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Nigeria, being the Giant of Africa, is home to several billionaires who are making waves in various industries. At the top of the list sits Aliko Dangote, followed by Abdul Samad Rabiu and Mike Adenuga.
In this blog post, we will be discussing the complete top ten list of richest men in Nigeria and what they have built their wealth upon (plus fun-facts).
[1] ALIKO DANGOTE.
For the 12th year in a row, Alike Dangote has maintained his place as Africa’s richest person. His fortune is primarily built on his company, Dangote Cement, the largest cement producer in Africa. Dangote, however, started his business empire by selling commodities such as sugar, salt, and flour. All of which still contribute to a share of his net-worth put at $15.1B.
Fun-Fact: When Dangote was young, he bought sweets, gave them to others to sell, and kept some profits.
[2] RABIU ABDULSAMAD.
Rabiu Abdulsamad is the founder and chairman of BUA Group. A large chunk of Rabiu’s fortune comes from shares in BUA Cement. Another his group’s subsidiary, BUA foods, has Nigeria’s largest pasta and flour factory. His net-worth is put at $8.24 billion.
Fun-Fact: Abdul Rabiu maintains only a single wife with four children and lives a pretty private life.
[3] MIKE ADENUGA.
Nigeria’s 3rd richest man, Adenuga, built his fortune in Telecom and oil production industry. His mobile phone network, Globacom, is the third largest operator in Nigeria, with 55 million users. Mike Adenuga is also the owner of Conoil Producing, a petroleum marketing company involved in the sale of gasoline and kerosene, diesel, aviation fuel and low pour fuel. He is currently worth $6.3 billion.
Fun-Fact: He made his first million at age 26 selling lace and distributing soft drinks.
[4] ARTHUR EZE.
Arthur Eze is a Nigerian business mogul is estimated to worth a whopping $5.8 billion. His source of wealth is from the Oil and Gas industry. Arthur Eze is the CEO of Atlas Oranto Petroleum, the largest privately-owned petroleum exploration and production company in Nigeria.
Fun-fact: Arthur Eze is rumoured to be a political godfather in Anambra state.
[5] ORJI UZOR KALU
The former Governor of Abia state, Orji Uzor Kalu, is both a businessman and an astute politician. He is the founder of Slok Holding, a West African conglomerate with interests in shipping, banking, oil trading, manufacturing and the media.
Fun-fact: He got his start in business at age 19 after being expelled from the University of Maiduguri over a protest. He borrowed about $35 from his mother and started trading commodities like palm oil, rice and sugar. He would bring palm oil from the South-East and sell in the North.
[6] CLETUS IBETO.
Cletus Ibeto is the founder and chairman of Ibeto Group. His company deals in Cement, energy, and automotive parts production. His net worth of $3.8 billion ranks him as one of the top billionaires in Nigeria.
Fun-fact: Cletus Ibeto became a Billionaire without an O’level. He later sat for WASSCE at age 48. The University of Nigeria has now conferred on him a Doctor of Business Administration degree.
[7] EMEKA OFFOR.
Emeka Offor is a Nigerian oil magnate and entrepreneur. He is the Chairman, Chrome Group, a leading West African oil and gas conglomerate, and founder of the Sir Emeka Offor Foundation. His net-worth is currently estimated to be $2.9 milion.
Fun-Fact: Two radio stations, Blaze 91.5 FM and Kiss 99.9 FM, are subsidiaries of the Chrome group founded by Emeka Offor.
[8] FEMI OTEDOLA.
Femi Otedola is a Nigerian businessman and philanthropist. He is the founder of Zenon Petroleum and Gas Ltd and the owner of several other businesses in shipping, real estate, and finance. His net-worth is put at around $2.7 billion.
Fun-Fact: Otedola created his first business at the age of 6. He offered to groom his parents’ guests’ nails. Then, write a receipt and charge them for the service.
[9] TONY O. ELUMELU
Tony Elumelu is a Nigerian economist. He chairs Heirs Holdings. He is also chairman of Transcorp plc., a Nigerian conglomerate with holding investments in hotels, power and agriculture. Tony Elumelu controls 7.16% stake of the UBA Africa Plc assets. His net worth is put at $1.98billion.
Fun-fact: In 2015, the Tony Elumelu Foundation (TEF), founded by Mr Tony Elumelu announced that it had committed $100m to empower 10,000 Africans over a period of 10 years.
[10] THEOPHILUS DANJUMA.
Theophilus Danjuma is a former Nigerian defense minister and the founder of oil exploration company South Atlantic Petroleum, which owns upstream assets in Nigeria, Republic of Benin, the Central African Republic and Madagascar. He serves as the company’s chairman. TY Danjuma’s net worth is valued at an estimated $1.2 billion.
Fun-fact: Theophilus Danjuma was a Nigerian Army Lieutenant General during the post-independence era.
WRAP-UP.
These individuals have not only created massive wealth for themselves but have also made a significant impact on the Nigerian economy and the lives of its people. They successfully dominated sectors (such as telecommunications, oil exploration, banking, cement, and real estate) through hardwork, determination and a keen sense of business acumen.
Abdulbasit Toriola is an emerging voice in Nigerian cultural commentary and social analysis. From his corner in Lagos, he documents Nigerian history, current affairs, and explores the extraordinary journeys of Nigerians beating the odds. His works have been published on Africa Prime News and Opinion Nigeria. Connect with Abdulbasit on Twitter @blackboymusings for daily insights into Nigerian life and culture.
