Tunde Folawiyo Net Worth is estimated at $650 million, Forbes ranked him at #39 on their list of Africa’s 50 wealthiest people. Making obscene amounts of money from lucrative ventures is nothing new for Tunde Folawiyo, who is considered one of the “big boys” in Nigeria’s elite caucus. The millionaire has not only tapped into the fortune his family left him, but also every lucrative industry in Nigeria that yields drool-worthy returns.
Nigerian businessman, philanthropist, and academic Tunde Folawiyo. He heads up the Yinka Folawiyo Group of Companies as its CEO and Managing Director. Tunde is a champion for Africa’s future prosperity and has made significant contributions to charitable causes all throughout the continent. In addition to being an Honorary Citizen of Houston, he is also an Honorary Consul of Barbados and a Goodwill Ambassador. His humanitarian work is motivated by his enthusiasm for learning.
Tunde Folawiyo Biography and Net Worth
His brothers Bolaji, Bayo, Lanre, and Yomi Folawiyo, and his sisters Motunde, Fatima, Omowale, and Toyosi Folawiyo-Johnson, all grew up in Lagos alongside him. He had his early education in Lagos, Nigeria, before moving on to get Bachelor of Science and Bachelor of Law degrees from the London School of Economics and Political Science and University College London, respectively. He returned to University College London in 1985 to acquire a Master of Laws degree.
Tunde Folawiyo 12 63 years old. Folawiyo returned to Nigeria in 1985 and began working as an attorney at the Ogunsanya firm. He quit in 1989 and started Energy Limited that year; by 2004, the company had constructed a storage facility with a capacity to hold 30 percent of Nigeria’s motor fuel. The Nigeria Association of Indigenous Petroleum Explorers and Productions elected Folawiyo to the position of vice president due to his success in 1996.
William Kentridge is a well-known South African artist who creates impressionist drawings, prints, and animated films, and Folawiyo is a supporter of his work. Kentridge was raised by anti-apartheid advocates; both of his parents were solicitors. The artist’s work may be among the most costly and sought-after in South Africa, and it typically portrays societal injustice in the country’s past.
Folawiyo and his wife, Renie, have a number of wonderful children together, among them Faridah. Folawiyo’s alleged romance with married ex-beauty queen Ifeoma Williams made headlines in 2013. Folawiyo’s wife allegedly suspected the affair and discussed it after discovering texts on the billionaire’s phone.
After his father’s passing in 2008, he took over the family company. He was a “pillar of Islam” and “one of the icons of Nigerian industry,” as reported by Highbeam.com.
Tunde Folawiyo Income from Business
The Chairman of Yinka Folawiyo Groups, a conglomerate having interests in a wide range of industries including agriculture, energy, shipping, real estate, oil, and gas, is one of the fortunate few who have had meteoric climbs in all of their economic endeavours.
The global citizen will be 60 in April 2020, and he has already received praise for his Midas touch in a number of leadership roles. Folawiyo and his company became the first to report oil production from a field outside of the Niger Delta region of Nigeria in 2016. This oil came from the Aje Field. Approximately 43 kilometres off the coast of Lagos State is the Aje Gas and Condensate Field, which is located in Oil Mining Lease 113 in the Benin Basin. He reportedly attracted multi-million dollar investments for petroleum exploration, helping to relieve stress in the Niger Delta region while simultaneously raising daily barrel output.
Folawiyo, it is said, plans to sell off his shares at Enyo Retails, a growing Oil and Gas retail outlet now taking over the downstream sector of the business, in order to attract additional investment and increase exploration of his oil field in big quantities.
And some people have speculated that Tunde is leaving the oil and gas industry.
The graduate of London’s Department of Economics, however, has other plans and intends to devote more time to Upstream operations like crude oil exploration and refining. Ardova Plc, previously Forte Oil, led by Abdulwasiu Sowami of Prudent Energy, is rumoured to be a potential buyer for Enyo Retail as part of Tunde’s takeover offer.
The transaction is well under progress and almost finished. The deal needs to be completed and sealed by the end of the first quarter of 2021. Enyo Retails’ shareholders have approved the purchase, making it a viable option. Following closing, Ardova Plc will continue to own the Enyo-branded stations alongside the AP-branded stations, utilising the resources of both brands. depends on getting the necessary regulatory clearances and passing a thorough due diligence process. An insider revealed that the synergy created by the acquisition will make the companies’ rivals nervous.
Tunde Folawiyo Business Career
Tunde Folawiyo is in charge of the oil and natural gas, agriculture, shipping, and real estate operations of the Yinka Folawiyo Group. After the passing of the company’s founder, his father Wahab Folawiyo, in 2008, he stepped into his father’s shoes as head of the family business.
In addition to his role as director of Folawiyo Energy Ltd, a midstream Oil and Gas Company that specialises in providing storage solutions for refined petroleum products, he sat on the board of MTN Nigeria.
Access Bank plc was a company whose board he served on.
Tunde Folawiyo Net worth in 2023
Tunde Folawiyo has not appeared in a ranking since 2014. Forbes ranked him at #39 on their list of Africa’s 50 wealthiest people with an estimated $650 million.