Nigeria boasts a flourishing business landscape, and a select few have climbed the ranks to become some of the wealthiest individuals not just in Africa, but globally. Here’s a deep dive into the top ten richest Nigerians on a global scale as compiled by Naijassador.
1. Aliko Dangote
Aliko Dangote, a titan of African industry, is best known for building the Dangote Group, the largest conglomerate in West Africa. Born in Kano, Nigeria in 1957, his entrepreneurial spirit emerged early. With a loan from his uncle, he began trading commodities at just 21. Dangote’s vision and strategic acquisitions transformed his business into a powerhouse across sectors like cement, food processing, and transportation. His Dangote Cement is the continent’s leading producer. Despite a recent dip in net worth, Dangote remains Africa’s richest person and a major philanthropist through the Aliko Dangote Foundation.
2. Femi Otedola
Femi Otedola, a Nigerian business titan and philanthropist, has built an empire across various sectors. Born in 1962, he started with commodities trading before founding Zenon Petroleum and Gas, a major fuel marketer. He later acquired significant stakes in Forte Oil (now Adrova PLC) and navigated the company’s growth. Otedola’s focus has shifted towards power generation. He chairs Geregu Power, a leading electricity producer, and has strategically reduced his holding to attract institutional investors. Beyond business, he is a prominent figure. He has served on government committees and actively contributes to philanthropic causes. His influence and strategic investments continue to shape Nigeria’s economic landscape.
3. Abdul Samad Rabiu
Abdul Samad Rabiu, a self-made Nigerian billionaire, is a force in the country’s industrial landscape. Born in 1960, he took the reins of his family business at a young age and transformed it into the BUA Group, a conglomerate spanning cement, sugar, and real estate. His shrewd leadership and strategic acquisitions have made BUA a major player in Nigeria’s economy. Rabiu isn’t just a business magnate; he’s a philanthropist too. The Abdul Samad Rabiu Africa Initiative tackles social issues in health, education, and development across the continent. With a net worth of over $6.6 billion, Rabiu is not only one of Nigeria’s richest men but also a leader shaping the nation’s future.
4. Mike Adenuga
From humble beginnings, Mike Adenuga, born in 1953, became a Nigerian billionaire through strategic risk-taking. While working as a taxi driver to fund his studies in the US, he already displayed his entrepreneurial spirit. His first million came at 26, selling lace and distributing drinks. Adenuga’s true fortune stemmed from telecom and oil. Globacom, his mobile phone network, is Nigeria’s second-largest, reaching beyond borders. He’s also the chairman of Conoil, a successful oil exploration firm. Adenuga’s influence on Nigeria’s economic landscape is undeniable, solidifying his position as one of Africa’s richest men.
5. Folorunso Alakija
Folorunso Alakija is a Nigerian powerhouse, a self-made billionaire who carved her path in business and philanthropy. Born in 1951, she began her career in banking before taking a leap of faith and launching her fashion label, “The Rose of Sharon Group.” This venture flourished, attracting a prestigious clientele. Her true windfall, however, came in 1993 when the Nigerian government awarded her family’s oil exploration company, Famfa Oil, a prospecting license. This transformed Alakija into a major player in the oil industry. She is as admired for her humanitarian work as her business acumen. A devout Christian, she is a published author and philanthropist who actively supports education and empowerment initiatives. She holds the distinction of being the first woman appointed Chancellor of a public university in Africa.
6. Tony Elumelu
Tony Elumelu is a Nigerian powerhouse impacting the continent through business and philanthropy. Elumelu, a renowned economist, chairs Heirs Holdings, a prominent investment company, and Transcorp, a conglomerate spanning hospitality, power, and oil. He’s also the leader of United Bank for Africa, a pan-African banking giant. Beyond his business acumen, Elumelu is a dedicated philanthropist. The Tony Elumelu Foundation, his brainchild, empowers African entrepreneurs by providing funding, mentorship, and training, fostering economic growth across the continent. Elumelu’s philosophy, Africapitalism, emphasizes empowering Africans to drive Africa’s development. Recognized as a highly influential figure, Elumelu was included in Time Magazine’s 2020 list of the 100 Most Influential People.
7. Jim Ovia
Jim Ovia, a self-made Nigerian billionaire, is most recognized for founding Zenith Bank, Nigeria’s largest and most profitable bank. Born in 1951, his journey began modestly. After studying business administration in the US, he returned to Nigeria and embarked on a successful banking career. In 1990, he saw an opportunity and founded Zenith Bank, which flourished under his leadership for two decades. Ovia’s influence extends beyond banking. A philanthropist, he supports education initiatives and young entrepreneurs. He’s also an author, sharing his entrepreneurial experience in “Africa Rise and Shine.” Respected globally, Ovia is a role model for aspiring business leaders and a testament to the power of ambition and vision.
8. Theophilus Danjuma
Theophilus Yakubu Danjuma is a prominent Nigerian businessman, philanthropist, and retired military officer. Born on December 9, 1938, in Takum, Taraba State, Danjuma rose to prominence through his military career, eventually attaining the rank of Lieutenant General in the Nigerian Army. After retiring from the military, Danjuma ventured into business, particularly in the oil sector, where he established himself as a key player through companies like South Atlantic Petroleum (SAPETRO).
His business acumen and strategic investments have contributed to his significant wealth and influence in Nigeria’s economic landscape. Danjuma is also renowned for his philanthropic endeavours, notably through the TY Danjuma Foundation, which focuses on healthcare, education, and poverty alleviation across Nigeria. His contributions to both the business world and social development have cemented his legacy as a respected figure in Nigerian society.
9. Arthur Eze
Prince Arthur Eze, born in 1948, is a Nigerian powerhouse. As CEO of Atlas Oranto Petroleum, he’s not just a businessman, but the leader of Nigeria’s largest indigenous oil exploration company. Eze’s roots go deep. Hailing from a royal family in Anambra State, his philanthropic work reflects his dedication to the community. From funding medical research facilities to improving local infrastructure, he’s earned the nickname “Ozoigbondu” (giver of life) amongst the Igbo people. Despite his wealth and influence, Eze’s journey wasn’t always smooth. He reportedly came from humble beginnings, highlighting his drive and ambition. Today, Prince Arthur Eze stands as a complex figure: a shrewd oil magnate with a generous heart.
10. Orji Uzor Kalu
Orji Uzor Kalu, a prominent Nigerian entrepreneur and politician, has made a mark in both business and public service. Born on April 21, 1960, Kalu hails from Abia State and rose to prominence through his diverse business ventures. He founded Slok Holding, a conglomerate with interests in shipping, banking, media, and more, showcasing his entrepreneurial acumen and vision. His foray into politics saw him become the Governor of Abia State from 1999 to 2007, where he implemented various developmental projects.
However, his political career faced challenges, including legal issues that led to his temporary absence from the public sphere. Despite setbacks, Orji Uzor Kalu remains a figure of influence in Nigeria, known for his business achievements and contributions to the country’s economic landscape. His resilience and leadership continue to shape conversations about entrepreneurship and governance in Nigeria.
Conclusion
These ten individuals exemplify the diversity and dynamism of Nigeria’s business landscape. From cement magnates to telecom tycoons, their journeys to wealth reflect resilience, strategic vision, and an unwavering commitment to driving economic growth and development in Nigeria and beyond. As they continue to navigate global markets and expand their enterprises, their influence on Nigeria’s economy remains profound, shaping the nation’s narrative in the realm of wealth and entrepreneurship.
Written by: Sarah Aboje
