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Top 10 Richest People in Nigeria

Richest Man in Africa 2020

Nigeria has a total of four billionaires in Africa as listed by Forbes magazine. These include; the richest man in Africa and the richest black man in the world Aliko Dangote, Globacom Chairman Mike Adenuga among others. Read on to find more about the richest men in Nigeria and the list of the top 10.

The Richest Men in Nigeria

Aliko Dangote

Aliko Dangote -$8.3 Billion

Richest Man in Africa 2020
Richest Man in Africa 2020

Since 2013, Dangote has the maintain his position as the richest person in Nigeria and Africa. He has an estimated net worth of US$8.3 billion May, 2020 making him the 162nd wealthiest person in the world and the richest person in Africa.

He is famous for the Dangote cement and sugar, subsidiaries of the Dangote Group, of which he is the Chairman.

He has been named the most powerful person in Africa for five conservative times beginning 2013.

Dangote was awarded Nigeria’s second-highest honour, the Grand Commander of the Order of the Niger (GCON) by the former president, Goodluck Jonathan.

It will interest you to know that Aliko Dangote is the great-grandson of Alhaji Alhassan Dantata, the richest West African at the time of his death in 1955.

Mike Adenuga – $7.7 Billion

Mike Adenuga net worth

The second richest person in Nigeria, Africa’s largest country by population is Mike Adenuga.

His company Globacom is Nigeria’s second-largest telecom operator, which has a presence in Ghana and Benin.

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He owns stakes in the Equitorial Trust Bank and the oil exploration firm Conoil. 

Abdul Samad Rabiu- $3.1 Billion

Richest Person in Nigeria

Abdul Samad is the founder and chairman of BUA Group, a Nigerian conglomerate concentrating on manufacturing, infrastructure and agriculture and producing a revenue in excess of $3.1 billion.

He is also the chairman of the Nigerian Bank of Industry (BOI).

Number 4 of Richest men in Nigeria

Femi Otedola – $1. 8 Biliion

Femi Otedola net worth

Femi Otedola is the controlling shareholder of publicly traded Forte Oil, an oil marketing and power generation company.

Originally a Nigerian subsidiary of British Petroleum (BP), Forte Oil has more than 500 gas stations across the country.

It owns oil storage depots and manufactures its own line of engine oils.

In 2013, Otedola led the company to purchase a government-owned stake in a gas-fired power plant in Kogi state in central Nigeria.

Folorunso Alakija – $1.0 Billion

Richest men in Nigeria
Folorunso Alakija
Image by Forbes Africa

Alakija is involved in the fashion,  oil, real estate and printing industries.

She is the group managing director of The Rose of Sharon Group which consists of The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited and the executive vice-chairman of Famfa Oil Limited.

She also has a majority stake in DaySpring Property Development company.

Alakija is ranked by Forbes as the richest woman in Nigeria with an estimated net worth of $1 billion.

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As of 2015, she is listed as the second most powerful woman in Africa after Ngozi Okonjo-Iweala and the 87th most powerful woman in the world by Forbes.

Other Richest Men in Nigeria Who are not on Forbes List

Jimoh Ibrahim – $1.1 Billion

Richest Person in Nigeria

Jimoh is a lawyer, politician, businessman, and philanthropist in Nigeria.

He is the chairman and chief executive officer of Global Fleet Group, a diversified conglomerate based in Nigeria, with business interests and subsidiaries in neighboring West African countries.

Number 7 Richest Men in Nigeria

Uzoma Dozie – $1.1 Billion

Richest  Person in Nigeria

 Dozie is a banker, tech investor and financial inclusion advocate. He is the CEO and Founder of Sparkle, a financial technology community and ecosystem.

Before launching Sparkle in 2019, he was the GMD and Bank CEO of Diamond Bank from 2014  and successfully implemented a merger  with Access Bank Plc in 2018.

While at Diamond Bank, Uzoma also served as Executive Director of Corporate Banking and Executive Director of Regional Business Lagos & West Regions.

Orji Uzor Kalu – $1.1 Billion

Richest  men in Nigeria

Orji Uzor Kalu is the founder of Slok Holding, a West African conglomerate with interests in shipping, banking, oil trading, manufacturing and the media.

