NIGERIA: Unveiling the 25 Richest People and Their Net Worth

Just in case you were wondering if there are rich people in Nigeria you should know that, in its list of the 2460 billionaires for the year 2023, Forbes magazine included three Nigerians.

Aliko Dangote, the chairman of the BUA Group, Abdul Samad Rabiu, and Mike Adenuga, the CEO of Globacom, are the three Nigerians on the list.

For the remaining 22 wealthiest Nigerians, we decided to include them in our list of the top twenty-five richest people in Nigeria.

Aliko Dangote, $13.5 Billion

The richest man in Nigeria, Aliko Dangote, is reported to have a net worth of $13.5 billion. He is both founder and CEO of the Dangote group. In the entire world and Africa, he ranks among the wealthiest black people.

The Dangote Group, which he founded in 1977 as a very small company, grew over the years to become one of the largest companies in Africa. In addition to being a successful investor in Nigeria, he has financial interests in several companies in Ghana, Cameroon, South Africa, Tanzania, Ethiopia, Senegal, and Togo.

Abdul Samad Rabiu, $7.6 Billion

On the list of the richest persons in the world, Abdul Samad Rabiu is also one of Nigeria’s top richest individuals. He is the one that founded the 1988 founding of BUA Group. The BUA Group previously purchased The Nigerian Oil Mills Limited and the bulk of The Cement Company of Northern Nigeria. 

He has also assisted the Nigerian community through his organization called, The BUA Foundation.

According to Forbes, he is worth $7.6 billion.

Mike Adenuga, $6.3 Billion

Mike Adenuga, CEO of Globacom and Chairman of Conoil from Nigeria, has a net worth of $6.3 billion according to Forbes.

Through his ventures into the telecom and oil production businesses, he was able to make money. His mobile phone network, Globacom, is the third-largest in Nigeria by the number of subscribers it has. In the Niger Delta, he also runs six oil blocks through his oil exploration company, Conoil Producing.

Alafaa Kariboye-Igbo, $6.1 Billion

One of the top 5 richest Nigerians is a businessman by the name of Alana Kariboye-Igbo, better known as Oil Money in Nigeria. It is estimated that he is worth $6.1 billion.

 He is well-known for his accomplishments as a real estate, oil and gas, entertainment, and auto dealership investor. To improve Nigerians’ quality of life, he established the Oil Money Foundation. 

Alaafa Karibye resides in the United Kingdom even though he was born and raised in Nigeria.

Arthur Eze, $5.8 Billion

On November 27, 1948, Arthur Eze was born in Ukpi, Dunukofia Local Government, Anambra State. Eze is not only the owner of one of Nigeria’s biggest privately held oil exploration and production firms, but also a member of a royal dynasty.

Eze established Atlas Oranto Petroleum, which holds roughly 22 oil and gas permits in Africa.

In 1992, a year after founding Atlas Oranto and in response to Nigeria’s airline industry’s deregulation, he also established Triax Airlines. He is currently worth 5.8 billion.

Cletus Ibeto, $3.8 Billion

Cletus Ibeto is a businessman, entrepreneur, and philanthropist from Nigeria. He is the founder and chairman of Ibeto Group, the largest union in Eastern Nigeria. On November 6, 1952, in the city of Nnewi, Anambra State, Cletus Ibeto was born. 

Cletus Ibeto began his career as an importer of spare parts after working as an apprentice in the industry for a while.  He finished building his facility in Nnewi in March 1988 and ceased direct importation of lead-acid car batteries and plastic motor accessories. The Ibeto Group has since risen to prominence as one of the nation’s major producers of auto parts in Nigeria.

His net worth is $ 3.8 billion.

Orji Uzor Kalu,$3.2 Billion

About $1.4 billion is the estimated value of Orji Uzor Kalu’s. He is a well-known politician and a very successful businessman from Nigeria who has made significant contributions to several various businesses, including banking, shipping, oil trading, and others.

