Nigeria is home to some of the wealthiest and most influential businessmen in Africa. These individuals have built massive fortunes across industries like oil, cement, telecommunications, banking, and agriculture.
In this article, we’ll look at the seven richest men in Nigeria, explore their sources of income, and understand how they made their wealth. Whether you’re curious or seeking inspiration, these stories will motivate you to dream big and work smart.
1. Aliko Dangote
Net Worth: Over $13 billion
Industry: Cement, Sugar, Salt, Oil
Aliko Dangote is the richest man in Nigeria and Africa. He is the founder and chairman of Dangote Group, a Nigerian multinational industrial conglomerate.
His business empire began with trading rice and sugar. He later invested in local manufacturing, which reduced importation and created thousands of jobs.
Dangote Cement is Africa’s largest cement producer, with plants in several countries. He also owns large shares in Dangote Sugar, Dangote Salt, and recently, the Dangote Refinery, one of the largest in Africa.
How He Made His Money:
- Strategic importation and distribution
- Local manufacturing of high-demand goods
- Long-term investment in infrastructure and energy
2. Abdul Samad Rabiu
Net Worth: Over $7 billion
Industry: Cement, Sugar, Real Estate
Abdul Samad Rabiu is the founder of BUA Group, a leading company in cement, sugar, and real estate. He started by importing rice, oil, and iron before setting up his own manufacturing plants.
BUA Cement is Nigeria’s second-largest cement company and competes directly with Dangote Cement. Rabiu has also made smart moves in the sugar industry, operating one of West Africa’s largest sugar refineries.
How He Made His Money:
- Importation and trading of key commodities
- Building factories to reduce dependency on imports
- Expanding into sectors with strong local demand
3. Mike Adenuga
Net Worth: Over $6 billion
Industry: Telecommunications, Oil
Mike Adenuga is the owner of Globacom, Nigeria’s second-largest telecom operator. He is also involved in oil exploration through Conoil Producing Limited.
He made his first fortune by selling lace fabrics and distributing soft drinks. He later moved into oil and telecoms when the Nigerian government opened up those sectors in the 1990s.
Adenuga’s bold investments during the telecom boom and his smart oil licensing deals helped him build enormous wealth.
How He Made His Money:
- Diversification into lucrative and underdeveloped sectors
- Securing government licenses in telecom and oil
- Scaling operations nationwide
4. Femi Otedola
Net Worth: Over $1.5 billion
Industry: Energy, Finance
Femi Otedola is a Nigerian billionaire who gained fame through Forte Oil, a petroleum marketing company. He later sold his shares and shifted focus to investments in power generation and finance.
Otedola owns major stakes in Geregu Power Plant and is also involved in real estate and philanthropy. In recent years, he has taken positions in First Bank and other financial institutions.
He is known for his strategic thinking and ability to enter industries before they boom.
How He Made His Money:
- Investment in fuel retailing and power generation
- Smart exits and reinvestment into high-potential sectors
- Active presence in the Nigerian stock exchange
5. Tony Elumelu
Net Worth: Estimated $700 million – $1 billion
Industry: Banking, Investments, Energy
Tony Elumelu is a respected businessman and philanthropist. He made his wealth in the banking sector after transforming Standard Trust Bank, which later merged with United Bank for Africa (UBA).
Elumelu also runs Heirs Holdings, a family-owned investment firm with interests in finance, oil, hospitality, and power.
His foundation, the Tony Elumelu Foundation (TEF), empowers African entrepreneurs and startups across the continent.
How He Made His Money:
- Banking and financial investments
- Mergers and acquisitions
- Empowering startups and creating long-term value
6. Jim Ovia
Net Worth: Over $900 million
Industry: Banking, Technology
Jim Ovia is the founder of Zenith Bank, one of Nigeria’s biggest financial institutions. He started the bank in the early 1990s and built it into a powerhouse with millions of customers and strong digital platforms.
Ovia is also a tech enthusiast and investor in real estate and telecommunications. His book, Africa Rise and Shine, highlights his journey to wealth.
He is widely recognized for driving innovation in Nigeria’s banking system.
How He Made His Money:
- Founding and growing Zenith Bank
- Investing in IT and real estate
- Adopting new technologies early in the banking sector
7. Theophilus Danjuma
Net Worth: Over $1 billion
Industry: Oil, Shipping, Real Estate
General Theophilus Danjuma is a retired army general turned billionaire businessman. He owns South Atlantic Petroleum (SAPETRO), an oil exploration company with interests in Nigeria and beyond.
He has also invested heavily in real estate, agriculture, and shipping. Danjuma’s wealth comes from both his military-era influence and post-retirement ventures.
His philanthropic activities through the TY Danjuma Foundation have impacted thousands of lives across Nigeria.
How He Made His Money:
- Oil exploration and joint ventures
- Investment in agriculture and logistics
- Leveraging political and business networks
Conclusion
The richest men in Nigeria didn’t get wealthy overnight. They combined smart investments, strategic timing, and deep industry knowledge to build their empires.
From cement and oil to telecom and banking, these businessmen have contributed significantly to Nigeria’s economic development.
Their stories prove that with vision, courage, and innovation, wealth creation is possible — even in a tough business environment.
Whether you’re an aspiring entrepreneur or just curious, take inspiration from their journey and start building your own legacy today.
