Top 10 Richest People in Nigeria

Perhaps, the top 10 richest men in Nigeria seems unfair as the list primarily focuses on the richest people in Nigeria, regardless of their gender, faith or creed.

Nigeria’s wealthiest men are people of distinction and caliber who have remained at the top of the chain for years as a result of their dedication and hard work. They participate on the boards of directors of numerous well-known multinational corporations in Nigeria and overseas and possess multimillion-dollar enterprises. 

While some of them over the years has seen their fortunes dwindle and died off, these dedicated men have built empires almost out of nothing but sheer determination and focus. Some of the richest men in Nigeria, over the years have had their fortunes turn around as a result of special government assistance, contracts and all sorts of partnership which has not only strengthened their empires but also warded off competition for their businesses and given great rise to monopoly, that sees these billionaires control the Nigerian market and even economy.

Forbes’ Top 10 Richest Men in Nigeria

In this post, we shall detail the list of Nigeria’s richest people, the sources of their wealth and a couple of important information you probably would be interested in concerning these billionaires and according to Forbes:

10. Tony Elumelu – $1.4 billion

Tony Elumelu is a Nigerian economist, philanthropist and the founder cum chairman of Heirs Holdings, Transcorp and the founder of The Tony Elumelu Foundation.

He established Heirs Holdings, his family-owned investment holding company, in 2010. In the same year, Elumelu established the Tony Elumelu Foundation, an Africa-based foundation that promotes entrepreneurship in Africa. Heirs Holdings maintains a diverse portfolio of investments in a variety of industries. Elumelu owns a controlling stake in Transnational Corporation, a diversified conglomerate with interests in Power, Hospitality, and Energy. In January 2021, Heirs Holdings announced the acquisition of a 45 percent operating stake in Oil Mining Lease 17 from Shell, Total, and ENI through its affiliates – Heirs Oil & Gas and Transnational Corporation in a deal worth more than $1 billion.

Amongst other things, Elumelu was officially handed the Certificate of Discharge of Transcorp Plc. on April 14th, 2021. Tony Elumelu is the tenth richest person in Nigeria with an estimated net worth of $1.4 billion.

9. Folorunso Alakija – $1.4 billion

From unseating Oprah Winfrey few years ago as the richest black woman in the world, to becoming the third richest person in Nigeria at some point, Folorunso Alakija has seen her fortunes dwindle over the years.

Folorunsho Alakija (born 15 July 1951) is a Nigerian philanthropist and billionaire businesswoman. She has a background in fashion, oil, real estate, and printing. She is the Group Managing Director of The Rose of Sharon Group, which includes The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited, and Famfa Oil Limited.

Alakija also owns a controlling interest in DaySpring Property Development Company. Forbes ranks Folorunsho Alakija as Nigeria’s richest woman, with a net worth of $1.4 billion as of 2022. According to Forbes, Alakija is the second most powerful woman in Africa after Ngozi Okonjo-Iweala, and the 87th most powerful woman in the world.

Folorunso Alakija is the ninth richest person in Nigeria with an estimated net worth of $1.4 billion.

8. Sir Emeka Ofor – $2.2 billion

Emeka Offor (born February 10, 1959, in Kafanchan, Kaduna state) is a Nigerian oil tycoon and entrepreneur. He is the founder and Chairman of Chrome Group, a leading multibillion-dollar conglomerate based in Abuja, Nigeria, with significant interests in the oil and gas sector as well as supporting interests in biofuels, petroleum product trading, logistics, and dredging, employing approximately 800 people.

The Chrome Group was founded in 1994 and has grown to become a major player in Nigeria and Sub-Saharan Africa. It is a leading conglomerate based in Abuja, Nigeria’s Federal Capital, with extensive experience in oil and gas services, power, logistics, and telecommunications.

Kaztec Engineering Limited, Nimek Investments Limited, Global Scansystems Nigeria Limited, Chrome Insurance Brokers Limited, and Inland Containers Nigeria Limited are all subsidiaries of the Chrome Group. The Group consists of approximately 20 active companies. Sir Dr. Emeka Offor was previously the Chairman of the Board of Directors of EHRC Energy Inc., a USA-based independent oil and gas company focused on exploration and production in the Gulf of Guinea. With an estimated net worth of $2.2 billion, Sir Emeka Ofor is the eighth richest person in Nigeria.

