Richest People
Top 10 Richest Men in Nigeria [2024]
Discover the top 10 richest men in Nigeria shaping Nigeria’s economy. Gain insights into their entrepreneurial journeys, key industries, and net worth.
Despite Nigeria being named as the poverty capital of the world with nearly half of its population living in extreme poverty, it is home to some of the richest men in Africa. Turns out Nigeria’s position as Africa’s economic giant and a petroleum-rich nation is the superpower of the richest men in Nigeria.
Aliko Dangote is a name synonymous with prosperity and enterprise not just within Nigeria’s borders, but across the globe. He has been the richest person in Africa for over 12 years in a row. But, would that be changing soon?
In this article, we will be exploring the top 10 richest men in Nigeria in 2024, their net worth, and their source of wealth.
10. Orji Uzor Kalu
- Net Worth: $1 billion
- Source of Wealth: Furniture, Publishing
At number 10 is Orji Uzor Kalu, a businessman and one of the richest politicians in Nigeria, with a net worth of $1 billion.
Kalu’s journey to becoming a billionaire began with humble beginnings. He started with just $35, which he borrowed from his mother, and began trading palm oil.
He expanded his business ventures to include the resale of furniture on a large scale. Eventually, he founded SLOK Holding, a conglomerate comprising numerous successful companies, both in Nigeria and abroad.
Kalu served as the governor of Abia State from 1999 to 2007 and currently represents Abia North Senatorial District in the Nigerian Senate.
In 2019, Orji Uzor Kalu was convicted and sentenced to 12 years in prison for a ₦7.65 billion fraud related to his time as the governor of Abia State. However, the Supreme Court of Nigeria later ruled that his trial had been wrongly conducted, resulting in his release from prison and ordering a retrial.
9. ABC Orjiako
- Net Worth: $1 billion
- Source of Wealth: Oil, Pharmaceuticals, Real Estate
Dr. Ambrose Bryant Chukwuemeka Orjiako, widely known as ABC Orjiako ranks 9th among the richest men in Nigeria, boasting a net worth of $1 billion.
Originally a medical doctor, Orjiako made a strategic shift into the world of commerce. His diverse business empire encompasses key sectors including oil and gas, shipping, banking, insurance, and pharmaceuticals.
His most notable venture is as the Chairman and co-founder of SEPLAT, a leading independent oil and gas company that is listed on both the London and Nigerian stock exchanges.
Despite his success in the business world, Dr. ABC Orjiako remains committed to his medical background and occasionally engages in philanthropic efforts to support healthcare initiatives in Nigeria. He is the richest doctor in Nigeria
8. Femi Otedola
- Net Worth: $1.1 billion
- Source of Wealth: Oil, Energy, Real Estate
Femi Otedola is one of the billionaire oil tycoons in Nigeria and ranks 8th among the richest men in Nigeria with a net worth of $1.1 billion.
He hails from the family of the late Sir Michael Otedola, who served as the Governor of Lagos State from 1992 to 1993. Femi Otedola is known for his ventures in the energy sector, particularly in petroleum products marketing and distribution.
Otedola’s journey to becoming a billionaire began in 2003 when he founded Zenon Petroleum and Gas Ltd, seizing an opportunity in the fuel retail market. Under his leadership, Zenon quickly became a major player in the Nigerian diesel market, supplying fuel to prominent manufacturers and companies.
7. Benedict Peters
- Net Worth: $2.1 billion
- Source of Wealth:
Benedict Peters is a prominent Nigerian billionaire businessman known for his extensive involvement in the oil and gas as well as mining industries.
He is the founder and CEO of Aiteo Group, the largest indigenous oil producer in Nigeria, and Bravura Holdings, a vertically integrated mining company with operations in various African countries.
Benedict Peters’ estimated net worth stands at an impressive $2.1 billion, earning him the rank of the 7th richest man in Nigeria.
6. Emeka Offor
- Net Worth: $2.2 billion
- Source of Wealth: Oil and Gas
Emeka Offor is a prominent Nigerian oil magnate, businessman, and philanthropist. He is the founder of Chrome Group, a multi-million dollar establishment with interests in multiple sectors including oil and gas.
