Who are the richest people in Nigeria? These are names that have been etched in our hearts forever (excluding one or two names). To be wealthy is one thing, but to be consistent and stay grounded in that status? That’s a record.
This list is mostly made up of people who have remained grounded in their status, despite every turbulence. Let’s take a look.
Top Richest People in Nigeria
1. Aliko Dangote
2. Mike Adenuga
3. Abdul Samad Rabiu
4. Adebayo Ogunlesi
5. Tope Awotona
6. Theophilus Danjuma
7. Femi Otedola
8. Tony Elumelu
9. Jim Ovia
10. Folorunso Alakija
Top 10 Richest People in Nigeria
From oil money to tech money, cement and food to telecommunications, fashion and aviation to banking and finance, the list is packed with names across sectors and generations. The list is variable and susceptible to change, especially because of economic fluctuations. But they’re mostly names you recognize for how far they’ve come. Some even go as far as being on the Forbes list.
1. Aliko Dangote
From Burna Boy’s Dangote to Dangote cement and sugar, who doesn’t recognise the name? Not just in Nigeria, but in Africa at large, there’s no list of the richest people if Dangote isn’t at the top. He has consistently been the richest man in Africa for as far back as I can remember.
His legacy is Dangote Group, and he produces cement, sugar, flour, salt, and fertilisers. He was first known for his cement; in fact, it is said that he controls over 60% of the Nigerian cement market. But, he’s been known to never put all his eggs in one basket – hence, his diversification.
Like Burna said, Dangote still dey find money, Dangote is still in the search for more money even when his net worth is over $20b. His most recent venture is the Dangote Refinery, one of the world’s biggest single-train (a one-man operation) refineries.
2. Mike Adenuga
He has you questioning the truth in Teni’s Billionaire, especially when she said he doesn’t have two heads. Adenuga is relatively not in the public eye, but his works speak volumes.
With his Globacom, he has one of the world’s largest telecommunications operations. Glo has recorded more than tens of millions of subscribers. Not only does he connect people with his mobile network, but he is also into energy. Adenuga owns more than 70% of Conoil, an oil company that makes him a key player in Nigeria’s energy sector. He has an estimated fortune of around $6-7 billion.
3. Abdul Samad Rabiu
You must have been seeing “BUA” all around Nigeria. Abdul Samad Rabiu has cemented a name for himself as its founder.
In case you haven’t seen any of BUA Group’s products yet, it is made up of BUA Cement and BUA Foods. The foods are centralised on Nigerian staples like sugar, flour, and pasta, while the cement has leveled up to be a top competitor for Dangote’s.
His shares in BUA are publicly listed on the Nigerian exchange, showing his net worth to be around $7-8 billion.
4. Adebayo Ogunlesi
I’ll be honest, the first time I heard about this name, it was in Burna Boy’s Wonderful. That’s probably because he is a Nigerian with global acclaim. His primary activities are on the international front. I was amazed at his accomplishments from law to banking and aviation.
He is the Chairman of Global Infrastructure Partners, the firm that is behind major airport and energy investments. His global success scale shows Nigerians that there’s no border to success; you just have to hustle like Adebayo Ogunlesi. His net worth is estimated to be $2.5 billion as of 2025.
5. Tope Awotona
He’s not just a role model to the young; in the fast-growing, tech-evolving world we’re in, he’s the success figure tech entrepreneurs can look up to.
Born in Lagos and now in Silicon Valley, Tope Awotona is another Nigerian making us proud on the global front. He founded Calendly, a scheduling tool that is useful all over the world. He has an estimated value of $1.4b. When it comes to Tope Awotona, there’s no limitation stopping him.
6. Theophilus Danjuma
At 87, he’s the oldest person on this list. You might wonder why he’s here. Not only does he merit the spot by numbers, but he also shows that wealth is sustainable over decades. From a military General to an oil baron, who says there’s a limit to your expansion?
After he retired from the military, he founded South Atlantic Petroleum (SAPETRO) and has diversified into shipping, logistics, and real estate. His net worth is estimated to be over $1 billion.
7. Femi Otedola
Do you remember the part in Olamide’s Oil & Gas track where he said Femi Otedola, ẹ na mi ni dollar; Femi Otedola, spray me dollar? Do you ask an average person to spray you in one of the strongest currencies in the world? Exactly.
He’s one of the biggest names when it comes to wealth in Nigeria. From oil tycoon to power generation, he has made billions for himself. He first made gold with Zenon oil, before he divested his majority stake in Forte Oil, where he was Chairman.
A smart investor with a diversified portfolio, his wealth is tied to several investments like his new power generation company (Geregu Power PLC), real estate, and even stakes in banks like FBN Holdings. In Nigeria’s volatile economy, he sure knows how to wade in the waters.
He has recently published a book, Making it Big. Get a copy to understand the making of Otedollar.
8. Tony Elumelu
Tony Elumelu is not just wealthy; he makes the wealthy. His foundation, Tony Elumelu Foundation, has supported close to 20 thousand entrepreneurs, giving them a chance at success.
He’s the pioneer of Africapitalism, an economic philosophy that the African private sector has the power to positively impact the continent through entrepreneurship and long-term investments, creating economic prosperity and wealth across social classes.
Tony Elumelu is UBA’s Chairman, alongside his family-owned investment company, Heir Holdings, and in hospitality, Transcorp PLC. His wealth is from a blend of financial services, real estate, hospitality, and other ventures. His net worth is not precisely known, but estimated to range from hundreds of millions to the low billions.
9. Jim Ovia
Widely regarded as the godfather of banking (rightly so), Jimmy Ovia is the founder of Zenith Bank – one of Nigeria’s largest banks.
Although he has stepped down from active management in the bank, his impact remains unquestionable as the bank grew into one of the most successful banks in Nigeria under his leadership.
To date, he is one of the most respected business leaders in Nigeria. He’s widely known for his impact in the finance sector; however, he’s not limited to finance. He has stretched into fintech and real estate. His net worth is also not precisely known, but based on popular opinion, he’s definitely worthy of his spot on the list.
10. Folorunso Alakija
An inspiration to women in a male-dominated world, Folorunso Alakija is not just the richest woman in Nigeria, but also in Africa.
With a foundation in a successful fashion venture, she soon ventured into the oil industry. She is the founder of Famfa Oil Limited, and she holds a substantial stake in the Agbami Oil Field. She has since then diversified into real estate through The Rose of Sharon Group and printing through Digital Printing Reality Ltd.
She’s an emblem of success in Nigeria and all over Africa; she is particularly a motivation to women as she shows that there’s no field in which women cannot make a successful headway and that there are rooms for women at the top of the ladder.
Conclusion
I know you’ve heard a lot about the colour red, but let this paint a picture of red as powerful. Did you notice everyone on this list had a touch of red?
In a country where everything feels tight, and the economy always seems to be heading downhill, I hope you got some motivation from these people. Distance yourself from every thought that says the richest people in Nigeria are a special class.
Each individual on this list tells a different story, and I can’t wait to tell your story. Start from where you are. I promise there’s a lot that you don’t see behind the scenes. You’re doing very well, no pressure.
