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Richest Men In Nigeria ~ Profile & Net Worth 2020

Nigeria is a country of billionaires, men and women who are known all over the world for their great wealth. It is noteworthy that some of these Nigeria men are also among the top 20 richest people in Africa.

richest men in nigeria

The country is so blessed it has some of the richest businessmen, entrepreneurs, musicians, pastors, bloggers and so on, not only in Africa but also in the entire world.

I remember talking with my Ghanaian friend and he was like “Nigeria is so blessed that we sometimes envy you guys over here in Ghana”.

Indeed aside from her leadership challenges, Nigeria is a nation filled with great men and women.

Richest Men In Nigeria 2020

  • Aliko Dangote: $8 Billion
  • Mike Adenuga: $5.9 Billion
  • Abdul Samad Rabiu: $2.6 Billion
  • Igho Charles Sanomi 11: $1.3 Billion
  • Theophilus Danjuma: $475 million
  • Tony Elumelu: $900 Million
  • Jim Ovia: $550 million
  • Oba Otudeko: $530 million
  • Orji Uzor Kalu: $330 million
  • Femi Otedola: $300 million

1.) Aliko Dangote

With a net-worth of $8 billion US Dollars in 2020, Aliko Dangote is still the richest man in Nigeria and Africa as A whole.

Born Into a wealthy business oriented family in Kano State, Nigeria, he grew up learning how to do business from those around him especially his uncle.

At the age of 21, this same uncle of his gave him a loan of $3,000 which he invested into sugar and rice business.

Importing sugar from Brazil and rice from Thailand.

He is today the owner of the third largest sugar refinery in the world, Dangote Sugar Refinery PLC.

He is also the owner of Nigeria’s number one Cement manufacturing company, Dangote Cement PLC.

His other companies include National Salt Company of Nigeria PLC and Dangote Flours Mills PLC.

He is reported to be currently building a petroleum refinery in Lagos Nigeria worth $10 billion.

At completion by 2020, the refinery is expected to be producing nothing less than 650,000 barrels oil everyday.

2.) Mike Adenuga

Michael Adenuga Jr is the chairman of Globacom, Nigeria’s second largest telecommunication Network.

He is also the owner of one of the most successful oil and Gas companies in Nigeria, Conoil (formerly known as consolidated oil).

In 1991, his young oil company company then struck oil in the southwestern part of Ondo State in a very large quantity.

This alone catapulted him into some serious money.

In 1999, Adenuga received a conditional license to start and operate a telecommunication company in Nigeria.

That company is what is today known as Globacom or Just “Glo”.

From a very small company in 1999, that telecom operator has grown so much to become the second largest telecom network in the company today, challenging MTN and outshining others like Airtel and 9mobile.

Otunba Mike Adenuga may not be as rich and popular as Dangote, but from the look of things he seems to be on his way to overtake him as the richest man not only in Nigeria but also in Africa as a whole.

With a networth of about $5.9 billion, Adenuga is the second richest in Nigeria and as well in Africa.

3.) Abdul Samad Rabiu

Abdul Samad Rabiu is the chairman of BUA Group, one of the biggest cement manufacturing companies in West Africa .

The Group also has interests in real estate, sugar refining and so many other things.

With a net worth of about $2.6 billion, Mr. Abdul Rabiu is currently the third richest man in Nigeria.

4.) Igho Charles Sanomi 11

Though Mr. Sanomi 11 is not as popular as the other three up there, the young man is seriously in money.

With a net of $1.3 billion, the young founder of Taleveras Group is currently the 4th wealthiest businessman in Nigeria.

His company Taleveras Group is an oil and gas sector of the country.

5.) Theophilus Danjuma

The founder and chairman of South Atlantic Petroleum, Theophilus Danjuma is among the wealthiest men currently in Nigeria.

His oil and gas company has reportedly expanded to Benin Republic, Madagascar and several other African countries.

As of 2015, Mr. Danjuma was estimated to be worth about 475 million, making him one of Nigerian richest men alive.

6.) Tony Elumelu

When it comes to Philanthropy, Tony Elumelu is to Nigeria what Bill Gates is to America.

His foundation, Tony Elumelu Foundation has trained and supported over 3,000 entrepreneurs from all over Africa to start their own business in order to better the continent.

