Forbes: These Are the Richest People In Nigeria (2025)

Nigeria is a country with a rapidly growing economy, and as a result, it has seen the rise of a number of wealthy individuals. The list of the richest people in Nigeria includes business leaders and entrepreneurs from a variety of industries, such as oil and gas, banking, telecommunications, and real estate. These individuals have built successful companies and made significant investments in the Nigerian economy, helping to drive economic growth and development. However, it’s worth noting that wealth inequality is a persistent problem in Nigeria, with a significant portion of the population living in poverty.

According to this year’s Forbes Richest Billionaires Ranking, Aliko Dangote is Nigeria’s richest man. His net worth is estimated at $23.9 billion.

Nigeria’s second richest billionaire is Mike Adenuga, he is worth an estimated $6.8 billion. Adenuga owns Globacom, which is Nigeria’s third-largest mobile phone network, plus oil exploration firm Conoil Producing, extensive real estate holdings in Nigeria and a network of over 12,000 cellphone towers.

Number three richest person in Nigeria is Abdulsamad Rabiu, the founder of BUA Group.

The Richest Men in Nigeria, 2025

1. Aliko Dangote

Networth: 23.9 billion
Age: 68
Source of money: Cement, Sugar, Flour

Aliko Dangote is a business magnate and philanthropist. He is the Chairman and CEO of Dangote Group, an industrial conglomerate and the richest person in Africa, with an estimated net worth of US$10.5 billion as of 2025. In Nigeria today, Dangote Group with its dominance in the sugar market and refinery business is the main supplier (70 percent of the market) to the country’s soft drinks companies, breweries and confectioners. It is the largest refinery in Africa and the third largest in the world, producing 800,000 tonnes of sugar annually.

Fast facts

• Aliko Dangote, Africa’s richest person, founded and chairs Dangote Cement, the continent’s largest cement producer.
• He owns 85% of publicly-traded Dangote Cement through a holding company.
• Dangote Cement produces 45.6 million metric tons annually and has operations in 10 countries across Africa.
• Dangote also owns stakes in publicly-traded salt and sugar manufacturing companies.
• Dangote Refinery has been under construction since 2016 and is expected to be one of the world’s largest oil refineries once complete.

2. Mike Adenuga

Networth: $6.8 billion
Age: 72
Source of income: Telecoms, Oil

Chief Michael Adeniyi Agbolade Ishola Adenuga is a billionaire businessman, and second on the list of richest people in Nigeria. His company Globacom is Nigeria’s second-largest telecom operator, which has a presence in Ghana and Benin. He owns stakes in the Equitorial Trust Bank and the oil exploration firm Conoil (formerly Consolidated Oil Company). Forbes has estimated his net worth at $6.8 billion as of January 2025.

Fast facts

• Adenuga, Nigeria’s second richest man, built his fortune in telecom and oil production.
• His mobile phone network, Globacom, is the third largest operator in Nigeria, with 55 million subscribers.
• His oil exploration outfit, Conoil Producing, operates 6 oil blocks in the Niger Delta.
• Adenuga got an MBA at Pace University in New York, supporting himself as a student by working as a taxi driver.
• He made his first million at age 26 selling lace and distributing soft drinks.

3. Abdulsamad Rabiu

Networth: $5.1 billion
Age: 64
Source of money: Cement, Sugar

Abdul Samad Isyaku Rabiu CON is a billionaire businessman a philanthropist and the third on the list of richest men in Nigeria. Abdul Samad is the founder and chairman of BUA Group, a Nigerian conglomerate concentrating on manufacturing, infrastructure and agriculture. He also doubles as the chairman of the Nigerian Bank of Industry (BOI).

Fast facts

• Abdulsamad Rabiu is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate.
• In early January 2020, Rabiu merged his privately-owned Obu Cement company with listed firm Cement Co. of Northern Nigeria, which he controlled.
• The combined firm, called BUA Cement Plc, trades on the Nigerian stock exchange; Rabiu owns 98.5% of it.
• Rabiu, the son of a businessman, inherited land from his father.
• He set up his own business in 1988 importing iron, steel and chemicals.

4. Femi Otedola

Networth: $1.5 billion
Age: 62
Source of money: Energy and Utilities, Self Made

Femi Otedola is the 18th richest billionaire in Africa, and the 4th richest man in Nigeria. He the former chairman of Forte Oil PLC, and is the current executive chairman of Geregu Power PLC.

Femi Otedola | Forbes

• Femi Otedola is a Nigeria billionaire who made his first fortune in commodities before selling his shares in Forte Oil to invest in the energy business.
• Otedola is chairman of Geregu Power, a power generation business, and owns more than 70% of the shares.
• During 2022 and 2023 Otedola sold down a Geregu stake that was once more than 95% to bring on institutional investors,
• Investors in Geregu include the Nigerian government, the Afrexim Fund for Export Development in Africa and the State Grid Corporation of China.
• He also owns properties in Lagos, Dubai, London and Monaco, and holds shares in Zenith Bank and FBN Holdings.

Top 10 Richest Africans in the World (2025)

Revised in June 2025