Richest Men In Nigeria (2020)

Everyone in Nigeria dreams of not worrying about the balance of the bank account or being able to always travel first-class or even afford the most luxurious hotels. However, a few numbers of Nigerians possess this privilege.

You may think that the richest men in Nigerian are Nollywood actors or superstar musicians. But in fact, the owners of Naija’s greatest fortunes are entrepreneurs. The most important takeaway here is that they have really worked hard to get to where they are now.

Almost everyone wants to know the richest man in Nigeria. According to Forbes list, Aliko Dangote and Mike Adenuga has been the giant on the list of richest men in Africa generally.

So today in this article, I will reveal to you the updated list of Forbes richest men in Nigeria considering many factors such as their establishments, net worth and many more.

If you’re search the richest person in Nigeria currently, then this article will be of great help to you. To be precise, this article is based on research from top sources like Forbes, Bloomberg and Ventures Africa while was used to compile this comprehensive list of richest men today.

Also, Read: Top 10 Richest Tribes In Africa 2020 (Updated)

Richest Men In Nigeria (2020).

Below are the top 10, 20, 30, 40, 50 richest men in Nigeria this 2020.

 
 RankNameNet worth
 1 Aliko Dangote $12.5 Billion
 2 Mike Adenuga $8 Billion
 3 Femi Otedola $2.3 Billion
 4Theophilus Yakubu Danjuma $1.7 Billion
 5Abdulsalam Rabiu $1.5 Billion
 6 Tony Elumelu $1.4 Billion
 7Orji Uzor Kalu $1.1 Billion
 8 Jim Ovia $850 Million
 9 Oba Oteduko $670 Million
 10Mohammed Indimi $650 Million

1.Aliko Dangote.

At just 21, Aliko Dangote borrowed a sum of $3000 from his uncle to start importing and selling agricultural commodities in Nigeria. His business became a success as he paid off the loan in just 3 months after starting his enterprise.

Richest-men-nigeria
Aliko Dangote

For the 9th time in a row, he is the richest man in Africa and Nigeria with a real-time estimated net worth of $12.5 billion. His three-decade-old empire is one of the largest private-sector employers in Nigeria. It would also be noteworthy to state that the Dangote group is the most valued conglomerate in West Africa.

Aliko Dangote turned a local commodity business into billion-dollar cooperation. Isn’t that cool?

2.Mike Adenuga.

Richest man in Nigeria
Mike Adenuga

Mike Adenuga is the second richest man in Nigeria. He built his fortune in telecom and oil production. He owns the second-largest telecom operation in Nigeria-Globacom.

Globacom has a strong presence in known countries outside Nigeria. Some of such countries include Ghana and Benin.

Adenuga also owns stakes in Equitorial trust bank and the Conoil (formerly known as the Consolidated oil company).

Do you know that Michael Adenuga was once detained for money laundering in 2009? He left the country and lived in London until he was granted a pardon by the regime of the late Umaru Musa Yar’Adua.

Some of his honours include: receiving the honour of the commander of the order of the niger in 2012 by the government of Nigeria. He also holds an honorary Yoruba chieftaincy title as the otunba Apesin of the Ijebu clan.

As of 2019, he was awarded the insignia of a commander of the legion of honour by president Emmanuel Macron of France.

3.Femi Otedola.

Femi-otedola
Femi Otedola

Nigerian energy tycoon Femi Otedola is the shareholder of Forte Oil, an oil marketing and power generation company.

According to Forbes, Femi Otedola has an estimated net worth of around $2.3 billion. Otedola is married to Nana Otedola and has three daughters – Christine Oluwnmi, Florence Ifeoluwa and Elizabeth Temi – and a son, Fewa. Florence Otedola, aka DJ Cuppy, is a DJ and music producer, as well as a tourism ambassador for Nigeria. Her younger sister, Temi, is a style blogger and aspiring designer. Otedola has homes in Lagos, Abuja, Dubai, London, and New York City.

Also, Read: Richest States in Nigeria (2020): Top 10

4. Jimoh Ibrahim.

Jimoh Ibrahim is currently one of the richest lawyers in Nigeria, politician, a businessman, an investor and philanthropist in Nigeria. He is the Chairman and Chief Executive Officer of Global Fleet Group, a company with presence in Nigeria and United Kingdom.

Jimoh Ibrahim started off his business line by executing small scale contracts using his father’s bricklaying material. Recall that we mentioned that his father was a bricklayer.

He has investments in several industries; the oil and gas industry, hospitality industry, aviation industry, banking industry, real estate sector, insurance industry, publishing and media industry. Global Fleet Group is the umbrella company Jimoh uses for his investments.

5. Paschal Uzoma Dozie.

He was born on the 9th April, 1939 into the family of Charles Dozie. He attended Our Lady’s School Emekuku where he obtained his First School Leaving Certificate (FSLC). Thereafter, he proceeded to Holy Ghost Juniorate Seminary and Holy Ghost College, Owerri. There, he obtained his West African Senior School Certificate Examination (WASSCE).

Following that, he obtained a Bsc degree in Economics from the London School of Economics. Dozie also studied Operational Research and Industrial Engineering from City University in London and graduated with a master’s degree in Administrative Science.

