Today we shall be taking a look at a list of some of the richest businessmen in Nigeria. These men are worth at least one billion dollars each and they have multiple streams of income. They have also have investments in various sectors that drive the Nigerian economy. Their financial muscle makes them influential figures in society.
The wealth of these men put together, has been opined in some quarters has the capacity to resolve Nigeria’s economic and poverty woes.
- ALIKO DANOGOTE – $12.9 billion
With a $12.9 billion wealth in cement, sugar and about to be ready refinery for oil production, Aliko Dangote continues top the list of richest men in Nigeria and Africa.
According to Wikipedia Dangote was worth $10.3 billion in 2019, in 2020 his worth declined to $8.3 billion but in 2021 he rose to $13.9 billion to maintain his number one spot as the richest man in Nigeria and Africa.
Dangote is the founder and chairman of the Dangote Group of Company. He is undeniably the richest man in Nigeria.
Aliko Dangote was born on April 10, 1957, in Kano, Nigeria. He attended Al-Azhar University in Egypt with a Bachelor of Arts and Science before he ventured into his cement production business, which later turned him into a billionaire.
Aside from the large-scale production and distribution of cement, Dangote also produces sugar, salt, pasta, and flour. His cement conglomerate has operations in 10 countries across Africa.
- ABDUL SAMAD RABIU – $8 billion
With an estimated net worth of $8 billion, Abdul Samad Rabiu is Nigeria’s second richest man. Rabiu is the founder of B.U.A. Group, a Nigerian conglomerate that focuses on cement production, sugar refining, and real estate.
Rabiu was born into a wealthy family and started his own business in 1988, importing rice, edible oil, flour, iron, and chemicals. He is an alumnus of Capital University in Columbus, Ohio.
Born on August 4, 1960, he is one of Nigeria’s foremost industrialists and a former chairman of the Nigerian Bank of Industry.
B U A controlled by Rabiu is the second-largest sugar refinery in sub-Saharan Africa.
- MIKE ADENUGA – $5.8 billion
Michael Adeniyi Adenuga, is the third richest man in Nigeria and the seventh in Africa, with a net worth of $5.8 billion.
Adenuga is the owner of Nigeria’s third-largest telecommunications company in NIgeria, Globacom, which also has a presence in Ghana and Benin.
Mike made his first million in 1979 at the age of 24, trading laces and distributing soft drinks. His business wits and grits propelled him into oil, as he acquired a drilling license in 1990.
He owns a stake in Equitorial Trust Bank and Conoil (formerly Consolidated Oil Company). The Globacom firm also has a presence in Ghana and Benin.
- ALAFAA KARIBOYE-IGBO – $6.1 billion
With a net worth of $6.1 billion, 41-year old business tycoon Alafaa Kariboye-Igbo takes the fourth sport on our list of top richest men in Nigeria.
Alafaa is commonly referred to as Oil Money. The source of his wealth is basically from business investments in real estate, oil, gas, auto dealership, and entertainment
The business tycoon was born into a poor family, but he worked hard to become a wealthy man. He owns Oil Money Records, which helps upcoming artists to release music.
- FEMI OTEDOLA – $1.8 billion
With an estimated net worth of $5.9 billion, according to Forbes. He is also listed as one of the richest people in Nigeria in 2020 and 2021.
Femi Otedola is an importer of petroleum products and the founder of Zenon Petroleum and Gas Ltd; he also owns several other shipping, real estate, and finance businesses.
Otedola who was born on November 4, 1962, in his recent move, is the largest shareholder of First Bank Nigeria as of 2021.
- ARTHUR EZE – $5.7
Occupying the sixth spot with a net worth of $5.7 billion, on the list of richest men in Nigeria is a politician and Chief Executive Officer of Atlas Oranto Petroleum, Arthur Eze.
Born on November 27, 1948 and popularly known as ‘Prince Arthur Eze’. He attended California State University, where he bagged his degree in mechanical and chemical engineering between 1974 and 1978.
Arthur’s Atlas Oranto Petroleum holds the position of the largest oil exploration block in Africa. It is described as Nigeria’s largest privately held, Africa-focused exploration and production company.
Others are Leo Stan Eke with $1.2 billion net worth, Orji Uzor Kalu, a businessman and politician with $1.1 billion net worth. Also on our list is Jimoh Ibrahim, with $1.1 billion net worth from investments in hospitality business, insurance, transportation, oil, gas, and real estate. And there is Tony Elumelu, the CEO of Heirs Holdings, with $1 billion net worth.
