Top 20 Richest Men in Nigeria – Number 1 Will Blow Your Mind


Nigeria is one of the largest and most populated countries in Africa. It prides in not only having some of the richest men in Africa, but also the world. While we believe there are several more Nigerians that would rank among the richest in the world today, we’ve discovered that just a few have made the Forbes list of richest people in the world, the reason being that companies like Forbes and Bloomberg estimates the wealth of individuals and usually rank them based on the value of shares they have in quoted companies (ie companies listed on the stock exchange). In this article, we’ve taken a look at Forbes list and have combined that with information from other sources such as Bloomberg and Ventures Africa to come up with a more comprehensive list of the richest men in Nigeria, these are billionaires and multi millionaires, all figures are in US dollars

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20. Oba Oteduko

Net Worth: $550 Million

Industry: Diversified


Obafoluke Otudeko’s net worth is estimated to be $550 million according to Forbes (estimated to be worth $1 billion by Ventures Africa). He is a Chartered banker, Chartered accountant, and also a Chartered Secretary by profession. Dr. Oba Otedeko’s business interests spread both locally as well as internationally. His wealth comes from investments and entrepreneurship, he sits or has sat on boards of prestigious firms that include Fan Milk Plc, Airtel Nigeria, Honeywell Group, First Bank of Nigeria, Eco Bank, Guinness Nigeria Plc. Honeywell group where he serves as the Chairman of the board is a business conglomerate with operations stretching across oil and gas, flour milling, real estate and marine transportation. Anchorage Leisures, a subsidiary of the Honeywell Group, owns Radisson Blu which is a prominent waterfront hotel in Victoria Island, Lagos. Oba also owns minority stakes in First Bank and Ecobank.

19. Hakeem Belo Osagie

Net Worth: $600 Million

Industry: Oil and Gas/Telecoms

Hakeem Belo Osagie

Hakeem Belo-Osagie is a petroleum economist as well as a businessman. His net worth is believed to be about $600 million according to Forbes. The Harvard educated businessman is also the chairman of Etisalat, Nigeria’s fourth largest mobile telecom network, with more than 18 million subscribers. He is a renowned philanthropist who regularly donates to African Leadership Academy. This learning institution based in Johannesburg, South Africa trains bright students on how to become future leaders. Hakeem Belo-Osagie also holds an M.A. from Oxford University in England.

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18. Tunde Folawiyo

Net Worth: $650 Million

Industry: Oil & Gas, Telecom


Tunde Folawiyo is a Nigerian businessman and the managing director of Yinka Folawiyo Group, a conglomerate founded by his father, Wahab Folawiyo with interests in oil and gas, agriculture, shipping, real estate and engineering. The company’s oil exploration firm, Yinka Folawiyo Petroleum, owns a 60% interest in an oil block that contains the Aje offshore field. Other assets include minority stakes in Nigeria’s Access Bank and mobile phone carrier MTN Nigeria.

17. Mohammed Indimi

Net Worth: $670 Million

Industry: Oil & Gas, Self made


Mohammed Indimi founded Oriental Energy Resources, a privately owned Nigerian oil exploration and production company, a company that owns three major offshore assets in Nigeria including OML 115, Ebok Field (OML 67), and the Okwok Field (OML 67).  Six of his children serve on the company’s board where he is currently the Chairman. His daughter is married to the son of former Nigerian military dictator, Ibrahim Babangida.

16. Abdulsamad Rabiu

Net Worth: $700 Million

Industry: Consumer Goods


Abdulsamad Isyaku Rabiu is estimated to have a net worth of $700 million according to Forbes ($1.5 billion according to Ventures Africa). This prominent Nigerian business man was born in 1928 in Kano, Nigeria. He was born in a business oriented family. He learnt the business acumen from His father who was also a successful businessman, and also a religious scholar. His main line of business includes trading in commodities such as sugar, rice, and vegetable oil. Currently, He is the chairman of BUA group which is also involved in flour milling, sugar refining, and processing of vegetable oil.

Abdulsamad Rabiu has been named Africa’s newest billionaire in Forbes’ November 2013 issue. Abdulsamad’s fortune grew from $670 million in 2012 to $1.2 billion this year, according to Forbes Africa.

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