As of the latest available data, Emeka Offor holds the 6th position among the richest men in Nigeria, with an estimated net worth of $2.2 billion.
5. Cletus Ibeto
- Net Worth: $2.5 billion
- Source of Wealth: Auto Spare Parts, Petrochemicals, Cement
Cletus Ibeto is a formidable figure in Nigeria’s business landscape. Hailing from Nnewi, Anambra State, he defied conventional paths to success, achieving remarkable feats without even a secondary school certificate.
Ibeto is the founder of The Ibeto Group, a leading conglomerate in Nigeria. His ventures include auto spare parts manufacturing, petrochemicals, and cement production.
While not officially listed on the Forbes Billionaire list, Cletus Ibeto’s wealth and influence in Nigeria’s business arena are undisputed.
He was recently arraigned in court over alleged ₦4.8 billion fraud brought against him and his companies, Ibeto Energy Development Company and Odoh Holdings Ltd, by the Economic and Financial Crimes Commission (EFCC).
Trivia: Cletus Ibeto’s entrepreneurial journey began at the tender age of 13 as an apprentice under Akamelu, a car parts dealer in Onitsha, immersing himself in the intricacies of the motor parts trade.
4. Arthur Eze
- Net Worth: $4 billion
- Source of Wealth: Oil, Politics
The richest man in Anambra State, Arthur Eze
Contrary to the prevalent internet tales of Nigerian Princes involved in online scams, Prince Arthur Eze stands as a true Nigerian prince and a bona fide billionaire.
He is the founder of Atlas Oranto Petroleum, the largest privately-held oil exploration and production company in Nigeria.
Under his astute leadership, Atlas Oranto has successfully acquired an impressive portfolio of 22 oil and gas licenses across Africa, solidifying its status as the continent’s leading holder of oil exploration blocks.
Beyond his thriving business endeavors, Arthur Eze is an active figure in Nigerian politics, with the All Progressive Grand Alliance (APGA) finding its roots within the confines of his own living room.
Although Forbes lacks current data on Eze’s wealth, reputable sources estimate his net worth to be approximately $4 billion, placing him 4th among the richest men in Nigeria.
3. Abdulsamad Rabiu
- Net Worth: $5.9 billion
- Source of Wealth: Cement, Sugar, Oil, Steel Production
Abdulsamad Rabiu is a prominent Nigerian billionaire businessman who hails from Kano in the north-western region of Nigeria.
After attending Capital University in Columbus, Ohio, he returned to Nigeria at the age of 24 to take over the family business, which was undergoing challenges at the time due to his father’s detainment by the government.
Rabiu is the founder and chairman of BUA Group, a Nigerian conglomerate focusing on manufacturing, infrastructure, and agriculture. BUA expanded further into steel production and oil processing.
In subsequent years, BUA entered the flour milling industry, broke a monopoly in the Nigerian sugar industry, and completed the construction of a $900 million cement plant in Edo State.
Forbes estimates Abdul Samad Rabiu’s net worth at $5.9 billion, making him the third richest man in Nigeria and the sixth in Africa.
Trivia: Abdulsamad Rabiu’s late father, Khalifah Isyaku Rabiu, was a prominent industrialist in Nigeria during the 1970s and 1980s, leaving a legacy that Abdulsamad has built upon and expanded through the success of BUA Group.
2. Mike Adenuga
- Net Worth: $7.4 billion
- Source of Wealth: Telecom, Oil
Mike Adenuga ranks second among the richest men in Nigeria with an estimated net worth of $7.4 billion, per Forbes. This also places him in fifth position among the richest people in Africa.
Adenuga is one of the few Nigerian billionaires who were once poor. But now that stories have changed, he has 3 private jets to take him around the world.
His wealth primarily stems from his diverse business ventures. He founded Globacom, Nigeria’s second-largest telecommunications operator, with a notable presence in Ghana and Benin.
Additionally, he holds significant stakes in Equitorial Trust Bank and the oil exploration company Conoil (formerly known as Consolidated Oil Company).
Trivia: Chief Michael Adenuga Jr. worked as a taxi driver to support his university education, showcasing his determination and work ethic from an early age.
