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Top 20 Richest Entrepreneurs in Nigeria

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Richest entrepreneurs in Nigeria

As a country, Nigeria remains one of the most populated in Africa while having the largest size as well. In Africa, as well as the world at large, some of those who can be counted as the richest entrepreneurs are Nigerians.

Though there is a chance that there might be other Nigerians that could be counted among the richest entrepreneurs in the world today, only a few can be seen on Forbes List. This is because the individuals that make the Forbes List are ranked by companies such as Forbes and Bloomberg based on the value of their shares in the companies that are listed on the stock exchange.

Combining the information we obtained from Forbes list, Bloomberg, Ventures Africa, and other like-mannered information sources, this article will feature a comprehensive list of some of the richest men in Nigeria, as well as their worth in US dollars.

Richest entrepreneurs in Nigeria

Here are some of the richest entrepreneurs in Nigeria

  1. Hakeem Belo-Osagie

Net Worth: $600 Million

Industry: Oil and Gas/Telecoms

A petroleum economist and a businessman, Hakeem Belo-Osagie is believed by Forbes to have a net worth of $600 million. A one-time chairman of Etisalat, the fourth largest telecom network in Nigeria, which also hosts more than 18 million subscribers; this Harvard educated businessman is also known as philanthropist due to his regular donations to the African Leadership Academy. Located in Johannesburg, South Africa, the African Leadership Academy is an institution dedicated to training bright students to become leaders in the future. Mr. Hakeem Belo-Osagie is also the proud holder of an M.A. obtained from England based Oxford University.

  1. Tunde Folawiyo

Net Worth: $650 Million

Industry: Oil & Gas, Telecom

A Nigerian businessman, and the son of Yinka Folawiyo Group founder, Wahab Folawiyo, Tunde Folawiyo is the managing director of this conglomerate which is involved in engineering, agriculture, oil and gas, shipping, and real estate. Yinka Folawiyo Petroleum, the oil exploration arm of Yinka Folawiyo Group is the proud owner of a 60% interest in an oil block that encompasses the Aje Offshore Field. Minority stakes in MTN Nigeria, and Access Bank make up the other assets of this Nigerian businessman.

  1. Mohammed Indimi

Net Worth: $670 Million

Industry: Oil & Gas, Self-made

The founder of Oriental Energy Resources, Mohammed Indimi is also the father-in-law to Ibrahim Babangida’s son, the husband to his daughter. This privately owned production, and oil exploration company, keeps possession of some offshore assets in Nigeria, which includes OML 115, Okwok Field (OML 67), and Ebok Field (OML 67).

  1. Emmanuel Ojei

Net Worth: $1.2 Billion

Industry: Diversified

A successful industrialist and inventor, Dr. Emmanuel I. U. Ojei holds the position of the chairman in Nuel Ojei Holding Limited. Apart from this venture, he is also at the helm of affairs in other worldwide corporations that are involved in Importation, Construction, Banking, Oil, and the sale and servicing of motor vehicles.

  1. Bode Akindele

Net Worth: $1.2 Billion

Industry: Diversified

Mr. Akindele is the chairman of the conglomerate Mondola Group. As one of the largest Nigerian-owned companies, Mondola Group is involved in a variety of activities such as beverages, real estate, maritime, food processing, agriculture, and the transportation sector.

  1. Dr. ABC Orjiakor

Net Worth: $1.2 Billion

Industry: Oil & Gas

A former trauma, and orthopedic surgeon, Dr. ABC Orjiakor is a businessman in the Oil and Gas sector, as well as the co-founder, and chairman of one of the largest petroleum development companies in Nigeria, SEPLAT. With its dual listing on the Nigerian exchange, and the London exchange being valued at $1.91 billion, SEPLAT achieved a monumental feat by being the first native oil and gas company from Nigeria to be listed on the London Stock Exchange. Recognized by the World Economic Forum (WEF) in 2014 as a Global Growth Company, SEPLAT used its initial public offer to increase the market capitalization of the Nigerian Stock Exchange (NSE) market by 2.23%. Despite his business ventures in the Nigerian Oil and Gas Sector, Dr. Orjiakor is also involved in real estate, construction, shipping, and pharmaceuticals.

