As a country, Nigeria remains one of the most populated in Africa while having the largest size as well. In Africa, as well as the world at large, some of those who can be counted as the richest entrepreneurs are Nigerians.
Though there is a chance that there might be other Nigerians that could be counted among the richest entrepreneurs in the world today, only a few can be seen on Forbes List. This is because the individuals that make the Forbes List are ranked by companies such as Forbes and Bloomberg based on the value of their shares in the companies that are listed on the stock exchange.
Combining the information we obtained from Forbes list, Bloomberg, Ventures Africa, and other like-mannered information sources, this article will feature a comprehensive list of some of the richest men in Nigeria, as well as their worth in US dollars.
Here are some of the richest entrepreneurs in Nigeria
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Hakeem Belo-Osagie
Net Worth: $600 Million
Industry: Oil and Gas/Telecoms
A petroleum economist and a businessman, Hakeem Belo-Osagie is believed by Forbes to have a net worth of $600 million. A one-time chairman of Etisalat, the fourth largest telecom network in Nigeria, which also hosts more than 18 million subscribers; this Harvard educated businessman is also known as philanthropist due to his regular donations to the African Leadership Academy. Located in Johannesburg, South Africa, the African Leadership Academy is an institution dedicated to training bright students to become leaders in the future. Mr. Hakeem Belo-Osagie is also the proud holder of an M.A. obtained from England based Oxford University.
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Tunde Folawiyo
Net Worth: $650 Million
Industry: Oil & Gas, Telecom
A Nigerian businessman, and the son of Yinka Folawiyo Group founder, Wahab Folawiyo, Tunde Folawiyo is the managing director of this conglomerate which is involved in engineering, agriculture, oil and gas, shipping, and real estate. Yinka Folawiyo Petroleum, the oil exploration arm of Yinka Folawiyo Group is the proud owner of a 60% interest in an oil block that encompasses the Aje Offshore Field. Minority stakes in MTN Nigeria, and Access Bank make up the other assets of this Nigerian businessman.
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Mohammed Indimi
Net Worth: $670 Million
Industry: Oil & Gas, Self-made
The founder of Oriental Energy Resources, Mohammed Indimi is also the father-in-law to Ibrahim Babangida’s son, the husband to his daughter. This privately owned production, and oil exploration company, keeps possession of some offshore assets in Nigeria, which includes OML 115, Okwok Field (OML 67), and Ebok Field (OML 67).
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Emmanuel Ojei
Net Worth: $1.2 Billion
Industry: Diversified
A successful industrialist and inventor, Dr. Emmanuel I. U. Ojei holds the position of the chairman in Nuel Ojei Holding Limited. Apart from this venture, he is also at the helm of affairs in other worldwide corporations that are involved in Importation, Construction, Banking, Oil, and the sale and servicing of motor vehicles.
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Bode Akindele
Net Worth: $1.2 Billion
Industry: Diversified
Mr. Akindele is the chairman of the conglomerate Mondola Group. As one of the largest Nigerian-owned companies, Mondola Group is involved in a variety of activities such as beverages, real estate, maritime, food processing, agriculture, and the transportation sector.
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Dr. ABC Orjiakor
Net Worth: $1.2 Billion
Industry: Oil & Gas
A former trauma, and orthopedic surgeon, Dr. ABC Orjiakor is a businessman in the Oil and Gas sector, as well as the co-founder, and chairman of one of the largest petroleum development companies in Nigeria, SEPLAT. With its dual listing on the Nigerian exchange, and the London exchange being valued at $1.91 billion, SEPLAT achieved a monumental feat by being the first native oil and gas company from Nigeria to be listed on the London Stock Exchange. Recognized by the World Economic Forum (WEF) in 2014 as a Global Growth Company, SEPLAT used its initial public offer to increase the market capitalization of the Nigerian Stock Exchange (NSE) market by 2.23%. Despite his business ventures in the Nigerian Oil and Gas Sector, Dr. Orjiakor is also involved in real estate, construction, shipping, and pharmaceuticals.
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Igho Sanomi
Net Worth: $1.3 Billion
Industry: Oil & Gas
Holding the title of the youngest billionaire in Nigeria, Igho Sanomi is the founder, and CEO of the Nigerian power, energy, construction and trading group, Taleveras. This conglomerate also boasts of an annual turn up of more than $3.5 billion in revenue. Apart from this venture, Igho Sanomi has also invested in the oil industry, maritime, telecommunication, real estate, and the aviation industry. He has also been recognized in 2007 by Forbes magazine to be a part of the new generation of Nigerian young professionals who are instituting themselves as leaders in the business community of the private sector.