 He is also the CEO of SLOK Holdings, a well-known conglomerate with diversified interests in banking and oil and gas trading. His significant wealth has been accumulated as a result of his remarkable business acumen and wise investments throughout his career.

Emeka Offor, $2.9 Billion

The Chairman of The Chrome Group is Emeka Offor. He is a businessman, oil tycoon, and philanthropist from Nigeria. He was born in Kaduna, Nigeria on February 10, 1957.

The Chrome Group was founded in 1994 by Emeka Offor in Abuja, Nigeria. The company currently employs over 800 people and is a major multi-million dollar corporation with investments in oil and gas, power, coordination, security, broadcasting, and media communications.

Emeka Offor is thought to be worth $2.9 billion.

Oba Otudeko, $2.8 Billion

He is the chairman of FBN Holding PLC and a Nigerian businessman. He established Honeywell Group as well. According to estimates, he is worth $2.8 billion. He formed the Oba Otudeko Foundation and held the position of former chairman of FBN Holdings.

Oba Oteduko worked in the banking sector for the first 23 years of his professional life. In 2006, he was in charge of the Nigerian Stock Exchange. 

Benedict Peters, $2.7 Billion

Nigerian billionaire Benedict Peters established the Aiteo Group, which is the country’s top independent oil producer. His estimated net worth in November 2014 was $2.7 billion.

At the University of Benin, he pursued a degree in geography and town planning.

Andy Uba, $2.1 Billion

Nigerian politician Andy Uba was chosen in 2011 to represent the Anambra South Senatorial District in the Senate. He belongs to the PDP (People’s Democratic Party).

His estimated net worth is $2.1 billion, making him one of the wealthiest Nigerians. 

Femi Otedola, $1.8 Billion

Born in Nigeria in 1962, Femi Otedola is a businessman and philanthropist. He presently holds the position of CEO of Geregu Power PLC. He served as the CEO of Adrova PLC from Forte Oil PLC until its rebranding in 2020.

Otedola is the owner of Swift Insurance and the president and CEO of SeaForce Shipping Company Ltd. One of the company’s main stockholders is him. 

The 61-year-old businessman is anticipated to have a $1.8 billion net worth as of 2023.

Mohammed Indimi $1.7 Billion

Nigerian humanitarian and businessman Mohammed is the CEO and founder of Oriental Energy Resources. It is a privately held oil exploration and production firm in Nigeria. His estimated net worth as of 2023 is $1.7 billion.

He also established the Nigerian Mohammed Indimi Foundation (MIF). It takes on issues like hunger, illiteracy, and poverty to strengthen weak families.

Tony O. Elumelu $1.4 Billion

Economic expert and humanitarian Anthony Onyemaechi Elumelu CFR was born in Nigeria in 1963. In addition to being the chairman of Heirs Holdings and Transcorp, he founded the Tony Elumelu Foundation. There is almost $1.4 billion in Tony Elumela’s wealth.

He went on to the University of Lagos to finish his Master’s in Economics. He was awarded The Commander of the Order of the Federal Republic as well. He is not only among the wealthiest but also among the most powerful individuals in Nigeria.

Leo Stan Ekeh $1.2 Billion

Leo Stan is a Nigerian businessman with a net worth of an estimated $1.2 billion. Besides founding the Konga.com website, he is the chairman of the Zinox Group.

Ekeh attended Punjab University in India to earn a Bachelor of Science in Economics. From the University of Nottingham, he later earned a Master’s degree in risk management.

Theophilus Danjuma $1.2 Billion

Theophilus Danjuma, a well-known politician from Nigeria, has a net worth of $1.2 billion and is one of the wealthiest people in Nigeria. 

Danjuma is a former lieutenant general of the Nigerian army and played a significant role in Nigeria’s post-independence military and political events.

Jimoh Ibrahim $1.1 Billion

Jimoha Ibrahim is a Nigerian businessman, politician, attorney, and activist. He serves as the Global Fleet Group’s chairman and chief executive officer. Its headquarters are in Nigeria, and it has affiliates and operations in neighbouring West African countries.

