The 20 Richest Men in Nigeria – Their Net Worth, Investments

Money is power.

Money breeds respect.

Most people take no care of their money until they come to the end of it, and the same is true with time.

Making vast amounts of money has more to do with finding a need and filling it than anything else you can possibly think of.

If money can solve it, it’s not a problem (ask the legendary Michael Jordan).

If money can’t solve it, money will get you very close to the solution, faster than anything else (ask the tremendously wealthy Oprah Winfery).

The first thing you should teach a teenager is how to solve money problems. More importantly, show them what worked in your days, what’s working now, what could work tomorrow and teach them to always find a need and fill it.

Any fool can become financially independent. But if you think you’ll become rich by working a 9-5 job, I urge you to think again. And if you claim you don’t care about wealth, you are a pathological liar.

You don’t have to wait until you’re 65 to retire.

Learn copywriting, master it, become a student of markets, thank me later.

Most people (including Nigerians) will allow you take their partner home for the night…

If you can shell out at least NGN2million in Cash!

I’m serious.

One of the must-haves for women when it comes to relationships is money.

Forget the nonsense about a God-fearing man who has a vision.

And one of the must-haves for men is a beautiful-face-and-body that they can drive home to after a hard day’s job.

Forget all the psychological rubbish about a homely supportive woman. All of that is secondary to A LOT of men.

Once a woman is hot enough to attract a lot of males and consistently arouse the hot throb of lust in a man’s loins over a sustained period of time, she automatically ticks all the boxes for him.

I believe in freedom of speech, and I’ve said it as I see it.

If you choose to take me to the supreme court, that is your affair.

This is post-election period in Nigeria anyway.

The judges and the lawyers that really matter are busy working day and night for their deep-pocketed political clients.

So you better be ready to shell out a lot of cash.

Good luck with that, and Go with God!

Anyway, quick question:

Have you ever been overcome with a sudden desire to make money?

I mean, actively exploit strategies that enable you acquire more bundles of neat cash than any sane person could ever hope to spend?

I have, and that’s why I chose to write on this topic.

Now, if you’ve ever wondered what a “who’s who” list of the richest men in Nigeria looks like, I have a list that should absolutely satisfy your curiosity.

But first, I’m going to tell you…

A little story about some guy named MJ Demarco.

And don’t even try to guess how it relates to this topic because I’ll explain before I finish.

Maybe you’ve heard of him, maybe you haven’t.

But here’s the thing, in the early 2000s –year 2000 to be precise, when the internet boom was just getting warmed up, he became an instant dot-com millionaire after selling his limousine-service website for a neat $1,200,000.

He received three offers actually:

  • $250,000
  • $550,000
  • $1,200,000.

Of course, the logical thing to do was take the biggest offer.

Today, MJ is still a millionaire, but here’s what really happened:

As you would guess, $1,200,000 was a lot of money nineteen years ago.

Well it wasn’t and MJ had to learn very fast after investing poorly and making the same mistakes most would-be millionaires make.

By the time he had bought a Corvette, and had done a long list of foolish things he believed would make him look rich, he had only $300,000 left and it was at that point that he became money savvy.

–Again, $300,000 might seem like a lot of money, but it wasn’t and it isn’t.

Here’s why…..

Never allow the taste of success fool you into thinking you have arrived, the real wealth is not in how much you have in your bank account, but in how you invest what comes in, and how it is multiplied passively –That is, how you use your money to create wealth for yourself without lifting a finger.

This usually happens when you create a product that is so in demand, people can’t stop sending you money for it.

If you want to learn more about MJ Demarco’s journey, if you are at all serious about making serious sums of money, I urge you to find and read The Millionaire Fastlane. It was authored by MJ and was an instant bestseller.

Find it, read it, and use what you learn to solve your money problems.

Alright, let’s get down to business.

Who are the top 20 richest men in Nigeria?

Well, to answer a question like this, the first place we need to look is not Wikipedia, not CNN, not Vanguard, not Punch, not Sahara Reporters,

Not even Linda Ikeji….

But Forbes List of Black Billionaires 2019.

