Nigeria’s 7 richest royal families
Key Points
- Nigeria’s royal families have built empires across oil, real estate, tech and finance, driving job creation and inclusive growth.
- The Eze Royal Family’s Prince Arthur Eze built Oranto Petroleum, securing over 20 exploration licenses across Africa and signing deals in Venezuela.
- The Sijuwade and Ekeh royal families, are expanding in energy, construction, technology, and renewable energy across Africa.
In Nigeria, conversations about wealth often orbit around the country’s billionaires, powerful boardroom executives, and corporate titans. Yet, quietly and without fanfare, Nigeria’s royal families have built formidable business empires that are reshaping the narrative of traditional authority in modern times. Beyond the regality of their palaces and the ceremonial duties that often define their public images, these royal families have made indelible marks across key sectors, from oil and gas to construction, real estate, finance, and technology. Their businesses not only fuel the economy but also create jobs, foster community development, and drive inclusive growth, carving a legacy that transcends ancestral inheritance.
New research by Billionaires Africa estimates the combined net worth of Nigeria’s seven richest royal families at around $1.4 billion, a figure that still doesn’t capture the full reach of their influence, both at home and across Africa. Leading the list is the Eze Royal Family, with Prince Arthur Eze standing tall as its best-known name. Often described as one of Nigeria’s wealthiest businessmen and a generous philanthropist, Arthur Eze built his fortune through Oranto Petroleum, the oil and gas company he founded. Today, Oranto holds more than 20 exploration licenses across Nigeria, Equatorial Guinea, Uganda, and beyond, making it one of Africa’s largest privately-owned energy firms. Through hard work, sharp instincts, and deep industry know-how, Prince Eze has not only secured his family’s future but has also shown that African companies can stand proudly on the world energy stage.
Close behind is the Sijuwade Royal Family, whose business foundation was laid by the late Oba Okunade Sijuwade. Far more than a traditional ruler, Oba Sijuwade was a seasoned businessman who built the Sijuwade Group, partnering with global players like Centrica, Equinor, Eser, and RCC. His son, Prince Adetokunbo Sijuwade, has taken the reins, expanding and modernizing the family’s business interests, now estimated to be worth around $240 million. By focusing investments on Nigeria’s energy, construction, and real estate sectors, the Sijuwade family continues to play a powerful role in shaping the country’s private sector.
In third place is Prince Leo Stan Ekeh, a name more often associated with Nigeria’s tech industry than with royal tradition, but no less important. As the founder of Zinox Technologies, Ekeh helped pioneer the country’s digital economy. His story shows that in today’s Nigeria, royalty isn’t just about crowns and ceremonies; it can also thrive in the fast-moving world of tech and innovation. The Dasuki Royal Family comes next. They may not seek the limelight, but their investments in banking, energy, and telecommunications have earned them a solid foothold in the Nigerian economy. They’ve built influence quietly, but firmly, behind the scenes.
Rounding out the top five is the Akinruntan Royal Family, led by King (Oba) Fredrick Obateru Akinruntan. Often counted among Nigeria’s richest monarchs, Oba Akinruntan made his fortune through Obat Oil, one of the country’s largest privately-owned oil companies. His ventures into luxury real estate and the oil downstream sector have not only boosted his personal wealth but also created jobs and helped develop infrastructure that benefits his region.
This list by Billionaires Africa sheds light on a part of Nigeria’s elite that often flies under the radar, royal families who have blended tradition with entrepreneurship. They have moved far beyond ceremonial roles to build businesses that touch every corner of Nigerian life. And it’s not just about making money. Many have invested back into their communities through healthcare projects, scholarships, and infrastructure development, helping to uplift the people they lead.