  1. Igho Sanomi

Net Worth: $1.3 Billion

Industry: Oil & Gas

Holding the title of the youngest billionaire in Nigeria, Igho Sanomi is the founder, and CEO of the Nigerian power, energy, construction and trading group, Taleveras. This conglomerate also boasts of an annual turn up of more than $3.5 billion in revenue. Apart from this venture, Igho Sanomi has also invested in the oil industry, maritime, telecommunication, real estate, and the aviation industry. He has also been recognized in 2007 by Forbes magazine to be a part of the new generation of Nigerian young professionals who are instituting themselves as leaders in the business community of the private sector.

  1. Benedict Peters

Net Worth: $2.7 Billion

Industry: Oil & Gas

Boasting a net worth of $2.7 billion, Benedicts Peters is recognized as the 17th richest person in Africa, and the founder of Aiteo Group. His path started out in the early nineties when he was still in the oil and gas business, working with Sayyu Dantata, the younger brother of Aliko Dangote. He also worked at Oando (formerly Ocean and Oil), with Mofe Bayo, Onajite Okoloko, and Wale Tinubu.

  1. Cletus M. Ibeto

Net Worth: $3.7 Billion

Industry: Diversified

A Nigerian businessman based in the city of Nnewi, Anambra State, Cletus M. Ibeto is the leader of the biggest business enterprise from Nnewi, the Ibeto Group. Nnewi city has also been touted as one of the centers of entrepreneur in Nigeria. Cletus Ibeto has his hands in variety of businesses such as cement production, hospitality, energy, petrochemicals, real estate, and automobile spare parts. He also owns a numerous hotel in Nigeria, under the banner of the Ibeto Group.

  1. Prince Arthur Eze

Net Worth: $5.7 Billion (Ventures Africa)

Industry: Oil & Gas

Arthur Eze who is also known by the moniker Ezenukpo is the founder, and chairman of Atlas Petroleum International Ltd. This is an oil exploration company that is based in West Africa, and owns 36 oil acres, making it Africa’s biggest oil exploration block owner. There other assets under the ownership of Atlas Oranto Petroleum such as working interests, and equity in numerous acres across the Gulf of Guinea. Some of these acres are in located in the Ivory Coast, Mali, Ghana, Nigeria, Gambia, Equatorial Guinea, Senegal, the Republic of Benin, Liberia, and Sierra Leone.

  1. Oba Oteduko

Net Worth: $650 Million

Industry: Diversified

With an estimated net worth of $650 million by Forbes, and $1 billion by Ventures Africa, Obafoluke Otudeko works as a chartered accountant, a chartered secretary, and a chartered banker. His business is spread around both locally, and internationally, with returns from investments, and other businesses where he sits at the helm of affairs. These businesses include Airtel Nigeria, First Bank of Nigeria, Honeywell Group, Fan Milk Plc, Guiness Nigeria Plc, and Ecobank. He is a chairman of the board in the Honeywell Group, a conglomerate that is involved in a variety of other businesses, such as flour milling, marine transportation, real estate, and oil and gas. Radisson Blu, a well-known waterfront hotel in Victoria Island, Lagos State is owned by Anchorage Leisures, which is a subsidiary company under the Honeywell Group. Apart from these businesses, Obafoluke retains minority stakes in Ecobank, and First Bank of Nigeria.

  1. Jim Ovia

Net Worth: $850 Million (Forbes), $1 Billion (Ventures Africa)

Industry: Banking, Telecoms

Jim Ovia is the founder of the company which is touted as the second largest in Nigeria, Zenith bank. With an estimated net worth of $2.3 billion by Ventures Africa, and $850 million by Forbes, Jim Ovia is also the proud owner of a variety of assets, and properties in Nigeria. Headquartered in Victoria Island, Nigeria, Zenith bank has numerous branches all over Africa, with some in the Gambia, Sierra Leone, Ghana, the United Kingdom, and South Africa. Some of his other luxury assets include the 150 bed, five-star Marriott hotel located in Lagos State.

  1. Orji Uzor Kalu

Net Worth: $1.1 Billion

Industry: Oil & Gas

A former governor of Abia State, and one who served between 1999 and 2007, Orji Uzor Kalu also serves as the chairman of the Daily Sun, New Telegraph, and SLOK Holding. Procuring $2.5 billion in annual returens, SLOK is a conglomerate in West Africa with activities that span across manufacturing, the media, banking, shipping, and trading. Apart from these ventures Orji Uzor Kalu also serves as the chairman of First International Bank Limited, and this bank is wide spread with branches all over the Gambia.

