You might wonder, Who is the richest man in Nigeria in 2023? This post includes a list of the top 20 richest Nigerians, their net worth, and the secrets to their success.
Nigeria is endowed with an abundance of natural resources and intellectuals. The country has valiant men and women who have dedicated themselves to the country’s positive growth.
Nigeria is the birthplace of many billionaires, philanthropists, and business owners.
They are exceptional today because they chose the right path. Some of them were not born into wealthy families, but they have made strides for future generations.
Top 22 Richest Men in Nigeria 2021; Their Profile, Net Worth, Investments
1. Aliko Dangote:
The first on the list is Aliko Dangote. This business guru holds a net worth of $12.5 Billion. He was listed on Forbes as the 67th richest man in Africa and the 183rd in the world. His company, the Dangote group started as a small trading firm in 1977.
Up till date, his company has been able to become Africa’s leading firm in Flour, Sugar, and Cement production. The business magnate also expanded his industries across Nations like Nigeria, Benin Republic, Togo, Ghana, Ethiopia, Senegal, Cameroon, Tanzania, Zambia among others.
He specialises in mining the wealth of Nigeria and Africa as a whole by commercialising local and agricultural products.
Currently, his company has expanded to a conglomerate with services like, import and export, supplies of breweries, and other local products.
2. Micheal Adeniyi Adenuga
Mike Adenuga is the second business magnate on the list. His wealth is credited to telecommunication ventures and investments, which yielded him a net worth of $6.3 billion.
Adenuga was industrious right from his early days. He started as a taxi driver, to offset his tuition and some other bills. This was before he hit his first million at the age of 26, while trading lace materials and soft drinks. He ventured into the mining Industry, from which he moved on to communications services.
Today, his Globacom company holds a record of the second largest telecommunication enterprise in Nigeria. And Conoil.
In 2019, he was listed as the 22nd of the 100 most influential people in Africa in the New African’s Magazine.
3. Alafayaa Kariboye-Igbo:
Alafayaa Kariboye-Igbo, popularly known as oil money, is an Entrepreneur and business Mogul. He is leading the way in the entertainment industry. He owns a British Entrepreneur Label, also the CEO of Trump’s music and events, and Founder of Best Car Sales LTD. Jaydboy is one of the artists officially signed to his label, Oil money records, which was established in March 2021.
He is into the Oil and Gas Market, and Real Estate Management. His current net worth is $6.1 Billion.
4. Arthur Eze:
Arthur Eze is a prince from a royal family in Ukpor, Dunukofia LGA,Anambra state. He is the founder of Atlas Oranto Petroleum. His current net worth is $5.8 Billion. Most of his assets are investments in the Oil and Gas industry. His company is the largest Private-owned Petroleum industry in Nigeria. His companies are also located in Liberia, Guinea, and the Gambia. He is a chemical and mechanical engineer but is also a Politician.
5. Cletus Ibeto:
Cletus Ibeto is the Chief Executive Officer of the Ibeto Group. He is an industrious entrepreneur and his investments are in wide-spread industries. His net worth is over $3.8 Billion. His hotels are well known across the country. He is into real estate management, Cement production, Oil and Gas, Energy distribution, and even Automobile parts.
6. Benedict Peters:
Benedict Peters is one of the Nigerian Business Magnates who has interests in the Petroleum Industry. He previously worked with the Oando PLC before he moved to MRS Oil Nigeria PLC. He was passionate about making improvements, so he went further to establish his own petroleum industry.
Presently, Benedict Peters is the head of Aiteo group, one of the biggest Petroleum industries in the nation. He holds worth $3.3 Billion.
7. Emeka Offor:
Emeka Offor was considered the Richest Igbo man in Nigeria. He began his business pursuits as a Bitumen Importer. He was in the business for a long time, during which he familiarised himself with many prominent companies. He began Chrome Oil Services in 1985. He expanded the establishment into a conglomerate, the Chrome Group in 1994. This aggregates industries like Telecommunications and Energy. He has an estimated net worth of $2.9 Billion.
8. Andy Uba:
Emmanuel Nnamdi Uba is a Philanthropist and Businessman, who governed Anambra State for just 14 days. He was appointed as governor on 27 May 2007 before his appointment was revoked by the supreme court on 14 June 2007. He made exploits in the Business field and has a net worth of $2.1 Billion.
9. Igho Sanomi:
Igho Sanomi is a retired Businessman. He worked as a Police Officer during his period of service. He has to his name, one of the biggestt conglomerates in the country. He is the Founder of Cosmos AG Oil, the Chief Executive Officer of Talaveras, and many others. He reached his net worth of $2.1 Billion through his numerous investments in Real Estate, Energy, Mining, Shipping, Aviation, Construction, and Telecommunication.
10. Femi Otedola
Femi Otedola is the owner of Zenon Petroleum and Gas Limited. He also chairs the Forte Oil PLC. He is the son of Ex Lagos State Governor, Micheal Otedola and Father to social media personalities- Temi and Florence (DJ Cuppy). His current net worth is $1.85 Billion.
Femi Otedola did not restrict his investments to the Oil and Gas Industry. He has investments in Real Estate Management, Shipping, and Finance. His real estate properties are not limited to Nigeria, but in Dubai, London, and the US.
