There are many families in Nigeria that qualify
as “Old Money”. They are “Old Money” simply
because the wealth of the families has lasted
more than one generation. The term typically
describes a class of the super-rich, who have
been able to maintain their wealth across
multiple generations.
In some societies like that found in Europe and
America, you could find a family sustaining a
social class and wealth status over centuries.
The Du Point family fortune is reputed to have
begun around 1800s.
The Vanderbilt family made their fortune in the
railroad industry and they have remained a
prominent wealthy family in the United States
for well over 200 years.
While it is hard to trace any family riches as
old as 200 years down the line some families
in Nigeria qualify as Old Money because their
wealth have passed from one generation to
the next and going on through to the third
generation, growing bigger or just remaining
pretty much the same while others have been
slipping down the line but still respectable
enough to be reckoned with.
Perhaps one of the oldest money families in
Nigeria are the Dantata family, the Folawiyos,
the Tejuoshos, the Fajemirokuns, the Sarakis,
the Igbinedions, the Ibrus and a few others.
Although many of these so-called Old Money
families do not rank as high on the list of the
Top 50 richest Nigerians as they once did,
their wealth continues to grow. Many of these
families have been able to increase their
holdings by investment strategies in diverse
sectors of the economy without being too
relevant in any particular corporation or
company.
In most cases, the fortune of a family started
with one individual who broke free from lowly
social class to attain higher social status by
gaining financial freedom through individual
ingenuity, commitment and drive.
The individual, who may be regarded as the
scion of the family bloodline, after achieving
the financial feat of being seen as a wealthy
man, is seen as an outsider by those who were
rich or inherited wealth before he accumulated
his wealth.
In other words, every old money was a new
money at one time or another. ‘Old Money”, or
the Nouveau riche, as the French call it refers
to a person who has acquired considerable
wealth within his or her generation.
The term is generally used to emphasised that
the individual was previously part of lower
socioeconomic rank, and that such wealth has
provided the means for the acquisition of
goods or luxuries that were previously
unobtainable.
In some societies where there is a kind of
institutionalized social class stratification like
in England for an instance, the people of Old
Money tend to regard the people of New
Money with certain sense of derision.
In fact the term “New Money” can be used in a
derogatory fashion, for the purposes of social
class distinction, to describe persons with
newfound wealth as vulgar- lacking the
experience or value system to utilise wealth in
the same manner as Old Money.
In the Nigerian society there is no known
animosity between people of Old Money and
people of the New Money. The Late M.K.O.
Abiola amassed considerable wealth, coming
from a background of almost abject poverty
there is no record anywhere that he had any
trouble getting assimilated into the upper
crust circle of the super rich.
The Esama of Benin Kingdom Chief Gabriel
Igbinedion, after the death of his father had
problem continuing his education but today
the empire built by the High Chief may very
well last into many millenniums
The Old Money families in Nigeria
The Dantata family is perhaps the “Oldest
Money” in Nigeria with the family fortune
dated as far back as in the late 1800s. The
Tejuoshos’ money started not by the popular
and regal Osile of Oke-Ona but by his mother,
Chief Bisoye Tejuosho and their son, Femi is
keeping that flag flying..
The late Baba Adinni of Nigeria, Alhaji Iyanda
Folawiyo, made fortunes in his lifetime but a
good start in life must have been bequeathed
to him by his father who was also a wealthy
man in his own time.
A number of who could be considered Old
Money families in Nigeria are just beginning
to go through the second generation, after the
individual who made the difference in the
family bloodline has just handed over to the
next generation.
In this group are the Subomi Baloguns, the
Igbinedions, the Abachas, the Adebowales, the
children of Bode Akindele, the family of Mike
Adenuga, the children of Chief Olusegun
Obasanjo, the children of Arthur Nzeribe, the
family of M.K.O.
Abiola, the children of Chief David Dafinone,
the Odowus, the Ojoras, the Edoziens, the
Onosodes and many too many to mentioned.
