7 Richest Yoruba Business People in Nigeria
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Lists - August 9, 2023

7 Richest Yoruba Business People in Nigeria

Yoruba entrepreneurs have consistently emerged as key players, shaping industries and contributing significantly to the nation’s economy in the vibrant landscape of Nigerian business. Renowned for their business acumen and diverse ventures, these individuals have not only amassed substantial wealth but also left an indelible mark on various sectors. 

This article provides a glimpse into the accomplishments of some prominent Yoruba business figures, highlighting their contributions to Nigeria’s commercial success.

Obateru Akinrutan

Oba Fedrick Obateru Akinrutan, a distinguished Yoruba king, stands not only as a revered monarch but also a prominent figure in Nigeria’s business landscape. Holding the throne of Ugbo Kingdom in Ondo State, he has orchestrated a remarkable dual identity as both ruler and entrepreneur. With an estimated net worth of $300 million, Oba Obateru Akinrutan is the visionary behind Obat Petroleum, a notable player in Nigeria’s private oil trading sector. 

A monarch of significance, he garnered global attention by becoming Forbes’ second richest king in Africa and Nigeria in 2014, outshining even his contemporaries. Beyond his kingly role, Oba Obateru Akinrutan has masterfully cultivated a legacy that intertwines tradition and business acumen, enriching both his kingdom and the broader Nigerian economy.

Jimoh Ibrahim

Jimoh Ibrahim boasts a substantial net worth of $1.1 billion which encompasses the many hats the multifaceted figure wears such as shrewd businessman, astute politician, and accomplished lawyer, all bundled into one. Revered as a philanthropist, Ibrahim’s benevolence extends toward uplifting the less privileged, contributing to Nigeria’s societal progress. 

At the helm of the Global Fleet Group, he serves as Chairman and Chief Executive Officer, steering its diverse ventures. Furthermore, he holds ownership of NICON Investment Ltd., underlining his expansive influence. A former chairman of the Corporate Affairs Commission, Ibrahim’s academic journey encompassed prestigious institutions like Obafemi Awolowo University, Harvard Law School, University of Cambridge, and Oxford University. In 2022, his meritorious achievements culminated in a distinguished Business Doctorate from the esteemed University of Cambridge, UK.

Bimbo Alase

Bimbo Alashe, a visionary entrepreneur who turned her education into a revolution in Nigeria’s furniture scene. After studying in London, she kickstarted her journey with Glamour, a small shop. And, while recognizing the scarcity of top-quality local furniture, she founded Leatherworld in 1994 with a clear goal which is to make luxury accessible. 

Starting modestly in Ikoyi, Leatherworld now boasts grand showrooms across Nigeria, even partnering with Italy’s NIERI in 2005. Beyond beautiful furniture, Alashe’s legacy lies in empowering the local economy and nurturing a skilled Nigerian workforce. With having a reportedly net worth of about $750 million, she’s not just a top female entrepreneur but also a mentor and board member, leaving an indelible mark on various companies. 

Dele Fajemirokun

One of the richest Yoruba players in Nigeria’s financial game, Dele Fajemirokun boasts a cool $500 million. But here’s the twist, he didn’t start in a silver spoon club. Nope, he grew up in a one-room apartment in Isale Eko, with a big appetite for better days. He took the reins of his father’s Henry Stephens Group, turning it around from near-death debt. Fajemirokun then made savvy moves, bagging shares in AIICO Insurance and teaming up with big shots like Johnson Wax and Food Concepts.

Fahemirokun hit billionaire status at just 29. Through his Oladele Fajemirokun Foundation, he’s all about lifting others up. 

Oba Otudeko

Another formidable name in Nigeria’s business landscape is Oba Otudeko, founder and chairman of Honeywell Group. After graduating from Leeds College of Commerce and Olabisi Onabanjo University with a Doctorate, Otudeko’s journey blends arts and sciences. He made waves in banking, rising to General Manager and acting CEO of Cooperative Bank before retiring in 1983.

From his trading roots in the 1970s, he cultivated Honeywell Enterprises, which later blossomed into the diversified industrial, trading, and investment powerhouse known today as Honeywell Group. Oba Otudeko – a Yoruba luminary shaping Nigeria’s economic landscape. He’s not just about business; he’s a giver too, founding the Oba Otudeko Foundation. Notably, he steered the helm of FBN Holdings and was even a former chairman.

Tunde Folawiyo

Tunde Folawiyo carries forward his father’s legacy as the Managing Director of Yinka Folawiyo Group, a conglomerate that thrives across shipping, agriculture, real estate, energy, and more.

Folawiyo’s roots run deep in Nigeria’s business soil as he wields both intellect and experience. With a dynamic portfolio spanning industries, Tunde Folawiyo adds a contemporary chapter to his family’s legacy of entrepreneurial achievement, leaving an indelible mark on Nigeria’s economic landscape.

Mo Abudu

Mo Abudu, a trailblazer in Nigeria’s entertainment realm, renowned for her stellar achievements clinches the spotlight as a top Yoruba entrepreneur and creative visionary. From her early days as a brand ambassador for AVON Cosmetics to her dynamic leadership at EbonyLife TV, Mo Abudu’s journey is awe-inspiring. With EbonyLife TV, Mo Abudu etched her name in African broadcasting history, delivering compelling content to audiences across the continent and beyond. 

Mo Abudu’s impact knows no bounds. From producing acclaimed shows like “Moments with Mo” to groundbreaking films, she redefines Nollywood’s boundaries. Her partnership with Netflix and other global giants showcases her prowess. In the world of media, she’s a beacon of empowerment, fostering African talent through initiatives like ‘Alo’. As Forbes and The Hollywood Reporter celebrate her influence, Mo Abudu shines as a Yoruba powerhouse, carving an indelible legacy in entertainment and beyond.

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