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 networth is estimated at $14 billion.
Nigeria’s second richest billionaire is Mike Adenuga, he is worth an estimated $6.3 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.
See full list below
The Richest Men in Nigeria, 2024
1. Aliko Dangote
Networth: $13.5 billion
Age: 66
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$14 billion as of 2023. 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: $6.7 billion
Age: 70
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 $5.8 billion as of January 2023.
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: $5.3 billion
Age: 63
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. Folorunsho Alakija
Networth: $1 billion
Age: 73
Source of money: oil, Self Made
Folorunsho Alakija is the first female billionaire from Nigeria, 4th on the list of Richest people in Nigeria. She is the vice chair of Famfa Oil. Her first company was a fashion label that catered to Nigeria’s elite women, including the wife of former military president, Ibrahim Babangida, who awarded Alakija’s company an oil prospecting license.
Folorunsho Alakija | Forbes
- Folorunsho Alakija is vice chair of Famfa Oil, a Nigerian oil exploration company with a stake in Agbami Oilfield, a prolific offshore asset.
- Famfa Oil’s partners include Chevron and Petrobras.
- Alakija’s first company was a fashion label whose customers included the wife of former Nigerian president Ibrahim Babangida.
- The Nigerian government awarded Alakija’s company an oil prospecting license in 1993, which was later converted to an oil mining lease.
- The Agbami field has been operating since 2008; Famfa Oil says it will likely operate through 2024.
Revised in November 2024
