Family wealth is predominant in Nigerian and throughout the world and contributes to the overall economic growth of any financially powerful country. It is the key to building a transformative and sustainable future. In Nigeria, some families have tried to sustain their financial strength through good work ethics and other factors, building impressive net worths in the process. So, who and who are among the richest families in Nigeria? We have the list right here.
The 10 Wealthiest Families in Nigeria
1. The Dangote Family – $12.6 Billion
- Patriarch/Matriarch: Aliko Dangote
- State of Origin: Kano State
- Sources of Income: Dangote Conglomerate
- Famous Family Members: Aliko Dangote and Halima Aliko Dangote
There is no mention of the wealthiest families in Nigeria without the Dangote family headed by Aliko Dangote. He is a Nigerian businessman and industrialist listed as the wealthiest man in Africa for ten years in a row, with a net worth of around $13.5 billion. The Dangote family owns the Dangote Group, with Aliko himself as the CEO. The Dangote Group is the largest industrial conglomerate in West Africa, with various divisions like Dangote Cement, Dangote Flour, Dangote Sugar, and Dangote Refinery.
Dangote’s father, Al-Hassan Dantata, was also a wealthy businessman. He was a major supplier of raw materials in the colonial era. As of 1950, he was one of the richest men in West Africa. Other famous businessmen in the family include; Mamuda Dantata and Mudi Dantata.
Not much is known about Dangote’s family members except for Halima Aliko Dangote, his second daughter, a renowned businesswoman. Halima is the executive director of commercial operations and a Board member of the Dangote Group.
2. Abdul Samad Family – $8.6 Billion
- Patriarch: Abdul Samad Rabiu
- State of Origin: Kano State
- Sources of Income: BUA Group
- Famous Family Members: Isyaku Naziru Rabiu
Headed by Abdul Samad Rabiu, the Abdul Samad family is second on our list of richest families in Nigeria. The Abdul Samads are owners of the BUA Group, which is a Nigerian conglomerate concentrating on manufacturing, infrastructure, and agriculture.
Abdul Samad started his business importing rice, edible oil, flour, iron, and steel – a business he inherited from his father Isyaku Rabiu. He extended further into steel, producing billets, importing iron ore, and constructing multiple rolling mills in Nigeria. The family is known for owning the $900 million cement plant in Edo State and two flour-milling plants in Lagos and Kano.
Abdul Samad has 42 siblings, including Nafiu Rabiu and Rabiu Rabiu, the chairman of IRS Airlines. His children include Isyaku Rabiu, Junaid Rabiu, Rukaiya Rania Rabiu, and Khadijah Rabiu. Not much is known about Abdul Samads’ except for Isyaku Rabiu, who was a member of the board of directors of BUA Foods before he resigned in 2022.
3. Mike Adenuga Family – $6.3 Billion
- Patriarch/Matriarch: Mike Adenuga
- State of Origin: Oyo State
- Sources of Income: Telecommunications, Oil, Banking
- Famous Family Members: Paddy Adenuga, Bella Disu, Eniola, Babajide, Abimbola
The Adenuga family is one billionaire family in Nigeria worthy of mentioning in this list. The Adenuga family has a strong legacy in Nigeria, with their businesses impacting various sectors of the economy, including telecommunications, banking, and petroleum. The family is headed by a famous billionaire businessman and the sixth richest person in Africa, Chief Michael Adeniyi Agbolade Ishola Adenuga Jr. He is the son of Oloye Michael Agbolade Adenuga Sr, a school teacher, while his mother, Omoba Juliana Oyindamola Adenuga was a businesswoman of royal Ijebu descent.
Taking a leaf from his mother’s business acumen, Mike Adenuga built his fortune in telecom and oil production. However, he started off selling fabrics and made his first million at the age of 26. The Adenuga family are owners of Globacom, Nigeria’s third-largest telecommunication industry. Aside from telecommunications, the family also has interests in real estate, oil and gas, and banking.
Oyin Adenuga is Mike Adenuga’s eldest daughter; she worked at Equatorial Trust Bank as a Senior Manager and with Consolidated Oil as an Executive Director. Presently, she runs Imaginative Buying Services. Eniola, Bella Disu, and Paddy Adenuga are also some of Mike Adenuga’s children that are involved in the family business. His youngest daughter, Sade Adenuga, is a lawyer in the United States.
