Femi Otedola

10 Richest Yoruba men & women in Nigeria (2020 updated)

Find out the richest Yoruba men and women in Nigeria. The Yoruba tribe in Nigeria are among the “major” ethnic groups in the country. Their sons and daughter and doing great in all spheres of life, including business, education, entertainment industry, etc.

In this article are the top 10 wealthiest Yoruba people in Nigeria (men and women), their net worth, their businesses/source of wealth.

Let’s dive in!

1. Mike Adenuga

Mike Adenuga
Mike Adenuga

Net worth: $5.9 billion (source: Forbes, February 2020)

Mike Adenuga is the second richest man in Nigeria, the third richest man in Africa and the richest Yoruba man in Nigeria, according to Forbes. 

Michael Adeniyi Agbolade Ishola Adenuga Jr was born on the 29th day of April 1953.

He is the owner of Globacom, Nigeria’s second-largest telecom company. Globacom operates in Ghana and Benin Republic. In Equitorial Trust Bank, he owns stakes and also in the oil exploration and production company Conoil (formerly known as Consolidated Oil Company).

Mike Adenuga’s father was a school teacher and his mom was a businesswoman. Adenuga attended Ibadan Grammar School, Ibadan for his secondary school education and Comprehensive High School, Aiyetoro for his Higher School Certificate. He was once a taxi driver which he did to fund his university education.

He studied Business Administration from Northwestern Oklahoma State University and Pace University, New York where he both earned a bachelor’s degree.

Forbes in 2016 estimated his net worth at $10 billion which puts him behind Aliko Dangote as the second richest Nigerian as well as the second richest person in Africa.

2. Femi Otedola

Femi Otedola
Femi Otedola

Net worth: $1.8 billion (source: Forbes, January 2016)

Femi Otedola was born on the 4th of November 1962.

He is the former chairman of Forte Oil Plc. He also founded Zenon Petroleum and Gas Ltd in 2003. He has several other businesses that spread across shipping, real estate, and finance.

Otedola was born in Ibadan, Oyo State, and his father, late Sir Michael Otedola was a one-time Governor of Lagos State in the 1990s.

3. Jimoh Ibrahim

Net worth: $1.1 billion (source: Forbes, speculative)

Jimoh Ibrahim was born on 24 February 1967. He is a lawyer, businessman, philanthropist, and a seasoned politician.

He is the chairman and CEO of Global Fleet Group, a conglomerate that was founded in 2003. Global Fleet Group is a diversified conglomerate that is into oil and gas exploration, magazines, insurance, airlines, hotels, real estate, and the rest of them.

Jimoh Ibrahim is from Ondo State, Nigeria.

He attended Obafemi Awolowo University, Ile Ife, Osun State, where he earned a degree in Law. He also obtained a Master’s degree in Public Administration from the same Obafemi Awolowo University. He subsequently earned a combined Master’s degree in Law and International Taxation from Harvard University, USA.

4. Folorunsho Alakija

Folorunsho Alakija
Folorunsho Alakija. photo via dailypost.ng

Net worth: $1 billion (source: Forbes, January 2020)

Folorunso Alakija became the richest woman in Nigeria. She is a businesswoman, born on the 15th of July 1951.

Her enterprise includes fashion, real estate, oil exploration, printing.

She is the managing director of The Rose of Sharon Prints and Promotions Limited, Digital Reality Prints Limited.

She is the vice-chairman of Famfa Oil Limited. She also has stakes with DaySpring Property Development Company.

Forbes ranked Alakija as the wealthiest woman in Nigeria. In 2015, she was listed, according to Forbes, as the second most powerful woman in Africa and the 87th most powerful woman in the world.

Folorunso Alakija is estimated to be worth $1 Billion in January 2020.

5. Bola Shagaya

Hajia Bola Muinat Shagaya
Hajia Bola Muinat Shagaya

Net worth: $950 million (source: Nigerianguide, March 2020)

Hajia Bola Shagaya was born on the 10th of October 1959 in Kwara State. Her mother was a Sudanese seamstress while her father, Emenike Moba was a Nigerian public servant.

She had her secondary education at Queens School in Kwara State, her hometown. She obtained her bachelor’s degree from Ahmadu Bello University, Zaria. She also went to Armstrong College, California where she studied Accountancy and Economics.

Bola is amongst the wealthiest women in Nigeria. She is the CEO of Bolmus Group International, a conglomerate that is into oil and gas exploration, photography, real estate, and communications. She is worth about a billion dollars.

6. Tunde Folawiyo

Net worth $650 million (source: Forbes, November 2014)

Tunde Folawiyo was born on 12th April 1960 in Lagos.

He studied at the London School of Economics where he obtained a bachelor’s degree in Economics in 1980. He also obtained a Bachelor of Law in 1984. He obtained a Master’s in law from the University College London in 1985.

Tunde Folawiyo is the managing director of the Yinka Folawiyo Group, a conglomerate that has interests in agriculture, shipping, real estate, energy, and engineering. The company also has an oil exploration firm, Yinka Folawiyo Petroleum. He has stakes in MTN and others.

7. Samuel Adedoyin

Net worth $540 million (source: unconfirmed)

Samuel Adedoyin was born in the year 1935 in Lagos State but raised in Kwara State.

Samuel Adedoyin is the CEO and founder of Doyin Investment Limited which has an interest in manufacturing industries, pharmaceuticals, real estate, beverages, and the rest of them.

He is said to be worth over $540 million.

8. Dele Fajemirokun

Dele Fajemirokun
Dele Fajemirokun. photo via guardian.ng

Net worth $500 million (source: unconfirmed)

Dele Fajemirokun is the son of late Henry Fajemirokun who was a high chief and was a prominent businessman who founded the Henry Stephens Group.

He was born on April 16 1950.

He inherited his father’s business and expanded it into a conglomerate consisting of 19 companies.

9. Michael Ade-Ojo

Net worth undisclosed (multi-millionaire)

Michael Ade-Ojo was on June 14, 1938, in Ilara-Mokin, a town in Ondo State.

He attended St Michael Anglican School in Ilara-Mokin, he later went to Imade College, Owo where he obtained his West African School Certificate. He obtained his bachelor’s degree from the University of Nigeria, Nsukka in 1961 where he studied Business Administration.

Chief Michael is a businessman and the chief executive officer of Elizade Motors Limited which deals in Toyota vehicles – both sales, and repairs. He also owns the Elizade University.

10. Tajudeen Afolabi Adeola

Net worth $83 Million (unconfirmed)

Adeola was born on 1st January 1954. He attended Methodist Boys High School in Lagos. He attended Yaba College of Technology where he obtained a Diploma in Accounting in 1975 and became a Chartered Accountant in 1980.

He co-founded Guaranteed Trust Bank in 1990 and retired after serving as the Managing Director and CEO for 12 years. He is currently a director.

Adeola is the founder and CEO of FATE Foundation, a charity organization to promote entrepreneurship among the youth. He is also a member of the Commission for Africa.

He is amongst the richest bankers in Nigeria.

Richest Igbo people, richest Hause people

I bet you don’t know these top 20 richest Igbo men and women in Nigeria, as the top 10 richest Hausa people.

Others among the richest Yoruba people in Nigeria

We have plenty of very rich Yoruba people, including Molade Okoya Thomas, Oba Otudeko, Dele Momodu, Akin Alabi, Shina Peter, and the rest who are multi-millionaires and made their cash through established businesses.

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