My favourite Nigerian billionaire of all time, Mr. Elumelu is an extraordinary philanthropist whose acts of kindness have greatly changed the lives of several young men and women in Nigeria and beyond.

Take away his philanthropy and you will see him competing with Dangote and Adenuga for the richest man in Nigeria.

Elumelu is the chairman of United Bank for Africa, one of Nigeria’s biggest financial institutions with a strong presence in over 70 countries all over the world.

He is also the chairman of Transcorp, Heirs Holdings and several other companies in Nigeria today.

Tony Elumelu is estimated to be worth over & 700 million. (According to Forbes 2015).

Some unverified sources claim he is worth about $900 million in 2020.

7.) Jim Ovia

Mr. Jim Ovia is the founder of one of Nigeria’s leading banks, Zenith Bank PLC. The bank has a very strong presence in Nigeria and several other African countries.

He is also into real estate and telecommunication industry. His telecom company Visafone was once one of the dominant telecom operators in Lagos, Port Harcourt and other major cities of Nigeria.

Jim Ovia is currently estimated to be worth over $550 million and is among the wealthiest men in Nigeria presently.

With the rate of innovation and his bank Zenith is seeing, it won’t be long before this man rises to the top richest in Africa.

8.) Oba Otudeko

Oba Otudeko is one of the rich men in Nigeria that hardly make noise about their wealth. From our findings, the man is a very private person that tries to stay away from the media except when it is very necessary.

He is the chairman of Honeywell Group, a very successful conglomerate in Nigeria today.

Oba Otudeko is estimated by Forbes to be currently worth about $530 million.

9.) Orji Uzor Kalu

The former governor of Abia State is also among the wealthiest men in Nigeria today.

Before becoming the governor of Abia State (from 1999 to 2007), Orji Uzor Kalu has already made his mark in business all over the country.

Reports has it that he made his first million from trading in Palm Oil, Sugar and Rice by the time he was 20 years old.

Just like Dangote, Orji Kalu started his business journey quite early as a teenager after he has borrowed US $30 from members of his family to set up his own personal business.

Today that business that he borrowed $30 to start, has given rise to several other great businesses like The Daily Sun. The company that prints the popular Nigerian Newspaper, Daily Sun.

He is also the owner of SLOK Holding and New Telegraph Newspaper.
Orji Uzor Kalu is estimated by Forbes to be worth $330 million, making him one of the wealthiest and most powerful businessmen in Nigeria today.

10.) Femi Otedola

Prior to his April 2019 ranking, Femi Otedola occupied a top spot on Forbes list of Nigeria richest men.

However the oil magnet has since then dropped to a net worth of $300 million according to the latest information available on his Wikipedia page.

Mr Otedola (or Ote$$$ as he writes on his social media pages), is a renown businessman, entrepreneur and a philanthropist.

He is currently the chairman of so many successful companies in Nigeria like Forte Oil PLC, Swift Insurance, SeaForce Shipping Company Ltd, FO Properties Ltd and Zenon Petroleum and Gas Ltd.

Otedola like Dangote and Tony Elumelu, is quite popular among Nigerians. Of course he is also the father to the popular Nigerian DJ and musician, DJ Cuppy.

Look out For

Other people that are known for their great wealth in Nigeria and worth mentioning here includes:

Jimoh Ibrahim: He is the chairman of Global Fleet Group and is heavily into Oil and Gas industry.

Pascal Dozie: the chairman of Diamond Bank (now merged with Access Bank), Kunoch Limited and MTN Nigeria.

Others like Innoson and Arthur Ezeh are worth watching out for as these men are seriously expanding the reach of their business every single day that goes by.

Wrapping Up

Like I said earlier on, Nigeria is a country of billionaires. Apart from South Africa, no African nation is blessed with so many rich men like Nigeria.

Some of these men are quite popular for their exploits in business especially in the oil and gas industry, real estate and banking and finance.

Others are also known for their lavish lifestyles or philanthropy.

Regardless of how or what you know them for, these men are actually the men to mention when we talk of moneybags in Nigeria today.

I hope you find this post useful. Which of these richest men are you looking up to today as a role model in Nigeria?

You can let me know about it using the comment section below.

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