The recent Forbes latest list of the richest men in Nigeria this 2020 was updated recently. Most of these wealthy billionaires maintained the first ten spot and its no surprise that these individuals have conquered Africa when it comes to business.
The investments, companies, properties and influence of these high profile personalities are what Forbes used in rating this set of people currently. One thing for sure is that the richest man in Africa and Nigeria still retained his spot in the list of Nigerian billionaires.
Here are the top 20 richest men in Nigeria and their net worth as ranked by Forbes’ list this 2020.
Top 20 Richest Men In Nigeria And Their Net Worth (2020)
Aliko Dangote – Net worth $8.6 billion
Aliko Dangote is the richest black man on earth. This billionaire is ranked by Forbes as the richest man in Africa and Nigeria with a net worth estimated at $8.6 billion.
Dangote runs a conglomerate or better still chain of companies which is known as ” The Dangote Group” with investments spread around various countries in Africa which is not limited to Ethiopia, Benin, Senegal, Ghana, Cameroon, South Africa, Tanzania, Togo, and even Zambia.
Aliko Dangote owns major refineries, plants and firms in the country that has provided about 12,000 or more jobs in the continent. The number of workforce under him is set to increase in the coming years as his influence affects the economy of most countries.
Born into a rich family, the story on how Dangote became a billionaire started after he established his first company in 1977. It was this firm that sprang up into the Dangote Group and has dominated the business scene for years, especially the sugar and cement industry in the country.
Mike Adenuga – Net worth $4.2 billion
Mike Adenuga is the second Forbes richest individual in Nigeria after Dangote with investments in real estate, oil and in the telecommunication sector. He is a wealthy Yoruba business man born on 29th April, 1953.
One of his companies, Globacom is rated the best and second largest telecom operator in the country being the largest data provider in Nigeria with the highest data base in the continent. GLO has branches in other African countries like Ghana, Benin and Cote D’ Ivoire.
Mike Adenuga education was both in Nigeria and abroad. It was after he had his primary and secondary education in Nigeria that he furthered his studies in the United States where he studied Business Administration. He bagged a Bachelor’s degree at the Northwestern Oklahoma State University and did his masters in Pace University, New York.
As one of the Yoruba billionaire business men in the country, his oil company, Con oil was licensed in 1990 and is the first indigenous company to extract oil in commercial quantities in the country.
He then established the first indigenous telecommunications firm in Nigeria, GLO to rival foreign investors MTN, Airtel and 9mobile in the country.
Femi Otedola – Net Worth $1.2 billion
Femi Otedola is also among the list of Nigerian billionaires in the country. This business tycoon was the son of the former Governor of Lagos state, Michael Otedola. He is among the richest men in Africa.
Some of his popular investments which he owns include Forte Oil PLC and Zenon Petroleum and Gas Ltd.
Aside these, Femi Otedola’s investments cut across various sectors of the Nigerian economy ranging from real estate, shipping, banking and finance etc. His net worth estimated b Forbes this 2019 is put at $1.2 billion which ranks him third richest man in Nigeria.
His success story in the business world began in 1980 when he took charge of his family’s printing business before he moved to invest in the oil and gas industry.
Otedola has various properties in Nigeria, Dubai, New York and in other parts of the world. He is blessed with three daughters, two of which are celebrities in the entertainment industry, DJ Cuppy and Elizabeth Temi, a renowned blogger.
Folorunsho Alakija – Net Worth $1.53 billion
Folorunsho Alakija is the richest woman in Nigeria and also among the richest black women in the world. In 2014, she was ursurped Oprah Winfrey to be on top according to Forbes.
She started as an ordinary fashion designer before she invested heavily in the oil industry, now, Folorunso Alakija is financially worth $1.53 billion which makes her the wealthiest African woman 2019 and fourth in Nigeria.
Her various investments ranges from oil, real estate, printing, banking and finance, etc. Her oil company, Famfa Oil Limited which she established in 1993 generates a profit of $10 million while her real estate properties is said to be worth a whopping $100 million.
Its no news that Folorunsho Alakija spent more than N2 billion for her son’s wedding which took place in England. This event saw the likes of various top personalities and dignitaries in attendance.
Aside her wealth, She engages in philanthropic activities. One of such is the Rose of Sharon foundation, an NGO that supports widows and orphans by empowering them using business grants and via scholarship to various universities in the country and beyond. Folorunso Alakija Scholarship Scheme.
Theophilus Danjuma – Net Worth $1.1 billion
Theophilus Danjuma is a Nigerian billionaire philanthropist, and a retired army general whose net worth is estimated at $1.1 billion according to Wikipedia. He is the CEO of South Atlantic Petroleum (SAPETRO).
Danjuma is a Christian whose father was a metal trader and a farmer. He had his education at Ahmadu Bello University in Zaria where he studied History before joining the Nigerian Army in 1960.
In the military, Danjuma is an icon who was involved in many coups in Nigeria’s history which led to his rise in ranks from a second lieutenant to being a General.
One of such political events was the coup that happened in July 1966. He was able to stop the coup of 1976 foiled by Buka Suka Dimka. This act earned him recognition in politics. He retired from active military service in 1979 to focus on his businesses.