1. Aliko Dangote
- Net Worth: $9.5 billion
- Source of Wealth: Cement, Sugar, Oil
Aliko Dangote is the richest man in Nigeria, with a net worth of $10.1 billion, per Forbes Real-time Billionaire Index. He has remained Africa’s richest billionaire for over 12 years in a row.
Dangote is the founder, chairman, and CEO of the Dangote Group, the largest industrial conglomerate in West Africa.
Dangote’s journey to success began in 1977 when he established the Dangote Group as a small trading firm. He relocated to Lagos that same year to expand his business, armed with a ₦500,000 loan from his uncle.
Over the years, the Dangote Group evolved from a trading company to become the largest industrial group in Nigeria with various divisions, including Dangote Sugar Refinery, Dangote Cement, and Dangote Flour, dominating the market in Nigeria and Africa.
One of Dangote’s most significant achievements is the Dangote Refinery, commissioned in May 2023, which is set to turn Africa’s largest oil producer into an export hub for petroleum products. The refinery, situated in the Lekki Free Trade Zone, is the largest in Africa and the third-largest in the world.
Trivia: Aliko Dangote has been the richest man in Africa for 12 years in a row. On a personal note, Dangote is a disciplined individual, reportedly working 12-hour days from 5 a.m. to 5 p.m., and maintaining a rigorous fitness routine that includes running 10 miles on a treadmill almost every day.
The Top 10 Richest Men in Nigeria [2024]
| Rank | Name | Net Worth (USD) | Source(s) of Wealth |
|---|---|---|---|
| 1. | Aliko Dangote | $10.1 billion | Cement, Sugar, Oil |
| 2. | Mike Adenuga | $7.4 billion | Telecom, Oil |
| 3. | Abdulsamad Rabiu | $5.9 billion | Cement, Sugar |
| 4. | Arthur Eze | $4 billion | Oil, Politics |
| 5. | Cletus Ibeto | $2.5 billion | Auto Spare Parts, Petrochemicals, Cement |
| 6. | Emeka Offor | $2.2 billion | Oil, Power, Media |
| 7. | Benedict Peters | $2.1 billion | Oil, Mining |
| 8. | Femi Otedola | $1.1 billion | Oil, Finance, Real Estate |
| 9. | ABC Orjiako | $1 billion | Oil, Pharmaceuticals, Real Estate |
| 10. | Orji Uzor Kalu | $1 billion | Furniture, Publishing |
Frequently Asked Questions
How many billionaires are there in Africa?
There are 18 billionaires in Africa with a combined net worth of $81.8 billion, per Forbes.
Who is the richest man in Nigeria?
Aliko Dangote is the richest man in Nigeria, with a net worth of $10.1 billion as of January 2024.
Mike Adenuga comes in second, with a net worth of $7.4 billion.
How does the richest man in Nigeria compare to the richest man in the world?
Based on recent data, the richest man in Nigeria’s net worth (Aliko Dangote, $10.1 billion) is barely 5% of the richest man in the world’s net worth (Elon Musk, $225.5 billion).
Who is the richest woman in Nigeria?
Folorunsho Alakija is the richest woman in Nigeria. She has an estimated net worth of $1 billion, per Forbes.
Who are the top 10 richest men in Nigeria?
The top 10 richest men in Nigeria are Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, Arthur Eze, Cletus Ibeto, Emeka Offor, Benedict Peters, Femi Otedola, ABC Orijiako, and Orji Uzor Kalu.
What is the source of wealth of the richest men in Nigeria?
The richest men in Nigeria predominantly generate their wealth from diverse sectors such as oil, cement, sugar, telecommunications, manufacturing, and real estate.
Are these individuals involved in politics or government activities?
Some of these top 10 richest men in Nigeria have had affiliations or have been involved in political or government-related activities, but their primary focus remains on their business ventures.
Who is the richest Yoruba man in Nigeria?
The richest Yoruba man in Nigeria is Mike Adenuga, the founder of Globacom. He has a net worth of $7.4 billion.
Who is the richest Hausa man in Nigeria?
Aliko Dangote is the richest Hausa man in Nigeria, with a net worth of $10.1 billion.
Who is the richest Igbo man in Nigeria?
With an impressive net worth of $4 billion, Arthur Eze is the richest Igbo man in Nigeria. This also makes him the richest person in Anambra and the 4th richest person in Nigeria.