Meet the top 10 richest families in Lagos State 2024

Just like other countries in the world, Nigeria is filled with poor, comfortable as well as wealthy people, however, in this article, we are going to talk about the top 10 richest families in Lagos State as of 2024.

Lagos State is undoubtedly the wealthiest state in Nigeria, housing some of the country’s most prominent business leaders and politicians, who are known for generating substantial internal revenue.

Most wealthy Nigerian families have built their fortunes from crude oil, agriculture, or manufacturing. Nigeria is known for its vast crude oil reserves and rich agricultural heritage. From cash crops to manufactured goods, these resources have greatly contributed to the wealth of many Nigerian families.

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While Intel Region has covered topics like the richest families in Nigeria and young billionaires, this content will focus on the top 10 richest families in Lagos State for the year 2024.

Tinubu Family (Bola Ahmed Tinubu and Wale Tinubu)

Chief Bola Ahmed Tinubu who is the president of the Federal Republic of Nigeria and former Lagos State governor is the head of the Tinubu family.

Tinubu, born on March 29, 1952, studied at Richard J. Daley College and earned a Bachelor’s in Accounting from Chicago State University. Before entering politics, he worked in the private sector with companies such as Deloitte, gaining expertise in accounting and finance. He is married to Oluremi Tinubu, a former senator, and they have three children namely, Seyi Tinubu, Habibat Tinubu and Folashade Tinubu.

As of 2024, Tinubu’s net worth, estimated at $4 billion, comes from his successful business ventures, investments, and significant influence in Nigerian politics.

He is reportedly the owner of Oriental Hotel, First Nation Airline, Renaissance Hotel, and Lekki Concession Company.

The family’s wealth is also bolstered by their media interests. Tinubu’s influence in the media landscape is highlighted by his ownership of The Nation Newspaper and Television Continental (TVC). These platforms have become key players in Nigeria’s media industry, shaping political discourse and public opinion.

Wale Tinubu CON is a Nigerian business executive and lawyer, currently serving as the group chief executive of Oando PLC. He started his career in 1990 as an attorney, specializing in corporate and petroleum law.

Often referred to as the favored nephew of President Bola Ahmed Tinubu, he was born on June 26, 1967. Additionally, he played a key role in founding the Nigerian oil trading company Ocean & Oil Group.

Wale Tinubu completed his primary education in Lagos State and earned his West African School Certificate in 1983 from the Federal Government College, Odogbolu. He studied law at the University of Liverpool and went on to obtain a Master of Laws degree from the London School of Economics. At 22, he returned to Nigeria to attend the Nigerian Law School and was called to the Nigerian Bar in 1990.

Wale Tinubu, referred to as the Oando king, is married and has children. He is worth over $1billion.

On August 24, 2024, Wale Tinubu made headlines by completing the monumental $783 million acquisition of Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni, marking the largest oil and gas deal in Nigeria’s history. This landmark transaction is not only a financial triumph but also a transformative moment for Nigeria’s energy sector.

Folawiyo Family

Chief Wahab Folawiyo, born on January 11, 1933, in Lagos, Nigeria, pursued higher education in business and finance in the UK. A notable businessman and philanthropist, he founded the Folawiyo Group, a leading Nigerian conglomerate. Married to Alhaja Folawiyo and blessed with several children, Chief Folawiyo made significant contributions to the oil and gas industry, as well as other sectors. His legacy lives on through his family, whose wealth, estimated at $1.2 billion as of 2024, is derived from diversified interests in oil, gas, real estate, and manufacturing.

As of the moment of filling this content, Tunde Folawiyo, the son of the late Wahab Folawiyo is the CEO of Folawiyo group since 2008. The Folawiyo group as 7 companies embedded in it.

Yinka Folawiyo Group has Yinka Folawiyo & Sons, Maritime Associates International, United Property Developers (Real Estate), Yinka Folawiyo Petroleum, Folawiyo Farms, and Folawiyo Energy (ENYO Retail & Supply Limited) and Folowiyo Power company.

See the video of one of the most expensive penthouses in Ikoyi, Lagos owned by Reni Folawiyo, the wife of Tunde Folawiyo.

Checkout the funny video of Tunde Folawiyo celebrating Femi Otedola’s 60th birthday below;

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