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Meet The Top 5 Richest People In Nigeria

In this post, we’ll take a look at the 5 richest individuals in the country.

1. Aliko Dangote

Aliko Dangote is currently worth over $12.5 billion. He is the richest man in Nigeria and Africa. He is also the 67th richest person in the world.

Dangote has investments in Nigeria as well as countries like Benin, Ethiopia, Senegal, Cameroon, Ghana, South Africa, Togo, Tanzania and Zambia.

Although Dangote was born into a wealthy family, he hasn’t rested on his soars due to his family’s riches. His journey into becoming a billionaire began when he established a small trading firm in 1977. This firm would later metamorphose in to what is now known as the Dangote Group.

The Dangote Group is a major force in the sugar and cement market in Nigeria and Africa. Over the years, this businessman has mastered the art of producing these commodities locally.

Currently, Dangote owns refineries and manufacturing plants in Nigeria and several parts of Africa. He is also leading the way by a building a major refinery in the country that will eliminate the country’s dependence on oil importation.

The project commenced with the goal of building refineries for crude oil, fertilizers and petrochemical materials. This investment is said to be worth over $9 billion and it is expected to be completed by 2019.

2. Mike Adenuga

Born on the 29th of April, 1953, Mike Adenuga is the second richest Nigeria thanks to his investments in the telecommunications giant Globacom and Conoil.

Globacom is the second largest telecoms operator and the company has offices in African countries like Ghana, CoteD’Ivoire and Benin.

According to the recently released Forbes list in 2017, Mike Adenuga’s net worth is estimated at $5.8 billion and he is the third richest person in Africa.

Mike Adenuga had his primary and secondary education in Nigeria before proceeding to the United States to study Business Administration. He received his Bachelor’s degree at the Northwestern Oklahoma State University after which he went on to obtain a Master’s degree at the Pace University in New York.

In 1990, his company which was then known as Consolidated Oil received a drilling licence and in 1991 they struck oil. Consolidated Oil was the first indigenous company to strike oil in commercial quantities.

Beyond Con Oil, Mike Adenuga further proved his mettle as an astute businessman when his company, Globacom was issued a conditional GSM licence in 1999. He received the second licence in 2003 and ever since then his telecoms company which is fully indigenous has grown rapidly.

Mike Adenuga claims he got his business acumen from his mother who was also a successful businesswoman.

3. Femi Otedola

Femi Otedola is the son of the former Lagos State Governor, Michael Otedola. He is the chairman of Forte Oil Plc, a major importer of fuel products. He is also the founder of Zenon Petroleum and Gas Ltd.

His investment isn’t just limited to oil but range across other sectors such as shipping, real estate and finance. According to the latest release by Forbes, Femi Otedola has net worth of $2.3 billion which puts him at the third position in terms of wealth in Nigeria.

ALSO READ  Why Dangote Shuts Down $500 Million Cement Factory In Tanzania

His sojourn in business started when he successful ran the family’s printing business in the 1980s. He would later venture in to the oil and gas industry.

Otedola has 3 daughters, two of which are well known in the entertainment circles. One of them, Florence Otedola popularly called DJ Cuppy is a DJ and music producer. Another one, Elizabeth Temi is a style blogger and an aspiring designer.

Femi Otedola has real estate properties in different parts of the world. These include London, Dubai and New York City.

He is also known for his philanthropic contributions. Through his father’s university, Michael Otedola University, he set up a scholarship scheme which has helped over 1000 students since its inception. Also, he was known to contribute N300 million to the completion of the National Ecumenical Centre, Nigeria’s primary place of Christian worship in Abuja.

4. Folorunsho Alakija

Folorunso Alakija made headlines a few years ago when she unseated Oprah Winfrey to become the richest black woman in the world.

From a fashion designer to oil tycoon, Folorunso Alakija is currently worth $2.1 billion making her the richest African woman. Her business interests are in fashion, oil and printing.

Her oil company, Famfa Oil Limited was founded in 1993 is said to generate Folorunso Alakija at least $10 million daily in profit. She also has investments in real estate which is said to be worth over $100 million

Her son recently got married in a ceremony that was reportedly lavish.  The event took place in England and it was estimated to have cost N2 billion.

Apart from her wealth, Folorunso Alakija is known for her philanthropic activities. Her brainchild in philanthropy is the Rose of Sharon foundation which is a non governmental organization that helps widows and orphans by empowering them through scholarship and business grants.

 

5. Theophilus Danjuma

Theophilus Danjuma is a retired general, billionaire and philanthropist. His business interest is primarily in oil and he is the chairman of South Atlantic Petroleum (SAPETRO).

Danjuma had a very humble beginning. His father, Kuru Danjuma was a peasant farmer and metal trader.

Danjuma studied at the Ahmadu Bello University in Zaria which was then known as the Nigerian College of Art, Science and Technology.

He studied History at the university after which he left to enrol in the Nigerian Army in 1960. Danjuma rose through the ranks from his rookie position as a second lieutenant to become a General.

He has been involved in many political activities in the course of Nigeria’s history. He was involved in the Nigerian coup in July 1966. He also freed Jaja Wachuku from detention by the Ojukwu government towards the end of the civil war. Also, he was the Chief of Staff to the General Olusegun Obasanjo when he was the Head of State. Danjuma was also able to prevent the Dimka Coup in 1976. He retired from the army in 1979 after which he focused on his business interests.

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