- Eze Royal Family
Net Worth: $350 million
Source: Energy
The Eze Royal Family, rulers of the Ukpo Kingdom in Dunukofia, Anambra State, Nigeria, are among the wealthiest royal families in Africa. Their fortune is closely tied to Prince Arthur Eze, a Nigerian oil magnate and leading businessman who has built a remarkable legacy in the energy industry through his company, Atlas Oranto Petroleum. His elder brother, Igwe Robert Eze, is the current traditional ruler of Ukpo. Arthur Eze founded Atlas Oranto in 1991 and steadily grew it into one of Nigeria’s largest privately held oil and gas companies. Today, the company’s reach extends across Africa, with regional offices in West Africa, a technical base in Lagos, and its headquarters in Abuja. Atlas Oranto operates in 22 countries and holds more than 20 oil and gas licenses across over 10 jurisdictions, including producing fields in Equatorial Guinea, Senegal, South Sudan, São Tomé and Príncipe, Uganda, and Zambia. Arthur Eze has never been one to stand still. In December 2023, Atlas Oranto secured a two-year extension for its exploration licenses in Uganda’s Ngassa Deep and Ngassa Shallow areas, an important step in the company’s plans to deepen its presence in East Africa. Under the new agreement, the company is required to drill at least one exploration well and one appraisal well, depending on initial results. The Ngassa block, located in Uganda’s Hoima District within the Albertine Graben, remains a key part of Atlas Oranto’s future. But Eze’s ambitions reach far beyond Africa. In August 2024, Atlas Oranto signed a major oil prospecting deal in Venezuela, tapping into some of the world’s largest proven oil reserves. It’s a bold move that signals Eze’s determination to put Atlas Oranto firmly on the global energy map. As African companies look for bigger roles internationally, Arthur Eze is leading by example, pushing into new frontiers with the same confidence that has long defined his career.
- Sijuwade Royal Family
Net Worth: $240 million
Source: Diversified
The Sijuwade family is one of Africa’s wealthiest royal families, building on the powerful legacy of Oba Okunade Sijuwade, the 50th Ooni of Ife. As the spiritual leader of the Yoruba people, one of the largest ethnic groups in Nigeria, with communities also in Benin and Togo, Oba Sijuwade left behind more than tradition; he built an empire. He was the founder of the Sijuwade Group, a sprawling conglomerate that formed key partnerships with international giants like Centrica, Equinor, Eser, and Reynolds Construction Company (RCC). Under his leadership, the group delivered over $6.7 billion worth of projects across Nigeria, becoming a major force in the country’s economy. The family’s business interests are wide-reaching. Their oil and gas division holds two rich onshore oil blocks, while their infrastructure arm controls RCC, one of Nigeria’s biggest construction firms. Their real estate portfolio stretches across Nigeria and the United Kingdom, and their industrial division owns one of the country’s largest asphalt plants, playing an important role in Nigeria’s infrastructure development. Today, the next generation, Prince Adetokunbo, Princess Adekemi Alokolaro, Prince Adegbite, and Prince Aderemi Sijuwade, leads the family forward, keeping their father’s vision alive while adapting to new opportunities. They are now pushing deeper into the oil and gas sector, preparing for first production at one of their key assets, expected in 2026. The Sijuwade Group’s oil and gas arm is developing OPL 276, an oil block located in Nigeria’s eastern Niger Delta basin, at a time when the country is eager to boost crude output and strengthen its economy. The family’s investment vehicle holds a 10 percent stake in the project, alongside Newcross Petroleum and London-listed Lekoil. Preliminary estimates from Newcross show strong promise: about 29 million barrels of recoverable oil and 333 billion cubic feet of gas, with potential reserves even higher at 33 million barrels and 476 billion cubic feet of gas. Back in 2014, Forbes estimated Oba Okunade Sijuwade’s personal wealth at $75 million, ranking him among Africa’s richest kings. Since his passing in 2015, Prince Adetokunbo Sijuwade has led the charge in growing the family’s business, pushing its valuation to $240 million today. With deeper investments in energy, a growing real estate footprint, and a strong reputation in construction, the Sijuwade family has reinforced its status as one of Africa’s most powerful business forces, and an essential partner for international companies looking to do business in Nigeria.
