Terry Waya, Kid Waya’s father with a net worth of $865,000 stands out as one of the richest men in Nigeria; a multimillionaire yet unknown to many until his son became famous on BBNaija season 5 in 2020.
Also known as Mr. Versace, he hails from Benue State in the Middle Belt region of Nigeria. The businessman, philanthropist, consultant, lobbyist, and celebrity is highly respected among the political and elite business class across Nigeria and even beyond. He is a very influential socialite with his business enterprise spread all over the world. It is even argued that his net worth is more than the reported $865,000 because of his flamboyant lifestyle and connections.
A Look At The Businesses That Contributed to Terry Waya’s $865,000 Net Worth
Tracing how he got rich; Terry relocated to Abuja from Kaduna in the late 1980s. In Abuja, he familiarized himself with the then military government and this gave him exclusive access and connection to the high and mighty in the country; as an astute businessman, this was all he needed to excel.
By 1992, he had already started consulting for many private and multinational businesses as well as government agencies in Nigeria. One of which was rumored to be the company that built Transcorp Hilton, of course, this company had assets in various sectors in the Nigerian economy, including oil and gas, real estate, and the hospitality business.
Also, as a friend of the military government, precisely that of General Sani Abacha’s regime (which is considered the most controversial military regime); Mr. Waya executed contracts worth millions of dollars and pounds, which he used to set up various business ventures across the globe. It is also said that the military regime used him as a “conduit” for various secret financial transactions and this added more money to what he already had.
But today, the military government is long gone and Terry Waya has instead come to be known as the owner of multiple successful business ventures. These businesses are scattered all over the country and also in various sectors.
Real Estate – Banana Island
He was a key figure in the construction of the famous Banana Island, in Lagos State, South-Western Nigeria. The island is an artificial island and a metropolitan area covering 1,630,000 square meters of land divided into 536 plots. During its construction, then minister of works General Adisa contracted Terry Waya for the project as revealed by Nigerian investigative journalist, Kemi Olunloyo. Terry in turn hired the services of the Chagoury Brothers, a business move that gave him a significant stake in the island.
Transcorp Hilton Construction
Mr. Waya was instrumental in the construction of Transcorp Hilton and all its business subsidiaries in the hospitality industry. Because Terry isn’t so vocal about his business dealings, and like his other sources of income, how much he made from this deal is still unknown. Though it is believed to run into millions of dollars.
Agriculture – Valley Agriculture and Food Company
Terry Waya is the Chief Executive Officer of Valley Agriculture and Food Company. It is an Agro-Allied Business concerned with large-scale investments in livestock, food and beverage processing, agricultural technology, and other allied industries. The company prides itself on being at the forefront of establishing Africa’s first future city focused on integrated livestock production, agriculture, and technology. When fully operational, they project to use 33, 000 acres of arable land for agriculture and create about 1,000 direct jobs.
Politics
Another way it is believed Terry Waya makes money is via politics. He was a member of the then Advisory Committee of the All Progressive Council (APC) Women and Youth arm during the 2019 Presidential election. This hints that he is possibly very close to the President, Rt. Gen. Muhammad Buhari and perhaps plays a vital role in the shadow government known as “The Cabal.” This group is believed to be the ones at the “helm of affairs” in the Nigerian government albeit behind the curtains. With the Godfather status, we can’t help but kiss the ring.
Terry Waya’s Net Worth Affords Him a Lavish Lifestyle
On 3rd March 2021, Terry celebrated his 60th birthday at Abuja, and in attendance were mainly individuals from the political circle like Orji Uzor Kalu, Bola Shagaya, Festus Keyamo, and James Ibori, amongst others. As always, his entire outfit was Versace custom made, and he treated his guests to the “Waya Standard” extravagant party, which is his trademark.
Terry is one of the richest men in Nigeria with connections all over the globe. Before the advent of social media, he covered front pages like Ovation because of his extravagant lifestyle. His wealth is ranked among the likes of Dangote and Otedola. His lavish 40th birthday party was labeled “Mother of all Parties” in the UK. The business magnate is usually seen in the company of Governors, Senators, Chief Executives, and high-ranking officials from all work of life. He once boasted that he only drinks water that is bottled in Paris.
Terry is also a lover of colors and Versace gives him that. He has the infamous customized gold-plated Versace house as seen in the Instagram post above. In the house, his dishes, cutleries, swimming pool, clothes, shoes, floor, bedroom, cousins, dining chairs, staircase, chandeliers, artifacts, Jacuzzi, and almost everything is designed with the Head of Medusa (official logo of Versace). The house is located in North London and is worth millions of pounds. He also has multimillion-dollar-worth houses in the UK, Europe, America, and Nigeria.
Terry Waya’s car collection is not known to the public; he does not flaunt cars that much. It is also not known if he has a private jet and yacht, but his net worth can afford him anything money can buy, only if he desires it. He is a very secretive man and what is known of him is what he showcases on his social media platforms.
Terry Waya’s Net Worth Compared To That of Adedeji Adeleke
Adedeji Adeleke is a billionaire business magnate and president of Adeleke University Osun State. He is the father of famous musician David Adeleke, professionally known as Davido. Adeleke is estimated to worth about $900,000. He is the CEO of Pacific Holding Limited, which has interests in real estate, oil, and gas, manufacturing and industry, industrial services et cetera. He is one of the most successful businessmen in Nigeria.
While there is still doubt on Terry Waya’s real net worth, it is hard to tell who is richer, as they are both successful in their respective businesses. However, the numerical net worth of these men may not be used as a final yardstick to compare their wealth because it is believed that it doesn’t represent what they actually worth.
But going by what we have at hand, it can be seen that Adedeji Adeleke with a net worth of $900,000 bests Terry Waya with a net worth of $865,000 by a few thousand dollars. On the other hand, Mr. Adeleke and Mr. Waya are in no way a match for the likes of Aliko Dangote who is worth $14.4 billion, Mike Adenuga worth $9.9 billion, Mike Adenuga worth $9.9 billion, Femi Otedola worth $1.85 billion, Folorunsho Alakija worth $1.55 billion, and Abdulsamad Rabiu who is worth $1.1 billion. Nevertheless, they are all businesses men and accord each other the respect due.
How True was Terry Waya’s Money Laundering Allegation
In 2005, Terry’s paid advertisements claiming he is a surety for embattled Diepreye Alamieyeseigha caused him trouble. He further accused General Olusegun Obasanjo of masterminding the incident. He was said to have paid about N114.4 million bail money for the then Bayelsa State governor held in Scotland Yard, London over money laundering allegations leveled against him. Diepreye however skipped bail and tried to sneak out of the country by cross-dressing as a woman but was caught.
There were mixed reactions on 23rd November 2005 when Terry was arrested in his home in North London on suspicion of money laundering. He was investigated by the Economic and Financial Crimes Commission (EFCC) and other Intelligence agencies in England for financial crimes. However, was found to be a legitimate businessman but It was later reported that the original motive for his arrest was because he had a tussle with Obasanjo over the then President’s third term bid. Terry was ordered to pay £1.5 million within six months or go to jail for 30 months. He paid his bail money and the matter was swept under the rug.
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