What makes the Yoruba tick (5), By Sunday Adelaja

The top banks in Nigeria are actually being headed by our women. I tell you that most countries in Europe can’t even boast of this level of women in executive level leadership. Out of the top 10 women bank CEOs in Nigeria, please see the number of them who are from the Yoruba stock. Six out of ten top women bank CEOs are Yoruba women. This cannot be by accident…

Why the Yoruba is the Wealthiest Ethnic Group in Africa

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This article will most certainly provoke a wide range of reactions, and maybe disagreements. When it comes to entrepreneurship and business talk in Nigeria or Africa, most people won’t even mention the Yoruba as a commercial people. Yet, it is the ethnic group with the largest number of billionaires, not just in Nigeria but even in Africa as a whole.

Most people don’t count the Yoruba as being entrepreneurial because to most of our people, trade and hustle is what we call business. The Yoruba people, indeed, are not big in hustling, nor can they be said to be great traders. The Igbos and Fulani do a better job in these aspects.

The reason why most people will tend to dismiss the Yoruba when it comes to business is because of their style and demeanour, which promotes quiet and discreet behaviour, especially in relation to wealth creation. They prefer to make less noise, unless it comes to parties and celebrations.

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Yet when we are talking about board rooms and CEOs, look for the Yorubas. They are the builders, the top managers, the bankers, the top executives, and the industrialists.

Yoruba business and economic behaviour is characterised by: structured entrepreneurship (not just hustle or trade), family-based and institutional growth, strong professional class presence (lawyers, tech innovators, bankers, consultants).

These factors explain why you have most numbers of Yoruba in the top list of Nigerian billionaires. Names like;

Mike Adenuga: Estimated net worth between $6.7 billion and $6.8 billion. He is the founder of Globacom, Nigeria’s second-largest telecom operator, and Conoil, a major oil exploration firm.
Femi Otedola: Valued at approximately $1.5 billion. His wealth is built on oil marketing, power generation (Geregu Power), and finance.
Folorunsho Alakija: She is the group managing director of the Rose of Sharon Group and executive vice chairman of Famfa Oil Limited. Her net worth is $1billion.
Oba Otudeko: Founder and chairman of the Honeywell Group, with major investments in flour milling, energy, and infrastructure.
Bola Shagaya: She is a Nigerian businesswoman and fashion enthusiast. She is one of the richest women in Africa. She is the founder and CEO of Bolmus Group International, a conglomerate with holdings in real estate, oil and gas, banking, and photography.
Adewale Tinubu: is a Nigerian business executive and lawyer, who is the group chief executive of Oando PLC.

As much as many Nigerians complain about the country for a lack of opportunities, yet if you look at the list of the richest people in Nigeria, you’ll notice that most nationalities are well represented.

This talks of a relatively equal playing ground for all ethnic groups in Nigeria. Despite the talks of marginalisation by a section of the Nigerian society, the facts on the ground show that there is no total domination of one nationality over another in wealth creation opportunities.

I’m sure some people will say the Yorubas occupy prominent positions in the billionaires list only due to some political biases or another. Hence, I want to demonstrate another statistic of the Yoruba as the people with the largest number of billionaires in Africa. Only this time I will be taking my statistics from the diaspora, and from a country most people trust that is not as corrupt as Nigeria.

I researched for the list of the richest African billionaires in the United States of America only to discover that everyone on the list is a Yoruba person. I wonder if the political biases have also followed them to the US.

The wealthiest Nigerians living in the United States have built significant fortunes in sectors such as private equity, technology, and finance. According to recent Forbes 2025 rankings, the leading names are:

Adebayo “Bayo” Ogunlesi ($2.4 billion): A private equity titan, he is the chairman and managing partner of Global Infrastructure Partners (GIP). His wealth significantly increased following BlackRock’s acquisition of GIP for $12.5 billion in 2024.
Tope Awotona ($1.4 billion): The founder and CEO of Calendly, a scheduling software company based in Atlanta, he is frequently cited as one of America’s richest immigrants and a leading tech billionaire.
Wemimo Abbey (Estimated $1.2 billion): Co-founder and co-CEO of Esusu, a financial technology company that helps users build credit through rent payments.
Kase Lawal (Estimated $3 billion): Chairman and CEO of CAMAC Holdings, an energy services firm based in Houston.
Adeyemi Ajao ($1.8 billion): A prominent Nigerian-American entrepreneur and investor who has been recognised for his success in the US startup ecosystem.