But some of the oldest Money family are;
The Dantata family
The wealth of the Dantata family started with
one unique individual called Alhassan
Dantata, who was even by the standard of his
days far from being a silverspoon. Born in
1880 to a mother who was a petty trader,
Alhassan, started supporting the family early
by peddling kolanuts in the streets of Kano.
In matters of years the young Alhassan
mastered the trade and in fact became the
largest licensed produce buying agent of not
only kolanut but also groundnut in Nigeria. So
widespread was his business tentacles that
almost every piece of business must have his
signature to really be of any substance.
His empire continued and blossomed under
one of his sons, Abdulkadir Sanusi Dantata
who co-founded Dantata and Sawoe and
Asada Farms. Now in its third-fourth
generation, the Dantata family have continued
to show their domination in business and
social lives.
Though the family may have been edged aside
in the North and indeed in Nigeria to the likes
of Aliko Dangotes, the Babangidas, the
Abachas, the Indimis, the Mutallabs etc but
then even Aliko Dangote family, reputed to be
the richest in Africa now have the Dantata
family to thank for their break in business.
Aliko Dangote’s mother, Mariya Dantata was
the grand-daughter of businessman Alhassan
Dantata, and his father Mohammed Dangote
was Dantata’s business associate. In fact
there is a story that it was Sanussi Dantata’s
N500,000 loan
to Aliko Dangote that saw the acclaimed
Africa’s richest man on his way.
The Dantata family are still pretty much up
there. The leading beacon of the family, Sayyu
Dantata is still being regarded as one of the
richest Nigerians. He founded the MRS Group
and only recently took up controlling stakes in
Texaco and Chevron.
The Folawiyo Family
Late Alhaji Wahab Iyanda Folawiyo surely
took the Folawiyo name into the league of
billionaire families but not without help from
his father, Pa Tijani Folawiyo, a wealthy local
merchant, during the British colonial era.
His father, Pa Tijani was said to be very
wealthy and started off young Wahab in the
right direction. He was so important in the
business circle in Lagos in the 1930s that the
business of import and export which Alhaji
Iyanda Folawiyo perfected, could not be
discharged with any seriousness without his
involvement. Late Wahab Iyanda Folawiyo
would however be credited with founding of
Yinka Folawiyo & Sons, an import and export
business.
If Pa Tijani Folawiyo was a wealthy local
merchant Chief Wahab Folawiyo was a global
one with a business empire with holdings in
shipping, banking, construction, agriculture
and energy. Little wonder that the flag bearer
of the family name now, Babatunde Tijani
Folawiyo should take the name of his grand-
father.
Tunde, a lawyer by profession is the third
generation in the Folawiyo dynasty and he is
doing a swell job of it. In 2010 he was
honoured with African Business Leadership
Award for his giant business strides in various
sectors of the economy.
The Tejuosho family The Tejuosho family name
connotes big money, great style and royalty. It
is a family name that has remained with
opulence ring to its importance for over 50
years.
The Osile of Oke-Ona, Oba Dapo Tejuosho
might have met wealth in the family and
worked even more to add more wealth to the
family name but the relevance of his mother,
Chief (Mrs) Bisoye Tejuosho cannot pass the
stage of life unsung.
In fact the generation of the Tejuosho
bloodline as Money people started with that
industrious woman from a humble royal
background. She raised the family financial
status by trading in foodstuff until becoming
an agent for the United
African Company, and in later years, added
Vono industries to her list of suppliers. She
became very successful during this period and
acquired real estate in various parts of the
country.
The family flagship company, Teju Foam was
founded by her. Her son, Oba Adedapo
Tejuosho, the second line in the aristocratic
Tejuosho family raised the bar by diversifying
into other areas of business. Now, Femi
Tejuosho has taken over from the monarch
and one can be sure the Tejuosho wealth will
remain for years to come.
