Which Tribe is the Richest in Nigeria?

Nigeria, being the most populous country in Africa, is made up of over 250 ethnic groups or tribes. Out of these numerous tribes, the most popular and largest are the Yorubas, the Hausas, and the Igbos. These three major tribes and others have altogether produced a lot of prominent and eminent personalities in Nigeria over the years.

What makes a tribe richer than others is the number of wealthy and highly influential people that is from that tribe. Then the question is: which tribe is the richest in Nigeria? In this article, a detailed answer will be provided to this question.

Which Tribe is the Richest in Nigeria?

The richest tribe in Nigeria is the Yoruba.

The Yoruba tribe stands as the richest in Nigeria based on the number of wealthy and highly influential people that come from the tribe.

Constituting the largest ethnic group in Nigeria and probably in the African subcontinent, the Yoruba people are mostly found in South-Western Nigeria, the Southern Benin region, and the North Central. In terms of education, the Yoruba tribe is known as the most educated tribe in Nigeria as more professors come from the tribe than from other tribes.

A lot of Yorubas also hold prominent positions in politics and the corporate world. They are mostly successful in entrepreneurship and running successful business ventures in Nigeria and even overseas. And talking about overseas, Yoruba tribe constitute a larger percentage of Nigerians in highly developed countries like United States and United Kingdom.

The Yoruba tribe is considered the richest tribe in Nigeria because many of its tribesmen and tribeswomen are positioned in places of influence, power, wealth, and politics, and also have far-reaching connections.

Some of the notable and highly influential people from the tribe are:

Mike Adenuga

Mike Adenuga, aged 69, is an indigene of Oyo State and Nigeria’s second richest man. His fortune came from the telecom and oil production industry. Adenuga is the Chief Executive Officer of Globacom – Nigeria’s first indigenous telecommunication company. He is also the founder of Conoil Plc, a Nigerian petroleum marketing company involved in the exploration, production, and sale of regulated gasoline and kerosene, diesel, jet fuel, and low pour fuel.

Globacom is the second largest network operator in Nigeria with over 60 million active subscribers. Conoil production operates six blocks in the NIger Delta. Mike Adenuga also has interests in real estate, the hospitality sector, banking etc. As at 2022, Mike Adenuga’s net worth is estimated to be $6.8 Billion.

Femi Otedola

Femi Otedola, 59, is a popular business tycoon and one of Nigeria’s billionaires. He is a core Yoruba man and the son of Sir Micheal Otedola who is a former governor of Lagos state. Femi Otedola is the CEO of Zenon Petroleum and Gas Ltd. He is the former Chairman of Forte Oil Plc, an importer of fuel products. Some of his other business concerns span shipping, real estate, and banking.

Aside from business, Femi Otedola is a philanthropist especially in the education sector. He’s said to worth about $2 Billion.

Dr. Oba Otudeko

Oba Otudeko, aged 78, is a Yoruba man from Oyo State and one of Nigeria’s most influential and richest men. He is a successful businessman and the founder and chairman of the Honeywell group – a diversified industrial, trading, and investment conglomerate.

Otudeko also owns quite a number of other business ventures such as Honeywell Flour Mill Plc, HOGL Energy Limited, Uraga Real Estate Limited, Anchorage Leisures Limited, and Pavilion Technology Limited.

In the past, Dr. Oba Otudeko has also held prominent positions namely President of the Nigerian Stock Exchange, Director of the Central Bank of Nigeria, and Chairman of FBN Holdings. Oba Otudeko is reportedly worth more than $800 Million Dollars.

Dr. Adedeji Adeleke

Deji Adeleke, aged 65, is a core Yoruba man businessman, entrepreneur, and philanthropist that hails from Osun state. He is the father of popular Nigerian afro-pop artiste, Davido. He is the Pro-Chancellor and co-founder of Adeleke University, located in his hometown in Ede, Osun State.

Dr. Adedeji Adeleke is also the CEO of Pacific Holdings Ltd, which has focused on investments in different sectors of the Nigerian economy such as real estate, oil and gas, banking etc.

With a reported net worth of $700 Million, Dr. Adedeji Adeleke is considered one of the richest men in Nigeria.

Tunde Folawiyo

Tunde Folawiyo, 62, is a legal practitioner by profession. Apart from his law profession, he is a successful entrepreneur and businessman. He is the managing director of Yinka Folawiyo Group, whose interest span various sectors of the Nigerian economy such as energy, real estate, agriculture, shipping, and engineering. Also, Folawiyo has minority stakes in Nigeria’s Access Bank and telecommunication giant MTN Nigeria.

An art collector and a patron of William Kentridge, Tunde Folawiyo is among the richest men in Nigeria with an estimated net worth of $650 Million.

Folorunsho Alakija

Folorusho Alakija, 70, is the richest woman in Nigeria and the second most powerful woman in Africa. She is a billionaire businesswoman and philanthropist. Folorunsho Alakija is the executive vice-chairman of Famfa Oil in Nigeria – an oil exploration company with a stake in Agbami Oilfield, a prolific offshore asset. Famfa oil also partners with other major players in the oil and gas industry including Chevron and Petrobras.

Folorunsho Alakija also has interest in real estate, fashion, and printing industries. The following are credited to her name: printing (The Rose of Sharon Group, which consists of The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited) & real estate (DaySpring Property Development Company). Alakija’s net worth is estimated to be more than $1 Billion.


The Yoruba tribe is unarguably the richest tribe in Nigeria as more billionaires and millionaires come from the ethnic group. The tribe is the most educated and constitutes a larger part of Nigeria’s population in highly developed countries like the UK and the US. Also, there are more Yoruba people – more than other tribes – positioned in places of influence, power, wealth, and politics.

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