Meet over 20 wealthy families in Nigeria

Nigeria is home to numerous families whose wealth has been built over generations, spanning various industries such as banking, telecommunications, oil, and manufacturing.

These families have shaped key sectors of the economy through business ventures, leadership roles, and investments.

While many Nigerian families enjoy wealth and comfort, a select few have reached another level of financial success, standing out for their influence and economic power.

Successful entrepreneurs are passing their businesses to the next generation, who are now tasked with driving these family-owned enterprises forward. Family businesses, while key to most economies face challenges in becoming major players.

At the previous year’s 2023 Family Business Summit, experts highlighted four success factors: strong governance, shared family values, tech adoption, and seamless succession plans.

This year’s 2024 summit, themed “Family Business Legacy: Strategies for Building and Maintaining Multigenerational Wealth,” will gather over 150 family business leaders and shareholders in Lagos and Ogun from October 17 to 20.

Here are 25 wealthy families in Nigeria

The Indimi Family

The Indimi Family is a prominent name among the wealthiest families in northern Nigeria. Muhammad Indimi was born on August 12, 1947, in Maiduguri, Borno State, Nigeria, into the Alhaji Kurundu family. His father, Alhaji Mamon Kurundu, was a businessman involved in trading hides and skins. Muhammad Indimi learned to speak, read, and write in English despite not receiving a formal education. He began his own business in 1963, selling imported clothes from Chad and Cameroon after receiving a £100 loan from a friend. He later expanded his ventures by buying and reselling flour during shortages and supplying industrial water pumps. In 1990, he established Oriental Energy Resources, an offshore oil exploration company that started with Block OPL224 offshore Nigeria. Through the Muhammad Indimi Foundation, he has supported families affected by the Boko Haram crisis and awarded over 470 scholarships. He also sponsored the University of Uyo’s Department of Petroleum and Chemical Engineering and donated a multi-million-dollar International Business Center to Lynn University in Florida. In 2012, he was awarded the title of Officer of the Federal Republic of Nigeria. His net worth is estimated at $550m by Forbes in 2015.

The Sanomi Family

The Sanomi family is led by the remarkable Nigerian geologist businessman Igho Charles Sanomi II, born on May 17, 1975, in Agbor, Delta State, Nigeria, and comes from a Catholic family. His father, Dickens Ogheneruemu Patrick Sanomi, was a retired Assistant Inspector General of Police and served as the second national vice-president of the Urhobo Progress Union. His mother, Mabel Iyabo Sanomi, is a tribal chief of the Isotun Ijesha kingdom in Osun State. After graduating, Sanomi co-founded Sarian Oil, focusing on trading operations between West Africa and the U.S. In 2004, he founded Taleveras Group, operating in telecommunications, shipping, aviation, real estate, and the energy sector. Taleveras sells millions of barrels of crude oil and petrochemicals annually and has stakes in the Port Harcourt Electricity Distribution Company. Sanomi also leads the Dickens Sanomi Foundation, supporting healthcare, education, and community development initiatives.

The Benedict Family

Among these wealthy individuals is Benedict Peters, born on December 5, 1966, in Nigeria, who studied Geography and Regional Planning at the University of Benin. He began his career in the oil and gas industry in the 1990s at Ocean and Oil Services Limited (now Oando), later joining MRS Oil Nigeria as Group Executive Director and rising to Managing Director. In 1999, he founded Sigmund Communecci, rebranding it to Aiteo in 2008. Aiteo owns one of Nigeria’s largest petroleum tank farms, with facilities exceeding 250 million litres on more than 100,000 square meters of land, and operates the Abonnema Storage Terminal. In 2014, Aiteo acquired a controlling stake in Oil Mining Lease 29 and the Nembe Creek Trunk Line from Royal Dutch Shell Plc. OML 29 contains 11 oil and gas fields and is the site of Nigeria’s first commercial oil discovery. Aiteo plans to build a 100,000-barrel-per-day refinery in Warri, Delta State. In November 2023, Aiteo launched Nembe crude, which meets European specifications, through a joint venture with the Nigerian National Petroleum Corporation. Benedict Peters also co-founded Ito Group with his brother, Francis Peters, who serves as the company’s vice chairman. Ventures Africa ranked Peters as the seventh richest in Nigeria and the 17th richest person in Africa.