If you can’t make that list, but you have a net-worth of at least $400million or more, you should be able to make the list of the top 20 richest men in Nigeria.

In case you’re confused or something, Black billionaires are individuals of Black African ancestry. Their lineage or roots, can be traced to Africa.

In 2019, 13 blacks made Forbes list of World Billionaires (over 2,000 of them), and in that tiny little circle of thirteen, you’ll find the four wealthiest Nigerians –one of them is a woman, Folorunsho Alakija, with a networth of $1.1 billion.

She’s the fourth and final Nigerian on that list.

The other three, will take the first spots in the list that follows.

Aliko Dangote!

$10.9 billion.

Unimaginable wealth!

Outrageous-Largesse-I don’t care who you are-I’ll make you an offer you can’t refuse-I’ll also write you a blank cheque in case you refuse- kind of money.

He remains the richest black man alive.

The man or woman who will replace him as Nigeria’s richest individual has not yet been born. Aliko Dangote has more money than any sane person could ever hope to spend.

He makes his money from Cement, flour, sugar and very soon a private oil refinery with a refining capacity of 6,500,000 barrels a day.

You don’t even want to imagine how this one killer business move triggers a radical transformation of the wealth of an already wealthy man.

Go figure.

The Fascinating Case of Mike Adenuga.

$9.1 billion.

Nonsense wealth!

Pick 2-hold on-general market-God punish you-last-card-check-up- kind of money!

Maybe someday, he’ll eventually un-sit Dangote as Nigeria’s richest man, but until then, the Globacom boss seems very comfortable in his position as the second richest man in Nigeria, and the world’s second richest black person.

How has he created this wealth?

Oil, Telecoms and Real estate.

Have you ever heard of Conoil?

Ever heard of Cobblestone properties?

Then you must have heard of Glo (if you claim you haven’t seen at least one TV ad that ends with “GLO, grandmasters of data”, I don’t even know what to say to you)

Well, Mike Adenuga owns them all.

The truth is, most Nigerians (including thee and I) are familiar with the names Alhaji Aliko Dangote and Mike Adenuga..


Who The Hell is Abdulsamad Rabiu?

He’s the little known (the average Nigerian doesn’t even know this guy exists) Nigerian billionaire industrialist who learned from, and worked with Isyaku Rabiu (his father) before he began importing foods in 1998.

He is now worth $1.6 billion of verifiable money –(FORBES 2019).

Much of his wealth comes from cement and sugar.

He’s the founder and CEO of BUA group, a Nigerian conglomerate with interests in shipping, real estate, manufacturing, cement production, refining sugar, flour, oil mills, logistics and port operations etc…

The aforementioned group rakes in an annual revenue of $2 billion, and that’s not all, they also….

The point is, this man called Abdulsamad Rabiu has money –enough of it to come in third after the tremendously wealthy Aliko Dangote and Mike Adenuga.

This is like the return of the sleeping giant.

Abdulsamad featured last on FORBES list of black billionaires in 2014. After what seemed like an shocking sabbatical (four-years) he made the 2019 list, and that can only mean one thing.

The Son of Isyaku Rabiu is still in…..

The Business of Making Fabulous Sums of Money!

Okay here’s the thing;

Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu and Foluronsho Alakija happen to be the only Nigerians on FORBES 2019 list of black billionaires.

So to find the other 17 Nigerian men who have what it takes to make a top 20 list of the who’s who as far as money in Nigeria is concerned, we may have to look inwards.

And please, you may have to bear with me, while I was putting this list together, I couldn’t find a consistent figure for the current net worth of the remaining seventeen, but I assure you, each one of them appeared in virtually every list I stumbled upon during my research.

  • Femi Otedola

Femi is the controlling shareholder of the publicly traded Forte Oil, an oil marketing and power generation company originally a Nigerian subsidiary of British Petroleum (BP).


  • Tony Elumelu

If you talk about wealth in Nigeria, and you fail to mention his name, your ancestors may pardon you, but the elders of the day will definitely laugh you out of the room.


Chief Tony Elumelu is the chairman, Heirs Holdings, Transnational corporation of Nigeria, and formerly United Bank of Africa (UBA)


The publicly traded Transcorp has interests in agriculture, oil, hospitality and power generation.


