, oil and gas, and real estate. He also played a pivotal role in the Nigerian banking industry, previously serving as the chairman of First Bank of Nigeria. Otudeko’s net worth is around $550 million.
5. Tunde Folawiyo
As the managing director of Yinka Folawiyo Group, a conglomerate with interests in energy, agriculture, and real estate, Tunde Folawiyo carries on the legacy of his family’s business empire. His ventures in shipping and energy are particularly notable, and he also serves on the board of MTN Nigeria. His estimated net worth is around $650 million.
4. Deji Adeleke
Dr. Deji Adeleke is a prominent businessman and philanthropist, best known as the father of the famous Nigerian musician Davido. He is the founder of Pacific Holdings Limited, a company with interests in oil and gas, real estate, and logistics. Adeleke is also an investor in education, having established Adeleke University in Osun State. His net worth is estimated at over $700 million.
3. Jimoh Ibrahim
Jimoh Ibrahim is another leading Yoruba entrepreneur who has built his fortune through diversified business ventures. He is the CEO of Global Fleet Group, a conglomerate with interests in oil and gas, insurance, real estate, aviation, and publishing. A lawyer by training, Jimoh Ibrahim’s net worth stands at around $1.1 billion, largely due to his ability to navigate various industries successfully.
2. Femi Otedola
Femi Otedola is one of Nigeria’s most recognized billionaires, primarily due to his involvement in the oil and gas industry. He is the former chairman of Forte Oil, a major petroleum marketing company in Nigeria, and his business ventures have expanded into power generation, finance, and real estate. Otedola’s investments in key sectors like shipping and energy make him a major player in Nigeria’s economy. As of 2024, his net worth is estimated at $1.8 billion.
1. Mike Adenuga
While Mike Adenuga is a Yoruba billionaire, his reach extends beyond Nigeria to the rest of Africa. He is the founder of Globacom, one of Nigeria’s largest telecommunications companies, and he also has interests in oil exploration through his company Conoil. Adenuga’s strategic positioning in telecoms and oil has made him the second-richest man in Nigeria, with a net worth of over $6 billion.
SEE THEIR NET WORTH
The Minister of Power, Joseph Tegbe, said President Bola Tinubu’s administration has no plan to increase electricity tariffs beyond the current level.
Tegbe disclosed this during a media briefing in Abuja on Friday.
According to him, the Tinubu administration’s priorities are improving electricity service delivery, expanding access to electricity, and ensuring that Nigerians pay only for the electricity they consume.
The minister said that, over the last two weeks, the country has consistently generated 5,000 megawatts of electricity.
“We are already witnessing encouraging improvements in electricity generation. Over the course of the last two weeks, we have consistently generated 5,000MW.
“Permit me to address two issues that have generated considerable public discussion. First, there is no policy by this administration to increase electricity tariffs beyond the current level. Our priority is not a tariff increase in the immediate term. Our priority is service improvement, universal metering, and ensuring Nigerians pay only for the electricity they actually consume,” he stated.
He added that the objective of the Federal Government is to provide reliable electricity to homes across the country.
“Our ambition is clear: reliable electricity that powers our homes.”
Tegbe’s comments come amid debate over a fresh electricity tariff hike, fuelled by remarks made by Tinubu’s Special Adviser on Power Infrastructure, Sadiq Wanka.
Nigerian electricity consumers have kicked against the proposed electricity tariff hike.
Access Bank Plc has dismissed as false a purported shutdown notice circulating on social media and WhatsApp, assuring customers and stakeholders that it remains financially strong and fully operational.
Access Bank gave the clarification in a statement, saying all its banking operations and subsidiaries were functioning normally and delivering uninterrupted services to customers.
The bank said it was working with relevant regulatory and law enforcement agencies to identify those responsible for originating and circulating the false information.
According to the bank, legal action will be taken against anyone found culpable in accordance with applicable laws.
Access Bank reminded the public that creating and disseminating false information capable of causing public alarm, damaging reputations or undermining confidence in institutions is an offence under Section 24 of the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act, 2024.
The bank urged members of the public to disregard the fake notice and refrain from sharing or forwarding it.
It also advised customers and other stakeholders to rely only on information published through its official and verified communication channels.
Access Bank thanked its customers, partners and stakeholders for their continued trust and confidence in the institution.
The Nigerian naira remained relatively stable at the official foreign exchange market on Monday, trading around ₦1,362 to the US dollar after the Central Bank of Nigeria, CBN, stepped up interventions to support the local currency.
Fresh data from the Nigerian Foreign Exchange Market, NFEM, showed that the naira closed at ₦1,362.2064 per dollar, compared with the opening rate of ₦1,362.0866 recorded at the start of the trading week.
Although the local currency posted a marginal decline during Monday’s session, analysts said the broader market trend points to improved stability, supported by increased dollar supply from the apex bank and sustained foreign exchange inflows.
Naira records weekly appreciation
The naira strengthened at the official market over the previous trading week, appreciating by 1.31% to close at ₦1,362.09 per dollar on Friday, compared with ₦1,380.18 recorded a week earlier.
The improvement followed renewed interventions by the CBN, which injected significant foreign exchange liquidity into the market to reduce pressure from persistent dollar demand.
Data released by the apex bank showed that eligible foreign exchange transactions were conducted within a range of ₦1,359 to ₦1,365.50 per dollar.
Broadstreet analysts said the movement in the spot exchange rate reflects relative stability in the official market, driven by the CBN’s interventions and steady inflows from foreign investors and other market participants.
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