Richest Families in Nigeria 2024

Here are a few richest families in Nigeria. These families are not just rich; they also have a big influence on the country’s economy. They’ve played a big part in Nigeria’s growth through their businesses in different industries.

This article by RNN will explore the richest families in Nigeria at that time. It will show where their wealth comes from and how their notable contributions to the country’s economy.

10. Elumelu Family

Tony Elumelu, born on March 22, 1963, in Jos, Plateau, Nigeria, is the son of Suzanne and Dominic Elumelu from Onicha-Ukwu in Aniocha North Local Government Area of Delta State. He grew up with four siblings, including Ndudi Elumelu, a minority leader in the Nigerian Federal House of Representatives.

In 2020, Elumelu earned a spot on Time’s list of the 100 most influential people globally. Forbes estimates his net worth to be $700 million. Tony Elumelu thrives as a businessman, economist, banker, and philanthropist. His net worth is alleged to be approximately $700 million.

He has investments in hospitality, agriculture, oil production and power generation. He gained prominence after he led a group of investors to acquire a small bank, which later merged with the United Bank for Africa. The bank currently has several branches in Africa, the US, and the UK. Tony Elumelu also has interests in real estate and telecommunication, with companies such as Heirs Holdings and Transcorp. He is the founder of the Tony Elumelu Foundation.

9. Ovia Family

Jim James Ovia from the Ovia family is another wealthy personality in Nigeria. He is a successful businessman and author whose net worth is alleged to be approximately $980 million. The Ovia family patriarch is the founder and chairman of Zenith Bank, one of the largest banks in Nigeria. The businessman also has prime investments in the Nigerian real estate industry and founded Visafone Communications Limited. He is the chairman of the Nigerian Software Development Initiative (NSDI) and the National Information Technology Advisory Council (NITAC).

8. Alakija Family

Folorunsho Alakija hails from the Alakija family. She is a renowned Nigerian businesswoman and philanthropist. She has a successful career in the corporate world, working as a banker before she ventured into business. Folorunsho Alakija’s net worth is alleged to be approximately $1.1 billion.

Folorunsho Alakija is the group managing director of The Rose of Sharon Group and the executive vice chairperson of Famfa Oil Limited, an oil exploration company. Through her company, Dayspring Property Development Company Limited, Alakija also owns a clothing line and makes several investments in the real estate industry.

7. Danjuma Family

Theophilus Yakubu Danjuma was born on 9 December 1938. He is a Nigerian politician and retired lieutenant general in the army. He played a significant role in Nigeria’s post-independence military and political events. Danjuma earned a substantial fortune from his involvement in shipping and the petroleum industry.

He served as Chief of Army Staff from July 1975 to October 1978 and also acted as the Minister of Defence during President Olusegun Obasanjo’s administration. Danjuma’s birthplace is Takum, Taraba State, which was formerly known as Gongola, Nigeria. His parents, Kuru Danjuma and Rufkatu Asibi lived in a farming community where they cultivated yams, rice, cassava, and beniseed. Kuru Danjuma, a diligent farmer, also engaged in trading metal parts for farming tools. His family held respected positions in the community for generations.

Danjuma’s estimated net worth is approximately $1.1 billion.

6. Otedola Family

On the list of the richest families in Nigeria is Femi Otedola’s Family, Otedola was born on November 4, 1962, in Ibadan, Nigeria. His father, the late Sir Michael Otedola, was the Governor of Lagos State from 1992 to 1993.

Femi Otedola is a Nigerian businessman and philanthropist. He used to lead Forte Oil PLC and now oversees Geregu Power PLC. Forbes estimates Otedola’s net worth to be $1.4 billion.

Otedola founded Zenon Petroleum and Gas Ltd and has businesses in shipping, real estate, and finance. He recently invested in Nigerian power generation as the sector opened up. He began his business selling commodities and investing in Forte Oil shares. He later sold the shares and ventured into the energy sector. He currently owns about 70% of shares of Geregu Power, a power generation business. He also has substantial stakes at Zenon Petroleum and Gas Ltd and Swift Insurance.

