Seunfunmi Joshua
Despite Nigeria’s challenging economic conditions, the country is renowned for its strong entrepreneurial spirit. This has led to the emergence of a distinguished group of individuals who are highly successful in business, both locally and internationally. These individuals, known as the nation’s wealthiest, have accumulated substantial fortunes through their ventures in telecommunications, banking, manufacturing, and real estate.
As we explore these 10 wealthy individuals, along with others not specifically mentioned, they have not only achieved personal success but have also created job opportunities for many Nigerians, thereby contributing to the country’s economic growth.
Let’s dive in without delay.
Aliko Dangote – Founder and Chairman of Dangote Group
Aliko Dangote, Africa’s richest person, chairs Dangote Cement Plc, the continent’s largest cement producer. He owns 85% of Dangote Cement and has a net worth of $13.9 billion. Dangote Cement has a capacity of 48.6 million metric tons and operates in 10 African countries.
The 66-year-old self-made Nigerian billionaire graduated with a degree in Business Studies and Administration from Al-Azhar University, Cairo, Egypt. His wealth comes from investments in cement and sugar. He topped the Forbes list of Africa’s Billionaires in 2024 and was ranked 124th in the Forbes list of world billionaires in 2023. Dangote hails from Kano State, Northern Nigeria, and is a major employer in Nigeria with over 11,000 employees. With the launch of his refinery, he aims to employ more than 30,000 Nigerians, making it the largest refinery in Africa.
Mike Adenuga – Founder of Globacom
Mike Adenuga, aged 70 and from Oyo State, who recently regained his spot as Nigeria’s second richest person, is a self-made billionaire whose wealth comes from telecom and oil. He earned a degree in Business Administration from Northwestern Alva Oklahoma State University and an MBA from Pace University, New York. Adenuga supported himself during his studies by working as a taxi driver.
His company, Globacom, is Nigeria’s second-largest telecom operator, and he also owns an oil exploration company, Conoil Producing. Adenuga’s net worth is $6.9 billion according to Forbes. He is ranked 5th in Forbes Africa’s Billionaires (2024) and 418th in Forbes World’s Billionaires (2023).
Abdul Samad Rabiu – Founder of BUA Group
Abdulsamad Rabiu is the founder of BUA Group, a Nigerian conglomerate involved in cement production, sugar refining, and real estate. In January 2020, Rabiu merged his Obu Cement company with Cement Co. of Northern Nigeria, creating BUA Cement Plc, of which he owns 98.2%.
He also owns 95% of BUA Foods Plc, a publicly traded food conglomerate. Rabiu, from Kano State and the son of a businessman, started his own business in 1988 importing iron, steel, and chemicals. He is ranked 6th in Forbes Africa’s Billionaires (2024) and 249th in Forbes World’s Billionaires (2023), with a net worth of $5.9 billion. Rabiu’s wealth comes from cement, real estate, and sugar.
Through the Abdul Samad Rabiu Initiative, the 63-year-old Nigerian billionaire supports education, health, and social development projects across Africa.
Femi Otedola – Founder of Zenon Petroleum and Gas Ltd
Femi Otedola is a Nigerian billionaire who initially amassed his wealth in commodities. He later divested his shares in Forte Oil to enter the energy sector. Otedola chairs Geregu Power, a major power generation firm, where he holds over 70% of the shares. To attract institutional investors, Otedola has reduced his stake in Geregu from over 95% to just above 70%.
Among the investors in Geregu are the Nigerian government, the Afrexim Fund for Export Development in Africa, and the State Grid Corporation of China. Otedola also possesses real estate in Lagos, Dubai, London, and Monaco, and he owns shares in Zenith Bank and FBN Holdings. He is ranked 19th in Forbes Africa’s Billionaires (2024) and was previously listed 1011th in Forbes World’s Billionaires (2016), though he dropped off in 2017. Forbes estimates his net worth at $1.3 billion.
Otedola, from Oyo State, Nigeria, derives his wealth from gas stations and utilities. He is a Nigerian entrepreneur and philanthropist. Additionally, he serves as the president and CEO of Seaforce Shipping Company Ltd, a leading petroleum product shipping firm, and is the founder and CEO of Swift Insurance, his venture in the corporate finance sector.
Jim Ovia – Founder of Zenith Bank
Jim Ovia is the founder and chairman of Zenith Bank, one of Africa’s largest commercial banks. He wrote a book called “Africa Rise And Shine: How a Nigerian Entrepreneur from Humble Beginnings Grew a Business to $16 Billion,” published by Forbes Books in 2018.
