Top 10 Richest Men In Nigeria 2020 {Net Worth}

An updated list of Nigerian billionaires, richest men in Nigeria, and their net worths. Nigeria is a country blessed with a good climate, good land, abundant natural resources, and some of the most driven people in the world making the list of the richest people in Nigeria. it is, therefore, no surprise that the country has produced some of the most notable thinkers, writers, politicians, and businessmen that the continent has ever seen.

In this article, we want to concentrate on the wealthiest men in Nigeria. We want to highlight some of the captains of industry, discover how they generate their wealth, and also see what we can learn from them. Without wasting time, let us now get straight to the business of the day; the top 10 richest men in Nigeria.

Top 10 Richest Men In Nigeria And Their Net Worth 2020

  • 1. Aliko Dangote 

 Estimated Net worth of $8.4 Billion 

Aliko Dangote is not just the richest man in Nigeria, he is also currently the wealthiest man on the African continent. He famously received seed money from his uncle Alhaji Dantata who was a dealer of rice, and commodities such as kola nuts in the city of Kano. 

With the seed money, Dangote started trading in rice. After establishing himself as the dominant force in the Nigerian rice business, he branched out into cement, sugar, salt, flour, construction, energy, and now oil.

Alhaji Aliko Dangote is the chairman of the Dangote Group; which is Africa’s most solid conglomerate. The Dangote Group maintains its prominence by distributing products including salt, cement, sugar, etc. across and beyond Africa. At the moment, Dangote’s net worth stands at $8.4 billion.

Aliko Dangote lives in a stately mansion in Banana Island and owns a luxury yacht. He is one of the most eminent citizens of Nigeria, and a key contributor to the Nigerian economy.

  • 2. Mike Adenuga 

 Estimated Net worth of $6.1 Billion

Otunba Michael Adenuga is another solid businessman in Nigeria, whose wealth is not just vast, but well-diversified, the second richest person in Nigeria and the wealthiest Yoruba man.  Mike Adenuga’s telecom company Globacom is the second biggest mobile phone network provider by subscriber base. His company also has a multimillion-dollar underwater fiber optic cable to provide internet services at a subsidized rate to its consumers.

Globacom is now a multinational company, with operations in Nigeria, Benin, and Ghana.

Mike Adenuga is not only active in telecommunications; he is also the owner of Equitorial Trust Bank and the oil exploration firm Conoil. Mike Adenuga is a billionaire by every standard, with his sources of income diverse and solid. He was once valued at over 9 billion dollars, but his current net worth is about 6.1 billion dollars. 

  • 3. Abdulsamad Rabiu 

Net worth of $3.1 Billion 

Abdul Samad Isaya Rabiu is the scion of a wealthy family and unarguably one of the wealthiest Hausa indigenes in Nigeria. He is a billionaire businessman from Kano state. He is the chairman of BUA Cement PLC – one of Nigeria’s biggest flour-mills. His other businesses include chemical, steel, and iron importation. He also has big investments in real estate and sugar refining. He has a vast and well-diversified portfolio.  

Abdulsamad Rabiu has a net worth of $3.2 billion, his wealth is largely attributed to the BUA Group which specializes in the management of ports and terminals alongside sugar refining and production of flour. 

  • 4. Femi Otedola

Net Worth: $1.8 Billion

Regarded as one of Nigeria’s biggest personalities –especially on the business scene –Femi Otedola amasses sumptuous wealth as the former owner and manager of Forte Oil Plc alongside Zenon Petroleum Oil and Gas. 

For a long time, Femi Otedola was the number one oil baron in Nigeria. He founded Zenon oil, took control of African Petroleum, rebranded it as Forte Oil, and practically make ridiculous money from the fuel subsidy arrangement. 

Femi Otedola doubles up his oil & gas business with a distinguished presence in real estate management. As it stands, he remains one of Nigeria’s richest man with a net worth is valued at $1.8 billion. 