The Ibeto Family

Cletus Madubugwu Ibeto, born on November 6, 1952, in Nnewi, Anambra State, Nigeria, stands as a singular figure at the helm of the Ibeto family. Who began his career in the motor parts industry as an apprentice. In March 1988, he stopped the direct importation of automotive batteries and motor accessories after completing his factory in Nnewi. By 1995, the Ibeto Group had grown into one of the largest auto spare parts manufacturers in Nigeria. In October 1996, he established Ibeto Petrochemical Industries Ltd., which blends oil lubricants and produces petroleum products, with storage facilities exceeding 60,000 metric tonnes at Apapa Wharf and Ibru Port Complex in Lagos. The Ibeto Group has expanded into sectors like cement manufacturing, hospitality, real estate, and oil and gas. Despite not completing secondary school during his youth, Ibeto resumed his education at the age of 48 and earned his degree. His personal life is centred around his wife and children.

The Alakija Family

This family prominence is largely attributed to the remarkable Folorunsho Alakija, born on July 15, 1951, in Ikorodu, Lagos State, Nigeria, is from the Ogbara family, where her father, L.A. Ogbara, had eight wives and 52 children. She travelled to the United Kingdom at the age of 10 for her education, attended Muslim High School in Shagamu, Nigeria, and later studied secretarial work at Pitman’s Central College in London. She also studied fashion design at the American College in London and the Central School of Fashion. In the 1980s, she launched her fashion label “Supreme Stitches,” later renamed “The Rose of Sharon House of Fashion.” In 1991, she transitioned into the oil and gas industry through Famfa Oil Limited, which secured an exploration and production license. In partnership with Texaco Nigeria Ltd. (now Chevron Nigeria Ltd.), Famfa Oil began operations in 1996, managing the Agbami Oilfield. She also founded Dayspring Property Development Company Limited, a luxury real estate firm based in Lagos. In 2008, she launched the Rose of Sharon Foundation to support widows, orphans, and their children through educational programs and loans and also founded Flourish Africa to help female entrepreneurs. Folorunsho married Modupe Alakija in November 1976, and they have four sons and reside in Lagos, Nigeria. Forbes listed her net worth at $1bn in 2020.

The Rabiu family

The prosperity of the Rabiu family traces back to Khalifah Isyaku Rabiu, a leading industrialist in Nigeria during the 1970s and 1980s, whose legacy continues through his son. Abdulsamad Isyaku Rabiu, born on August 4, 1960, in Kano, Nigeria, is the founder and chairman of BUA Group, a conglomerate with interests in manufacturing, infrastructure, and agriculture. BUA Group generates over $2.5 billion in revenue and has expanded into steel, importing iron ore and constructing multiple rolling mills. In 2008, the company ended an eight-year monopoly in the Nigerian sugar industry by commissioning the second-largest sugar refinery in sub-Saharan Africa. BUA also acquired a controlling stake in a publicly listed cement company in Northern Nigeria and completed a $900 million cement plant in Edo State. The group further acquired Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria. Abdul Samad Rabiu serves as chairman of the Nigerian Bank of Industry. His philanthropic efforts are channelled through the BUA Foundation, which constructed a 7,000-square-meter pediatric ward at Aminu Kano Teaching Hospital and established the Center for Islamic Studies at Bayero University Kano. As of 2024, his net worth is $4.9 billion, making him the second richest man in Nigeria. He has four children: Khadija Cookie Rabiu, Isyaku Khalifa Rabiu, Junaid Rabiu, and Rania Rabiu. His siblings include Nafiu Rabiu and Rabiu Rabiu, who is chairman of IRS Airlines. As of 16, Sept. 2024, Abdulsamad net worth is $4.8 billion, making him the third richest man in Nigeria according to Forbes.

The Agbaje Family

The Agbaje family holds a significant place in the Nigerian banking sector. Segun Julius Agbaje, born in July 1964, is a key figure, serving as the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO), previously known as Guaranty Trust Bank (GTBank). His father, Chief Julius Kosebinu Agbaje, had a career in banking, and his mother, Mrs. Margaret Olabisi Agbaje, worked as a teacher. Additionally, Segun’s brother, Jimi Agbaje, is recognized for his career as a pharmacist and his involvement in politics. The family’s legacy in banking and finance underscores their impact on the industry.