Abdusalam Rabiu – Net Worth $1.5 billion
Abdusalam Rabiu is one of the richest men in the country. This wealthy business man was born in Kano in 1960 and his father, Khalifah Isyaku Rabiu was also a rich industrialist during the first republic.
His success came as a result of his investment in the BUA Group. Abdusalam formed the BUA Group in 1988 and since then, the group has expanded its interest in various sectors of the economy. It is said that the conglomerate is now worth $2.5 billion.
Aside these, his company bought Nigerian Oil Mills and also bought majority of the shares at the Cement Company of Northern Nigeria.
Abdusalam Rabiu is currently the chairman of the Nigerian Bank of Industry and he is said to have an estimated financial worth of $1.5 billion according to Forbes 2019.
Tony Elumelu – Net Worth $1.4 billion
Also on our list of Forbes richest men in Nigeria is Tony Elumelu with an estimated financial worth of $1.4 billion. Sir Tony Elumelu is a seasoned entrepreneur, economist and philanthropist.
Tony Elumelu is an icon in the banking industry. He acquired Standard Trust Bank and made it one of the top commercial banks in Nigeria in the shortest possible time.
Also in 2005, after the acquisition of the United Bank for Africa (UBA), Sir Tony transformed the financial institution from a Nigerian bank to a pan-African financial institution that has its presence in almost 20 African countries.
Some of Tony Elumelu’s investments include the United Bank for Africa (UBA), Heir Holdings and the Transcorp. As a philanthropist, he has helped and imparted in the lives of many Africans through his foundation, the Tony Elumelu Foundation.
Orji Uzor Kalu – Net Worth $1.1 billion
Orji Uzor is another Nigerian billionaire who is active in politics. He was a former governor of Abia state and has various investments in the marine sector, oil and gas industry and media sector.
He is the chairman of SLOK Holding and the Publisher, Daily Sun and the New Telegraph newspapers. Orji Uzor Kalu is also among the richest men in Nigeria 2019 with a net worth estimated at $1.1 billion according to Forbes.
His success story began as a student activist during his education at University of Maiduguri where he spearheaded the Ali Must Go riots. He was later suspended by the school authorities due to his participation in the said riot.
Before establishing the SLOK Group of companies which is one of the largest conglomerates in Nigeria, he was a palm oil seller and was also involved in selling furniture. Today, Orji Uzor Kalu companies has expanded to the shores of abroad.
Jim Ovia – Net Worth $1 billion
Jim Ovia has become an inspiration and mentor to many youth who aspire to become successful entrepreneurs in future. His ability to make Zenith Bank one of Nigeria’s top commercial banks makes his story worth reading.
He is a decorated economist who graduated from Havard Business school, introducing various ideas and innovations that has helped grow his businesses to a very high level in different sectors of the economy.
According to Forbes, Jim Ovia net worth is estimated at $1 billion. He was also the owner of Visafone Communications Limited which he has since sold to MTN.
Oba Otudeko – Net Worth $650 million
Oba Otudeko is one of the wealthiest men in Africa with an estimated net worth of $650 million. He owns the Honeywell Group and is the current chairman of FBN Holding Plc.
The majority of Oba Otudeko investments stretches from the oil and gas industry, marine industry, financial services and he has interests in real estate.
Arthur Eze is the chairman and founder of Atlas Oranto Petroleum, a company he founded in 1991. This company has presence and assets in various African countries like Liberia, Guinea and the Gambia. He is also one of the top 20 richest people in Nigeria.
Cletus Ibeto is a wealthy Nigerian business man who heads the Ibeto Group. From producing cement, to automobile parts, real estate and other interest, Ibeto group has merited its rank among the largest conglomerates in Africa.
Benedict Peters is one of the richest people in the country who owns oil wells and the founder of AITEO Group.
Igho Sanomi is also a wealthy business entrepreneur who has interest in the telecommunications sector, shipping sector, and energy sector. He hails from Agbor in Delta state.
Igho is the Executive Director of Cosmos oil AG. He also founded Taleveras, a company that deals with energy.
ABC Orjiakor is the founder of Seplat Petroleum and also a graduate of the popular Harvard business school. Before venturing into business, he was a surgeon.
Today, Bryant Orjiako is among the richest Nigerian billionaires who has investments in oil and gas, real estate, construction and even the agricultuarl sector.
Bode Akindele was formerly among the top 10 richest men in the country. He is in his 80’s but still heads the Mondola Group, another conglomerate worth millions of dollars and has interests in various sectors.
Emmanuel Ojei is a wealthy business man and the chairman of Nuel Ojei Holding Limited. He is mostly into banking, construction, importation, and other businesses
Mohammed Indimi – Net Worth $450 million
Mohammed Indimi is also among Forbes richest Nigerian billionaires entrepreneurs with an estimated worth of $400 million. He founded Oriental Energy in 1990 and the company deals on Energy.
Tunde Folawiyo – Net Worth $400 million
According to Forbes, Tunde Folawiyo is one of the richest men in the country worth $400 million. He is among the top directors of MTN Nigeria and the chairman of the Yinka Folawiyo Group.
Belo Osagie has interest in oil, telecommunications and the financial industry. He has occupied various top positions in the country. One of such positions include being the chairman of the United Bank of Africa from 1998 to 2004. He completes our list of top 20 richest men in Nigeria this 2020.