Top 10 Richest Businessmen In Nigeria Today

Who are the richest businessmen in Nigeria right now? Being wealthy is a thing everyone wishes for, to have enough to save and invest and live however they want to, whatever lifestyle they choose.

Being wealthy is thought to bring happiness. But the most important question is, how much money does one need to be wealthy?

These ten first-generation Nigerian entrepreneurs came from humble beginnings but turned their fortunes around and also turned the lives of people close to them around with the right combination of intelligence, ambition, determination, and perseverance.

Long before Nigeria’s economic boom, their stories of adversity, hard work, and success set new standards and serve as an inspiration to all.

Nigeria’s prominent businessmen and women have continued to reap and enjoy the rewards of building successful businesses worth billions of naira. Here is a complete list of Nigeria’s wealthiest entrepreneurs.

Top 10 Richest Businessmen In Nigeria

1. Aliko Dangote

Aliko Dangote is the richest man in Nigeria and Africa, with a net worth of more than $12 billion in 2018. Aliko Dangote, born on April 10, 1957, is the owner of the ‘Dangote Group,’ Africa’s largest cement and sugar producer.

He’s also related to the prominent Dantata family which happens to be the richest family in Nigeria

His company currently dominates markets in Benin, Ethiopia, Cameroon, South Africa, and Ghana, among others.

The ‘Dangote Group’ controls roughly 70% of the current Nigerian sugar market and operates the world’s third-largest sugar refinery and the largest in Africa and also, he’s working on his oil refinery which in turn would employ many Nigerians. His group is said to be the highest employer of labour.


2. Mike Adenuga Jr

Michael Adeniyi Adenuga (born April 29, 1953) is a Nigerian billionaire businessman and the country’s second-richest man.

In the most recent research by Forbes, Mike Adenuga’s net worth as of March 11th, 2018 was estimated to be $4.2 billion, making him the third richest person in Africa.

Adenuga, Nigeria’s second richest man, amassed his fortune through telecommunications and oil production.

Globacom, his mobile phone network, is Nigeria’s second-largest operator, with 37 million subscribers and the first indigenous telecommunication company.

His business venture also spreads to the oil and gas sector.  His oil exploration company, Conoil, operates six oil blocks in the Niger Delta.

3. Femi Otedola 

 Femi Otedola (born November 4, 1962) is a Nigerian businessman, philanthropist, and the chairman of Forte Oil PLC, a fuel importer. Femi Otedola is the son of Michael Otedola, the former governor of Lagos State.

According to Forbes, his net worth was estimated to be $1.8 billion in 2016. The father to the popular Disc jockey DJ Cuppy

Otedola established 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.

4. Folorunsho Alakija

Folorunsho Alakija is one of the richest businesswomen in Nigeria and the only woman to make this list. Born on the 15 July 1951, Folorunsho is a Nigerian billionaire entrepreneur, one of Africa’s richest women, and one of the world’s richest black women.

In 2014, she temporarily passed Oprah Winfrey as the world’s richest woman of African descent. According to Forbes, her net worth was estimated to be $1.7 billion as of March 11th, 2018.

Folorunsho Alakija is the vice-chairperson of Famfa Oil, a Nigerian oil exploration company with a stake in the lucrative offshore asset Agbami Oilfield.

Chevron and Petrobras are among Famfa Oil’s partners. Alakija’s first business was a fashion label that catered to the wife of former Nigerian President Ibrahim Babangida.

5. Abdul Samad Rabiu

Born on August 4, 1960, he is a Nigerian businessman and the founder of the BUA Group, an indigenous business venture involved in sugar refining, cement production, real estate, logistics, and port operations.

According to Forbes, his net worth was estimated to be $1.1 billion in 2016.BUA Group agreed to sell its flour milling and pasta manufacturing businesses to Singapore’s Olam Group for $275 million in January 2016.

Rabiu, a businessman’s son, inherited land from his father. In 1988, he started his own business, importing rice, sugar, and edible oils, as well as iron and steel rods.

6. Theophilus Danjuma 

Danjuma is one of the top businessmen in Nigeria. Born on December 9, 1938, he is a former Nigerian defence minister and the founder of the oil exploration company South Atlantic Petroleum (SAPETRO), which owns upstream assets in Nigeria, Benin, the Central African Republic, and Madagascar.

According to Forbes, his net worth was estimated to be $0.75 billion in 2015.

He also owns real estate, as well as a stake in Notore Chemical Industries, a urea fertilizer manufacturer, and a stake in NALComet, one of Nigeria’s largest shipping companies.

Because of the sustained weakness in oil prices, his net worth has decreased from a year ago.

7. Tony Elumelu

Tony Onyemaechi Elumelu (born 22 March 1963) is a Nigerian entrepreneur, economist, and philanthropist. He is the founder of The Tony Elumelu Foundation and the chairman of Heirs Holdings, the United Bank for Africa, and Transcorp.

According to Forbes, his net worth was estimated to be $0.7 billion in 2015.

Tony Elumelu rose to prominence in 1997, when he led a small group of investors to take over a struggling commercial bank in Lagos.

Forbes magazine named him one of “Africa’s 20 Most Powerful People in 2012.”

8. Orji Uzor Kali

Uzor Kalu (born April 21, 1960) is the former governor of Abia State and the chairman of SLOK Holding. His other investments include the newspapers the Daily Sun and the New Telegraph.

According to Forbes, his net worth was estimated to be $330 million in 2015.

Slok Holding, owned by Orji Uzor Kalu, is a West African conglomerate with interests in shipping, banking, oil trading, manufacturing, and media.

He began his business career at the age of 19 after being expelled from a Nigerian university for instigating a series of student riots.

9. Jim Ovia

Jim James Ovia (born November 4, 1951) is a Nigerian businessman who founded Zenith Bank, one of the country’s largest commercial banks.

He is the chairman and the largest individual shareholder, with a slightly more than 9% stake.

According to Forbes, his net worth was estimated to be $550 million in 2015. He also owns prime real estate throughout Nigeria, as well as mobile telecom operator Visafone Communications Limited, which was recently acquired by MTN.

10. Oba Otudeko

Oba Otudeko (born August 18, 1943) is a Nigerian businessman. He is the founder and chairman of Honeywell Group, as well as FBN Holdings Plc.

Oil and gas, flour milling, real estate, and marine transportation are all part of the conglomerate’s operations.

Another portion of his fortune can be found at the oceanfront Radisson Blu in Lagos, Nigeria. He also founded the Oba Otudeko Foundation. According to Forbes, his net worth was estimated to be $550 million in 2014.

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