7. Orji Uzor Kalu – $3.1 billion

Orji Uzor Kalu (born 21 April 1960) is a former governor of Abia State, a senator and businessperson. He is the chairman of SLOK Holding, the Daily Sun and New Telegraph newspapers in Nigeria.

Kalu was convicted and sentenced to 12 years in prison by the Lagos Division of the Federal High Court on Thursday, 5 December 2019. He was found guilty of defrauding the government of Abia State, where he served as governor for eight years, through his company, Slok Nigeria Limited.

Kalu’s SLOK Holding, a conglomerate consists of a number of successful companies, including the Ojialex Furniture Company, SLOK Nigeria Limited, SLOK United Kingdom Limited, Adamawa Publishers Limited, SLOK Vegetable Oil, Aba, SLOK Paper Factory, Aba, SLOK United States Incorporated, SLOK Ghana, Togo, Cotonou, Guinea, South Africa, Liberia, Botswana, SLOK Korea, Supreme Oil Limited, SLOK Airlines, Sun Publishing Limited, and First International Bank Limited.

With an estimated net worth of $3.1 billion, Orji Uzor Kalu is the seventh richest person in Nigeria.

6. Cletus Ibeto – $3.2 billion

Cletus Ibeto is a Nigerian businessman from Nnewi, Nigeria. He is the CEO of The Ibeto Group, Nnewi’s largest business enterprise. The Ibeto Group, led by Ibeto, set the standard for regional and national trading and, later, manufacturing development.

Cletus Ibeto began his career as a spare parts import dealer after working as an apprentice in the motor parts industry, a gradual step taken by many eastern traders. After completing his factory in Nnewi, he stopped direct importation of lead-acid automotive batteries and plastic motor accessories in March 1988. By 1995, The Ibeto Group had grown to become one of the country’s largest auto spare parts manufacturers.

On October 2, 1996, he founded Ibeto Petrochemical Industries Ltd., which specializes in the blending of oil lubricants as well as the production of various types of petroleum products for both domestic and international markets. The Company owns the largest liquid petroleum storage facilities in Nigeria, with a capacity of over 60,000 metric tonnes, located at Apapa Wharf and Ibru Jetty Complex in Lagos.

With over three decades as a business tycoon, Cletus Ibeto holds the position as the sixth richest person in Nigeria, with an estimated net worth of $3.2 billion.

5. Arthur Eze – $5.6 billion

Prince Arthur Eze is a well-known name in Nigeria, but little is known about the billionaire from Anambra. He founded Oranto Petroleum, an African oil company with 22 oil and gas licenses in 12 jurisdictions in 1991 and owns several chains of businesses across Nigeria, Equatorial Guinea, Senegal, Sudan, Uganda. To date, Oranto Petroleum owns the largest oil exploration blocks in Africa.

And while he is not a politician, Arthur Eze has donated over $100 million to the PDP over the years in Anambra State, particularly during elections. His donations have raised suspicions over the years and has made people refer to him as desperate to become a political godfather in Anambra State.

Arthur Eze is a Nigerian billionaire and the fifth richest person in Nigeria with an estimated net worth of $5.6 billion.

4. Femi Otedola – $5.6 billion

Femi Otedola (born 4 November 1962) is a Nigerian philanthropist and former chairman of Forte Oil PLC, a fuel importer. Otedola is the founder of Zenon Petroleum and Gas Ltd, as well as the owner of several other companies in shipping, real estate, and finance. He recently invested in power generation as part of Nigeria’s sector liberalization.

His business career began in the 1980s, when he successfully ran the family’s printing business. He would later become involved in the oil and gas industry.

Otedola is the father of three daughters, two of whom are well-known in the entertainment industry. Florence Otedola, also known as DJ Cuppy, is a DJ and music producer and Elizabeth Temi, a fashion blogger, aspiring designer and an actress.

He owns real estate in various parts of the world, namely in London, Dubai, and New York City.

Femi Otedola is the fourth richest man in Nigeria with an estimated net worth of $5.6 billion.

