It’s no secret that Nigeria is one of the fastest-growing economies in Africa, and with this growth comes a surge of billionaires, some of whom are the wealthiest people on the continent. It’s time to get to know Nigeria’s top 10 richest men and their estimated net worth.
From entrepreneurs who built their empires from scratch to those who have inherited their fortunes, these men are proof of the impressive wealth that can be amassed through dedication and hard work. Read on to discover which Nigerian entrepreneurs have earned their place as one of the top 10 richest men in Nigeria, from oil tycoons to tech billionaires.
Top 10 Richest Men in Nigeria and Their Net Worth (2023)
Have you ever wondered who the richest men in Nigeria are? Wonder no more! In this article, we’ll be looking at the latest list for 2023.
The people on this list are a mix of entrepreneurs and business tycoons who have achieved extraordinary success in their respective industries. From oil & gas to banking and finance, these individuals have built up their empires through hard work and determination.
These top 10 richest men in Nigeria have amassed fortunes that would make any other Nigerian speechless. Consequently, they are an inspiration to many aspiring entrepreneurs who are looking to make it big in this world.
Read on to find out the net worth of these top 10 wealthy Nigerians and what makes them so successful!
Aliko Dangote – Net Worth: $14 Billion
Coming in at number one on the list of the richest men in Nigeria is Aliko Dangote, with a net worth of $14 billion. Aliko Dangote is the founder and CEO of the Dangote Group, Nigeria’s leading industrial conglomerate, which produces cement, sugar, flour, salt, and packaging, among other goods. He has investments in telecommunications, banking, and oil sectors as well, making him one of the most diversified businessmen in the country.
Dangote was born into an entrepreneurial family, and it seems he got his business chops from his father, who was a trader. He started off small by trading commodities such as rice, cocoa, and cotton before eventually taking over his father’s various businesses. He then set out to create the expansive business empire he has today.
Dangote’s success has been recognized both domestically and abroad; he is currently listed as one of Forbes’ top 50 Africans to watch out for due to his impressive business acumen and impressive investments both locally and internationally.
Mike Adenuga – Net Worth: $7.9 Billion
Number two on the list of the richest men in Nigeria is business mogul Mike Adenuga, who has an impressive net worth of $7.9 billion. Adenuga made his fortune in oil and gas, telecommunications, and shipping companies like Conoil Producing Limited and Globacom.
Adenuga made his first big venture in oil and gas when he founded Conoil Producing Limited in 1984. Since then, it has gone on to become one of Nigeria’s top oil companies.
In 2003, Adenuga founded Globacom as a GSM mobile network provider in Nigeria. It has since expanded to Ghana, Benin, and Côte d’Ivoire. This is one of Adenuga’s most successful business ventures, contributing significantly to his wealth.
Adenuga also owns several companies, like the Equatorial Trust Bank, which he founded in 1990 but was later acquired by Sterling Bank.
Overall, Mike Adenuga’s wealth comes from his wise investments in various industries over the years, namely oil & gas and telecommunications, helping him rake up a fortune.
Femi Otedola – Net Worth: $5.9 Billion
Femi Otedola is a Nigerian billionaire businessman with a net worth of $5.9 billion as of 2023, making him the third-richest man in Nigeria. He is the founder and chairman of Forte Oil PLC, an oil marketing company.
He established Zenon Petroleum & Gas Limited in 2003, which later became Forte Oil PLC. Under his leadership, the company has grown from a small oil marketing firm to one of Nigeria’s biggest oil companies.
In addition to Forte Oil, Femi Otedola owns several investments in other industries, such as real estate and transportation. He owns Geregu Power Plc and is co-owner of a gas-to-power plant located in Geregu, Delta State, Nigeria. He also has investments in hotels and banking sectors, among others.
Apart from being one of the richest men in Nigeria and running many successful business ventures around the country, Femi Otedola is also a philanthropist who has donated tremendous amounts to numerous causes across the country. Some of his notable donations include donating NGN 5 billion (approximately $14 million) to the Save the Children Fund through his daughter, DJ Cuppy’s Foundation, in 2019.
Arthur Eze – Net Worth: $5 Billion
You might not know, but Arthur Eze is listed as the fourth richest man in Nigeria, with a net worth of $5 billion. According to Forbes, Mr. Eze is recognized for his investments in the oil and gas industry and for his philanthropic endeavors.
Mr. Eze made his fortune through his oil and gas exploration company, Atlas Oranto Petroleum. He has investments in real estate, construction, hospitality, and agro-allied industries as well.
In addition to his investments, Mr. Eze is also known for his philanthropy work in Nigeria. He is the founder of the Arthur Eze Foundation, which provides scholarships to underprivileged students, medical care to indigents, and construction of roads and bridges across Nigeria. He has also used his foundation to launch several campaigns targeting youth development and entrepreneurship in the country.
Abdulsamad Rabiu – Net Worth: $3.7 Billion
Coming in at number 5 on the list of Top 10 Richest Men in Nigeria is Abdulsamad Rabiu, with a net worth of $3.7 Billion.
Rabiu has managed to achieve a great amount of success by making investments in various industries, including real estate, agriculture, and industrial manufacturing. He is also the founder and chairman of BUA Group, which is one of the largest conglomerates in Nigeria.
His business acumen has enabled him to acquire several properties in Nigeria and abroad, as well as acquire stakes in several companies throughout his career. He also holds shares in publicly traded companies such as Dangote Cement, Zenith Bank, and Nigerian Stock Exchange.