He got his start in business at age 19 after being expelled from a Nigerian university for spearheading a series of student riots.

He borrowed $35 from his mother and started trading commodities like palm oil, rice and sugar.

He diversified into furniture manufacturing and transportation and became a millionaire by the time he was 20.

He hit the big time in the early 80s when the Nigerian military government awarded him lucrative contracts to import and supply arms and ammunition to Nigeria’s military and defense forces.

He was previously a governor of Abia state in Nigeria’s southeast. 

Number 9 Richest Men in Nigeria

 Jim Ovia – $ 980 Million

Richest men in Nigeria Forbes

Jim Ovia is the founder of Zenith Bank, one of the largest commercial banks in Nigeria.

He is the chairman and largest individual shareholder with a stake of slightly more than 9% stake.

He also owns prime real estate across Nigeria.

Number 10 of Richest men in Nigeria

Bola Shagaya – $ 950 million

She started her career with the audit department of the Central Bank of Nigeria before venturing into commercial activities in 1983.

Her business experience started with the importation and distribution of photographic materials and she introduced the Konica brand of photographic materials into the Nigerian market and West Africa.

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From the web

Tunde Folawiyo Net Worth

Tunde Folawiyo net worth

What is Tunde Folawiyo net worth

Tunde Folawiyo Net Worth is $650M according to Forbes

Tunde Folawiyo is the managing director of the Yinka Folawiyo Group, conglomerate with interests in energy, agriculture, shipping, real estate and engineering.

His father, Wahab Folawiyo, a well known Nigerian businessman and Islamic leader, started the group in 1957 as a commodities trading outfit and served as chairman until 2008 when he passed away. Folawiyo now calls the shots.

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.

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Tunde Folawiyo was educated at the London School of Economics, where he obtained a B.Sc degree in Economics in 1980, and an LL.B in 1984. He obtained an LL.M degree from the University College London in June 1985.

Yinka Folawiyo Group of Companies

In 1957, Tunde’s father started Yinka Folawiyo & Sons as a commodity trading company. The company was established to carry out import and export activities between Nigeria and other countries.

In 1956, his father became the first entrepreneur to develop trading activities between Eastern Europe and Nigeria. Yinka Folawiyo & Sons grew its activities across the region, trading in commodities such as sugar, cement, construction materials, tinned and frozen fish, dairy products and rice.

As the company progressed, it evolved into Yinka Folawiyo Group with subsidiaries in shipping, oil and gas, real estate and agriculture.

Subsidiaries of Yinka Folawiyo Group

Maritime Associates International

The company was incorporated in 1967 as a shipping and forwarding agency. Maritime Associates was invited by the Nigerian Produce Marketing Company (NPMC) to be a national carrier for Nigerian agricultural exports.

United Property Developers

The company was incorporated in 1971 when there was growing need in Lagos for commercial and residential properties. Ever since then, it has developed warehouses, residential and office properties across Nigeria.

Yinka Folawiyo Petroleum

Incorporated in 1982 and has become one of the leading indigenous oil companies in Nigeria. The company was granted an Oil Prospecting License(OPL) in 1991 and owns 60% interest in the Aje Oil and Gas field located in Block OML 113 Offshore, Lagos.

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In 2016, Yinka Folawiyo Petroleum commenced production of crude oil from Aje Oil and Gas, which is the first producing field outside the Niger Delta in Nigeria.

Folawiyo Energy Limited

The company is a mainstream oil and gas company. It focuses on delivering storage solutions for refined fuel products. The company has a laboratory and on-site testing facility that measure and sample received and distributed products.

Enyo Retail and Supply

The fuel retailing brand was incorporated in 2016 with the aim of expanding the group trademark in the downstream energy space. It provides fuel retailing services and renewable energy products to Nigerian market.

Folawiyo Farms

The company was launched in 1986 to diversify the interest of the Group. Folawiyo Farms is located in Oyo State and they cultivate and process crops, and rear poultry. Crops grown includes pineapple, maize and cassava.

