The richest men in Nigeria are also some of the wealthiest persons on the continent. These are the top movers and shakers of the Nigerian economy, as well as some of the most prominent captains of industry. Their contributions to the country include the creation of jobs through industry, as well as the sustenance of several families through the monies they pay to those who work in their various establishments.
Curiously though, many of the men on this list have completely avoided media attention. Very little is known about their lives, and they do not socialize at all.
As much as they would like to remain anonymous, it is practically impossible to control this much wealth without leaving ripples in society.
Top 10 Richest Men In Nigeria And Their Net Worth
1. Aliko Dangote
Net Worth: $13.9 Billion
Business: Manufacturing, Oil, Construction
Aliko Dangote is the richest man in Nigeria, and richest black man in the world. He is Nigeria’s most prominent industrialist, and one of the most respected citizens in the country.
Aliko Dangote was born on the 10th of April 1957, in Kano State, which is northern Nigeria. His father was Mohammed Dangote, and his uncle was Sanusi Dantata; said to be Nigeria’s richest man during the 70’s.
After school he was given seed money by his uncle Sanusi Dantata to enter the family’s business of trade in commodities such as bagged rice, beans, spices and flour. Dangote chose Lagos as his primary base of operations and became quite profitable in his business.
He secured a monopoly from the government to import rice, and soon ventured into local production of cement. He found production to be more profitable than distribution, and entered the full scale production of several commodities including pastries, sugar, flour, salt, and so on. His company is also into distribution of rice, and the production of oil and fertilizer.
2. Abdulsamad Rabiu
Net worth: $7 billion
Business: Diversified Investments
Abdulsamad Rabiu is one of the richest men in Nigeria; he is a foremost industrialist, with huge investments in the Nigerian economy. Abdulsamad Rabiu was born on the 4th of August, 1960, in Kano State, Nigeria.
His father late Khalifah Isyaku Rabiu, was an early Nigerian industrialist, one of the few such personalities in the country at that time. Abdulsamad Rabiu studied at the Capital University in Columbus, Ohio, USA, and returned immediately to take over his father’s company.
He is the chairman of the BUA Group; a conglomerate that produces cement, Flour & Pasta, Sugar, Edible Oils, Rice, Iron/Steel, and so on.
3. Mike Adenuga
Net worth of $6.7 billion
Business: Oil, Banking, Communications
Mike Adenuga is fondly called John bull by close associates. He was born on the 29th of April 1953, in Oyo State, Nigeria. Mike Adenuga famously sold snacks to schoolmates while in school, and drove a taxi during his university days. He became a millionaire at the age of 26, by selling fabrics and soft drinks, and with the capital he was able to go into big business.
Mike Adenuga purchased an oil license and established an oil company in his 30’s. His company struck oil in the oil fields South West of the country, and that launched his career into the lucrative oil industry.
Mike Adenuga then purchased a communications license, and went on to establish Globacom; which is now Nigeria’s 2nd largest telecommunications company, with a solid footing in the markets of some other countries in West Africa.
He is the owner of Globacom, Conoil, and Equatorial Trust Bank.
4. Femi Otedola
Net worth: $5.9 Billion
Business: Oil, Banking
Femi Otedola is one of Nigeria’s biggest businessmen. He is an astute administrator, and a man of vision. He was born 4 November 1962, in Ibadan, Oyo State, Nigeria. He is best known for his intrigues in the oil sector; including the hostile takeover of African Petroleum (AP), which he renamed as Forte Oil.
Femi Otedola has since left the oil industry to focus on banking and energy. He is the primary shareholder, and de facto Chairman of Nigeria’s oldest banking institution; First Bank of Nigeria PLC. He has also made huge investments in the energy sector as the country aims to revive the industry.
5. Arthur Eze
Net worth: $5.7 Billion
Business: Oil and Gas
Arthur Eze is a quiet man who has avoided the public eye for such a long time. He was born on the 27th of November 1948, in Ukpo Town, in Dunukofia Local Government Area of Anambra State.
Not much is known about his origins, or how he entered into the oil exploration business, but it is a well established fact that he is Founder and Chairman of Atlas Oranto Oil Company; the largest indigenous oil company in Africa.
