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Generational wealth refers to any asset that families pass down to their children or grandchildren, whether in cash, investment funds, stocks and bonds, properties or even entire companies.
One of the most common ways people inherit and pass on generational wealth is with real estate. Still, for this list, we have curated not just those with generational wealth but some of the wealthiest Nigerian families for your reading pleasure and understanding.
Here are some of the 11 wealthiest families in Nigeria and in no particular order.
The Igbinedion Family:
Hidden in the town of Okada, the Igbinedion Family is one of the most powerful families in Edo State and Nigeria’s culturally-diverse South-South.
The family’s patriarch is the Esama of Benin, a chief of the Bini Kingdom who Oba Akenzua II conferred. He is said to have started as a police officer before becoming involved in the car business, first as an employee and later as head of his auto care outfit.
He spread his span from here, starting with a ring of businesses, including the now-defunct Okada Air, Igbinedion University, Kada Plaza and Igbinedion Television.
His son, Lucky Igbinedion, was Governor of Edo State from 1999 to 2003. His daughter, Omosede Igbinedion, currently serves as a Federal House of Representatives lawmaker representing Ovia North Federal Constituency.
The Igbinedion Family is also known for its lavish parties, which can be held in editions, from the country home in Okada to South Africa and London, where he holds investments in real estate.
The Folawiyo Family:
The Folawiyos were set on their path by Chief Wahab Folawiyo. After studying at the University of North London and returning in 1951, he founded Yinka Folawiyo and Sons, an import and export business.
The company would later be transformed into the Yinka Folawiyo Group (with Yinka Folawiyo & Sons remaining as the de jure parent company, which divested into energy, agriculture, shipping and real estate. Chief Folawiyo was a cheerful philanthropist during his life.
He invested time and money in the Muslim community, endowed the professorial chair at the University of Lagos and upgraded the University of Lagos’ health centre to a full-fledged hospital.
After his death, his son Tunde Folawiyo has taken charge of the company.
The Saraki Family:
The Sarakis may be renowned for political power but are among the country’s wealthiest families.
Bukola Saraki is the family’s most prominent member as things stand, but his rise to power began as an understudy of his father, Olusola Saraki.
Before his death in 2012, the older Saraki served as a senator in Nigeria’s Second Republic and as chairman of the now-defunct Societe Generale Bank.
Bukola Saraki served as Governor of Kwara for two terms before joining the Senate.
His sister, Gbemisola, is a one-time senator and currently a minister. Perhaps due to its presence in politics and public service, the family has managed to keep most of its financial dealings private.
The Tinubu Family
The Tinubu name commands heavy respect in most circles in Lagos.
However, the pending uncertainties about the parenthood of its most famous member, former Lagos State Governor Bola Ahmed Tinubu, pose a challenge in ascertaining the true extent of the family’s ties.
His mother, Chief Abibatu Mogaji, was a wealthy Lagos trader, businesswoman, and one of the most influential community leaders. Before her death in 2013, she was the President-General of the Association of Nigerian Market Men and Women.
If you will believe the hearsay, her son is one of the country’s wealthiest men, with enough investments to create a dynasty of its own.
The Adeleke Family:
You may have been excused for not knowing the Adeleke family before 2012; Davido, B-Red, Sina Rambo and the dancing senator have changed that.
The Adeleke Family is built around the band of brothers; Adedeji Adeleke, Ademola and Isiaka Adeleke.
Adedeji Adeleke is the founder and Chief Executive of Pacific Holdings Limited, which invests in real estate, banking, transport and oil. He is also the founder of Adeleke University, a privately-owned tertiary institution in Ede, Osun State.
Ademola Adeleke is known chiefly for his dynamic, playful dancing. The former scholar was the Senator representing Osun-West Senatorial District. Senator Adeleke just recently won the Governorship election in Osun State and is to be sworn in, in a few months.
The family’s younger generation is more involved in music and entertainment, and David Adeleke is one of the biggest afro-pop stars of his generation. Bayo and Sina, his cousins, have also enjoyed moderate success as musicians.
The Danjuma Family:
The Danjuma family owes its wealth to Theophilus Danjuma, who is one of the most influential persons in Nigerian history.
After participating in some of the more notable coups, he was Chief of Staff of the Nigerian Army from July 1975 to October 1979.