  1. Tony Elumelu

Net Worth: $1.4 Billion (Forbes), $1.6 Billion (Ventures Africa)

Industry: Investments

United Bank of Africa’s group managing director, and chief executive, Tony Elumelu is recognized as one of the richest men in Nigeria. Born in 1964, this businessman has been recognized as one of Africa’s most exemplary entrepreneurs. And this has led him to manage a variety of businesses such as ADIC, Standard Alliance Insurance, Flame Petroleum and Gas Limited, Standard Global Services Ltd, STB Capital Markets, and Verticom Wireless. His noteworthy investments include retaining a controlling stake in the most  publicly traded conglomerate in Nigeria, Transcorp, a large collection of real estate assets, and a large stake in the United Bank for Africa.

  1. Abdulsalam Rabiu

Net Worth: $1.5 Billion

Industry: Consumer Goods

Born in Kano, Nigeria, in the year 1928, Abdulsamad Isyaku Rabiu is a well-recognized businessman in Nigeria, with an estimated net worth of $700 million by Forbes, and $1.5 billion by Ventures Africa. Growing up in a business-oriented family, he learned the basics of business from his father, who was a religious scholar, and was successful as a businessman. Vegetable Oil, Sugar, and Rice make up the most popular trading commodities of his business. Forbes Africa has also acknowledged the growth of his fortune form $670 million to $1.2 billion in 2012. Recognized in 2013 by Forbes as the newest billionaire in Africa, Abdulsamad Rabiu also serves as the chairman of the BUA group. The BUA group is also involved in a variety of businesses such as sugar refining, the processing of vegetable oil, and flour mining.

  1. Theophilus Danjuma

Net Worth: $1.7 Billion (Forbes), $1.8 Billion (Ventures Africa)

Industry: Oil & Gas

Theophilus Danjuma served as a soldier in the Nigerian Army, and this Taraba state born billionaire was born on the 9th of December 1938. His entry into politics began under the administration of President Olusegun Obasanjo, where he served as the Minister of Defense. He currently serves as the chairman of an upstream oil and gas exploration company in Nigeria called SAPETRO (South Atlantic Petroleum).

  1. Folorunsho Alakija

Net Worth: $2.1 billion

Industry: Fashion, Oil, and Printing

Presently recognized as Africa’s richest woman, and having a net worth of $2.1 billion, Folorunso Alakija is a business woman that is involved in a lot of businesses such as oil, and fashion. She also made history when she was placed ahead of Oprah Winfrey, to become the world’s richest black woman.

Apart from her $100 million real estate investment, Folorunso Alakija also owns an oil company called Famfa Oil, which was founded in 1993, and is believed to provide daily profit returns of $10 million

  1. Femi Otedola

Net Worth: $2.3 Billion

Industry: Oil & Gas

The Forte Oil shareholder with a 78% stake, Femi Otedola is recognized as the third richest in Nigeria. Forte Oil manufactures its own engine oils, and is believed to own several petrol stations, and fuel storage depots. In 2014, Forte Oil attributed the rise of its shares to new power distribution, and power generation investments.

  1. Mike Adenuga

Net Worth: $10.5 Billion (Forbes), $8 Billion (Ventures Africa)

Industry: Telecoms, Oil, and Gas

The 5th richest man in Africa, and the 2nd richest in Nigeria, Mike Adenuga has his estimated net worth to be $4.7 billion. His wealth is believed to have originated from the oil industry, and the telecommunications sector. He is also the founder of Globacom, the second largest Nigerian phone company which operates from Benin City, with 24 million subscribers to its name.

  1. Aliko Dangote

Net Worth: $12.5 Billion (Forbes), $25.7 Billion (Ventures Africa)

Industry: Cement, Sugar, Flour

Born on 10th April 1957, Alhaji Aliko Dangote is recognized as the richest man in Africa, and is also ranked 67 on Forbes List. Though he was born in Kano, Nigeria, he studies were done at the Al–Azhar University, located in Cairo, Egypt. He majored in business studies while at the university. He is also the acting CEO, and chairman of Dangote Group of Companies. Dangote Group of Companies has its business activities spread out wide across Africa in Ghana, Zambia, Cameroon, South Africa, Benin, and Togo. It also has investments in various areas such as cement, steel, mining and in petroleum. Aliko Dangote is considered to be the richest man in Nigeria, with high interests in two underdeveloped offshore oil fields located in the Nigeria-Sao Tome Joint Development Zone.