Prince Arthur Eze is one of the biggest men in the oil business; but he has strategically avoided the Nigerian market. His company has investments in Sudan, Equatorial Guinea, South Sudan, Senegal, Uganda, and Zambia, as well as Sao Tome and Principe.
Arthur Eze is a well known philanthropist; he has donated classrooms to the host communities of his company, as well as many locations in Nigeria.
6. Orji Uzor Kalu
Net Worth: $3.7 billion
Business: Diversified Investment
Orji Uzor Kalu is a billionaire businessman from Nigeria. He was sentenced to 12 years in prison for embezzlement of Abia State funds, but curiously the judgment was overturned by the Supreme Court.
He was born on the 21st of April 1960, in Abia State, Nigeria. He spent most of early years in Northern Nigeria, and he attended Barewa College Zaria.
Orji Uzor Kalu started his career in procurement; he received contracts to supply implements to the Nigerian military. Orji Uzor Kalu then founded Slok Holding; a Conglomerate with interests in oil, shipping, manufacturing, air transport, and media.
Some of the companies in his portfolio include; SLOK Holding and the Daily Sun, New Telegraph Newspapers, SLOK Vegetable Oil, Aba, SLOK Paper Factory, SLOK Airlines, and First International Bank Limited.
Orji Uzor Kalu was the governor of Abia state from 1999 to 2007, and now he is a senator representing Abia North.
7. Emeka Offor
Net Worth: $2.9 Billion
Business: Oil, Publishing, Broadcasting
Emeka Offor is a billionaire businessman; he is the Chairman of Chrome Group. Emeka Offor was born on the 10th of February 1957, in Kafanchan, Kaduna state. His company Chrome Group has interests in Oil and Gas, Energy Generation and Distribution, Broadcasting, and Media.
He owns several radio stations, as well as advertising agencies.
8. Folorunsho Alakija
Net Worth: $1billion
Business: Oil, Publishing, Broadcasting
Folorunsho Alakija is the richest woman in Nigeria, and one of the wealthiest citizens of the country. She was born on the 15th of July 1951 in Ikorodu, Lagos state, Nigeria.
Folorunsho Alakija started her career in fashion. She established a fashion house which makes designs that are patronized by some of the classiest ladies in Nigeria.
From there she branched out into oil exploration; she co-founded Famfa Oil; a Nigerian oil exploration company. Famfa Oil has several highly productive oil blocks in Nigeria; and works with companies like Chevron and Petrobras in the distribution of its products.
9. Pascal Uzoma Dozie
Net worth of $1 billion
Pascal Dozie is a career banker, who has also been into education during the course of his career. Uzoma Dozie was born in 1939, in his native Egbu village in Owerri state.
Pascal Dozie attended Our Lady’s School Emekuku, and then Holy Ghost Juniorate Seminary and Holy Ghost College, Owerri. From there he went to London where he studied economics at the London School of Economics, and also City University in London.
Pascal Dozie got a job as an economist at the National Economic Development Office in the United Kingdom, and he also worked as a part-time lecturer at the North Western Polytechnic, London. He then got a similar job in Uganda, before he came back to Nigeria at the request of his mother.
After a stint of working in the economy and strategy office of Nigeria, he went on to establish Diamond Bank, which has been acquired by Access Bank Nigeria. He is on the board of MTN, and he is the Chairman of Sparkle, a financial services company in Nigeria.
10. Jim Ovia
Net Worth: $980 million
Business: Banking, Communications
Jim James Ovia is one of the pioneers of the Nigerian banking sector. He was born on the 4th of November, 1951, in Agbor, Delta. He attended Southern University and A&M College, and also the University of Louisiana, Monroe, USA, in 1979.
On his return to Nigeria he started a bank with other investors, and the bank has prospered. Zenith Bank is now the biggest bank in Nigeria by value, and also one of the biggest banks in the country by branch network.
Jim Ovia also founded Visafone; a mobile communications company which was later acquired by MTN. He is a philanthropist; he has given provided scholarships, and infrastructure to the Nigerian education sector.
The richest men in Nigeria cut across all the tribes in the country, and they have established themselves in business as captains of industry. Some of the industries that have produced these men of the substance include Oil, Manufacturing, Banking, and Media.