Although the poverty level in Nigeria has reached astronomical levels, there are still billionaires in the country. To be a billionaire in Nigeria, one must have a net worth equivalent to USD2,172,411 (per the official exchange rate as of May 7, 2023). However, the billionaires we would be mentioning in this article are those that have a net worth of at least a billion United States Dollars. Read on to find out who the ultra-rich Nigerians are.
The list of Nigerian billionaires would be mentioned below:
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Aliko Dangote
Aliko is the richest man in Nigeria with a net worth of around USD 20.5 billion, according to 2023 The Bloomberg Billionaires Index. Aside from being the richest Nigerian, he’s also the richest black man on the planet.
He made the bulk of his wealth from sugar, cement, and flour. His most recent project is the Dangote Refinery which is to be commissioned later this year. When this refinery begins operation, it will be capable of processing about 650,000 barrels of crude oil per day. Aliko Dangote’s fortune will certainly skyrocket once the Dangote Refinery becomes fully operational.
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Abdulsamad Rabiu
AbdulsamadRabiu is worth USD 8.6 billion, according to Forbes’s estimation as of May 2023. Since starting his business in 1988, Abdulsamad has built a string of businesses that deal in sugar refining, real estate, and cement production, all of which are under BUA Group, his conglomerate.
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Mike Adenuga
Mike Adenuga has maintained billionaire status for years now worth USD 6.1 billion, according to Forbes’s estimation as of May 2023. From selling lace and distributing soft drinks which made him a millionaire at the age of 26, Mike Adenuga expanded his business portfolio to include oil exploration, telecommunication, and real estate, among various other investments.
His oil exploration firm, Conoil, was the first indigenous company to be granted an oil exploration license in Nigeria in the early 90s. Conoil currently operates 6 oil blocks in the Niger Delta region of Nigeria. Globacom, his telecommunications company, boasts over 50 million subscribers in Nigeria and neigbouring countries while his property company, Cobblestone Properties, owns hundreds of prime residential and commercial properties across Nigeria.
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Arthur Eze
Arthur Eze is a successful businessman who has amassed wealth from oil and gas exploration, construction, and aviation, among others. His company, Atlas Petroleum International Limited owns and operates the oil well OPL 109 in the Niger Delta region, as well as other oil wells in Liberia, Senegal, Sudan, Uganda, and Equatorial Guinea. Although there is no official figure from Forbes or publications such as The Bloomberg Billionaires Index, Arthur Eze is reportedly worth over USD 2 billion.
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Orji Uzor Kalu
Orji Uzor Kalu, former two-term Abia State governor and current senator representing Abia North, is one of the billionaires in Nigeria today. Orji Kalu’s industry can be traced to his teenage years when he traded in palm oil and other commodities whilst a student at the University of Maiduguri.
As a young man, he set up SLOK Holdings, a conglomerate that consists of various companies in Nigeria and beyond dealing in oil and gas, aviation, publishing, and advertising. As of May 2023, Orji Uzor Kalu is reportedly worth over a billion USD, although this figure cannot be corroborated by Forbes or related publications.
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Emeka Offor
Emeka Offor is one of Nigeria’s dollar billionaires who made his money from investments in oil and gas, insurance, banking, power, logistics, hospitality,
telecommunications, and transportation. Emeka Offor is the chairman of Chrome Group, a conglomerate with subsidiaries including Nimek Investment Limited, Inland Containers Nigeria Limited, Starcrest Nigeria, Blaze 91.5 FM, Kiss 99.9 FM, and Kingsbury Trading Limited, among others.
The estimated net worth of Emeka Offor is USD 2.9 billion, however, this figure is not corroborated by any major publication.
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Folorunsho Alakija
Folorunsho Alakija is the only female billionaire on this list. She earned her fortune from the proceeds of the exploration of OML 127, a lucrative oil block that her company, Famfa Oil, which owns a substantial participating interest. She is reportedly worth above a billion United States Dollars.
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Bola Ahmed Tinubu
Bola Ahmed Tinubu, the president-elect of the country, is one of the billionaires that Nigeria has. Aside from politics which he is widely known for, Bola Tinubu is an astute businessman with interests cutting across various sectors of the economy, including waste management, hospitality, tax, real estate, oil and gas, and media.
The companies where Bola Tinubu has substantial stakes include Oriental Hotel, Television Continental, and Oando PLC, among various others. Bola Tinubu is estimated to have a net worth of over USD 2 billion, however, there is no official publication to back this figure up.
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Olusegun Obasanjo
Olusegun Obasanjo, former military head of state and two-term president, is one of the ultra-rich Nigerians who’ve amassed a net worth exceeding a billion USD. His investments span various sectors of the economy, including agriculture, education, and real estate, to name a few. He earns royalties from his published books and also has shares in several blue-chip companies such as Transnational Corporation Plc. (Transcorp) and Unipumps Investment Company Limited. The estimated net worth of Olusegun Obasanjo is around USD 2 billion as of 2023.
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Aminu Alhassan Dantata
Aminu Alhassan Dantata is a billionaire from Kano State who is estimated to be worth over a billion United States Dollars. Following the death of his father in 1955, Aminu Dantata and his siblings received shares from their father’s business, and in subsequent years held several top positions in Alhassan Dantata and Sons.
Aminu Alhassan Dantata made his wealth from several investments in oil and gas, banking, and construction, among various other sectors. He is the founder and chairman of Express Petroleum & Gas Company Limited, an indigenous oil and gas exploration firm that owns and operates oil blocks OPL 108 and 227.
- Allen Onyema
- Theophilus Danjuma
- Jimoh Ibrahim
- Igho Charles Sanomi
- Atiku Abubakar
- Ibrahim Badamasi Babaginda
- Femi Otedola
- Tony Elumelu
- Dahiru Barau Mangal
- Akanimo Asuquo Udofia
- Ifeanyi Ubah