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Benedict Peters
Net Worth: $2.7 Billion
Industry: Oil & Gas
Boasting a net worth of $2.7 billion, Benedicts Peters is recognized as the 17th richest person in Africa, and the founder of Aiteo Group. His path started out in the early nineties when he was still in the oil and gas business, working with Sayyu Dantata, the younger brother of Aliko Dangote. He also worked at Oando (formerly Ocean and Oil), with Mofe Bayo, Onajite Okoloko, and Wale Tinubu.
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Cletus M. Ibeto
Net Worth: $3.7 Billion
Industry: Diversified
A Nigerian businessman based in the city of Nnewi, Anambra State, Cletus M. Ibeto is the leader of the biggest business enterprise from Nnewi, the Ibeto Group. Nnewi city has also been touted as one of the centers of entrepreneur in Nigeria. Cletus Ibeto has his hands in variety of businesses such as cement production, hospitality, energy, petrochemicals, real estate, and automobile spare parts. He also owns a numerous hotel in Nigeria, under the banner of the Ibeto Group.
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Prince Arthur Eze
Net Worth: $5.7 Billion (Ventures Africa)
Industry: Oil & Gas
Arthur Eze who is also known by the moniker Ezenukpo is the founder, and chairman of Atlas Petroleum International Ltd. This is an oil exploration company that is based in West Africa, and owns 36 oil acres, making it Africa’s biggest oil exploration block owner. There other assets under the ownership of Atlas Oranto Petroleum such as working interests, and equity in numerous acres across the Gulf of Guinea. Some of these acres are in located in the Ivory Coast, Mali, Ghana, Nigeria, Gambia, Equatorial Guinea, Senegal, the Republic of Benin, Liberia, and Sierra Leone.
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Oba Oteduko
Net Worth: $650 Million
Industry: Diversified
With an estimated net worth of $650 million by Forbes, and $1 billion by Ventures Africa, Obafoluke Otudeko works as a chartered accountant, a chartered secretary, and a chartered banker. His business is spread around both locally, and internationally, with returns from investments, and other businesses where he sits at the helm of affairs. These businesses include Airtel Nigeria, First Bank of Nigeria, Honeywell Group, Fan Milk Plc, Guiness Nigeria Plc, and Ecobank. He is a chairman of the board in the Honeywell Group, a conglomerate that is involved in a variety of other businesses, such as flour milling, marine transportation, real estate, and oil and gas. Radisson Blu, a well-known waterfront hotel in Victoria Island, Lagos State is owned by Anchorage Leisures, which is a subsidiary company under the Honeywell Group. Apart from these businesses, Obafoluke retains minority stakes in Ecobank, and First Bank of Nigeria.
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Jim Ovia
Net Worth: $850 Million (Forbes), $1 Billion (Ventures Africa)
Industry: Banking, Telecoms
Jim Ovia is the founder of the company which is touted as the second largest in Nigeria, Zenith bank. With an estimated net worth of $2.3 billion by Ventures Africa, and $850 million by Forbes, Jim Ovia is also the proud owner of a variety of assets, and properties in Nigeria. Headquartered in Victoria Island, Nigeria, Zenith bank has numerous branches all over Africa, with some in the Gambia, Sierra Leone, Ghana, the United Kingdom, and South Africa. Some of his other luxury assets include the 150 bed, five-star Marriott hotel located in Lagos State.
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Orji Uzor Kalu
Net Worth: $1.1 Billion
Industry: Oil & Gas
A former governor of Abia State, and one who served between 1999 and 2007, Orji Uzor Kalu also serves as the chairman of the Daily Sun, New Telegraph, and SLOK Holding. Procuring $2.5 billion in annual returens, SLOK is a conglomerate in West Africa with activities that span across manufacturing, the media, banking, shipping, and trading. Apart from these ventures Orji Uzor Kalu also serves as the chairman of First International Bank Limited, and this bank is wide spread with branches all over the Gambia.