Rabiu’s success story is an inspiring one for entrepreneurs all across Nigeria who aspire to be successful businessmen like him. Through sheer hard work and sheer determination, he has been able to make his dream a reality and become one of the richest men in Nigeria.
Cletus Ibeto – Net Worth: $3.5 Billion
Number 6 on our list of the richest Nigerian men with a net worth of $3.5 billion is Cletus Ibeto. Cletus is a Nigerian business magnate, investor, and philanthropist who has cemented himself as one of Nigeria’s most successful entrepreneurs.
His wealth began to skyrocket in the late 1900s when he founded Ibeto Group, an industrial conglomerate that specializes in the manufacturing, distribution, and marketing of cement and related products. The company, which started as a small venture, has since grown to become one of the largest manufacturers in Nigeria and has branches in other African countries.
He has also made investments in real estate, oil and gas, hospitals, banking, shipping, and logistics companies which have further contributed to his wealth over the years. To his credit are various awards from major Nigerian organizations for his contributions to economic development in both Nigeria and Africa as a whole.
Orji Uzor Kalu – Net Worth: $3.2 Billion
Coming in at number 7 of the top 10 Richest Men in Nigeria is Orji Uzor Kalu, with a net worth of $3.2 Billion dollars. From a humble beginning, this self-made billionaire is now a leading industrialist in the Nigerian economy. He served as the Governor of Abia State from 29 May 1999 to 29 May 2007.
Kalu started his own business empire in the late 1980s, and since then, he has been responsible for the creation of thousands of jobs across Nigeria and beyond. He has built his business empire over the years by establishing many industry-leading companies such as Slok Group, African, Daily Sun, New Telegraph newspapers, and other commercial ventures. His tenacious business acumen and astute investments have earned him significant wealth and recognition within Nigeria and around Africa.
He currently has major interests in banking, manufacturing, trading services, oil & gas, and media. Today he is one of the largest taxpayers to the Nigerian government, and his businesses have created thousands of jobs that have empowered communities throughout Nigeria.
ABC Orjiakor – Net Worth: $1.2 Billion
ABC Orjiakor is the eighth wealthiest man in Nigeria and continues to climb the ranks of wealthy businessmen. His wealth came from multiple investments, most notably in oil, real estate, and banking. He’s also involved in telecommunications, media, and hospitality.
Orjiakor is no stranger to success. He started building his wealth at an early age when he founded his first business at a young age. Since then, he has been able to maintain a steady stream of investments that have allowed him to accumulate his current net worth of $1.2 billion.
In addition to serving as the previous chairman of SEPLAT Petroleum Development Company, he currently serves as CEO of Ordec Group, Helko Marine Services, and Shebah Exploration and Production Co. Ltd. He is also the chairman of Zebbra Energy Ltd.
Additionally, Orjiakor is a major philanthropist in Nigeria, donating millions of dollars each year to local charities and organizations dedicated to helping the underprivileged and providing educational opportunities for children.
Jimoh Ibrahim – Net Worth: $1 Billion
Jimoh Ibrahim with a net worth of $1 billion. Jimoh is a successful businessman and entrepreneur who has made his fortune through investments in oil and real estate.
Jimoh Ibrahim is also a director with the NICON group, which has several subsidiaries, including:
- Nicon Academy;
- Nicon Airways and
- Nicon Energy;
- Nicon Hotels;
- Nicon Insurance;
- Nicon Investment;
- Nicon PFA;
- Nicon Properties;
- Nicon Trustee;
- Nicon United Kingdom.
- NiconSaotome;
Nicon Airways came to being as a result of Ibrahim’s acquisition of Virgin Nigeria.
Jimoh is a chairman of numerous corporate boards and is also involved with multiple business ventures outside of oil and real estate. He has invested heavily in media firms.
Jimoh Ibrahim’s wealth continues to grow as he expands his investment portfolio across different industries. He is one of the most influential businessmen in Nigeria and will continue to be so for many years to come.
Tony Elumelu – Net Worth: $900 Million
Number 10 on our list is none other than Tony Elumelu. With a net worth of $900 million, it’s no surprise that he has earned his spot amongst the top 10 richest men in Nigeria.
If you’re not familiar with Tony Elumelu yet, you should know that he is a billionaire entrepreneur and philanthropist. He is the founder of The Tony Elumelu Foundation, one of the largest philanthropic initiatives in Africa, and the Heirs Holdings Group, a company that focuses on investments across various sectors.
It all started with Elumelu’s savvy investment strategies. His early investments consisted primarily of financial assets such as equities and bonds but soon expanded to include real estate, entertainment, agribusiness, energy, consumer goods, and other sectors.
Before beginning his career as a salesman in 1985, Elumelu served in the National Youth Service Corps and worked as a Youth Corp member for the Nigerian Bank Union Bank after joining Allstates Trust Bank in 2005. In 2010 he founded the United Bank for Africa (UBA).
He has earned his spot on this list by perfecting his investor strategy over time and leveraging his success for good causes, such as with The Tony Elumelu Foundation, which focuses on funding entrepreneurial ventures and training business owners in Africa.
Conclusion
This has been a look at the top 10 wealthiest men in Nigeria and their estimated net worth in 2023. Despite the challenges that the country has faced over the years, these individuals have managed to achieve incredible success through hard work and dedication.
The vast majority of these men have built their empires from the ground up and continue to grow their wealth to this day. Whether they have invested in real estate, banking, oil, or other industries, these billionaires are a testament to the fact that anything is possible in Nigeria.