- Ekeh Royal Family
Net Worth: $220 million
Source: Technology
The Ekeh Royal family of Ubomiri, an ancient kingdom in Nigeria’s Imo State, a region known for its lush, rain-fed lands, ranks among the wealthiest royal families in the country. Leading the family’s success is Prince Leo Stan Ekeh, a trailblazing entrepreneur and chairman of Zinox Group, one of West Africa’s biggest IT companies. He also chairs Konga.com, a major Nigerian e-commerce platform founded in 2012. Prince Ekeh, known for his pioneering work in Nigeria’s ICT sector, has spent decades building Zinox Group into a powerhouse in technology and e-commerce across Africa. Under his leadership, Zinox launched the first and only computerized digital assembly plant in West Africa, capable of producing over 5,000 tech units a day. He’s also behind TD Africa, now the continent’s top distributor of tech products. Meanwhile, his brother, His Royal Highness Eze George Ekeh, serves as the traditional ruler of Ishi Ubomiri, keeping the family’s royal legacy strong at home. Zinox Group has not only become a leader in tech manufacturing but has also expanded into Africa’s booming online retail scene through Konga, now one of Nigeria’s largest e-commerce platforms. In 2023, Prince Ekeh announced plans to invest over $250 million into renewable energy projects across Africa. This decision came after years of research and testing of affordable, durable energy solutions tailored for African markets, especially Nigeria. To bring these ambitious projects to life, Zinox has partnered with top renewable energy firms from China, the UK, South Africa, and Dubai. Today, Zinox remains Nigeria’s only indigenous OEM partner of Microsoft and Intel, a testament to Prince Ekeh’s vision of putting Nigeria on the global technology map.
- Dasuki Royal Family
Net Worth: $200 million
Source: Technology
The Dasuki Royal Family has a rich legacy, and their influence stretches far beyond the traditional boundaries of royalty. Sarkin Ibrahim Dasuki, the 18th Sultan of Sokoto and the first Sultan from the Buhari line of the Fodiawa dynasty, played a pivotal role in shaping Nigeria’s business and political landscape. Before ascending to the throne, he was a prominent businessman. His work as chairman of the Northern Nigeria Produce Marketing Board, a key organization in groundnut export and the distribution of seeds and chemicals, marked the beginning of his impactful career. Sarkin Ibrahim also served as director and later chairman of the Nigerian Railway Corporation and co-founded the Nigerian branch of BCCI. Alongside Nessim Gaon, he helped launch APROFIM, a company involved in infrastructure investments, commodity production, and export activities. Sarkin Ibrahim’s son, Prince Ahmed Dasuki, continues this legacy in his own right. He is the founder and chairman of Quaditect Consultants and Drill Masters Africa, the largest indigenous exploration drilling company in Ghana. Prince Ahmed also chairs Fifth Chukka Polo & Country Club and holds significant stakes in MTN Nigeria and Stanbic IBTC Holdings. His extensive board experience includes roles at companies like FrieslandCampina WAMCO Nigeria Plc, MTN Nigeria, and Stanbic IBTC Bank Plc. Additionally, Prince Ahmed has been involved with The National Geographic Society, Inc. The Dasuki family’s influence extends further through Prince Sambo Dasuki, a retired military officer who served as Nigeria’s National Security Adviser under Presidents Goodluck Jonathan and briefly under Muhammadu Buhari. Each member of the family has built upon the foundation laid by Sarkin Ibrahim, ensuring their legacy remains deeply woven into Nigeria’s business and political fabric.