The Elumelu Family

The reputation of Elumelu’s name has risen in Nigeria due to Tony Onyemaechi Elumelu, born on March 22, 1963, in Jos, Plateau State, Nigeria, being an investor, economist, banker, and philanthropist. His parents, Suzanne and Dominic Elumelu, are from Onicha-Ukwu in Aniocha North Local Government Area of Delta State. Elumelu, who grew up with four siblings including Ndudi Elumelu, studied Economics at Bendel State University (now Ambrose Alli University) and earned a Bachelor of Science degree with a Lower Second Class (2:2), followed by a Master of Science in Economics from the University of Lagos. His career began at Union Bank as a corps member during his National Youth Service Corps in 1985 and later as a salesman. In 1997, he led a group of investors to rescue a struggling bank, formerly Crystal Bank, which was later renamed Standard Trust Bank and made it profitable. In 2005, he orchestrated the merger of Standard Trust Bank with United Bank for Africa (UBA), forming one of Sub-Saharan Africa’s largest banking groups. Elumelu served as Group Managing Director of UBA, expanding it into a pan-African institution with operations in 20 African countries, France, the U.S., and the U.K., and currently chairs its board. In 2010, he founded Heirs Holdings, a family investment holding company with a diverse portfolio. He also established the Tony Elumelu Foundation to support African entrepreneurship through mentorship, training, and funding. Elumelu holds significant real estate assets in Nigeria and a minority stake in MTN Nigeria. In 2020, he was listed among Time’s 100 most influential people in the world, reflecting his impact on African entrepreneurship and development. His net worth is estimated at $700m by Forbes in 2015.

The Ovia family

Jim James Ovia, born on November 4, 1951, in Agbor, Delta State, is the second son of Obi Olihe of Agbor-Obi, a chief in the Agbor Kingdom. He founded Zenith Bank in 1990, growing it into one of Nigeria’s largest banks. Ovia serves as the chairman and holds slightly more than a 9% individual stake in the bank. He also owns valuable real estate assets across Nigeria and was the founder of Visafone Communications Limited, a mobile telecommunications operator. His net worth is estimated at $550m by Forbes in 2015.

The Adeleke Family

The Adeleke name is familiar to many Nigerians, resonating across various sectors in Nigeria, whether in politics, business or entertainment. Adedeji Tajudeen Adeleke, born on March 6, 1957. Adedeji Adeleke serves as the president of Adeleke University and CEO of Pacific Holdings Limited, and he founded Pacific Energy. His children include David Adedeji Adeleke, known as Davido and married to Chioma Rowland, Adewale Adeleke, Sharon Adeleke, and Ashley Coco Adeleke. Adewale Adeleke is married to Ekanem Kani, Sharon Adeleke is married to Yomi Ademefun, and Ashley Coco Adeleke is married to Caleb Adaji. The Adeleke family is influential in business, politics, and entertainment.

The Danjuma Family

The Danjuma family traces back to General Theophilus Yakubu Danjuma, born on December 9, 1938, to his father Kuru Danjuma, a farmer who traded metal parts for agricultural tools. Theophilus Yakubu Danjuma is a retired Nigerian Army Lieutenant General who has gained wealth through investments in petroleum and shipping enterprises. He founded South Atlantic Petroleum (SAPETRO), which holds upstream assets in Nigeria and other countries. With over 35 years of service in military and political roles, Danjuma has established himself as a prominent figure. He is also known for his philanthropic efforts through the TY Danjuma Foundation, which supports charitable giving and community development.

The Arthur family

Prince Arthur Eze, born on November 27, 1948, in Ukpo, Dunukofia Local Government Area, Anambra State, Nigeria, is the Chief Executive Officer of Atlas Oranto Petroleum, a company he founded in 1991. Atlas Oranto Petroleum is one of Nigeria’s largest privately held oil exploration and production companies. Prince Arthur is bestowed with the traditional title of Ozoigbondu of Igboland and he comes from a royal family. Beyond his role in the oil industry, Prince Arthur is known for his philanthropic efforts and political involvement, having made significant donations to various causes and political parties.

The Abiola family

In the annals of Nigerian politics, the late Chief Moshood Kashimawo Olawale Abiola, commonly known as MKO Abiola, remains a significant figure. At the time of his death in 1998, he was one of the wealthiest individuals in Nigeria and Africa. His wealth stemmed from ventures in transport, banking, publishing, education, finance, and oil. His business acumen has ensured the continued prosperity of the Abiola family.

The Adenuga Family

The prominent figure representing the Adenuga family in Nigeria is Chief Michael Adeniyi Agbolade Ishola Adenuga, commonly known as Mike Adenuga. Born on April 29, 1953, in Ibadan, Oyo State, Nigeria, he is the son of Oloye Michael Agbolade Adenuga Sr. and Omoba Juliana Oyindamola Adenuga (née Onashile), who comes from a royal lineage in Ijebu Igbo, Ogun State. Mike Adenuga is the Chief Executive Officer of Globacom Limited, which is the second-largest telecommunications operator in Nigeria with over 60 million subscribers, and a net worth of $6.7 billion according to Forbes, as of 16th of Sept. 20024. His oil exploration company, Conoil Producing, manages operations across six oil blocks in the Niger Delta region. He is also the founder of the Mike Adenuga Foundation, which focuses on promoting social and economic independence in Nigeria and other African nations where his companies operate.

