5 Richest Yoruba Men in Lagos
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Entertainment Business - April 13, 2023

5 Richest Yoruba Men in Lagos

Lagos, Nigeria has several rich Yoruba men which has put the ethnic group among the most prosperous ethnic groups in the country.

 In this article, we’ll take a look at the top 5 wealthiest Yoruba men in Lagos, Nigeria, based on their net worth, and explore how they acquired their wealth.

Femi Otedola

Femi Otedola is a Nigerian businessman with a net worth of $1.85 billion, according to Forbes. His source of wealth is his oil and gas company, Forte Oil, which he later sold, and later acquired Geregu Power Plant, to expand into the power sector and contribute to Nigeria’s efforts to improve its power supply. 

His business career began when he started selling kerosene to local communities in the country with which he used in starting his own company, Zenon Petroleum and Gas Limited. The company started with the importation and distribution of diesel and kerosene which later expanded into other petroleum products.

Otedola later diversified into various industries which includes shipping, real estate, and finance. In 2021, he emerged as the highest shareholder of First Bank of Nigeria Holdings after a 5.07 percent equity stake.

Mike Adenuga

Mike Adenuga is one of the richest Yoruba men with a net worth of $6.1 billion, according to Forbes. His source of wealth is his telecommunications company, Globacom, which has operations in Nigeria, Ghana, and Benin. 

Adenuga started his business career in the 1990s by importing and selling lace fabrics. He later invested in the oil sector and telecommunications industry, and his company Globacom which is Nigeria’s second-largest telecom operator.

The sixth richest person in Africa also has investment in the oil and gas industry. His company Conoil, a Nigerian petroleum marketing company involved in the sale of regulated gasoline and kerosene, diesel, aviation fuel and low pour fuel is the first company to market petroleum products in bulk in Nigeria.

Sir Olu Okeowo

Clement Oluwatumininu Okeowo is one of the richest Yoruba men in Nigeria. The illustrious man is the founder of Gibraltar Construction Nigeria Limited, a full service building and civil engineering construction company established in 1994.

Okeowo who left medicine for business started out in the sales of burglary business before he made the full switch into constructions and civil engineering and started building houses. 

The company is involved in Storage Tank Fabrication & Construction, Construction Business, Real Estate and Leasing, and Building and Renovation.

Tunde Folawiyo 

Tijani Babatunde Folawiyo is a Nigerian billionaire with a networth of $650 million according to forbes. He is the Managing Director of the Yinka Folawiyo Group, a conglomerate with interests in energy, agriculture, shipping, and real estate.

The retired lawyer presently works at MTN as a Director and also owns and operates a law practice in Nigeria.

Oba Otudeko

Oba Otudeko is another wealthy Yoruba businessman who serves as the founder and chairman of the Honeywell Group, a conglomerate based in Nigeria with operations in diversified businesses such as foods and agriculture, telecommunication and infrastructure, real estate and financial services.

Otudeko was a former chairman of First Bank of Nigeria Holdings and has also worked with several companies including the Nigeria Stock Exchange and Fan Milk.

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