Top 20 Richest Men in Nigeria 2023

Nigeria is a country with a lot of wealthy people. Surprisingly, Nigeria’s richest man is a Nigerian. Nigeria is home to a large number of affluent men, both within the country and across the African continent. These men gained their riches through diverse business enterprises and remain at the top of the list of wealthy men in Nigeria to this day. This essay will look at the top 20 richest men in Nigeria in 2023.

Overview

Being affluent or wealthy means being able to meet basic human requirements and indulge in some extravagance without fear of going bankrupt. It refers to the purchase of money and valuable assets such as land and occasionally precious stones. Nigeria is an autonomous country in Africa, specifically in the West African sub-region. Nigeria has a mixed economy and a democratic political system of governance.

This implies liberalism. A mixed economy is a free market economy in which private individuals own and control the means of production and distribution in the country. They merely need to pay their annual tax to the government through the relevant tax collection commission. This explains why being wealthy does not simply imply having a large sum of money stashed away in a bank or somewhere else.

It entails or should entail ownership of valuable assets and, in some cases, means of production. Nigeria, like every other independent state in the world, has a robust economy that allows its population to exist successfully.

Let us now proceed to the top 20 richest men in Nigeria.

Richest Men in Nigeria in 2023

The top richest men in Nigeria in 2023 will be worth millions or billions of dollars. They are financially astute people who have invested in key sectors of the country’s economy. They include:

#1. Aliko Dangote

Aliko Dangote is now worth more than $12.5 billion. He is Nigeria’s and Africa’s richest man. He is also the world’s 67th richest person.

Dangote has investments in Nigeria, Ethiopia, Senegal, Cameroon, Ghana, South Africa, Togo, Tanzania, and Zambia, among others.

Despite being born into a wealthy family, Dangote has not rested on his laurels as a result of his family’s fortune. His path to becoming a millionaire began in 1977 when he founded a tiny trading enterprise. This company would later evolve into what is currently known as the Dangote Group.

The Dangote Group is a key player in the Nigerian and African sugar and cement sectors. This businessman has mastered the knack of producing these things locally over the years.

#2. Abdul Samad Rabiu

The billionaire businessman and philanthropist is a Nigerian from Kano State in the country’s north. Abdul Samad Isyaku Rabiu CON is an industrialist who was born on August 4, 1960. The BUA Group of Companies was founded by the former Chairman of the Nigerian Bank of Industry.

The corporation is a multi-billion-dollar industry that manufactures BUA cement and sugar on a massive scale; they also specialize in agricultural produce. He is one of the richest men in Nigeria, and with a net worth of over 6.7 billion dollars, he is considered the second richest man in Nigeria and the fifth richest man in Africa.

#3. Mike Adenuga

Chief Michael Adeniyi Adenuga, CSG, GCON, Africa’s fourth richest man, was born on April 29, 1953. The telecoms industry is under the grip of a Nigerian billionaire businessman.

Adenuga owns Globacom, Nigeria’s second-largest telecoms operator. He is also a major shareholder in Conoil, a large oil corporation in Nigeria, with activities in countries such as Ghana and the Benin Republic. The Equitorial Trust Bank has identified Adenuga as a key shareholder. He is one of Nigeria’s richest men, with an estimated net worth of $6.2 billion.

#4. Femi Otedola

Femi Otedola is the son of Michael Otedola, the former governor of Lagos State. He is the chairman of Forte Oil Plc, a major fuel importer. He also founded Zenon Petroleum and Gas, Ltd.

His investments are not restricted to the oil industry but also include shipping, real estate, and banking. According to the most recent Forbes report, Femi Otedola has a net worth of $2.3 billion, placing him third in Nigeria in terms of wealth.

His business career began in the 1980s when he successfully operated the family’s printing business. He would later become involved in the oil and gas industry. Otedola is the father of three girls, two of whom are well-known in the entertainment industry.

#5. Orji Uzor Kalu

Orji Uzor Kalu, a former Governor of Abia State, is a Nigerian politician and businessman who currently serves as a Senator in the Federal Legislature, representing Abia North Senatorial District. On April 21, 1960, I was born.

