Obi Cubana (Real Name: Obinna “Obi” Iyiegbu) is a Nigerian entrepreneur and businessman with an estimated net worth of $500 million.
Renowned for his exploits in the hospitality and entertainment industries, Obi Cubana is a businessman who reportedly has a net worth of $500 million (₦190 billion). He is the owner and chief executive of one of Africa’s most ecstatic hospitable brands, Cubana Group.
With the aim of satisfying his customers in an enabling environment, the Anambra native has established palatial restaurants and bars along with exotic nightclubs for nightlife lovers and fun-seekers in many states in Nigeria. Obi Cubana has also moved his businesses overseas and plans to jack up his net worth with real estate ventures.
Having established himself in the nightclub business, as his Cubana brand is dubbed the king of nightlife, the famed entrepreneur has worked closely with top musicians in Nigeria and beyond.
They often perform at his nightclubs and hotels, which has helped him grow his business over the years. As a result, the Cubana group has been recognized with multiple awards for its tremendous achievements that have contributed to the development of the nation’s hospitality sector.
How Obi Cubana Made His $500 Million Net Worth
It’s noteworthy that the businessman has not only left a mark in the entertainment and hospitality industries but has gone on to build a good reputation for himself with his philanthropic efforts. Obinna Iyiegbu (aka Obi Cubana), who is said to have accumulated a net worth of $500 million, serves as the owner of a non-profit organization called KIEK Foundation. He is also the founder of the Cubana Group that has been featured in numerous magazines, and also won many accolades. His Cubana brands include Cubana Hut and Grill, Puzzo restaurant, Hustle & Bustle nightclub, and Cubana Signature Hotel.
In 2020, the award-winning entrepreneur revealed plans of expanding his business outside Nigeria, especially in Dubai, where he has set out to launch an innovative and luxurious hospitality company called Cubana Dubai and a real estate venture called Cubana Real Estate. With this, Obi Cubana surely has eyes on becoming one of the top richest Nigerian businessmen, and his net worth would definitely grow following his business expansions.
He Launched The Cubana Group in 2009
Before setting out on the journey of becoming the owner of a chain of nightclubs and restaurants, Obi Cubana first paved the way for his business career success by acquiring educational qualifications. He got his First School Leaving Certificate from Central Primary School in Oba, Anambra State. He then proceeded to Dennis Memorial Grammar School, Onitsha, where he obtained the West Africa Senior School Certificate (WASSCE). Obi subsequently achieved a Bachelor of Arts degree in Political Science from the University of Nigeria Nusukka.
In 2006, he launched Ibiza Club. After experiencing huge success with the nightclub business, he established the Cubana Group in 2009. Today, the conglomerate is ranked among the most creative and luxurious hospitality brands in Africa. They strive to satisfy fun seekers and nightlife lovers with state-of-the-art facilities and over-the-top entertainment. Seeing entertainment as a vital aspect of life, the businessman decided to venture into the hospitality and entertainment business to help relieve people from day-to-day stress.
Cubana Group’s nightclubs offer world-class cuisines and grills and live band activities during the day. They have been graced by A-list artists, including Cardi B, Davido, Wizkid, and Burna Boy. Obi Cubana aims to take his hospitality brand overseas and is currently working on Cubana Dubai and Cubana Real Estate.
The Cubana Brand Has Expanded To Many States in Nigeria
Over the years, Obi Cubana has expanded the Cubana Group by opening branches in many states in Nigeria. They include Lagos, Abuja, Enugu, and Imo. About three of his dance and nightclubs are situated in Lagos, namely Montana by Cubana located in Ikeja, Grind by Cubana situated in Adeola Odeku, and Pablo by Cubana, which also has the same location as the Grind. Opium by Cubana is situated at World Bank Road in Owerri, Imo State capital, while Enugu State’s Cubana brand, Gustavo, is located in Independence Layout.
Then in Abuja, Cubana Group has two dance & nightclubs known as Crave by Cubana situated at Wuse 2 and Hustle & Bustle situated at No. 80 Aminu Kano Crescent in Wuse 2. The group’s hotels are also located in Abuja. They include Grand Cubana Hotels located at No. 8 Ebitu Ukiwe Street, Jabi District; Caledonian Suites located at No. 21 Usuma Street, Maitama; and Cubana Signature situated at No. 9 Ashiek Jarma Street, off Umaru Dikko Street, District. Puzzo by Cubana Group is a high-end restaurant that is also situated in Wuse 2, Abuja.
Is Cubana Chief Priest Worth More Than Obi Cubana?
Oftentimes, many people mistake Cubana Chief Priest for Obi Cubana as the prominent show promoter was the face of the Cubana Group for several years. He worked in the Cubana Group as a general manager and co-director of the hospitality brand. He was the manager of the Cubana dance & nightclub, Opium, situated in Owerri, Imo State. He is close friends with A-list musicians such as Davido, Burna Boy, Kcee, Flavour, Phyno, and Olamide. He took Cubana’s nightclub business in Owerri to another level in 2018 when Davido performed at the club and attracted the crème de la crème in the state to Opium.
Cubana Chief Priest rendered highly commendable service to Obi Cubana and his group for five years before deciding to part ways with the brand. His departure from the Cubana Group in September 2020 reportedly caused a rift between him and his boss, as Obi Cubana was said to have unfollowed him on Instagram. However, the two have recently reconciled and are reportedly business associates, even though Cubana Chief Priest moved on to launch his own dance & nightclub, Xhrine in Owerri, where Obi Cubana also has his own nightclub.
He launched Club Xhrine in December 2020 and has another exotic hospitable brand known as De Angels Bar and Grill, which his wife, Angel Gold Okechukwu, manages. According to reports, Cubana Chief Priest has an estimated net worth of $12 million (₦1.2 billion), whereas Obi Cubana’s estimated total wealth is $500 million (₦190 billion). As one of the biggest promoters in Africa, Cubana Chief Priest has endorsement deals with top-notch companies such as Bullet Energy Drink, Geely Nigeria, and Mikano Motors. He is also working as an influencer for the LVMH Group’s Moët Hennessy.
While Obi Cubana has launched branches of the Cubana Group in many states across Nigeria, Cubana Chief Priest has plans to expand his nightclub business in states such as Delta, where he would be opening Club Xhrine and De Angels Bar and Grill in December 2021. Ranked among the young billionaires in Nigeria, Obi Cubana and Cubana Chief Priest have the most expensive cars in their garages and own opulent houses worth millions of naira.
Here’s How Obi Cubana Spends His Money
Obi Cubana spends a portion of his net worth on charitable causes. He co-founded KIEK Foundation alongside his significant other, Ebele Iyiegbu. Through the foundation, he has positively impacted the lives of many, especially the less privileged in society. In past years, he has provided quality education and healthcare to many children. He assisted many families with food supply during the coronavirus lockdown in 2020.
Like every Lagos big boy, Obi Cubana is accustomed to a life of luxury. He takes his family and friends on vacation overseas and lives in a palatial home. He is said to own houses in some states in Nigeria like Anambra, Lagos, and Abuja. He recently unveiled the interior of his newly built mansion when he took his friends, including Jowi Zaza, on a house tour.
The opulent home has modern amenities such as an underground wine cellar, private cinema, and swimming pool. It reportedly worth millions of dollars. Regarding his fleets of exotic cars, Mr. Iyiegbu has two Lexus LX valued at ₦36.6 million each. He also gifted one of his managers, Ndubuisi Okenwa, a 2018 Lexus GX 460 worth ₦35 million – ₦45 million in December 2020.