4. Tinubu Family – $4 Billion
- Patriarch/Matriarch: Bola Ahmed Tinubu
- State of Origin: Osun State
- Sources of Income: Politics, investments
- Famous Family Members: Wale, Oluremi Tinubu
The Tinubu family is the most revered family in Lagos state, and perhaps Nigeria, especially as Bola Ahmed Tinubu becomes Nigeria’s 16th president. Bola Tinubu, a former Governor of Lagos State and the owner of the Oriental Hotel is the son of Chief Abibatu Mogaji, who was a powerful community leader in addition to being a wealthy trader and businesswoman in Lagos. She served as the Association of Nigerian Market Men and Women’s President-General until she died in 2013.
Prior to his political career, Tunubu spent most of his professional life as an Executive at Mobil before starting his political career in 1992. Ahmed Tinubu also owns several real estate in Lagos. Bola Tinubu’s wife, Oluremi Tinubu, is likewise another distinguished family member. She was a Senator of the Federal Republic of Nigeria and currently serves as the First Lady.
A member of the family, Wale Tinubu is Oando PLC’s group chief executive, a lawyer, and a business professional from Nigeria. He started working as an attorney in 1990, specializing in corporate and petroleum law cases.
5. The Saraki Family
- Patriarch/Matriarch: Olusola Saraki/Florence Morenike Saraki
- State of Origin: Kwara State
- Sources of Income: Politics
- Famous Family Members: Bukola Saraki, Olusola Saraki, Gbemisola Ruqayyah Saraki
The Saraki family is one of the most famous families in Nigeria. They are known for sustaining their rich political heritage. Bukola Saraki, who is one of the most famous members of the family, is a politician, the 13th President of the Senate of Nigeria, and the Chair of the 8th Nigeria National Assembly. Saraki was also a two-term Kwara governor and one-time Chairman of the Nigeria Governors’ Forum (NGF)
The Saraki dynasty in Kwara has produced six governors from the time of the late Olusola Saraki, Bukola Saraki’s father. Olusola Saraki is also a consummate politician described as the godfather and kingmaker of Kwara politics. Until his death in November 2012 at the age of 79, he was well involved in the political affairs of the state. He served as a Senator in the Nigerian Second Republic (1979–1983) and was known by his chieftaincy title, the Waziri of the Ilorin Emirate.
Gbemisola Saraki is another member of the Saraki family with great feats in the Nigerian political system. Sister to Bukola Saraki, Gbemisola Ruqayyah Saraki has served as the Minister of State for Mines and Steel Development of Nigeria since 6 July 2022. She was also a former House of Rep member and a former Senator.
6. The Femi Otedola Family ($1.8 Billion)
- Patriarch/Matriarch: Femi / Nana Otedola
- State of Origin: Lagos State
- Sources of Income: Oil/Gas, Real Estate
- Famous Family Members: Temi Otedola, Florence Otedola
The Otedola family is one of the famous big shots in Nigeria’s billionaire class. Femi Otedola, who is the patriarch of the family, is a successful businessman, the creator of Forte Oil, a husband, and the father of four adorable kids.
Femi is the founder of Zenon Petroleum and Gas Ltd. and the owner of various other companies in the financial, real estate, and shipping industries. He recently invested in power generation as part of Nigeria’s recent liberalization of the industry.
Tolani, the first child of the Otedola family, is a singer. She has other famous siblings – Fewa, Florence Ifeoluwa, and Elizabeth Temi. Florence Otedola, also known as DJ Cuppy, is a music producer, DJ, and Nigerian tourism advocate. Temi, her younger sister, is an aspiring actress, fashion blogger, and designer. Nana Otedola, who is the matriarch of the family, is also a renowned Nigerian businesswoman.
7. The Adeleke Family – $1.7 billion
- Patriarch/Matriarch: Adedeji Adeleke
- State of Origin: Osun State
- Sources of Income: Real Estate and Businesses
- Famous Family Members: David Adeleke (Davido), Adewale Adeleke, Ademola Adeleke
Making it on our list of richest families in Nigeria is the Adeleke family. The Adelekes remain one of the most influential families in Nigeria. The family is headed by Adedeji Adeleke, who is often referred to as the richest man in Osun State, one of the richest in Nigeria, and one of the most successful businessmen in Nigeria.