Ovia earned his bachelor’s degree from Southern University Louisiana, an MBA from the University of Louisiana at Monroe, and an OPM from Harvard Business School. At 72 years old, his net worth exceeds $980 million, primarily from the banking, telecommunication, and property sectors.
Originally from Agbor Delta State, Ovia is also a billionaire philanthropist who chairs the Jim Ovia Foundation. The foundation has granted university scholarships to over 1,500 students and established the James Hope College in Agbor, Ovia’s birthplace.
Igho Charles Sanomi – Founder, Taleveras Group
Igho Charles Sanomi is a Nigerian billionaire businessman, geologist, and philanthropist. He founded Taleveras Group, an energy-trading company with interests in oil, power, logistics, and telecommunications. Sanomi has business interests in various industries, including the maritime industry, aviation, and real estate.
Taleveras Group trades over 100 million barrels of crude oil annually and owns stakes in power distribution firms. Sanomi graduated from the University of Jos with a BSc. in geology and mining, and he started his career at Sarian Oil before founding Taleveras Group in 2004.
Pascal Gabriel Dozie – Founder, Diamond Bank
Pascal Dozie is a billionaire Nigerian entrepreneur and businessman. He founded Diamond Bank and is the chairman of Pan-Atlantic University. Born in 1939 in Egbu village, Owerri, Imo State, Nigeria, Dozie studied economics at the London School of Economics and obtained a BSc. He also earned a master’s degree in Administrative Science from City University in London.
Dozie began his career as an economist in the UK and later worked as a consulting economist in Uganda. In 1971, he returned to Nigeria and founded the African Development Consulting Group (ADCG), which worked with companies like Nestle and Pfizer. He was appointed Chairman of Progress Bank in 1985 and later founded Diamond Bank in 1991 to address banking issues in South-Eastern Nigeria.
Dozie served as CEO of Diamond Bank from 1991 to 2006, after which he handed over to his son, Uzoma Dozie. He was also President of the Nigerian Stock Exchange and owned shares in MTN Group, where he served as chairman before resigning.
Jimoh Ibrahim – CEO, Global Fleet Group
Jimoh Ibrahim, born on February 24, 1967, is a Nigerian lawyer, politician, businessman, and philanthropist. He has been serving as the senator representing Ondo South Senatorial District since 2023. Ibrahim is the chairman and CEO of Global Fleet Group, a diversified conglomerate with interests and subsidiaries in Nigeria and neighboring West African countries. In July 2022, he was awarded a professional Business Doctorate (BusD) by the University of Cambridge, UK.
Originally from Ondo State, southwestern Nigeria, Ibrahim studied law at Obafemi Awolowo University, graduating with a Bachelor of Laws (LLB). He then earned a Master of Public Administration (MPA) from the same university. He furthered his education at Harvard University, graduating with a combined Master of Laws (LLM) and Master’s in International Taxation degree.
His investments span various sectors, including oil & gas distribution, hotels, resorts, airlines, banking, real estate, insurance, publishing, and investments.
Danjuma Theophilus – South Atlantic Petroleum
Theophilus Yakubu Danjuma, a Nigerian politician and retired lieutenant general, built his wealth through shipping and petroleum. He served as Chief of Army Staff and later as Minister of Defence. Danjuma founded Nigeria American Line (NAL) and COMET Shipping Agencies Nigeria Limited, becoming a major player in the shipping industry.
He also established South Atlantic Petroleum (SAPETRO), making significant oil discoveries. Danjuma ventured into telecommunications with NatCom Development & Investment Limited. Additionally, he founded the TY Danjuma Foundation for philanthropic activities.
Orji Uzor Kalu – Founder of Slok Holding
Leonard Stanley Nnamdi Ekeh, born on February 22, 1956, in Imo State, Nigeria, is a Nigerian businessman known for founding and chairing Zinox Group and serving as the chairman of Konga.com. Ekeh attended Holy Ghost College, Owerri, for his secondary education and later studied Economics at Punjab University in India, where he earned his Bachelor of Science degree. He also holds an MSc in Risk Management from the University of Nottingham.
Ekeh started Zinox Technologies Limited in 2001, which became the first sub-Saharan African company to achieve WHQL certification for its computers.
In 2013, Zinox announced the production of its computer tablet line called Zipad. In 2018, Zinox acquired Konga.com by purchasing 99 percent of the company’s shares.