He is the chairman of SLOK Holdings, as well as the Nigerian newspapers Daily Sun and New Telegraph. In addition to publishing, he is a big player in the furniture industry. He is regarded as one of Nigeria’s richest men, with an estimated net worth of over 3.2 billion dollars.

#6. Emmanuel Ojei

Nuel Ojei Holding Limited is led by Emmanuel Ojei. His commercial interests include construction, banking, automobile importation, sales, servicing, and oil.

#7. Mohammed Indimi

Mohammed Indimi is the creator of Oriental Energy, which he established in 1990. He is said to be worth more than $400 million.

#8. Tunde Folawiyo

Tunde Folawiyo is one of the country’s richest men, with a net worth of more than $400 million, according to Forbes.

He is the head of the Yinka Folawiyo Group, a multibillion-dollar conglomerate with holdings in energy, agribusiness, shipping, and real estate. When his father, Wahab Folawiyo, died in 2008, he took over the company.

Tunde also serves as a director of MTN Nigeria Ltd.

#9. Theophilus Danjuma

Theophilus Danjuma is a retired military officer, philanthropist, and billionaire. His primary commercial interests are in oil, and he serves as the chairman of South Atlantic Petroleum (SAPETRO).

Danjuma came from poor beginnings. Kuru Danjuma, his father, was a peasant farmer and metal trader. Danjuma attended Ahmadu Bello University, formerly known as the Nigerian College of Art, Science, and Technology, in Zaria.

#10. Tony Elumelu

Tony Elumelu is one of Nigeria’s richest men, with an estimated net worth of $1.4 billion. He is a businessman, philanthropist, and economist.

Heir Holdings, the United Bank for Africa, and Transcorp are among his ventures. He is also the founder of the Tony Elumelu Foundation, which has helped thousands of African entrepreneurs.

Tony Elumelu graduated from Harvard Business School. He was well-known in the banking business for his role in the acquisition of Standard Trust Bank, which catapulted it to become one of the top banks in the country.

Tony Elumelu was also involved in the acquisition of the United Bank for Africa in 2005. He grew the bank from a Nigerian firm to a pan-African institution with operations in 19 African nations. Tony Elumelu’s investment firm, Heir Holdings, has investments in financial services, energy, real estate, hotels, agribusiness, and healthcare.

Tony Elumelu advises the Partners Forum of USAID’s Private Capital Group for Africa (PCGA). In addition, he co-chairs the Aspen Institute Dialogue Series on Global Food Security. He is also the chairman of the Ministerial Committee charged with establishing world-class hospitals and diagnostic centres across Nigeria. He is also a member of the Sustainable Energy for All Initiative’s Global Advisory Board (SE4ALL).

#11. Arthur Eze

Arthur Eze is one of Africa’s wealthiest men. Atlas Oranto Petroleum, a reputable corporation with holdings in Nigeria, Liberia, Guinea, and the Gambia, is founded and chaired by him. The company was established in 1991.

At California State University, Arthur studied chemical and mechanical engineering.

#12. Cletus Ibeto

Cletus is the Ibeto Group’s CEO. The firm is one of Africa’s greatest conglomerates, having holdings in vehicle components, cement manufacture, electricity, petrochemicals, and real estate.

One of his business interests is the well-known Ibeto Hotel.

#13. Benedict Peters

Benedict Peters is the founder of Aiteo Group, an energy-focused corporation. And Benedict started his career with Ocean and Oil, currently known as Oando Plc, before going on to MRS Oil Nigeria Plc as Group Executive Director.

Also, Benedict eventually created Aiteo Group, which is now known to hold one of the country’s largest petroleum tank farms.

#14. Igho Sanomi

Dickens Sanomi’s father is Igho Sanomi, who was born in Agbor, Delta State. Dickens served as the second National Vice President of the Urhobo Progress Union. He was also a retired Nigerian Police Force Assistant Inspector General of Police (AIG).

