The path to huge wealth in Nigeria is more than just numbers; it is about strategic judgments, resilience, and a thorough understanding of the market. Forbes has named Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola as Nigeria’s richest people in 2024. As I researched the top 10 richest men in Nigeria in 2024, I discovered that their biographies are just as interesting as their money. The post goes into detail about these people, the areas where they are very good, and the unique ways they got to where they are now. The focus is on how Nigeria makes and keeps its wealth, which is helpful for people who want to become business owners and professionals.
Top 10 Richest Men in Nigeria and Their Networth
Here is the list of the top 10 richest men in Nigeria and how they accumulated their fortune.
#1. Aliko Dangote – $15.3 Billion
Aliko Dangote is still Africa’s richest person, and he will be Nigeria’s wealthiest man in 2024, with a fortune of more than $15.3 billion. Dangote, who was born in 1957 in Kano State, began his commercial life as a child by selling candies. His early business experience came from his family’s trading operation, and by the age of 21, he had started his own trade company with a loan from his uncle.
Dangote established and chaired Dangote Cement, the continent’s largest cement maker, and owns 85% of the publicly traded company via a holding company. Dangote Cement operates in ten African nations and has an annual manufacturing capacity of 48.6 million metric tons. However, Dangote’s ventures extend beyond cement. His fertilizer facility in Nigeria, which began operations in March 2022, has made a substantial contribution to the agricultural sector. In 2024, the Dangote Refinery will gradually ramp up petroleum refining operations, marking another milestone in its vast corporate empire. Dangote, the world’s 144th richest billionaire, has had a huge impact, and his career demonstrates a great eye for opportunity and smart expansion.
Read Also: How Nigeria’s Billionaire, Aliko Dangote, Became Rich
#2. Abdulsamad Rabiu – $7.6 Billion
Abdulsamad Rabiu, the founder of BUA Group, is Nigeria’s second richest man in 2024, with a net worth of over $7.6 billion. Rabiu was born in Kano State in 1960, where he began his commercial path with the men of his father, a major industrialist. At the age of 28, Rabiu struck out on his own, beginning with the importing of iron, steel, and chemicals.
Rabiu’s riches stem from his conglomerate’s substantial position in cement production, sugar refining, and real estate. The combined firm, BUA Cement Plc, trades on the Nigerian Stock Exchange, with Rabiu owning 98.2%. He also owns 95% of BUA Foods, another publicly traded conglomerate. His shrewd investments have paid off, leading him to become the world’s 581st richest person by 2024. What distinguishes Rabiu is his emphasis on sectors critical to Nigeria’s growth, particularly infrastructure and food security.
Read Also: Real Estate Investment and the Power of Networking
#3. Mike Adenuga – $7.3 Billion
Mike Adenuga, Nigeria’s third richest man, has amassed a diverse conglomerate spanning telecoms and oil extraction. Adenuga, born in 1953 in Ibadan, Oyo State, began his entrepreneurial career at a young age. By the age of 26, he had made his first million from selling lace and distributing soft beverages. His determination and entrepreneurial attitude laid the groundwork for his later success.
Adenuga has a net worth of around $7.3 billion, making him the 409th richest person in the world. His mobile network, Globacom, is one of Nigeria’s three major operators, with over 60 million members. Adenuga’s commercial expertise includes oil exploration through Conoil Producing, which manages six oil blocks in the Niger Delta. His other ventures include a 74% holding in the publicly traded Conoil and a nearly 6% position in Sterling Financial Holdings. Notably, Adenuga worked as a cab driver in New York while completing his MBA at Pace University, exhibiting his unwavering work ethic and dedication to his goals.
#4. Femi Otedola – $5.7 Billion
Femi Otedola, a well-known Nigerian billionaire, has changed his attention from commodities to the energy sector, establishing himself as a prominent participant in Nigeria’s power business. Otedola was born in 1962 in Ibadan, Oyo State, and began his commercial career by marketing petroleum products before branching out into other industries.
With a net worth of $5.7 billion, Otedola is the chairman of Geregu Power, a major power generator. In recent years, he has intentionally cut down his ownership in Geregu, which was formerly greater than 95%, to attract institutional investors, demonstrating his capacity to adapt and change in business. Otedola’s investments extend beyond energy; he owns premium real estate in Lagos, Dubai, London, and Monaco, as well as stakes in Zenith Bank and First Bank of Nigeria (FBN) Holdings. His rating as the 2,152nd richest person in the world highlights his varied portfolio and intelligent investment selections, making him a key role in Nigeria’s corporate landscape.
#5. Folorunsho Alakija – $ 3.2 Billion
Folorunsho Alakija, Nigeria’s richest woman, is worth approximately $3.2 billion. Alakija was born in 1951 in Ikorodu, Lagos State, and began her career in fashion design before transitioning to the oil sector. She established Supreme Stitches, a fashion line, before moving into oil exploration with Famfa Oil.
Alakija’s journey to fortune in a traditionally male-dominated business is especially inspirational. Her ability to remain relevant across multiple sectors demonstrates her commercial acumen and agility. Alakija’s biography also emphasizes her commitment to generosity, notably in education and healthcare. Her journey from fashion designer to major oil magnate demonstrates the value of vision and determination in creating a lasting legacy.
