What Makes the Yoruba Tick (5): The Wealthiest Ethnic Group in Africa

In Nigeria and across Africa, when discussions turn to entrepreneurship and business acumen, the Yoruba people often defy conventional expectations. While groups like the Igbo and Fulani are more readily associated with aggressive trade and "hustle," the Yoruba have quietly, yet decisively, emerged as the wealthiest ethnic group on the continent, boasting the largest number of billionaires.

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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…

This phenomenon is not accidental. The Yoruba's business approach is characterized by a distinct style: structured entrepreneurship, a focus on family-based and institutional growth, and a strong presence within professional fields such as law, technology, banking, and consulting. Unlike the more visible, high-energy commercial activities often associated with business in Nigeria, the Yoruba often prefer a more discreet demeanor in wealth creation, making less noise unless it pertains to celebrations.

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Why the Yoruba is the Wealthiest Ethnic Group in Africa

This quiet strength is evident in leadership roles. Look to the boardrooms and executive suites across Nigeria, and you will find Yoruba individuals at the helm. They are the builders, the top managers, the bankers, and the industrialists. This is exemplified by the significant number of Yoruba women leading top banks in Nigeria, a level of female executive leadership that many European countries cannot match. Six out of Nigeria's top ten female bank CEOs, for instance, are Yoruba.

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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.

Prominent figures like Mike Adenuga, founder of Globacom and Conoil; Femi Otedola, with interests in oil, power, and finance; Folorunsho Alakija of Rose of Sharon Group; Oba Otudeko, chairman of Honeywell Group; Bola Shagaya, a businesswoman with diverse holdings; and Adewale Tinubu, CEO of Oando PLC, all underscore this Yoruba dominance in Nigeria's economic landscape. Their success stories, rooted in strategic vision and disciplined execution, challenge the narrow definition of business often prevalent in popular discourse, revealing a powerful model of sustained wealth creation.

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They prefer to make less noise, unless it comes to parties and celebrations. 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.