  • 5. Theophilus Danjuma

Net Worth: $1.2 Billion

Though he earns passive income from his current petroleum business, Theophilus Danjuma is believed to have garnered the largest portion of his wealth during his military role within the Nigerian Army. For a 5-year period (1975-1980), Theophilus Danjuma served as the Chief of Army Staff of the Nigerian Army.

As part of his dignified presence within the nation’s group of petroleum dealers, Theophilus Danjuma happens to be the chairman of South Atlantic Petroleum. Based on current estimates, Theophilus Danjuma boasts of $1.2 billion as net worth. 

  • 6. Tony Elumelu

Net Worth: $990 Million

Tony Elumelu is an influential Nigerian and business tycoon hailing from the South East. He is greatly acclaimed for his benevolent course as a philanthropist. In previous times, he served as the chairman of UBA (United Bank for Africa) but currently, his wealth surges through his ownership of a well-known company named Transcorp and Heirs Holdings.

Tony Elumelu is among the list of top 10 richest men in Nigeria. In appreciation of his significant efforts, especially his philanthropic course, Tony Elumelu was once bestowed with a prestigious Nigerian title popularly known as CON (Commander of the Order of the Niger). According to recent rankings, Tonu Elumelu’s net worth stands at $990 million. 

  • 7. Jim Ovia

Net Worth: $980 Million

Jim Ovia is a distinguished Igbo man who has earned great recognition through business success. He engages in several business activities, particularly as an investor. In this regard, he occupies a massive share portion in Visafone –one of Nigeria’s telecom companies.

Besides his entrepreneurial involvement, which centres on real estate and several other services, Jim Ovia maintains great fame as the founding father of Zenith Bank –one of the leading Nigerian banks. Through the influence of his successful business involvement, Jim Ovia is presently worth $ 980 million.

  • 8. Prince Arthur Eze

Net Worth: $900 Million

Prince Arthur Eze is not only an influential man but also one of the richest men in Nigeria hailing from the South East. His wealth has been favoured by constant increases due to his dignified status as an oil tycoon, political influencer, philanthropist, and Chairman of Atlas Oranto Petroleum International Limited, he is one of Africa’s biggest oil magnates; with a big business presence in North Africa. –Africa’s biggest owner of oil exploration blocks.

Prince Arthur Eze is estimated to be worth a fortune of around $900 million and currently, his oil & gas business –Atlas Oranto Petroleum –spans its business operations across African countries including the Benin Republic, the Gambia, Equatorial Guinea, Senegal, Mali, Ghana, Liberia, Sierra Leone, Ivory Coast, and Nigeria. 

Prince Arthur is quite the introvert, not much is known about his way of life. We do know that when he built a school for the people of South Sudan, he showed up at the handing over ceremony in a Rolls Royce.

  • 9. Cletus M. Ibeto 

Net Worth: $890 Million

Chief Cletus Ibeto is not only a distinguished businessman but also one of the reputable industrialists hailing from Nnewi –an Anambra region greatly reputed for having a considerable number of Nigerian billionaires who are South-Easterners. He is a great Grass To Grace story. He rose from being an apprentice at a spare parts dealer’s shop to a billionaire businessman who touches the lives of the poor with his acts of philanthropy.

Cletus Ibeto dominates the industrial terrain of Nnewi for being the leader of The Ibeto Group –the biggest business empire in Nnewi. Through The Ibeto Group, Cletus Ibeto maintains great tastes for services including real estate, petrochemicals, cement production, hospitality, energy, and spare parts for motor vehicles.

Besides his huge net worth estimated at $890 million, Cletus Ibeto stands his ground as one of the richest Igbo men within and beyond the Eastern region of Nigeria. To further boost Cletus Ibeto’s achievements, The Ibeto Hospitality –a subsidiary of The Ibeto Group –manages a number of Nigerian hotels.

  • 10. Benedict Peters

Net Worth: $850 Million

Benedict Peters is another businessman who hit it big in the oil business. Like Cletus Ibeto he too came up from humble beginnings. His rise to wealth was due to perseverance, hard work, and good fortune. After graduation, he bounced around from one job to another, before being introduced to the oil servicing sector. Having made a few connections he smartly founded his own company; Sigmund Communecci which is now rebranded as Aiteo Group.