- Akinruntan Royal Family
Net Worth: $180 million
Source: Energy
Fredrick Obateru Akinruntan, the current traditional ruler of Ugbo Kingdom in Ondo State, Nigeria, has played a significant role in building the wealth of the Akinruntan Royal Family. Akinruntan, an oil magnate, is the founder of Obat Oil, one of Nigeria’s largest privately owned oil trading companies. He started the company in 1981 from humble beginnings and grew it into a leading enterprise with gas stations across Nigeria’s six geopolitical zones. The company also boasts one of Africa’s largest tank farms, a modern storage facility capable of holding 65 million liters of petroleum products. His entrepreneurial success extends beyond the oil industry. In addition to his oil business, Obateru has developed a broad portfolio of commercial and residential real estate. Akinruntan’s success caught international attention, and in March 2014, Forbes estimated his net worth at $300 million. He made headlines as the first black person to purchase a 2014 Bentley, a luxury vehicle worth over $170,000 at the time. Beyond his achievements in oil, Akinruntan has also established an extensive portfolio of commercial and residential real estate in both London and Nigeria. His children are actively involved in the business, serving as directors and contributing to its continued growth and success.
- The Balogun Royal Family
Net Worth: $150 million
Source: Banking
The Balogun Royal family has firmly established its presence in Nigeria’s financial services sector, continuing the remarkable legacy of the late Otunba Michael Olasubomi “Subomi” Balogun CON, who passed away on May 18, 2023, in London at the age of 89. Subomi Balogun was not only a distinguished banker but also a philanthropist and the Olori Omoba of Ijebuland (Head of the Princes of Ijebuland). His pioneering work in investment banking, especially through the founding of First City Merchant Bank (which later evolved into FCMB Group), marked him as a key figure in Nigeria’s business landscape. Subomi’s legacy is one of hard work, entrepreneurship, excellence, and unwavering dedication to his faith, family, community, and Nigeria. His influence continues to inspire his children, who are following in his footsteps. His eldest son, Bolaji Balogun, serves as the CEO of Chapel Hill Denham Group, a prominent financial advisory firm, and was also a co-founder of Econet Wireless Nigeria. His second son, Jide Balogun, holds a director position at FCMB Group Plc. Ladi Balogun, his third son, has played an instrumental role in FCMB Group as the group chief executive, overseeing its growth and transformation over the past two decades. Ladi is also the founder and chairman of Legacy Pension Managers Limited, one of Nigeria’s leading pension fund administrators. The youngest son, Gboyega Balogun, co-founded and now serves as managing director of CardinalStone Partners Limited, an investment banking firm, while also contributing as a director to both FCMB Group Plc and Legacy Pension Managers Limited.
- Ado-Bayero Royal Family
Net Worth: $100 million
Source: Investments
The Ado-Bayero Royal Family, with an estimated net worth of $100 million, is a distinguished lineage rooted in the Fulani Sullubawa clan, closely tied to the Emirate of Kano in Nigeria. The family has ruled over Kano since 1819, and Ado Bayero, who served as the Emir from 1963 to 2014, holds the record as the longest-serving emir in the region. Ado Bayero was widely respected not only for his leadership but also as a revered Muslim figure. Beyond his royal duties, he was a successful businessman with a background in banking, law enforcement, politics, and diplomacy. As the 13th Fulani Emir of Kano, Ado Bayero played a significant role in shaping the emirate’s wealth and influence. His reign marked a period of prosperity, bolstered by strategic investments in the stock market and large-scale agricultural ventures both in Nigeria and abroad. His son, Sanusi Ado Bayero, was initially poised to succeed him as Emir, but he was later stripped of his titles. Instead, Aminu Ado Bayero, another of Ado Bayero’s sons, ascended to the throne as the current Emir of Kano. The family continues to be influential, with other prominent members, such as Nasiru Ado Bayero, the Emir of Bichi, maintaining their leadership roles. The Ado-Bayero legacy is further enriched by figures like Abdullahi Bayero, Ado Bayero’s father, who also held the title of Emir of Kano, and Hajiya Hasiya, Ado Bayero’s mother.
Crédito: Link de origem