The Fajemirokun Family
Everybody knows Chief Dele Fajemirokun as
an astute businessman who has his hands in
many juicy business pies. His wand controls
AIICO Insurance, Xerox Nigeria, Chicken
Republic, Kings Guards and many more. Make
a list of 100 richest Nigerians and Chief Dele
Fajemirokun is sure to pop up somewhere
along the line. His wealth his so solid
because he has been around for so long. In
fact his father, Henry Fajemirokun started the
wildfire of businesses which flame is still being
seen everywhere.

Henry Oloyede Fajemirokun, steered the
Fajemirokun name along the tide where only
billionaires surf. He took over the Henry
Stephen Group and later spread his tentacles
into Johnson Wax, Fan Milk and became sole
distributor of Xerox.
The Fajemirokun wealth may soon begin its
third generation reign as Bisola Fajemirokun
may take over from his dad, Chief Dele
Fajemirokun.

The New Money Families
The New Money families can hardly be
regarded as families, they are simply names
who rose from being ordinary citizens to
becoming special ones who not only dine with
presidents and kings they also control the
economic pulse of the nation with feelers
reaching into the international plexuses. They
had no help, no hand, no pat at the back, they
only took a plunge, a plunge that landed them
in waters filled with billions of Naira.
They are the Jimoh Ibrahims, the Ifeanyi Ubas,
the Fola Adeolas, the Tony Elumelus, the Leo
Stan Ekehs, the Jim Ovias of this country. All
these guys had humble beginnings and had to
fight for every ounce of bread life brought on
their tables.
They are in the first generation of their wealth
dynasty. There are no heirs in sight, ready to
take the baton from them to continue the race. They are in their prime and
their wealth have become so considerable
their names run in the top 20 of the richest in
the country.
Jimoh Ibrahim is the super tycoon who
oversees a vast empire with dominions in
aviation, insurance, media and hospitality.
Ifeanyi Uba is the oil and gas champion. Leo
Stan Ekeh has pioneered computer
manufacturing and calling the shots in IT
while Elumelu and Adeola have left huge
footprints in the banking sands of time.
The Second Generation Old Money
These are names that have moved from being
mere names into big money family names.
Most of them are about passing the buck to
heirs waiting in the ranks to continue building
the family empires.
They are the Babangida family, Abacha family,
the Adenuga family, the Ibru family, the
Igbinedion family, the Odogwu family, the
Dangote family, the Akinnola family, the
Damcida family, the Wushishi family, the
Dafinone family, the Babalakin family, the
Obasanjo family, the Shagaya family, the Atiku
Abubakar family, the Okoya family, the
Adedoyin family, the Subomi Balogun family
and many others.
New Money Vs Old Money:
Old Money or New Money the situation which
is prevalent everywhere these days is that the
New Money are taking over from the Old
Money. Though the people of Old Money have
continued to maintain their wealth and social
standing but it is the New Money that are running things.
Take banking for an instance, the names you
would hear running the show are not the
Tejuoshos, the Fajemirokuns, the Folawiyos,
or the Dantatas the name you hear are the
Elumelus, the Jim Ovias, the Fola Adeolas, the
new breed, but that it not to say a handful of
the Old Money do not have their own share.
According to an undisclosed millionaire, the
New Money people have only risen because
the Old Money provided them the platform.
His view is that The Old Money get
complacent with time and only thrive by their
dependence on the drive of the New Money to
make money for them.
Even the list of the richest men in the world
has the New Money people shuffling the Old
Money people down to the very bottom of the
list.
Look at the oil industry, apart from Sayyu
from the old stock who has eaten into the pile
of Chevron and Texaco, the names you hear
are the new wolfhound billionaires like Ifeanyi
Uba, Femi Otedola, Jimoh Ibrahim and the
likes.
In aviation, communications, real estate,
insurance, export and import, the New Money
are calling the shots while the Old Money
people are just tagging along. No doubt some
of their heirs are having a respectable
showing in some sectors there is hardly any
one of them up there rubbing shoulders with
the very richest in the country.
The Old money people might have bought
almost the whole of Ikoyii the new breed are
building their heaven on earth in Banana
Island, even beating the oceans into retreat.

soon more names will be added

The rich get richer