Tunde Folawiyo Net Worth

Tunde Folawiyo net worth is estimated at $650 million according to Forbes. He is one o the richest men in Nigeria

He serves as Director of MTN Nigeria Ltd, Executive Director of Yinka Folawiyo Group of Companies. Tunde also founded Folawiyo Energy Ltd, a subsidiary of the Yinka Folawiyo Group of Companies.

Read Richest Men in Nigeria

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Ned Nwoko Net Worth

Ned Nwoko net worth

What is Ned Nwoko net worth

Ned Nwoko net worth is estimated at $1.5 billion

Prince Ned Nwoko  is a Nigerian lawyer, politician and humanitarian. He was a member of the House of Representatives (Nigeria) between 1999 and 2003 representing Aniocha North-South and Oshimili North-South.

Early life and education

Ned Nwoko was born into the Nwoko royal family, Idumuje Ugboko kingdom in Aniocha North Local Government Area of Delta State. His early education was in Nigeria. He moved to the United Kingdom and got his first degree in law and history at the University of Keele, Staffordshire UK.

Ned Nwoko net worth

He also attended King’s College London, culminating in a post graduate class with an LLM in Maritime and Commercial law. Nwoko was subsequently called to the English bar, at Lincoln’s Inn.

Career

Nwoko began his legal career as a prosecutor for the crown and qualified as a solicitor of the supreme court of England and Wales. He worked at Kumars Solicitors and Pascaldiers & Co Solicitors before establishing Ned Nwoko & Co Solicitors in London.

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Nwoko was secretary general, Nigerian legal practitioners UK and was visiting adviser, citizens’ advice bureau, based in London.

He received an Honorary Doctorate degree in Letters (D.Litt.) by Commonwealth University College, Belize and honorary doctorate degree in science by the Federal University of Petroleum Resources Effurun FUPRE, Delta state.

Nwoko returned to Nigeria in December 1998 to contribute to the enthronement of a viable democratic institution in the country following the military disengagement from power, after long years of military dictatorship.

Ned Nwoko made a remarkable entry into Nigeria’s political turf when he was elected member of the House of Representatives between 1999 and 2003. He represented Aniocha / Oshimili federal constituency, making an impressive showing in the legislative house.

Ned Nwoko was part of those instrumental to the initiation of the London and Paris Club Loans into Nigeria. He authored the reports that led to Nigeria government’s discontinuation of monthly deductions from states’ allocations and commencement of refunds to States.

Through his Law firm, Ned Nwoko Solicitors and his Company, he investigated the multinational creditors and discovered discrepancies in loan repayments, and this resulted in the refund of the first tranches of loan during Obasanjo administration. 

He also charged the Federal government to court on behalf of 774 Local governments for the refund of illegal deductions and obtained judgment of $3.2billion for the local governments. The Federal government of Nigeria has started refunding the monies in line with the court judgment of 2013.

Nwoko also served on the Vision 2010 Committee and is a member of the capital market. He served as Chairman of the External Committee of Vision 2010. Nwoko is also the Chairman of Project Tourism Nigeria.

Read Top 10 Richest Men in Nigeria

Ned Nwoko Net Worth

Ned Nwoko net worth is estimated at $1.5 billion. He is one of the wealthiest men in Nigeria. Ned is the founder of tourism destination Mount Delta, one of 21 tourism sites approved by Delta state government. The tourist site consists of museum, farm, zoo, fishponds, poultry and a 9-hole golf course.

Through his foundation, Prince Ned Nwoko Foundation, he has contributed to the empowerment and education of youths of his constituency, senatorial district and state.

In 2019, he donated $273,000 (N100M) for the rehabilitation of failed portions of the road linking the South Eastern Nigeria to the nation’s capital, Abuja.

 In 2019, he pledged the sum of $200,000 (about N71.6m) to UNESCO to support the development of sports in West Africa.

Ned built in his hometown one of the biggest mansions in Nigeria. It is so big that it has its own name, Castle in the air. The mansion is said to have its own private zoo housing animals like horses, monkeys, ostriches, crocodiles, etc, livestock farm rearing over 5000 poultry, two acres of palm tree, a standard tennis court and an Olympic size swimming pool. Definitely a Castle!

He also has houses in the United Kingdom, United State of America, France and also in Nigeria.