Benedict Peters began swirling into prominence beginning from the early 90’s while partnering with influential businessmen such as Onajite Okoloko, Mofe Boyo, Wale Tinubu, and Sayyu Dantata (a relative of Aliko Dangote). He is associated with business fortune and consequently, he has established himself as the deputy chairman and founding father of Aiteo Group. Currently, his net worth swirls around $850 million. 

  • 11. Igho Sanomi

Net Worth: $840 Million

Believed to have sneaked into Nigeria’s guild of billionaires at a young age, Igho Sanomi makes a great impact on the business scene as the owner and founding father of Televeras Group –a conglomerate business that offers services spanning across trading, construction, power, and energy.

As declared by Forbes, Igho Sanomi has solidified his business empire and emerged as one of the young Nigerians dominating the private sector. Meanwhile, Igho Sanomi has obvious tastes for business activities including real estate, aviation, maritime, telecommunications, and oil. At the moment, Sanomi can boast of $840 million as net worth. check here for full detail on Igho Sanomi Net Worth and Biography

  • 12. Dr. Bryant (ABC) Orjiako

Bryant ABC Orjiako is a brilliant mind and a successful medical doctor (Surgeon). Orjiako diversified himself into the business sector where he has established himself as an oil & gas tycoon. He jumped into the oil business with the founding of SEPLAT, an organization obviously regarded as one of the biggest petroleum development firms in Nigeria.  

Having appeared on the pair of London and Nigerian exchanges, SEPLAT is obviously distinguished as the first Nigerian-owned oil & gas firm to have reached this milestone.

Currently, Orjiako’s net worth hovers around $800 million and as an industrious businessman, he has several other business dealings encompassing shipping, pharmaceuticals, real estate, and construction.

  • 13. Jimoh Ibrahim

Jimoh Ibrahim is yet another Nigerian billionaire who rose from humble beginnings. His father was a construction worker, and his mother sold fish at the local market. Today, their son is one of the richest men in the country.

Jimoh Ibrahim is the CEO of Global Fleet Group, and also a director at Nicon group which has a number of subsidiaries. They include Nicon Energy, Nicon Hotels, and Nicon Insurance.

Jimoh Ibrahim is one of the few people who make ceremonial appearances in a Rolls Royce Phantom.

  • 14. Pascal Dozie

Pascal Dozie is one of the billionaires who prefers to enjoy his wealth in silence. He rarely makes televised appearances and is not by any means a public figure. He is the founder of the now-defunct Diamond bank which was acquired by the Access Bank Group, and he is also one of the biggest shareholders in MTN Nigeria. He has stakes in Africa Capital Alliance and other private equities. Pascal Dozie is an introvert.

  • 15. Bode Akindele

Bode Akindele is not only a Nigerian billionaire but also one of the richest Yoruba indigenes. Significantly, he happens to be a vigorous businessman who controls Mondola Group. Meanwhile, his Mondola Group –concerned with several important sectors including transportation, agriculture, real estate, beverages, manufacturing, and food processing –is regarded as one of the biggest indigenous conglomerates in Nigeria. 

  • 16. O.B Lulu Briggs

O.B Lulu Briggs is one of Nigeria’s reputable citizens and one of the wealthiest people in Nigeria who has contributed to the country’s business sector. He is the main factor behind the establishment of Moni Pulo Limited –a large organization concerned with manufacturing, exploration, and oil drilling.

Besides his distinguished contributions to the business sector, O.B Lulu Briggs manages a humanitarian establishment –O.B Lulu Briggs Foundation –aimed at promoting the welfare of far-situated villages. 

  • 17. Michael Ibru

Michael Ibru happens to be one of the distinguished business personalities originating in the South-South –precisely Delta State. As a wealthy businessman and part of the earliest Nigerian industrialists, Michael Ibru controls the Ibru Organization –a company rated among Nigeria’s biggest conglomerates.