3. Mike Adenuga – $6.2 billion

Mike Adenuga, born on April 29, 1953, is Nigeria’s third richest person thanks to his investments in telecommunications giant Globacom and Conoil.

Globacom is the world’s second largest telecommunications company, with offices in Ghana, Côte d’Ivoire, and Benin.

According to the most recent Forbes list, Mike Adenuga’s net worth is estimated to be $5.8 billion, making him the third richest person in Africa.

Mike Adenuga completed his primary and secondary education in Nigeria before moving to the United States to pursue a career in business administration. He earned his bachelor’s degree at Northwestern Oklahoma State University before going on to earn his master’s degree at Pace University in New York.

His company, Consolidated Oil, received a drilling license in 1990, and they struck oil in 1991. Consolidated Oil was the first indigenous company to find commercial quantities of oil.

Beyond Con Oil, Mike Adenuga demonstrated his acumen as a businessman when his company, Globacom, was granted a conditional GSM license in 1999. He received his second license in 2003, and his fully indigenous telecoms company has grown rapidly since then.

Mike Adenuga is the third richest person in Nigeria and the richest Yoruba person with an estimated net worth of $6.2 billion.

2. Abdul Samad Rabiu – $6.4 billion

Abdusalam Rabiu, born in Kano in 1960, is the second richest man in Nigeria. Abdul Samad is the founder and chairman of BUA Group, a Nigerian conglomerate with a $2.5 billion revenue that focuses on manufacturing, infrastructure, and agriculture.

His late father, Khalifah Isyaku Rabiu, was a leading industrialist in Nigeria during the 1970s and 1980s.

In the 1980s, Abdusalam attended Capital University in Columbus, Ohio, before returning to the country to manage the family business.

In 1988, he founded BUA Group. Over the years, the company has grown to become a multibillion-dollar conglomerate with interests in manufacturing, infrastructure, and agriculture. Abdul Samad Rabiu is the second-richest Nigerian person with an estimated net worth of $6.4 billion.

1. Aliko Dangote – $13.4 billion

With a net worth of $13.4 billion, Aliko Dangote is the richest man in Nigeria and Africa. In terms of wealth, he ranks 67th in the globe. Benin, Ethiopia, Senegal, Cameroon, Ghana, South Africa, Togo, Tanzania, and Zambia are among the nations where Dangote has assets, in addition to Nigeria.

Despite coming from an affluent family, Dangote hasn’t let his success due to this rest on his laurels. He founded a tiny trade company in 1977, which marked the beginning of his path to becoming a millionaire. This company would subsequently change into the Dangote Group, as it is widely accepted.

Today, Dangote has industrial facilities and refineries in Nigeria and other African nations. He is also setting the stage by constructing a sizable refinery to reduce the nation’s reliance on oil imports. The initial plan for the project was to construct refineries for petrochemicals, fertilizers, and crude oil. It was completed in the year 2019. Aliko Dangote is the richest person in Nigeria and Africa and also the richest Fulani person in the world with an estimated net worth of $13.4 billion. He is also the richest black person in the world.

Forbes’ Top 10 Richest Men in Nigeria

Aliko Dangote is the richest person in Nigeria and Africa with a net worth of $13.4 billion. Below is a recap of the top 10 richest people in Nigeria, their net worth and their sources of wealth

Name Citienship Net Worth Sources of Wealth
Aliko Dangote Nigeria $13.4 billion Cement, Flour, Sugar
Abdul Samad Rabiu Nigeria $6.4 billion Cement, Flour, Sugar, Real Estate
Mike Adenuga Nigeria $6.2 billion Telecommunication, Oil & Gas
Femi Otedola Nigeria $5.6 billion Petroleum
Arthur Eze Nigeria $5.6 billion Petroleum, Aviation
Cletus Ibeto Nigeria $3.2 billion Cement, Auto Parts, Petrochemicals, Real Estate, Banking & Finance, Oil & Gas
Orji Uzor Kalu Nigeria $3.1 billion Conglomerate, Media
Sir Emeka Ofor Nigeria $2.2 billion Oil & Gas, Logistics, Power
Folorunso Alakija Nigeria $1.4 billion Oil & Gas, Fashion, Real Estate, Printing
Tony Elumelu Nigeria $1.4 billion Entrepreneur, Investment

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