  • Theophilus Danjuma.

A Former Nigerian defense minister and of course that could only mean one thing –more than anyone else on this list, the oil tycoon has come closest to money and political power.


TY is the founder and chairman of South Atlantic Petroleum, an oil exploration company whith upstream assets in Nigeria, Madagascar, the Central African Republic and the Republic of Benin.


  • Jim Ovia

His name is as synonymous with Zenith bank as Donald Trump’s is with real estate, politics and controversy.


Jim is arguably the most influential man in Nigeria’s banking sector. After all, Zenith bank just happens to be one of Nigeria’s largest commercial banks and the man behind it owns around a 9% stake –more than any other shareholder in the bank.


He also owns prime real estate across Nigeria.


  • Orji Uzor Kalu

The former governor of Abia state is the founder of Slok holding, a West African conglomerate with interests in Shipping, oil trading, manufacturing and banking.


He was already a millionaire at the age of 20. He started out trading palm oil, rice and sugar before diversifying eventually.


You should also know that in the early 80s, the then Nigerian military government awarded him contracts to supply arms and ammunition to Nigeria’s defense forces.


If you’re wondering how on earth the arms business is lucrative or profitable –it is arguably the most lucrative business known to man, and is as old as mankind itself.


  • Arthur Eze

Founder and Chairman of Atlas Oranto Petroleum. A reputable company with assets in Nigeria, Liberia, Guinea and Gambia.


  • Oba Otudeko

The former banker is the man behind the Honeywell group. He also happens to be the chairman of FBN Holding Plc.


  • Cletus Ibeto

Founder and chairman of  the famous Ibeto group. Cletus Ibeto has been around long enough to stake his claim as one of Nigeria’s Top 20 richest men.


  • Igho Sanomi

Founder –Taleveras (a company with primary interests in energy).


  • Benedict Peters

Founder –AITEO Group.


  • ABC Orjiakor

Founder –Seplat Petroleum.


But here’s something else I discovered –Bryant (for B) is a graduate of Harvard Business School and at some point in his life, practiced medicine as a surgeon.


Surgery and business –What a combination!


  • Nuel Ojei

It’s actually Emmanuel Ojei.


He is the chairman of Nuel Ojei Holding (or is it holdings?) and has interests in importation, construction and banking.


  • Mohammed Indimi

Founder –Oriental Energy.


  • Hakeem Belo-Osagie

A trained lawyer who sure does know how  to solve money problems on a very large scale.


  • Bode Akindele

Chairman –Mondola group.


  • Tunde Folawiyo

Chairman –Yinka Folawiyo group.


He reportedly has serious investments in MTN Nigeria and Access Bank.


Who else?

Well I’m going to leave the last name to…

Your imagination!

But let’s not get carried away.

Hark unto me:

I laugh when people say there’s no money in Nigeria –I just laugh.

Let me tell you a little secret that you should never forget:

–Nigeria remains the most populous black nation on earth, with a population of over 190million people (personally, I believe it’s over 200 million) and you know what that means?

You want to know?

Ok you asked for it:

It simply means that Nigeria is one of the largest markets in the world, and if you can find a need and fill it, you will soon be making serious sums of money –enough to…

Look any Politician in the eyes without flinching.

Thus, the secret to stupendous wealth in Nigeria lies not in chasing money, but in finding a need and filling it so perfectly, thousands (even millions) of  Nigerians will almost stand in line and beg you to take their money.

My time is running out (yep, I’m not as insane and dimwitted as you think. I actually time myself when I write).

So I’m going to wrap this up very quickly.

You know, it’s one thing to have vast sums of money in your possession, and it’s quite another thing to keep and multiply it over a sustained period of time.

That has always meant the difference between the rich, the financially okay, and the poor –and above all, it’s how you deal with failure that determines just how financially successful you become.

Make of that what you will.

But I’m not about to give you another unsolicited lecture on money.

Not today.

Take care.

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Andy Mukolo

Andy Mukolo is one of the best direct-response copywriters in Nigeria. He's also a very passionate content developer who works with InfoGuideNigeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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