#6. Theophilus Danjuma – $2.5 Billion
General Theophilus Danjuma, a retired Nigerian Army general, has accumulated a wealth of $2.5 billion from assets in oil, shipping, and real estate. Danjuma was born in 1938 in Takum, Taraba State, and his military experience informs his disciplined approach to business. After leaving the service, Danjuma concentrated on expanding his commercial empire, beginning with the founding of South Atlantic Petroleum (SAPETRO).
His company, SAPETRO, is one of Nigeria’s major indigenous oil corporations. Danjuma’s wealth is based on military discipline and sound commercial decisions. Aside from his economic interests, Danjuma is noted for his major humanitarian efforts through the TY Danjuma Foundation, which focuses on education and healthcare in Nigeria. His wealth and power reflect his devotion to changing his country for the better.
#7. Tony Elumelu $2.3 Billion
Tony Elumelu, is a significant person in finance and investment, with a net worth of $2.3 billion. Elumelu, born in 1963 in Jos, Plateau State, began his financial career as a salesman in the late 1980s before transitioning to banking. His breakthrough occurred in 1997 when he organized a group of investors to acquire Standard Trust Bank, which ultimately amalgamated with United Bank for Africa (UBA).
He is well recognized for his leadership at UBA and his investment firm, Heirs Holdings. Elumelu is a staunch supporter of Africapitalism, a theory that emphasizes the private sector’s role in promoting economic and social development throughout Africa. Elumelu’s wealth is not only measured in cash but also in the impact of his investments across the continent. Through the Tony Elumelu Foundation, he has enabled thousands of entrepreneurs, thereby contributing to Africa’s economic development.
#8. Orji Uzor Kalu – $2.1 Billion
Orji Uzor Kalu has a net worth of around $2.1 billion, which he has accumulated through a varied portfolio that includes oil, media, and manufacturing. Kalu, who was born in Abia State in 1960, began his commercial path at a young age. As a student, he launched a palm oil trading company, and after being expelled from school for protesting, he focused solely on business.
Kalu is the founder of Slok Holdings, a conglomerate that operates in shipping, banking, oil trading, and media. His rise from youthful entrepreneur to political figure and businessman is characterized by persistence and a good eye for chances. Kalu’s tale demonstrates the value of using multiple sectors to create and sustain wealth. His influence in Nigeria’s corporate and political areas positions him as a key figure in the country’s development.
#9. Jim Ovia – $1.9 Billion
Jim Ovia, the founder of Zenith Bank, is worth around $1.9 billion. Ovia was born in 1951 in Agbor, Delta State. His passion for finance and business led him to Southern University in the United States, where he got a degree in Business Administration. He eventually earned his MBA from the University of Louisiana.
Under his leadership, Zenith Bank has risen to become one of Africa’s largest and most profitable banks. Ovia’s influence extends beyond banking; he also has a significant presence in real estate and telecommunications. His riches reflect his trust in Africa’s potential and commitment to promoting regional progress. His book, “Africa Rise and Shine,” delves into his ideology and success tactics, establishing him as a thought leader in the African business community.
#10. Oba Otudeko – $1.8 Billion
Oba Otudeko, the founder and chairman of Honeywell Group, a global industrial, trading, and investment company, has an estimated net worth of $1.8 billion. Otudeko was born in 1943 in Ibadan, Oyo State, and spent his early career in banking before venturing into entrepreneurship. His banking background provided a solid basis in financial management, which he used to develop his conglomerate.
Otudeko’s economic interests include oil and gas, flour milling, real estate, and marine transportation. His approach to business is deliberate, with a focus on long-term growth and sustainability. His wealth is the result of savvy investments in industries critical to Nigeria’s economy, making him an important participant in the country’s industrial scene.
Key Takeaways
- Nigeria’s richest men have amassed fortunes across numerous businesses, lowering risk and expanding prospects for growth.
- Whether it’s expanding into new markets or attracting institutional investors, these billionaires exemplify the value of a strategic approach to business.
- These individuals have negotiated economic crises and market shifts with resilience and flexibility, all of which are essential for wealth preservation.
- Beyond accumulating riches, many of these billionaires are committed to making a good difference through philanthropy and social projects.
- The path to prosperity is continuous, necessitating constant reinvestment, innovation, and adaptation to changing market circumstances.
Conclusion
The top 10 richest men in Nigeria in 2024 provide valuable lessons not only in how to achieve wealth but also in how to sustain and grow it in a dynamic and challenging environment. By studying their stories, we gain insights into the importance of diversification, strategic thinking, and resilience in building a lasting legacy. What strategies do you think are most crucial for building enduring wealth in today’s economy?
- FORBES 30 UNDER 30 2023: List, History & Criticisms
- Top 20 Richest Men in Nigeria 2023
- YOUNG ENTREPRENEURS: Most Successful Young Entrepreneurs and Ideas
- 25+ SME GRANTS FOR AFRICANS in 2023 (Updated!!!)
- How Nigeria’s Billionaire, Aliko Dangote, Became Rich
References