Legend has it that part of his bounty was the right to one of Nigeria’s fabled oil blocks. Danjuma is the chairman of South Atlantic Petroleum.
His brother, the lesser known Musa Danjuma, has his hands in trade and shipping as the Executive Chairman of Nigeria America Line Limited and Comet Shipping Agencies.
The most prominent member of the second generation is Yuki Danjuma, a son of T.Y. Danjuma who manages the family’s real estate portfolio as the co-founder of Attollo Realties Limited.
The Danjumas are one of the North’s wealthiest families.
The Briggs Family:
Straight from the heart of the oil-rich Niger Delta, the Briggs Family is one of the wealthiest in the region and the country at large.
Chief O.B Lulu-Briggs, the family’s patriarch, is one of the wealthiest Nigerians alive. Most of this is traced to his ownership of the private oil and gas exploration and production company, Moni Pulo Limited.
According to Forbes, “Moni Pulo was awarded its first oil block in 1992 when the Nigerian president, Ibrahim Babangida, encouraged indigenous participation in the upstream sector of the oil and gas industry.
The company currently has oil blocks in Ondo state, Abia and Akwa-Ibom state. Its flagship project, OML 114, produces 10,000 barrels per day.
Along with his wife, a pastor, he funds the O.B Lulu Briggs Foundation, which provides humanitarian services to rural communities.
The Dantata-Dangote Family:
You already know Aliko Dangote, the richest black man alive and savvy businessman. The relationships that spurred his success in business and the families built around them are unknown to many.
The story begins with Chief Al-Hassan Dantata, who lived through the height of colonial rule from 1877 to 1955. Dantata was a Northern Nigerian trader in kola and ground nuts and a distributor of European goods.
He was one of the major raw materials suppliers to sizeable British trading companies with business interests in other West African countries. Dantata’s company supplied sizeable British trading companies with natural materials and had business interests in the Gold Coast. At the time of his death, he was one of the wealthiest men in West Africa.
The family has produced many of the most famous people in business in Nigeria’s recent history, including Mamuda Dantata, who spread the family’s interests across West Africa and Mudi Dantata, who passed in 2005. The most notable, Aliko Dangote, is the elder Dantata’s great-grandson.
The Ibru Family:
The Ibru Family are from the town of Agbarha-Otor, near Ughelli in Delta State. The family’s original patriarch was Chief Peter Epere Ibru.
Their son, Michael Ibru, founded the Ibru Organisation, an umbrella firm to manage the family’s future businesses and assets.
The same year, he partnered with Jimmy Large, an Englishman, to form the Laibru general trading company and bought a share of Ace Jimonma, a construction firm.
Ibru was a pioneer in distributing frozen fish in Nigeria, a trade worth billions in naira annually. Through acquisitions and joint ventures, he grew the original organisation to have interests in brewing, construction, petroleum, agriculture and industry.
The family’s wealth has been built on a host of joint deals, meaning even as most of the brothers are late, the new generation has quickly picked up the charge.
The family-owned the now-defunct Oceanic Bank and Aero Contractors.
The Ibrus own Guardian Newspapers, Federal Palace Hotel and Michael and Cecilia Ibru University in Delta State, with massive real estate investments worldwide.
The Otedola family
One of the prominent big shots in Nigeria’s billionaire class is Femi Otedola.
Femi is a billionaire entrepreneur, philanthropist, founder of Forte Oil, a husband, and the father of four lovely children.
Femi is a native of Epe local government, in Lagos State. On the 4th of November, 1962, the family of the former governor of Lagos State, late Michael Otedola and Lady Doja, a well-established businesswoman welcomed this icon.
The Nigerian businessman, philanthropist, and former chairman of Forte Oil PLC, an importer of fuel products. Otedola is the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate and finance. He has recently invested in power generation as part of the liberalisation of the sector in Nigeria.
Femi Otedola’s first daughter, Tolani, is a singer. She was born to Otedola and his former lover, Olayinka Odukoya. Later, Femi married Nana Otedola and had two more daughters—Florence Ifeoluwa and Elizabeth Temi—and a son, Fewa.
Florence Otedola, aka DJ Cuppy, is a DJ and music producer, as well as a tourism ambassador for Nigeria. Her younger sister, Temi, is an actress, a style blogger and aspiring designer. Otedola has homes in Lagos, Abuja, Dubai, London and New York City.
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