Top 5 Richest Yoruba Men in Nigeria in 2022

In this article, we’ll be discussing the top 5 richest Yoruba men in Nigeria in 2022. The article will also inform you how they make their money as well as provide the estimated value of their net worth. Let’s dive in. 

Top 5 Richest Yoruba Men in Nigeria in 2022

The top 5 richest Yoruba men in Nigeria in 2022 would be discussed below: 

  • Mike Adenuga 

The first person on the list of the top 5 richest Yoruba men in Nigeria in 2022 is Mike Adenuga, whose net worth is estimated to be $ 7.3 billion according to Forbes’ 2022 mid-year rating. As a young man, Adenuga had a knack for commerce, starting with selling lace and distributing soft drinks which made him his first million at the age of 26, in 1979. Later on, in 1990, his company, Consolidated Oil Company (now Conoil), applied for a drilling license and was granted it. A year later, Consolidated Oil found oil in commercial quantity in the shallow waters of Ondo State, making it the first indigenous company to achieve such a feat. To this day, Conoil PLC is still a formidable name in Nigeria’s downstream sector, with Mike Adenuga, its Chairman, reaping bountiful returns yet. 

In 1999, Mike Adenuga was issued a conditional GSM license to allow him to expand his business empire to the telecommunication sector, leading him to found Globacom. Although the license was revoked a little later, Globacom was issued another in 2003, and it has since grown to become Nigeria’s second-largest telecommunication operator with a presence in Ghana and the Republic of Benin. Mike Adenuga also owns stakes in Equitorial Trust Bank. Mike Adenuga is an indigene of Oyo State. 

  • Femi Otedola 

Femi Otedola is another man of Yoruba descent that has amassed so much wealth that puts him on the list of the top 5 Yoruba men in Nigeria in 2022. Femi Otedola is a billionaire businessman that has interests in petroleum products marketing and distribution, real estate, shipping, and in the financial sector. Femi Otedola’s ascent to tremendous wealth can be traced to 2003 when he secured finance enough to start up Zenon Petroleum and Gas Limited. In 2005, Zenon Petroleum and Gas Limited had grown to become a major player in Nigeria’s diesel market, supplying fuel to clients such as Dangote Group, Cadbury, Coca-Cola, MTN, Nestle, Guinness, Unilever, and Nigerian Breweries. 

In 2007, Femi Otedola acquired a 28.7 percent controlling stake in African Petroleum, of which it was rebranded to Forte Oil PLC (now Ardova PLC) in 2010 to serve a wider audience, thus raking in more profit. To diversify his business further, he went on to acquire the 414 KV Geregu Power Plant, as well as a 5.07 percent stake in First Bank PLC, and many other investments. According to several online sources, Femi Otedola’s 2022 net worth is $ 1.5 billion. 

  • Jimoh Ibrahim 

Jimoh Ibrahim is a billionaire lawyer and businessman from Ondo State that has made such a great fortune to be among the top 5 richest Yoruba men in Nigeria in 2022. Unlike most wealthy men whose source of wealth can be traced to their parents, Jimoh Ibrahim was one of 40 children born into a low-class income household. Not to be one to be downcast of realities, Jimoh Ibrahim took up small-scale building projects and organized a series of workshops and seminars during his undergraduate years as an International Law student of Obafemi Awolowo. At the time he was through with his first degree, he had amassed a couple of million in his bank account, to the tune of NGN 70 million. 

He went on to obtain Master’s degrees in Public Administration and Economics and International Tax at Obafemi Awolowo University and Harvard University respectively. His professional career took off in Europe, working as a tax consultant with the International Monetary Fund (IMF) and to governments of some Asian countries where he worked on tax reforms. When he returned to Nigeria, he practised law for some time and consulted for the government on several occasions. As chairman and CEO of Global Fleet Group, Jimoh Ibrahim has vested interests in real estate, oil and gas, insurance, telecommunication, carpentry, hospitality, banking, and industrial cleaning, among others. He’s worth approximately $ 1.1 billion in 2022. 

  • Adedeji Tajudeen Adeleke 

Adedeji Adeleke is a native of Osun State and a successful businessman with strings of investments across Nigeria and abroad which makes him a worthy addition to this list. He is the CEO of Pacific Holdings Limited, a conglomerate consisting of Pacific Farm Limited, Junior Venture Limited, Pacific Freightliner Limited, Pacific Drilling Company, Intertrade Warehousing Limited, and Pacific Gas Limited. He is also the founder of Adeleke University in Ede, Osun State. According to online sources, Adedeji Adeleke’s investments in real estate, banking, education, energy, and entertainment sectors puts his net worth between $ 700 million to $900 million, in 2022. 

  • Tunde Folawiyo 

Tunde Folawiyo, son of prominent business mogul Wahaab Folawiyo, is one of the richest Yoruba men in Nigeria in 2022 that’s worthy of being on this list. He is the executive managing director of Yinka Folawiyo Group of Companies, assuming that position in 2008 after the death of his father, Wahaab Folawiyo. He’s also the founder of Folawiyo Energy Limited, a subsidiary of the Yinka Folawiyo Group of Companies. 

The Yinka Folawiyo Group of Companies has vested interests in energy, agriculture, shipping, and real estate. 

Apart from his responsibilities as managing director of the Yinka Folawiyo Group of Companies, Tunde Folawiyo is the Director of MTN Nigeria Limited and the Chairman of Enyo Retail, a Nigerian downstream oil and gas company. In addition, he is the Chairman of an investment banking firm known as Coronation Merchant Bank. According to Forbes, the estimated value of Tunde Falowiyo in 2022 is $650 million. 



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