He is a visionary and a philanthropist; he sponsors some scholarship schemes in Nigeria. He is well known for his benevolence to the students at the Micheal Otedola University.
11. ABC Orjiako:
Ambrose Bryant Chukwueloka, popularly known as ABC Orjiako began his entrepreneurial journey as a Medical Doctor. He worked for some years before going into the Money Market. He was a Surgeon but he had interests in the business sector. He studied at the Harvard Business School, before he founded the Seplat Petroleum Industry. His net worth is $1.2 Billion.
12. Emmanuel Ojei:
Emmanuel Ojei has a net worth of $1.2 Billion through his numerous investments in Banking and Automobile services. He is the owner of Ojei Holdings Limited.
13. Abdul Samad Rabiu:
Abdul Samad Rabiu has a net worth of $1.1 Billion. He attained his business acumen, with investments in his company, the BUA group, and also real estate.
The BUA Group is one of the largest Cement and Sugar producing companies in Nigeria. He owns refineries in different regions of the country.
The BUA group company was handed to him by his father, Khalifah Isyaku Rabiu. His father was an industrious man. Even with that, he did not rest on the soars of the family business. He went further to make further improvements and establishments in the Company.
Abdusalam Rabiu has been of great support to the nation. Through the BUA Foundation, he sponsored the construction of the Aminu Bayero University’s Pediatric ward.
14. Jimoh Ibrahim:
Jimoh Ibrahim ranks 14th, thanks to his investments in Real Estate, Oil and Gas, and Insurance Businessman. His current net worth is $1.1 Billion.
15. Orji Uzor Kalu:
Orji Uzor Kalu is the former Governor of Abia State. He is worth $1.1 Billion and is also the CEO of SLOK holdings. His investments are in Furniture production, Transportation,n and the Oil industry. He also holds assets in the Daily Sun and the New Telegraph Newspapers.
He was suspended from school at the University of Maiduguri, for participating in the “Ali must go riot”. That was his turning point in life as he did not return to school after then. He obtained a loan, through which he ventured into business.
He started with Palm Oil business before he continued to Furniture production and diversified into other ventures. His company, SLOK holdings, came into reality a few years after his business rendezvous. Today SLOK holdings is a conglomerate comprising of a variety of industries in all calls of the world.
16. Paschal Dozie:
Paschal Gabriel Dozie is an industrious Businessman. He specialized in Financial institutions and made exponential growth in the field. He is the Chairman of Diamond Bank PLC; One of the leading Commercial Banks in the country. He is dedicated to progress and has a current net worth of $2.1 Billion.
17. Bode Akindele:
Bode Akindele, Founder of Mondola Group, the largest Agricultural Corporation in Nigeria. With a net worth of $1 Billion, he wields assets in Real Estate, Agriculture, Food Processing, and Transportation Agencies.
18. Folorunsho Alakija:
Folorunsho Alakija is the first woman on this list. Her assets are invested in the Fashion, Real Estate, Oil and Gas, and Printing Industries. With a net worth of $1 Billion, she seats as the richest African Businesswoman.
She started her company, the Famfa Group in 1993. She is a Philanthropist at the Rose of Sharon Foundation, an avenue for women empowerment.
She sponsors many Nigerian students through the Folorunsho Alakija Scholarship scheme, along with other Scholarship programs which she funds.
19. Jim Ovia:
Jim Ovia founded the Visafone Communication which is now owned by the MTN group. He didn’t relent as he pushed on to acquire Zenith Bank, one of the top-ranking financial institutions in Nigeria. He is an economist and also Chairman of many other leading conglomerates in the country.
He has a current net worth of $980 million.
20. Danjuma Theophilus:
Despite being a retired Army General, Danjuma Theophilus still makes waves in the Business niche. He is one of the Billionaires who have interests in mining the wealth of the country through Oil and Gas. He heads the South Atlantic Petroleum (SAPETRO) and has a net worth of $750 million.
During his early life, he did not start up at the Gold mine. His parents survived on subsistence agriculture and metal trade. After school, and while in office, he concerned himself deeply with politics. He was made the Chief of Staff during the Olusegun Obasanjo Administration.
21. Tony Elumelu:
An astute businessman with a net worth of $700 million. His chief investments are in the Heir Holdings, Transcorp Company, and the United Bank for Africa. He is an economist and Philanthropist and graduated from the Harvard School of Business.
When he acquired the United Bank for Africa in 2005, he transformed it from a local commercial bank to a Pan-American financial institution with 19 countries on record.
He proved his mettle, through his investments in Financial services, real estate management, Agriculture, and Energy Industries.
Tony Elumelu is a Philanthropist and holds many official positions in the financial institution. He has empowered thousands of entrepreneurs around the world through his financial feats.
22. Tunde Folawiyo:
Tunde Folawiyo has an estimated net worth of $650 million. He founded the Yinka Folawiyo Group, a Corporatithatich included many industries. This Conglomerate encompasses sectors like- Real Estate, Agriculture, Oil and Gas, and Shipping. He is the Chief Executive Officer of the MTN Telecommunication company in Nigeria.