Can we call this an accident or a coincidence of some inbuilt principles that I’m trying to unveil to all who care to listen. Obviously, these kinds of results cannot be by accident, especially when the tendencies are visible not only in one particular area of life.

Allow me, at this juncture, to display yet another example of the phenomenal success of the Yoruba in business. Just like in the lists above, Yoruba names dominate the list of the richest women billionaires in Nigeria. Names like:

Folorunso Alakija: Vice chairperson of Famfa Oil Ltd, she is recognized as one of the wealthiest women in Africa.
Hajia Bola Shagaya: CEO of Bolmus International Ltd, with interests in oil, real estate, and banking.
Bimbo Alase: Founder of Leatherworld and major retail furniture investor.
Mo Abudu: Media entrepreneur, CEO of EbonyLife TV and Films.
Ibukun Awosika: Entrepreneur, author, and former chairperson of First Bank of Nigeria.

Is it still possible to say that this is a fluke? No, sir, there are secrets behind these things, gentlemen.

The success of the Yoruba people worldwide is firmly connected to their values and belief systems.

Before I go fully into the detailed explanation of the Yoruba business dynamics, let me show you a few more statistics for your assistance. In Nigeria, our women have been given equal opportunities in the boardrooms and in business in general. Unlike in individual homes where rules of engagement might vary, in the business world of Nigeria, the women are doing as well as the men.

The top banks in Nigeria are actually being headed by our women. I tell you that most countries in Europe can’t even boast of this level of women in executive level leadership. Out of the top 10 women bank CEOs in Nigeria, please see the number of them who are from the Yoruba stock. Six out of ten top women bank CEOs are Yoruba women. This cannot be by accident, as I’ve stated earlier.

Yemisi Edun (FCMB): Managing Director of First City Monument Bank.
Ireti Samuel-Ogbu (Citibank Nigeria): CEO, bringing over 30 years of experience to Citibank Nigeria.
Kafilat Araoye (Lotus Bank): MD/CEO of the leading non-interest bank.
Bukola Smith (FSDH Merchant Bank): MD/CEO with extensive experience in the banking sector.
Yetunde Oni (Union Bank): CEO of Union Bank, with a long history in commercial banking.
Miriam Olusanya (GT Bank): First female Managing Director of Guaranty Trust Bank.

Nigeria’s fintech sector is a major driver of the African digital economy, featuring high-profile unicorns and innovative startups led by a mix of experienced veterans and young entrepreneurs.

A careful examination of the key players in this industry reveals that the industry is dominated by Yoruba entrepreneurs.

Key Fintech Founders and Leaders

Olugbenga Agboola (Flutterwave): Co-founder and CEO of Flutterwave, a premier payment unicorn founded in 2016 that serves global merchants.
Tosin Eniolorunda (Moniepoint): Founder and CEO of Moniepoint Inc. (formerly TeamApt), which reached unicorn status in 2024 and processes a majority of Nigeria’s POS transactions.
Shola Akinlade (Paystack): Co-founder of Paystack, which was acquired by Stripe for over $200 million in 2020, marking a milestone in African tech.
Odunayo Eweniyi (PiggyVest): Co-founder and COO of PiggyVest, a dominant digital savings and investment platform. She is also a co-founder of the First Check Africa angel fund.
Babs Ogundeyi (Kuda Bank): Co-founder and CEO of Kuda Bank, a digital-only “neobank” focusing on accessible, modern banking for Nigerians.
Tayo Oviosu (Paga): Founder and CEO of Paga, a leading mobile payment platform focused on digitising payments and agent banking.
Iyinoluwa Aboyeji (Future Africa): Co-founder of Flutterwave and Andela, now leading Future Africa, a venture capital firm investing in early-stage startups.
Fara Ashiru Jituboh (Okra): Co-founder, CEO, and CTO of Okra, a “super-connector” startup that facilitates real-time financial information exchange.
Razaq Ahmed (Cowrywise): Co-founder and CEO of Cowrywise, a platform democratising access to wealth management and investments.
Tomilola Adejana (Bankly): Co-founder and CEO of Bankly, which focuses on digitising the “ajo” (traditional thrift) system for unbanked users.
Solape Akinpelu (HerVest): CEO and co-founder of HerVest, a fintech company focused on inclusive financial solutions, particularly for women.