5. Abdul Samad Rabiu Family

Abdul Samad Isyaku Rabiu, born on August 4, 1960, is a Nigerian billionaire businessman and philanthropist. His father, Khalifah Isyaku Rabiu, was a prominent Nigerian industrialist in the 1970s and 1980s. Abdul Samad founded and leads BUA Group, a Nigerian conglomerate focused on manufacturing, infrastructure, and agriculture. The group generates over $2.5 billion in revenue. He also chairs the Nigerian Bank of Industry (BOI).

As of July 7, 2020, Forbes valued Rabiu’s wealth at $3.2 billion, ranking him 716th among global billionaires. By January 2022, he was considered Nigeria’s second wealthiest individual. In April 2022, he secured the fifth spot among Africa’s richest people, with a net worth of $6.7 billion. As of January 2024, Rabiu’s net worth increased to $5.4 billion.

4. Orijiako Family

The Orjiako family is also among the richest families in Nigeria. The family is headed by Arthur Eze, a Nigerian oil mogul, politician, and philanthropist. The businessman’s net worth is alleged to be approximately $5.7 million, and he is among the wealthiest people in Africa.

Arthur Eze’s main venture is oil exploration, and he owns Atlas Oranto Petroleum, the largest privately owned Nigerian exploration and production group. The company has about 22 oil and gas licenses and is present in approximately 22 African countries, including Gambia, Equatorial Guinea, Nigeria, and Liberia.

3. Adenuga Family

Chief Michael Adenuga Jr CSG GCON, born on 29 April 1953, is a Nigerian billionaire entrepreneur and ranks as the third wealthiest individual in Africa. His company, Globacom, stands as Nigeria’s second-largest telecom operator and also maintains a presence in Ghana and Benin. He possesses shares in Equitorial Trust Bank and the oil exploration company Conoil (formerly Consolidated Oil Company).

The Adenuga family has achieved financial prominence via ventures in telecommunications, oil exploration, and real estate, all driven by Mike Adenuga’s leadership. According to Forbes, his net worth is $6.7 billion.

2. Tinubu Family

Chief Bola Ahmed Adekunle Tinubu, born on March 29, 1952, in Lagos, is a Nigerian politician. He currently serves as Nigeria’s 16th president. Prior to this, he governed Lagos State from 1999 to 2007 and represented Lagos West as a senator in the Third Republic.

Tinubu was born into the merchant family of Abibatu Mogaji, the Ìyál’ọ́jà of Lagos. Although most reliable sources indicate his birth year as 1952, some political opponents question this, suggesting he is older. His age remains unverified according to dependable sources. He has multiple income sources from various investments in Nigeria. He allegedly owns Oriental Hotel, First Nation Airline, Renaissance Hotel, Lekki Concession Company, and TV Continental. Online estimates place Tinubu’s net worth at approximately $8.4 billion.

1. Dangote Family

Dangote family ranked 1st on this list of the richest families in Nigeria. The Dangote family holds the highest position in Nigeria’s wealth pyramid. Aliko Dangote, the leader of this family, has gathered wealth by building a group of companies in industries like cement, sugar, and commodities trading.

Aliko Dangote, born on April 10, 1957, is a Nigerian businessman and industrialist. He’s most famous for creating, overseeing, and leading the Dangote Group, the biggest group of industries in West Africa. As of 2024, his net worth is around $12.7 billion. This makes him one of the wealthiest people in Africa.

His cement company is the largest cement producer in Africa, and it has a presence in multiple African countries, such as Togo, Ghana, and the Benin Republic. In addition to cement, he manufactures sugar, flour, and fertiliser.

READ MORE ARTICLES:

• Richest Black Women in the World 2023; Forbes Top 10
• Top 10 Richest People Living With Disabilities (2023)
• Top 20 Richest Politicians in Nigeria and Their Net Worth (2023)