Through the Ibru Organization, Michael Ibru is believed to have alleviated the incidence of unemployment and currently, he has more than 13,000 employees under his management.

At the same time, the Ibru Organization actively specializes in jetty services, poultry business, hotels, fishing, oil & gas, media publishing, shipping, and aviation. In accordance with the latest rankings of the richest people in Nigeria, Michael Ibru’s net worth hovers around $800 million.

  • 18. Orji Uzor Kalu

Orji Uzor Kalu is among the richest men in Nigeria. Popularly regarded as one of the most influential politicians hailing from the South East, Orji Uzor Kalu engages in several lucrative businesses with the view of magnifying his wealth outside his political position. In previous times, Orji Uzor Kalu served as the governor of Abia State.

As part of the factors behind his wealth, Orji Kalu Uzor owns a renowned publishing agency known as The Sun Publishing. Over and above that, Orji manages SLOK –a company concerned with a number of business activities.

  • 19. Mohammed Indimi

Mohammed Indimi smartens his business involvement as a strategic investor cum entrepreneur. To signify his dignified presence within Nigeria’s oil & gas sector, Mohammed Indimi happens to be the originator of a famous Nigerian oil company known as Oriental Energy Oil Resources Limited. With his current net worth hanging around $670 million, Mohammed Indimi is believed to have reaped immense benefits from his oil company founded in the early ’90s.

  • 20. Tunde Folawiyo

Tunde Folawiyo is the reputable son of late Wahab Folawiyo. He maintains his increasing wealth as the M.D of his late father’s conglomerate –Yinka Folawiyo Group. The conglomerate is a constant enterprise that specializes in various key sectors including engineering, agriculture, real estate, oil & gas, and shipping.

With the current net worth of $650 million, Tunde Folawiyo continues to double up his wealth with investments in big organizations including MTN Nigeria and Access Bank. Likewise, Tunde Folawiyo flourishes with the help of Yinka Folawiyo Petroleum –a subsidiary of Yinka Folawiyo Group –concerned with oil exploration.

  • 21. Hakeem Bello Osagie

Hakeem Bello Osagie magnifies his wealth as an industrious business tycoon and current chairman of Etisalat –one of the biggest telecom operators in the country. He is a graduate who has expert knowledge of petroleum economics.

Above his strategic business concern, Hakeem Bello Osagie buttresses his reputation as a philanthropist. According to reports, he constantly contributes some part of his wealth to a South African academic institution –African Leadership Academy. Meanwhile, this academic institution was established with the view of inculcating morals in brilliant South Africans and strengthening them for future leadership.

Hakeem Bello is a distinguished and learned person who graduated from Harvard University. Also, he is reported to have finished an academic programme at Oxford University with an M.A degree. Currently, his net worth stands at $600 million.

  • 22. Oba Otudeko

Oba Otudeko is the last on our list of richest men in Nigeria, he engages in various businesses –including Fan Milk Nigeria PLC, Airtel Nigeria, and Honeywell Group of Companies. Meanwhile, Oba Otudeko serves as the chairman of each of these businesses. In previous times, Oba Otudeko worked as a banker but he stopped working in the banking sector following his resignation from the occupation.

Currently, Oba Otudeko ranks well on the lists of the nation’s strategic investors, entrepreneurs, and several other business moguls. With his net worth valued at $550 million, Oba Otudeko happens to be the 22nd richest man in Nigeria.

Related:

Closing On The Richest Men In Nigeria

Wealth is dynamic, and as such, a person who tops a list today may be conspicuously absent the next day. The hallmark of astute money managers is therefore how long they are able to maintain wealth, despite all the factors that are actively seeking to erode it. Without a doubt, some of the people on this list have proved themselves, good investors, and brilliant money managers.

Hope we have been able to answer the question on Who Is The Richest Man in Nigeria, Top 20 Nigerian Billionaires, I hope to increase this list to the list of Top 50 Richest Men In Nigeria – share your thought and experience with us through the comment box and like us on Facebook @ facebook.com/9jaquest or follow us on twitter @ twitter.com/NaijaQuest

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