Nigeria’s Richest Men Revealed: Meet the Billionaires Dominating Wealth in 2024

As of 2024, Nigeria continues to showcase a remarkable group of billionaires leading in industries such as manufacturing, telecommunications, oil and gas, real estate, and power generation. Here’s a look at the wealthiest Nigerians who represent the pinnacle of success and influence.

1. Aliko Dangote – $28.4 Billion

Aliko Dangote remains the wealthiest man in Africa and Nigeria with a net worth of $13.4 billion. As chairman of Dangote Group, his empire spans cement, sugar, and salt production. In 2024, his ventures expanded further with the Dangote Refinery and a prominent fertilizer plant, cementing his pivotal role in Nigeria’s economy​

2. Mike Adenuga – $6.7 Billion

Mike Adenuga, Nigeria’s second-richest individual, has amassed a $6.7 billion fortune in telecommunications and oil. His mobile network, Globacom, is one of Nigeria’s largest, and his company Conoil leads in oil exploration. His significant stakes in Nigerian banking further bolster his wealth​

3. Abdulsamad Rabiu – $5.2 Billion

The founder of BUA Group, Abdulsamad Rabiu has a net worth of $5.2 billion. BUA Group is active in cement production and sugar refining, meeting a substantial part of Nigeria’s industrial demands. His ventures into renewable energy and food processing continue to shape Nigeria’s business landscape​

4. Arthur Eze – $5.8 Billion

Arthur Eze, with a net worth of $5.8 billion, is a major player in Nigeria’s oil industry through Atlas Oranto Petroleum. Known for his influence in both business and politics, Eze’s investments and philanthropic initiatives have made him a significant figure in Nigeria’s economic and social spheres​

5. Femi Otedola – $1.4 Billion

Femi Otedola, chairman of Geregu Power Plc, has redirected his focus from oil to energy generation, resulting in a net worth of $1.4 billion. His stakes in First Bank of Nigeria and real estate holdings in prime locations reflect his strategic investment approach​

6. Folorunsho Alakija – Estimated around $1 Billion

As one of Nigeria’s wealthiest women, Folorunsho Alakija has major holdings in Famfa Oil, a key Nigerian oil company. Despite fluctuations in the oil industry, her investments in fashion and real estate have sustained her as a prominent billionaire in Nigeria​

7. Jim Ovia – Approximately $1 Billion

Jim Ovia, founder of Zenith Bank, is a veteran in Nigeria’s banking sector. His substantial holdings in Zenith Bank, along with his real estate and tech investments, support his reputation as a top figure in Nigerian finance​

8. Orji Uzor Kalu – $3.8 Billion

Orji Uzor Kalu, with a net worth of $3.8 billion, has diversified holdings through SLOK Holding, which includes investments in media and shipping. His ongoing political role as a Nigerian senator further contributes to his wealth and influence​

9. Tony Elumelu – Close to $1 Billion

Tony Elumelu, a major investor in Transcorp and United Bank for Africa (UBA), is known for his contributions to entrepreneurship in Africa. His philanthropic efforts through the Tony Elumelu Foundation also highlight his commitment to economic growth in Africa​

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10. Ifeoluwa Oluwarotimi – $4.6 Billion

Although lesser-known, Ifeoluwa Oluwarotimi has amassed a $4.6 billion fortune in real estate, agriculture, and oil. His diversified portfolio and discreet business approach have solidified his presence in Nigeria’s billionaire ranks