Read Richest Kings in Nigeria

Awards and recognition

  • 2018: Africa Value Awards – Effective Leadership and Youth Empowerment 
  • 2019: Peace Achievers Awards 
  • 2019: Delta Role Model Awards – Humanitarian Services
  • 2019: Prime Excellence Recognition Awards – Man of the year 
  • 2019: Abuja AR Reporters Awards- Man of the year 2019 
  • 2019: Suncity Champions of Democracy Awards – Humanitarian Services 
  • 2019: 5 stars awards for Tourism Development in Africa
  • 2019: University of Nigeria, Nsukka Nigeria Philanthropy Awards 
  • 2019: Anti corruption crusader Awards
  • 2019: All Africa Music Awards AFRIMMA – Africa Community Impact Awards
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Ayigbe Edem Net Worth

Ayigbe Edem net worth

Ayigbe Edem net worth ?

Ayigbe Edem net worth is estimated at $ 1 million

Denning Edem Hotor is a Ghanaian recording artist and entertainer who performs under the name Edem. In 2015, he was awarded Best International Act-Africa at the Black Canadian Awards in Canada.

Early life

Edem hails from Dzogadze, a small town in Abor, in the Volta Region of Ghana. Of two kids, Edem is the only son and Wendy Sefakor Agbeviadey. The young Edem spent most of his youth in Accra and Aflao. He completed his primary and Junior High education at the Amazing Love International Schools.

As a product of the secondary school system in Ghana, he enrolled in Bishop Herman College for his senior high school education. He lost his mother at age 13. He was left with his dad, a lawyer, and his sister. He lost his dad at age 16. His only immediate family at the moment is his sister. He grew up surrounded by music, ranging from hip hop to dancehall, reggae and highlife.

Music Career .

By age nine, Edem was usually caught pounding on tables, empty tins and any item that could produce good rhythm.

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He joined his first music group in junior high. In senior high, he formed a 6-member group called the Ringmasters. They performed at the school as well as at funfairs elsewhere. They usually sang, rapped and danced.

Ayigbe Edem net worth

Ayigbe Edem net worth

After senior high school, he proceeded with his quest to build a commercial career in music. He recorded in the underground with artists including Kokromoti, Nival, Trigmatic, Vyroz, M.O.B and Osibo

In 2006, he released his first radio hit single “Witine Woshi”, which translates as “we came and they ran”. It gained much popularity in his region and added to his underground reputation. That year, he got together officially with The Last Two Entertainment Group, headed by the hit maker Hammer of The Last Two. This label is responsible for artists including Obrafour in 1999, Tinny, Kwaw Kesse in 2005.

In total, he has released three albums including; Volta regime, mass production, books and rymes and an EP in 2020

Ayigbe Edem net worth

Edem is estimated to have a net worth of $1 million. His main source of income is through music. He also has other side businesses which he runs.

He is one of the best rappers in Ghana

Recognition

Edem won the Best International Act-Africa at 2015 Black Canadian Awards. He beat Mafikizolo (South Africa), Yemi Alade (Nigeria), Davido (Nigeria), Eddy Kenzo (Uganda), Oritse Femi (Nigeria), and Teeyah (Ivory Coast) to win the award.

Edem won 2015 Vodafone Ghana Music Awards Album of the Year Books and Rhymes, Afropop song of the year with “Koene” and Video of the Year with “The One” video featuring SwayUk.

He topped the 2014 4syte TV Music Video Awards with 3 awards for Best Directed, Best Photography and Most Outstanding Video for “The One” featuring SwayUK directed by Gyo Gyimah

When the nominations list for the 2010 Ghana Music Awards was released, Edem’s maiden album had earned seven nominations

Songs

  • The Story of Efo Kodjo
  • Nyedzilo
  • Kpordawoe
  • The One
  • Koene
  • Wicked and Bad
  • Ohene
  • Gogaga
  • Bakowa Bani
  • Angels and Demons
  • Zero to Hero
  • I Am Blessed
  • March
  • Delaila
  • February
  • Weed and Liquor
  • Girlfriend
  • Badder dan dem
  • Best Rapper
  • January
  • Latex
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