Meet the 2018 Richest Lawyers in Nigeria - Law Repository Ranking

L-R Paul Usoro, Gbenga Oyebode, Wale Tinubu and Afe Babalola.

2018 Richest lawyers in Nigeria: a look at the who's who of the ten wealthiest Nigerian Lawyers.

We think it’s time for a change of pace. It is now harder than ever to join the list of the richest Nigerian lawyers. Lawyers on the list seems to be getting richer. There are plenty of lawyers out there who have really made it financially — in case you’re mistaken, these people aren’t millionaires, they’re billionaires in Nigerian Naira.  

For comparison, you can check our 2017 list of the wealthiest Nigerian Lawyers

In hierarchical order, Law Repository Nigeria present to you the list of the richest Nigerian lawyers.

1. Adewale Tinubu - He is the group CEO of Oando Oil, which is one of the largest indigenous energy group in Sub-Saharan Africa. After his call to bar, he worked as a corporate lawyer for two years before starting Ocean Oil and Gas. His company is the only indigenous company involved in all sectors of the petroleum economy.  He is a member of the Nigerian Bar Association, he sits on the board of several blue-chip companies and NGOs as Chairman or Director including the board of Victims Trust Fund for Internally Displaced Persons. Estimated net worth $800 Million.

2. Tunde Folawiyo -  Mr. Tunde is the Chairman of Yinka Folawiyo Group, a conglomerate founded by his father, Wahab Folawiyo. The group is one of the largest conglomerates in Nigeria with interest in Energy, Agriculture, Shipping and Real Estate. He was called to the Bar of England and Wales in 1985, where he started his law practice in Nigeria with the law firm of Ogunsanya & Ogunsanya, but resigned from law in 1989. Since 1996, Tunde has also served as the Vice President of Nigeria Association of Indigenous Petroleum Explorers & Productions (NAIPEC).  Estimated net worth is $725 Million

3. John Olatunde Ayeni - Mr Ayeni is the former chairman of Skye Bank PLC which is a merger of five commercial banks in 2005. He was called to the Nigerian Bar in 1991. He thereafter practiced at the law firm of Professor S. A. Adesanya & Co. After the National Service in 1991, he worked with Rodco (Nig) Limited as the Legal Adviser from 1991 to 1994 after which he voluntarily left the company to start his own firm of Legal practice in 1994 - Legal Resources Alliance. He is the vice chairman of ASO Savings & Loans. He is also a founding partner and current vice chairman of Ocean Marine Security (OMS) which provides logistical support to the Nigerian Navy. In 2013, as vice chairman of Integrated Energy Distribution and Marketing Ltd (IEDM), he led a successful bid to take control of the Ibadan and Yola Electricity Distribution Companies. He is the current chairman of the two electricity distribution companies. Estimated net worth - $640 Million.

4. Afe Babalola, SAN - The founder of Afe Babalola University has moved up one step on the ladder to emerge as the third richest Nigerian lawyer. Afe Babalola University is one of the biggest private University in Sub Saharan Africa. The University is the biggest private employer of labour in Ekiti State. Aare as he is popularly called is also the founder of Emmanuel Chambers, one of the largest law firms in Nigeria. He is also a farmer and owns the biggest farm in Ekiti State. Aare’e estimated net worth is $500 Million.

5. Adewumi Ogunsanya, SAN - Mr Ogunsanya graduated with a law degree from the University of Kent in Canterbury UK in 1984 and thereafter proceeded to the Nigerian Law School where he qualified as a Barrister and Solicitor in 1985. He obtained his LLM from the prestigious University of Lagos in 1987. Mr. Ogunsanya has been in active private practice from 1985 till date. Mr. Ogunsanya is the Chairman of Multichoice Nigeria Limited,a multi-billion dollar conglomerate which provides a wide range of broadcasting services to its customers. Multichoice Nigeria Limited is home to well- known subscription brands such as DSTV, Mnet, Supersport and GoTv. Mr. Ogunsanya's interests are wider than just the Entertainment sector as he is also the managing partner in the law firm of Ogunsanya & Ogunsanya and also a Board Director at Heritage Bank. He is also the Chairman of Trocadero Group of Companies. Estimated net worth - $260 Million.

6. Wale Babalakin SAN - Mr Babalakin was called to the Nigerian bar in 1982 and thereafter proceeded to the United Kingdom for his LLM and PHD programme. Returning to Nigeria in 1986, Dr. Babalakin joined the firm of his esteemed mentor, the legal luminary, Chief Frederick Rotimi Williams, where he worked for one year. He established his own firm, Babalakin and Co, which today is one of the leading law firms in Nigeria, with over 60 lawyers in its Lagos, Abuja and Port-Harcourt offices. Mr. Babalakin is the managing partner in the law firm of Babalakin and co. He is also the chairman of several Nigerian companies. His company built the famous MMA2 in Lagos and was initially granted the contract to reconstruct the Lagos-Ibadan expressway until it was revoked in November 2012. Mr. Babalakin is worth an estimated $231 million and is consistently ranked as being one of the richest Nigerians.

7. Jimoh Ibrahim - Mr Ibrahim studied law at Obafemi Awolowo University in Ile Ife, Osun State, Nigeria, graduating with a Bachelor of Laws (LLB) degree. Subsequently, he obtained a Master of Public Administration (MPA), also from Obafemi Awolowo University. He is the founder and chairman of Global Fleet Group. He is also the publisher of Newswatch Magazine and National Mirror Newspaper. He is best known for being a former gubernatorial aspirant in Ondo State. He is worth an estimated $210 Million.

8. Paul Usoro - Mr Usoro was called to  the Nigerian Bar in 1982. Mr. Usoro holds a Bachelors of Law Degree from the Obafemi Awolowo University Ile-Ife in 1981. Mr. Paul Usoro, SAN, is the Founder and Senior Partner of Paul Usoro & Co. Mr. Usoro is a Senior Advocate of Nigeria. He has over 30 years’ experience and is acknowledged as a highly experienced litigator and Nigeria’s foremost communications law expert. He has also worked with the National Assembly in producing the Nigeria Communication Act, 2003. Mr. Usoro has been a Non-Executive Director of PZ Cussons Nigeria Plc since July 15, 2011. He has been a Non-Executive Director at Access Bank Plc since January 2014. He serves on the boards of Airtel Nigeria Limited, Nigeria Bulk Electricity Traders Plc, Marina Securities Limited and Premium Pensions Limited. He also previously represented Access Bank as Non-Executive Director on the Board of Intercontinental Bank in October 2011 following the Bank’s acquisition of the Intercontinental Bank Group. He is worth an estimated $125 Million.

9. Wole Olanipekun, SAN - Mr Olanipekun is one of the most highly respected lawyer in Nigeria. He has been responsible for several landmark cases in Nigeria. He is a former President of the Nigerian Bar Association and also owns of the most successful corporate/commercial law firm in the country. Mr Olanipekun was called to the Nigerian bar in 1976 and subsequently attained the rank of Senior Advocate of Nigeria in 1991. Mr Olanipekun is worth an estimated $123 Million.

10. Gbenga Oyebode MFR - One of Nigeria’s most renowned commercial lawyers, Gbenga Oyebode is the founder and Managing Partner of Aluko & Oyebode- a successful corporate/commercial law firm in Nigeria. He owns a minority shareholding in MTN Nigeria, and sits on the company’s board. Mr Oyebode is also a former chairman of Access Bank PLC and the current chairman of Okomu Oil and Crusade Insurance. The value of his shareholdings in these companies is worth tens of millions of dollars. He has an estimated net worth of $120 Million. He is qualified to practice in New York and Nigeria.

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