Igho has experience in telecommunications, shipping, aviation, engineering, construction, and real estate investing.

Igho serves as the Executive Director of Cosmos Oil AG and the founder/chairman of Taleveras, an energy trading company.

#15. ABC Orjiako

Bryant Orjiako, often known as ABC Orjiako, had an unusual career path before becoming a billionaire. He trained as a surgeon but left the field after a while to pursue his commercial interests.

Orjiako’s primary economic interests are in oil and gas. He is the chairman and co-founder of Seplat Petroleum. Prior to launching Seplat, Orjiako developed and operated many enterprises in the oil and gas industry’s upstream, downstream, and service sectors. Orjiako is a Harvard-educated businessman.

#16. Bode Akindele

Bode Akindele is an eighty-year-old billionaire. He is the Mondola Group’s chairman. This is one of Nigeria’s greatest corporations, with holdings in agriculture, food processing, maritime, real estate, and transportation.

#17. Emeka Offor

Sir (Dr.) Emeka Offor has substantial commercial skills spanning more than two decades, having founded a large corporation with operations in numerous economic sectors. an entrepreneur with enthusiasm and insight. His Foundation aspires to alleviate the suffering of society’s less fortunate people through charity, with a particular emphasis on offering support and encouragement to those in need.

This includes the telecommunications and energy industries. His net worth is believed to be $2.9 billion.

#18. Jimoh Ibrahim

Jimoh Ibrahim, the Chairman and CEO of Global Fleet Group, is a Nigerian politician, lawyer, and philanthropist who was born on February 24, 1967. With his commercial operations spread across West Africa, he has an estimated net worth of about 1.1 billion dollars and is regarded as one of Nigeria’s richest men.

#19. Alafayaa Kariboye-Igbo

Oil Money, whose real name is Alafayaa Kariboye-Igbo, is a businessman and entrepreneur. He is the pacesetter in the entertainment industry.

Oil Money is a young man with a wide range of contacts spanning all socioeconomic classes, faiths, and nationalities. He established Best Car Sales Ltd., founded a British entrepreneurial label, and is the CEO of Trump’s music and events. At present, his net worth is $6.1 billion.

#20. Hakeem Belo-Osagie

Hakeem Belo-Osagie is a Harvard Business School graduate who was educated as a lawyer.

Belo-Osagie has worked in the oil, finance, and telecommunications industries. Between 1998 and 2004, he was the chairman of the United Bank of Africa. When he first came to the country, he was also associated with the Federal Government, particularly in the Energy sector.

Who is the Richest Man in Nigeria in 2023?

Despite economic headwinds that have harmed the fortunes of half of the world’s reported billionaires, Aliko Dangote, President of the pan-African conglomerate, the Dangote Group, has emerged as Africa’s richest man for the 12th year in a row.

What is the Richest Country in the World?

With a GDP of $26,854 billion as of August 7, 2023, the United States of America (USA) is the richest country in the world. A country’s wealth is frequently quantified by GDP, which represents the entire value of products and services generated inside the country.

Who are the Nigerians on the Forbes List?

The three Nigerians on the list are Aliko Dangote, President/CEO of the Dangote Group, Abdul Samad Rabiu, Chairman of the BUA Group, and Mike Adenuga, CEO of Globacom.

How to Become a Billionaire?

The following methods will help you keep your money healthy and expand it even more:

Invest in stocks and other investments that will allow you to generate money quickly.
Make smart use of your credit cards.
Keep up with technological advances.
Be smart about what you spend your money on.
Take care of your physical health.

Is Ronaldo Richer than Dangote?

Dangote, the creator and owner of the Dangote Group, has an estimated net worth of 11.2 billion US dollars. Meanwhile, despite being one of the world’s highest-paid athletes, Ronaldo has a far smaller net worth of roughly 450 million US dollars.

Conclusion

The top 20 richest men in Nigeria are listed here in no particular order. Tony Elumelu, Aliko Dangote, and other wealthy Nigerian men are among them. This list, on the other hand, has all of the information you need on these men, including the source of their fortune.