Thank you for going through this comprehensive list of some of the richest entrepreneurs in Nigeria. Remember that this information we obtained by combining results of analysis on Forbes list, Bloomberg, Ventures Africa, and other like-mannered information sources. Truly, these gallant men and women have been an inspiration to the budding entrepreneurs in the country, the continent and the world at large.

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Ekemini Ekpo is a professional Blogger, Research Analyst, Internet Marketer, and Tutor. He is passionate about Business, Investment, Entrepreneurship, Finance, and Personal development.

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What Are The 4 Types of Entrepreneurs?

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When you know the different types of entrepreneurs, you will be able to decide which one you want to be and how to go about it or improve on it. The truth is that the world of entrepreneurship has been booming recently. With so many budding and well-established entrepreneurs out there. Entrepreneurship involves so much work and commitment. You must also possess certain skills if you want to be successful as an entrepreneur. Many individuals venture into this field just because they want to be their own boss but it is worth noting that entrepreneurship is much more than that.

Whether you are just starting out or you are already an entrepreneur, you need to know the kind of entrepreneur you are or you wish to be. If you feel stuck and not making much progress in your business, knowing the type of entrepreneur, you are can give you the clarity you need to move forward in your business.

The 4 Types of Entrepreneurs

This article explains the 4 major types of entrepreneurs we have.

  1. The Hustler Entrepreneur
  2. The Innovative Entrepreneur
  3. The Imitative Entrepreneur
  4. The Research Entrepreneur

(1) The Hustler Entrepreneur

These types of entrepreneurs are always goal-driven and very determined to achieve their very goals. They are the kind of entrepreneur that have not made it yet but eventually will. To start and grow a business successfully, one needs a lot of resilience. It can be a very difficult task especially if you do not have the necessary capital to start. You would also need to be very patient and able to see the big picture.

Hustlers don’t seem to worry about the problems they encounter on the way, because they see them as stepping stones to greater things. They tend to start small and gradually work their way to the top, willing to do whatever it takes as they climb the ladder of success.

A hustler believes that hard work is more important than capital when starting a business. Their work ethic is simply off the charts, though they are prone to burn out due to intense work.

(2) The Innovative Entrepreneur

An innovative entrepreneur introduces new ideas into the system. They come up with new and better ways of doing things and them into a viable business. Discovering a new market, a new method of production, and eventually reorganizing the enterprise. Their major drive is to make life better and easier for people and in doing so they create a business around their innovative idea. Innovators always look for a way to make their products look unique in the eyes of customers and make their company stand out.

Although these types of entrepreneurs require a lot of capital to bring their innovative ideas to life and often experience resistance from shareholders. They also enjoy all the glory that comes with the success they achieve in the process of implementing their new ideas. They create the rules and often do not have to worry about competitors during the initial stage of establishing their business. With a strong belief in their new ideas, they tend to achieve success though it might take a while.

(3) The Imitative Entrepreneur

Unlike hustlers, imitators just copy certain business ideas and build their own from there. They also tend to improve on the business ideas by making the product better or just doing something else that the parent business is not doing. They combine both the qualities of an innovator and a hustler. Even though the idea is not originally their own, they are willing to work hard, make the business better, and rake in large profit from it. They are known to possess a lot of self-confidence and are very determined.

While some do this by modeling after someone else’s business, others just copy everything exactly the same way. You see them use the same website, same theme, business cards, and even similar logos. This might seem like an easy way out, instead of thinking of their own original idea. But copy cats are always faced with the problem of competition and being compared to their parent business. Modeling is a better way, in which you figure out what works and apply it in relevance to your business.

(4) The Research Entrepreneur

Preparedness is key to these types of entrepreneurs. So, they spend a lot of time gathering all the needed information about any business they want to start. They look at every possible scenario, challenges they may encounter, and the strategies they would use to start the business.

With adequate preparation, they believe failure is not an option since they would have already looked at every possible pitfall likely to be encountered in the business. They would make sure they fully understand all that the business is about before even launching it, this makes them spend a lot of time in the decision-making process.

While it is a good approach to have a good deal of the business and financial plan of a business figured out, a researcher might be stuck in the decision-making stage for a long time and eventually end up not making it to the implementation state.

Conclusion

From the list above, have you been able to figure out the type of entrepreneur you are? Entrepreneurship requires hard-work no matter the type of entrepreneur you are. Whether you imitate or innovate, you still need to do a ton of work to make your business stand out and achieve notable success in any field you choose. Leverage the freedom that comes with being an entrepreneur and find out what works for you. List out your goals for your business and strive to reach them.

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