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

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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

Oba-Otudeko

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

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

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-Rabiu

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.

15. Femi Otedola

Net Worth: $900 Million

Industry: Oil & Gas

Femi-Otedola1

Otedola is the controlling shareholder of Forte Oil, with a 78% stake. The company owns gas/petrol stations and fuel storage depots and manufactures its own line of engine oils. Forte said its shares rose in 2014 due to new investments in power generation and distribution.

14. Michael Ibru

Net Worth: $1.1 Billion

Industry: Diversified

Michael-Ibru

Michael Ibru (1930) is a prominent Nigerian businessman from Agbarha-Otor, Delta State. He is the head of the Ibru Organization, one of the largest conglomerates in Nigeria.  Michael Ibru is one of Nigeria’s foremost industrialists. The Ibru Organisation has significant interests in aviation,shipping, media publishing, hotels, oil and gas, fishing, poultry and jetties businesses in Nigeria with over 13,000 people as employees

13. O.B. Lulu-Briggs

Net Worth: $500 Million (Forbes) $1.1 Bilion (Ventures Africa)

Industry: Oil & Gas

O.B. Lulu-Briggs

O.B. Lulu-Briggs is a well-respected statesman in Nigeria. He is said to have a net worth of $500 million according to Forbes. The 83-year-old is also the chairman and founder of Moni Pulo Limited. The company is engaged in oil drilling, exploration, and production. Some of the company’s oil blocks are located in Abia, Akwa-Ibom, and Ondo state. The main project has a capacity to produce about 10,000 barrels of oil a day. Together with His wife, O.B. Lulu-Briggs runs the O.B. Lulu- Briggs foundation which offers humanitarian assistance to the remote villages.

12b. Emmanuel Ojei

Net Worth: $1.2 Billion

Industry: Diversified

Emmanuel-ojei

Dr. Emmanuel I. U. Ojei serves as the Chairman of Nuel Ojei Holding Limited. Dr. Ojei heads a worldwide group of companies whose scope of activities remain diverse and include Construction, Banking, Importation, Sales and services of motor vehicle and Oil. He is a highly successful industrialist and investor

12a. Bode Akindele

Net Worth: $1.2 Billion

Industry: Diversified

Bode-Akindele-620x350

Akindele is the chairman of Mondola Group, one of the largest Nigerian-owned conglomerates with interests across the agriculture, beverages, food processing, manufacturing, maritime, real estate and transportation sectors.

11. Dr. ABC Orjiakor

Net Worth: $1.2 Billion

Industry: Oil & Gas

Dr_abc_Orjiako

This orthopaedic and trauma surgeon turned Oil and Gas business mogul is the chairman and co-founder of SEPLAT, one of Nigeria’s largest petroleum development companies. SEPLAT made history as Nigeria’s first indigenous oil and gas company to list on the London Stock Exchange. SEPLAT’s dual-listing on both the Nigerian and London exchanges valued it at $1.91 billion. The Initial Public Offer also raised the Nigerian Stock Exchange (NSE) market capitalisation by 2.23 percent. No wonder the World Economic Forum (WEF) named SEPLAT as a Global Growth Company in 2014. Orjiakor also operates other ventures in construction, real estate, pharmaceuticals and shipping.

10. Igho Sanomi

Net Worth: $1.3 Billion

Industry: Oil & Gas

igho-sanomi

Igho Sanomi, Nigeria’s youngest billionaire is the founder and CEO of Taleveras Group, a Nigerian energy, power, construction and trading conglomerate with an annual revenue of over $3.5 billion. He has business interests in oil, telecommunications, maritime, aviation and real estates. Igho Sanomi was profiled by Forbes magazine in 2007 as “one of the new generation of young professionals in Nigeria who are establishing themselves as young leaders of the private sector business community

9. Oji Uzor Kalu

Net Worth: $1 Billion

Industry: Oil & Gas

Orji-Uzor-Kalu

Orji Uzor Kalu is the chairman of SLOK Holding, the Daily Sun and New Telegraph newspapers in Nigeria, he served as the governor of Abia State, Nigeria from May 29, 1999, to May 29, 2007. Slok is a $2.5 billion (annual revenues) West African conglomerate with interests in shipping, banking, oil trading, manufacturing and the media. Kalu is the chairman of First International Bank Limited. The bank operates branches throughout Gambia.

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