Prince Arthur Eze – CEO of Atlas Oranto Petroleum
Prince Arthur Eze is the CEO of Atlas Oranto Petroleum, a philanthropist, and a politician. His exact net worth is undisclosed but is known to be in the billions. Born on November 27, 1948, in Ukpo, Anambra State, he holds the traditional title of ‘Ozoigbondu’ of Ndi Igbo. Eze attended St. Augustin Secondary School in Nkwere, Imo State, and then pursued Mechanical and Chemical Engineering at California State University from 1974 to 1978.
In 1991, he founded Atlas Oranto Petroleum, which has become Nigeria’s largest privately held oil exploration and production company, holding 22 oil and gas licenses across Africa. Eze also founded Triax Airlines in 1992, which operated until 2000. Aside from his business ventures, Eze is involved in Nigerian politics.
Tony Elumelu – Chairman of Heirs Holdings, Transcorp Hilton & United Bank for Africa (UBA)
Anthony Onyemaechi Elumelu CFR, born on March 22, 1963, is a Nigerian economist and philanthropist known for chairing Heirs Holdings, Transcorp, and United Bank for Africa (UBA), as well as founding The Tony Elumelu Foundation. He was recognized as one of Time’s 100 most influential people in the world in 2020.
Elumelu studied Economics at Bendel State University (now Ambrose Alli University) and earned a Bachelor of Science degree. He later obtained a Master of Science degree in Economics from the University of Lagos. Elumelu, from Onicha-Ukwu in Aniocha North Local Government Area of Delta State, is considered one of Nigeria and Africa’s wealthiest individuals, with a net worth in the billions. His wealth stems from investments in various sectors including financial services, real estate, hospitality, healthcare, power, and oil and gas.
ABC Orjiako – Chairman, SEPLAT Petroleum Development Company
Ambrose Bryant Chukwuemeka Orjiako was born on October 2, 1960, in Calabar, Cross Rivers State, to an Igbo family from Umuchima, Uli Anambra State.
Orjiako studied Medicine at the University of Calabar, graduating in 1985. He excelled as a student leader, serving as Director of the International Federation of Medical Students, African Region, and chairman of the Standing Committee of the African Medical Students Association. He later specialized in trauma management as an orthopaedic surgeon, becoming a fellow at the West African College of Medicine and the Nigerian Postgraduate Medical College.
He co-founded Shebah Exploration and Production Company and SEPLAT with Platform Petroleum Limited. Orjiako has been the chairman of SEPLAT Petroleum Development Company since its formation in 2009, overseeing its significant growth in oil and gas production.
Under his leadership, SEPLAT listed on the Nigerian and London stock exchanges in 2014, winning the Best Africa Listing and Mid-Cap Company of the Year awards. Orjiako is also the chairman of Zebbra Energy Limited, CEO of Ordec Group, Helko Marine Services, and Shebah Exploration and Production Co. Ltd. He has investments in real estate, banking, and the pharmaceutical industry.
Leo Stan Ekeh – Chairman, Zinox Group
Leonard Stanley Nnamdi Ekeh is a successful businessman from Nigeria. He started Zinox Group and is also the chairman of Konga.com. Ekeh was born in Imo State, Nigeria, and went to Holy Ghost College in Owerri for high school. He then studied Economics at Punjab University in India, which he says was a crucial experience for him.
Ekeh later got a Master’s degree in Risk Management from the University of Nottingham. He founded Zinox Technologies Limited in 2001 to make computers. When Zinox Computers launched, it was the first in sub-Saharan Africa to have WHQL certification. In 2013, the company introduced its own line of computer tablets called Zipad. In 2018, Ekeh’s company, Zinox, bought 99 percent of Konga.com from its previous owners.
Alafaa Kariboye Igbo
Alafaa Kariboye Igbo was born in Buguma, Rivers State, Nigeria, on May 21, 1981. He worked hard from a young age to achieve his goals and is now counted among Nigeria’s billionaires. Known as ‘Oil Money’, he is ranked third among the richest Nigerians in 2021 and has been featured on Wikipedia’s list of Nigerian billionaires for 2020 and 2021. Kariboye-Igbo has businesses in real estate, oil and gas, auto dealership, entertainment, and philanthropy.
Despite facing challenges, the 40-year-old Kariboye Igbo has achieved success through hard work, starting from humble beginnings. He is a determined entrepreneur with a clear vision for his future.
Wrapping Up,
These individuals embody the entrepreneurial drive and business skills that have elevated them to the pinnacle of Nigeria’s wealth rankings.
It is evident that as Nigeria progresses and undergoes changes, these individuals will not only continue to accumulate substantial wealth but also make significant contributions to the country’s economy and society.