Dozie is married to Chinyere Dozie and they have five children. In 1985, Dozie applied for a banking license for the purpose of helping traders in South-Eastern Nigeria who had challenges with banking. It was this initiative that gave birth to Diamond Bank, a multinational financial service provider.

When the Diamond bank started, the share capital was just N10million ($28,000) and only 21 shareholders were then interested in it. However, in 1990, he met the CBN standard bank requirement of N20million and swan into operation in 1991 from his office in Victoria Island. As at June 2013, the bank was now functional in 267 branches in Nigeria.

In December, 2018, Diamond Bank Plc was acquired by Access Bank but, the merging process was fully completed on 1st April, 2019. The new banking institute retained the Access Bank name with a diamond-shaped logo. The new arrangement allows every Diamond Bank Shareholder to get two Access Bank shares on every seven Diamond Bank shares owned. Pascal Dozie who is among the richest men in Imo state and Nigeria net worth is estimated at $1 Billion USD according to Forbes this 2020.

6. Folorunsho Alakija.

Among all business tycoons in the country, the richest woman in Nigeria today is Mrs Folorunsho Alakija, an industrious woman who is worth $1 billion USD.  It was in 1993 Alakija made it when a friend of hers introduced her into oil business.

She was lucky to be granted license when she applied for the allocation of an oil block in Nigeria’s coastal waters. Her oil company, FAMFA oil is doing well at the moment and is one of the famous oil-producing companies in Nigeria.

According to Forbes, Folorunso Alakija is the current richest woman in Nigeria with an estimated net worth of $1 billion this 2020. She is also the second richest woman in Africa just behind Isabel dos Santos.

7. Orji Uzor Kalu.

You can call him the richest senator in Nigeria if you like. With staggering net worth estimated at $1.1 billion, Orji Uzor Kalu is the current chief whip of the senate and a member of the ruling party, All Progressive Congress (APC).

Orji Uzor Kalu is the owner and founder of Slok Holding. Slok Holding is a West African conglomerate that has interests in shipping, banking, oil trading, manufacturing and even the media. While he was in school, he was expelled because he started a riot. He also started business after dropping out of the university at the age of 19.

Orji Uzor Kalu borrowed $35 from his mother and began trading commodities like palm oil, rice and sugar. He would later diversify into furniture manufacturing and transportation industry and was a millionaire by age 20. He became extremely wealthy after winning the contract to supply weapons and ammunition on behalf of the Nigerian military government.

Currently, Senator Orji Uzor Kalu owns SLOK Holding and has business interest in the media, oil, banking, shipping, etc. The popular newspapers, Daily Sun and New Telegraph are owned by him. Kalu also served as a two-term governor of Abia State, from May 29, 1999, to May 29, 2007 and is one of the richest Igbo men in Nigeria today.

He is currently in jail after the court found him guilty of financial crimes.

8. Jim James Ovia.

Jim Ovia is the founder of Zenith Bank. Zenith bank PLC is one of the largest commercial banks in Nigeria. He is the chairman and largest individual shareholder with a stake of slightly more than 9% stake. He also owns prime real estate across Nigeria, and mobile telecom operator Visafone, which has over 3 million subscribers.

During Babangida’s administration in the late 1980’s, there was a deregulation of banking sector.  Jim Ovia alongside some investors started Zenith Bank in 1990 following this eventuality. He was at the helm of affairs of the bank for 20 years until his resignation in July 2010. He was reappointed the chairman of the bank in 2014.

Under his leadership, Zenith bank grew and is recognised as the largest financial service provider in Nigeria and Anglophone West Africa. The bank offers a range of corporate investment, business and personal banking products and solutions. Its headquarter is in Victoria Island, Lagos and has over 500 branches and offices across the country.

According to Forbes, his networth is valued at $550 million.

9. Hajia Bola Shagaya.

Bola Shagaya, a graduate from Ahmadu Bello University Zaria and Armstrong College in California is a Business Magnate. She started her career with the audit department of the Central Bank of Nigeria before venturing into commercial activities in 1983.

Her business experience started with the importation and distribution of photographic materials and she introduced the Konica brand of photographic materials into the Nigerian market and West Africa. She is currently on the board of Unity Bank plc for over eight years.

Hajia Bola Shagaya is also the managing director of Practoil Limited, one of the largest importers and distributors of base oil in Nigeria.

Hajia Bola Shagaya is a patron of the Fashion Designers Association of Nigeria (FADAN), and a fashion and art enthusiast who supports and encourages the fashion and art industry. According to forbes, her networth is $660 million.

 10. Fifi Ekanem Ejindu.

Fifi Ekanem Ejindu is a Nigerian Architect, business woman, princess and a philanthropist.

She is the great grand daughter of King James Ekpo Bassey of Cobham town in Calabar, Nigeria, and her father, Professor Sylvester Joseph Una, is from Uyo, Akwa Ibom State. Her name might not ring a bell especially if you’ve seen or heard of her business but the woman is well worth over $600 million as of today.

She is currently one of the richest women in Nigeria and Africa. As it stands now, Fifi is the third richest woman in Nigeria. Among other businesses, Fifi is into oil and gas, building construction and real estate. With these, she had made her fortune. According to Forbes, her networth is $600 million.

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