The Adeleke family owns Pacific Holdings, and Adedeji is the President of Adeleke University, one of the fast-rising private Universities in Nigeria. Ademola Adeleke is a politician who was once a senator representing Osun West Senatorial District and who now serves as the Governor of Osun State.
Other Members of the Adeleke Family include David Adeleke (Davido), Adewale Adeleke, Bamidele Adeleke, Sharon Adeleke, Ashley Coco Adeleke, and Shina Adeleke. The late Isiaka Adeleke was also a formidable politician. Also included in the family is Chief Dr. (Mrs.) Modupe Adeleke-Sanni, the immediate Sister of Adedeji Adeleke and Ademola Nurudeen Jackson Adeleke – a politician and Osun state governor.
8. Danjuma Family ($1 Billion)
- Patriarch/Matriarch: General TY Danjuma/ Daisy Danjuma
- State of Origin: Taraba State
- Sources of Income: Shipping
- Famous Family Members: Daisy Danjuma
This is one of the richest families in the northern part of Nigeria. The reputation and wealth of the family date as far back as the era of military rule in Nigeria. Headed by General Theophilus Yakubu Danjuma, the Danjuma family play a significant role in Nigerian history.
The story of this family began with General Theophilus Yakubu Danjuma – a super-successful Nigerian politician and businessman who amassed enormous wealth from investing in petroleum and shipping businesses. General TY Danjuma had an illustrious career in the Nigerian Army, retiring as Chief of Army Staff in 1979.
The Danjuma family owns the NAL-COMET Group, which is one of the most successful indigenous shipping agencies and terminal operators in Nigeria, and South Atlantic Petroleum Ltd, an oil exploration and production company which is set to become one of the largest indigenous oil producers in Africa.
9. Tony Elumelu’s Family ($700 Million)
- Patriarch/Matriarch: Anthony Onyemaechi Elumelu / Dr. Awele Elumelu
- State of Origin: Delta State
- Sources of Income: Businesses
- Famous Family Members: Dr. Awele Elumelu
The Elumelu family is another set of wealthy people in Nigeria. The family is headed by Tony Elumelu, the executive of Heirs Holdings, Chairman of UBA Group, Chairman of Transcrop, and the founder of the Tony Elumelu Foundation. Tony has seven children whom he shares with his wife, Dr. Awele Elumelu, CEO of Avon Healthcare. He has five daughters, including his triplet daughters – Onyinye, Nneka, and Ugo. He also has a set of twin boys named Tony and Toby.
In 2018 and 2019, Tony was awarded the All-Africa Business Leaders Awards (AABLA) Philanthropist of the Year Award. He was also mentioned in TIME magazine’s 100 Most Influential People of 2020
10. The Mo Abudu Family ($650 Million)
- Matriarch: Mosunmola Abudu
- State of Origin: Ondo State
- Sources of Income: Film making, Reality TV shows
- Famous Family Members: Temidayo Abudu
Mo Abudu is most famous in the Nigerian entertainment industry and is one of the wealthiest women in the country. She is the owner of EbondyLife Television, Africa’s first Global Black Multi-Broadcast Entertainment Network, where she has created and produced entertaining content. Her film production company is EbonyLife Films.
Mo created and is the executive producer of The Debaters, a reality television show funded by Guaranty Trust Bank. In 2020, she made history by landing the first African multititle deal with global streaming giant Netflix. Under the terms of the deal, Mo Abudu’s company would produce two original TV series for Netflix as well as several movies. The exact worth of the deal is not known, but there is no doubt that it would be mindblowing and further buoy Abudu’s net worth.
Mo Abudu has a daughter, Temidayo Abudu, who has equally created a name for herself in the entertainment industry. She is a London graduate of Management and Marketing, and she’s EbonyLife’s producer. Also included in Mo’s family are her grandchildren, TJ and Ireoluwa.
Recap of the Richest Families in Nigeria
- Dangote Family – $12.6 billion
- The Abdul Samad Family – $ 8.6 Billion
- Mike Adenuga’s Family – $6.3 Billion
- The Tinubu Family – $4 Billion
- Saraki Family – $2 billion
- The Femi Otedola Family – $1.8 Billion
- Adeleke Family – $1.7 billion
- Danjuma Family – $ 1 Billion
- The Tony Elumelu’s Family – $700 Million
- The Mo Abudu Family – $650 Million