The Otedola Family

The renowned Femi Otedola leading the Otedola family, born on November 4, 1962, in Ibadan, Oyo State, Nigeria, leads the Otedola family. He is a businessman and philanthropist, having served as the chairman of Forte Oil PLC and founded Zenon Petroleum and Gas Limited. He also has interests in shipping, real estate, and finance, and recently entered power generation through Geregu Power PLC. The Otedola family includes Florence Ifeoluwa Otedola, known as DJ Cuppy, Temiloluwa Elizabeth Otedola, known as Temi Otedola, Fewa Otedola, Tolani Otedola, and his wife, Nana Otedola. Femi Otedola’s net worth is estimated to be around $1.4 billion by Forbes, as of 16th of Sept. 2024

The Igbinedion Family

Chief Gabriel Osawaru Igbinedion was born on September 11, 1934, to Chief Josiah Oviawe Igbinedion and Madam Okunozee Igbinedion in Okada Village, now part of Ovia North-East Local Government Area in Edo State. Known as the Esama of Benin Kingdom, a title granted by Oba Akenzua II, he founded and built a significant business empire. His son, Lucky Igbinedion, served as the Executive Governor of Edo State from 1999 to 2007, and his daughter, Omosede Igbinedion, was a member of the House of Representatives for Ovia Federal Constituency. Chief Igbinedion’s business ventures include a private bank, an oil refinery, diamond, gold, and marble mines, Igbinedion University, a private TV station, a radio station, and numerous hotels and real estate properties worldwide.

The Folawiyo Family

The Folawiyo family’s wealth originates with Chief Abdulwahab Iyanda Folawiyo, who established Yinka Folawiyo and Sons, focusing on import and export. The business now operates as Yinka Folawiyo Group, with investments in agriculture, real estate, shipping, and energy sectors. Chief Abdulwahab’s son, Tunde Folawiyo, Tunde’s net worth is estimated to be around $650 million by Forbes as of 2014, he currently manages the company’s operations. At one point, the Folawiyo family dominated the cement distribution business in Nigeria, which significantly enhanced their wealth and influence.

The Sakari Family

Bukola Saraki, born on December 19, 1962, in London, is a member of the Saraki family, known for their political careers and business ventures. The late Olusola Saraki, a prominent banker, chaired Societe Generale Bank, which is now defunct. The Saraki family has recently expanded into real estate investments beyond Nigeria. Bukola Saraki served as the Senate President of Nigeria from 2015 to 2019 and was Governor of Kwara State from 2003 to 2011. His sister, Gbemisola Saraki, is also a senator. Olusola Saraki, a senator during the Second Republic, died in 2012. The Saraki family ranks among the wealthiest political families in Nigeria, with wealth stemming from various business ventures and political activities.

The Tinubu Family

Bola Ahmed Tinubu, a former governor of Lagos State from 1999 to 2007 and the current President of Nigeria, leads the Tinubu family, one of the wealthiest political families in Nigeria. His wife, Oluremi Tinubu, serves as a senator representing the Lagos Central Senatorial District in the Nigerian Senate. The Tinubu family holds significant influence in Lagos State, with extensive business investments across the region. Bola Tinubu’s mother, Abibatu Mogaji, was known as one of the wealthiest businesswomen in Lagos.

The Tejuosho Family

The Tejuoso family is known for its notable members across various fields. Oba Adedapo Adewale Tejuoso, the Osile of Oke Ona Egba in Abeokuta, was a medical doctor and successful businessman before becoming a traditional ruler. Bisoye Tejuoso founded Teju Industries, which specializes in foam production. Hon. Funmi Tejuoso is a trained lawyer and served four terms as the representative of Mushin Constituency in the Lagos State House of Assembly. Senator Lanre Tejuoso, son of Oba Adedapo Tejuoso, is a medical doctor and currently serves as a senator.