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Tony Elumelu
Net Worth: $1.4 Billion (Forbes), $1.6 Billion (Ventures Africa)
Industry: Investments
United Bank of Africa’s group managing director, and chief executive, Tony Elumelu is recognized as one of the richest men in Nigeria. Born in 1964, this businessman has been recognized as one of Africa’s most exemplary entrepreneurs. And this has led him to manage a variety of businesses such as ADIC, Standard Alliance Insurance, Flame Petroleum and Gas Limited, Standard Global Services Ltd, STB Capital Markets, and Verticom Wireless. His noteworthy investments include retaining a controlling stake in the most publicly traded conglomerate in Nigeria, Transcorp, a large collection of real estate assets, and a large stake in the United Bank for Africa.
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Abdulsalam Rabiu
Net Worth: $1.5 Billion
Industry: Consumer Goods
Born in Kano, Nigeria, in the year 1928, Abdulsamad Isyaku Rabiu is a well-recognized businessman in Nigeria, with an estimated net worth of $700 million by Forbes, and $1.5 billion by Ventures Africa. Growing up in a business-oriented family, he learned the basics of business from his father, who was a religious scholar, and was successful as a businessman. Vegetable Oil, Sugar, and Rice make up the most popular trading commodities of his business. Forbes Africa has also acknowledged the growth of his fortune form $670 million to $1.2 billion in 2012. Recognized in 2013 by Forbes as the newest billionaire in Africa, Abdulsamad Rabiu also serves as the chairman of the BUA group. The BUA group is also involved in a variety of businesses such as sugar refining, the processing of vegetable oil, and flour mining.
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Theophilus Danjuma
Net Worth: $1.7 Billion (Forbes), $1.8 Billion (Ventures Africa)
Industry: Oil & Gas
Theophilus Danjuma served as a soldier in the Nigerian Army, and this Taraba state born billionaire was born on the 9th of December 1938. His entry into politics began under the administration of President Olusegun Obasanjo, where he served as the Minister of Defense. He currently serves as the chairman of an upstream oil and gas exploration company in Nigeria called SAPETRO (South Atlantic Petroleum).
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Folorunsho Alakija
Net Worth: $2.1 billion
Industry: Fashion, Oil, and Printing
Presently recognized as Africa’s richest woman, and having a net worth of $2.1 billion, Folorunso Alakija is a business woman that is involved in a lot of businesses such as oil, and fashion. She also made history when she was placed ahead of Oprah Winfrey, to become the world’s richest black woman.
Apart from her $100 million real estate investment, Folorunso Alakija also owns an oil company called Famfa Oil, which was founded in 1993, and is believed to provide daily profit returns of $10 million
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Femi Otedola
Net Worth: $2.3 Billion
Industry: Oil & Gas
The Forte Oil shareholder with a 78% stake, Femi Otedola is recognized as the third richest in Nigeria. Forte Oil manufactures its own engine oils, and is believed to own several petrol stations, and fuel storage depots. In 2014, Forte Oil attributed the rise of its shares to new power distribution, and power generation investments.
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Mike Adenuga
Net Worth: $10.5 Billion (Forbes), $8 Billion (Ventures Africa)
Industry: Telecoms, Oil, and Gas
The 5th richest man in Africa, and the 2nd richest in Nigeria, Mike Adenuga has his estimated net worth to be $4.7 billion. His wealth is believed to have originated from the oil industry, and the telecommunications sector. He is also the founder of Globacom, the second largest Nigerian phone company which operates from Benin City, with 24 million subscribers to its name.
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Aliko Dangote
Net Worth: $12.5 Billion (Forbes), $25.7 Billion (Ventures Africa)
Industry: Cement, Sugar, Flour
Born on 10th April 1957, Alhaji Aliko Dangote is recognized as the richest man in Africa, and is also ranked 67 on Forbes List. Though he was born in Kano, Nigeria, he studies were done at the Al–Azhar University, located in Cairo, Egypt. He majored in business studies while at the university. He is also the acting CEO, and chairman of Dangote Group of Companies. Dangote Group of Companies has its business activities spread out wide across Africa in Ghana, Zambia, Cameroon, South Africa, Benin, and Togo. It also has investments in various areas such as cement, steel, mining and in petroleum. Aliko Dangote is considered to be the richest man in Nigeria, with high interests in two underdeveloped offshore oil fields located in the Nigeria-Sao Tome Joint Development Zone.
Thank you for going through this comprehensive list of some of the richest entrepreneurs in Nigeria. Remember that this information we obtained by combining results of analysis on Forbes list, Bloomberg, Ventures Africa, and other like-mannered information sources. Truly, these gallant men and women have been an inspiration to the budding entrepreneurs in the country, the continent and the world at large.