At the University of Cambridge, he pursued a PhD in business. Jimoh Ibrahim has made investments in industries including publishing, oil and gas distribution, resorts, real estate, and airlines. 

His wealth is estimated at  $1.1 billion.

Pascal Gabriel Dozie, the founder of Diamond Bank, served as the company’s CEO from 1991 to 2006, until his son took over.

 Pascal Dozie started his career as a part-time lecturer in London and worked as an economist at the National Economic Development Office in the UK. His first business, the African Development Consulting Group, was founded in 1971.

He’s estimated to be worth $1 billion.

Flourunsha Alakija $1 Billion

One of the richest people in Nigeria, Folourunsha Alakija is thought to be worth $1 billion. She is a businesswoman from Nigeria who is passionate about printing, oil, real estate, and fashion.

She is the managing director of the Rose of Sharon Group as well as the executive vice chairman of Famfa Oil Limited. Her company, Famfa Oil, was founded in 1993 and claims to generate a daily profit of $10 million.

Jim Ovia, $1 Billion

The Zenith Bank was founded by Nigerian entrepreneur Jim James Ovia in 1990. Additionally, he was one of the founders of Visafone Communications Limited, which MTN eventually bought. He is also a member of the Honorary International Investor Council and the Digital Bridge Institute.

Jim attended the University of Louisiana to complete his master’s degree in business administration. He was a Harvard Business School student as well. As of 2023, Jim’s projected net worth is $1 billion.

ABC Orjiako, $1 Billion

One of SEPLAT’s founders and leaders is ABC Orjiako. It is a well-known and independent oil and gas company in Nigeria with a strategic focus on the Niger Delta. Nigerian and London stock exchanges both offer SEPLAT for trade

In a few Nigerian hospitals, Orjiako received his training as a general surgeon before he departed to pursue his business career.

He is worth around $1 billion according to estimates.

Igho Sanomi, $1 Billion

Igho Charles Sanomi is a wealthy Nigerian businessman. This 48-year-old billionaire has invested in the following industries: aviation, real estate, maritime industry, logistics, telecommunication, and oil.

He was a well-known geologist, public speaker, and philanthropist who served as the Nigerian Police Force’s former Assistant Inspector General of Police. 

His estimated net worth is $1 billion.

Emmanuel Ojei, $800 Million

Emmanuel Ojei is thought to have a net worth of $800 million. He is the managing director and CEO of Nuel Ojei Holding Limited. He founded his own company in 1976 after quitting his job with Rutam Motors Limited. 

His main business interests are banking, sales, and services of cars and oil, as well as construction.

Tunde Folawiyo, $650 Million

Tijani Babatunde Folawiyo is a Nigerian businessman with an estimated net worth of $650 million. He holds the positions of director and managing director of MTN Nigeria Ltd including the Yinka Folawiyo Group.

Tunde Folawiyo’s father established the Yinka Folawiyo Group. Following the passing of his father in 2008, it was given to Tunde. Folawiyo is a political science and economics graduate of the University of London. 

Hakeem Belo Osagie, $600 Million

At number 25 is the Chairman of Metis Capital Partners Hakeem Belo Osagie. For profitable, high-value deals in Africa, Metis Capital Partners collaborates with reputed international investment partners.

According to Forbes magazine, he was the 41^st richest African in 2014. He pursued his business administration degree at the esteemed Harvard Business School. He has a net worth of about $600 million.

Conclusion

Aliko Dangote tops the list of the top 25 billionaires in Nigeria with a net worth of $18.7 billion. The most surefire way most of the wealthy Nigerians acquired extreme wealth was through finance and investing.

A lot of these 25 billionaires are bankers, venture capitalists, founders of fintech companies, hedge funds, and private equity tycoons. That’s how they’ve managed to maintain their positions on the billionaire’s list.