The Fejemirokun Family

Chief Henry Oloyede Fajemirokun, born on July 26, 1926, in Ilé-Òlújí, Ondo State, Nigeria, established the Fajemirokun family, which holds significant wealth with investments in various sectors across Nigeria. Chief Henry Oloyede Fajemirokun, the family patriarch, was a prominent businessman and industrialist who founded the Henry Stephens Group of Companies, involved in oil prospecting, shipping, insurance, banking, engineering, and ship broking. He transitioned from being a trade unionist to a key Nigerian industrialist, spearheading the establishment of a merchant bank and facilitating partnerships with First Bank of Boston and later Bank of Boston. Additionally, he founded Henry Stephens, a pioneering company in Nigeria’s oil industry, and secured the first offshore exploration license during the country’s inaugural offshore licensing round in 1970.

The Dantata Family

The Dantata family, led by Aliko Dangote, Nigeria’s wealthiest man and chairman of the Dangote Group, is one of West Africa’s richest families. Aliko Dangote’s entrepreneurial success, including his venture into rice, was initiated by his uncle, Alhaji Alhassan Dantata, the family patriarch who traded in various commodities. Sanusi Dantata, a Nigerian entrepreneur and son of Alhaji Alhassan Dantata, contributed to the family’s wealth, which originally stemmed from Alhaji Alhassan Dantata’s trade in groundnuts and kola nuts. Other notable members include Ahmadu Dantata, a politician; Alhaji Abdulkadir Dantata, a grandson; Alhaji Mudi Dantata, a businessman; Aminu Dantata, a businessman; Mamuda Dantata, founder of the West African Pilgrims Association and a currency trader.

The Okoya Thomas Family

The Okoya-Thomas family is prominent in Nigeria’s business and political spheres. Chief Molade Okoya-Thomas, who passed away in 2015, was the chairman of CFAO Nigeria Limited and held the chieftaincy title of Asoju Oba of Lagos. His father, Alhaji Hussam Okoya-Thomas, was the first local staff member at CFAO and worked there for 52 years. The family’s conglomerate, Eleganza Group, operates in plastic manufacturing, construction, and vehicle importation and sales. The company is currently led by Thomas Okoya-Thomas. Princess Olajumoke Abidemi Okoya-Thomas also serves as a member of the Federal House of Representatives of Nigeria, representing Lagos Island II.

The Ibru Family

Michael Christopher Onajirhevbe Ibru was born on December 25, 1930, in Warri, Delta State, Nigeria, to Peter Ibru and Janet Omotogor Ibru. He was an educator, philanthropist, businessman, and leader of the Ibru Organization, founded in 1956. The Ibru Organization is one of Nigeria’s largest conglomerates, employing over 10,000 individuals and operating in sectors such as shipping, agriculture, aviation, banking, and oil and gas. Michael Ibru worked at the United Africa Company from 1951 to 1956 before starting Laibru General Trading Company with Jimmy Large in 1957. He pioneered frozen fish distribution in Nigeria, later establishing Ibru Seafoods. His business expanded to include vehicle transportation, distribution, fruit growing, brewing, construction, and petroleum distribution. Notable members of the Ibru family include his eldest son, Olorogun Oscar Ibru; Alex Ibru, who served as chairman of Rutam Motors and was Minister of Internal Affairs from 1993 to 1995; Felix Ibru, a former governor of Delta State and founder of an architectural firm; Oboden Ibru; and Cecilia Ibru, former Managing Director and CEO of Oceanic Bank.

The Briggs Family

The Briggs family is notable in Nigeria, led by Chief Olu Benson Lulu-Briggs, known as O.B. Lulu-Briggs, who was born on May 22, 1930. He is the founder and chairman of Moni Pulo Limited (MPL), an oil exploration and production company with headquarters in Port Harcourt and additional offices in Lagos and London. Moni Pulo Limited is a private indigenous company specializing in oil and gas exploration and production. Mrs. Seinye Lulu-Briggs, Chief Lulu-Briggs’ wife, is the Chief Executive Officer of Rachael Hotels Limited. Chief Dumo Lulu-Briggs, another prominent family member, served as the inaugural Executive Director and Chief Operating Officer of Moni Pulo Limited from 1995 to 2002 and is a trained lawyer and member of the Nigerian Bar Association. O.B. Lulu-Briggs was worth $500 million by Forbes in 2012.

Chisom Michael

Chisom Michael is a data analyst (audience engagement) and writer at BusinessDay, with diverse experience in the media industry. He holds a BSc in Industrial Physics from Imo State University and an MEng in Computer Science and Technology from Liaoning Univerisity of Technology China. He specialises in listicle writing, profiles and leveraging his skills in audience engagement analysis and data-driven insights to create compelling content that resonates with readers.

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