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Top 20 Richest Entrepreneurs in Nigeria




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.



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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10 Young Entrepreneurs In Nigeria You Need to Know




10 Young Entrepreneurs In Nigeria You Need to Know

Nigerians are among the most industrious people in the world even though it is easy to see all of them as lazy, corrupt and treacherous because of a few dishonest, unreliable people.

Without any doubt, young, promising Nigerian entrepreneurs are working hard, contributing their quota to development, and making their motherland very proud.

These young people are experienced and polished in their chosen fields and are not too shy to show what they can bring to the table. Some of these Nigerians have even been featured on Forbes.

Experience is a great teacher: whether it be yours or others’. Since successful people reach there through planning and strategy, it is important to know, follow, adapt and modify these traits that have taken them there.

I hope that you will jot down useful points while we’re discussing these entrepreneurs.

Also, take note of the traits that are common among all of them.

I do not intend to compare people, or ask you to define your standards by them. I ask you to take notes, make adjustments, apply wisdom, and be the person you’ve always wanted to be.

10 Young Entrepreneurs In Nigeria You Need to Know

10 Young Entrepreneurs In Nigeria You Need to Know – Emmanuella

1. Uche Pedro

Uche Pedro is a media-tech-preneur and the brain behind the popular BellaNaija blog. She beat the stereotypes, broke into a mostly-men niche and found a place for herself.

BellaNaija is reputable for its juicy entertainment news and contents.

Pedro was once a staff of Shell Canada, Cadbury, and Cadbury Nigeria, before she became a tech-preneur and started her blog.

Her hard work has made BellaNaija more than a blog: it has now become a household name in Nigeria, known for its juicy, fresh news updates.

Entrepreneurship isn’t for everyone regardless that many people have interest in and want to go into it. But she has become a success, and is distinguished by her many awards. Her name cannot be omitted from anywhere successful Nigerian entrepreneurs are mentioned.

2. Emmanuella

This should not surprise you. Born on 22nd of July 2010, Emmanuella is a young, beautiful, hardworking Nigerian entrepreneur that took the comedy industry by surprise. She came, she saw, and she conquered.

Emmanuella is estimated to be worth about $500,000. Together with Mark Angel, Emmanuella beat the negative ideology that Nigerians cannot do well as YouTubers. They didn’t just do well, they did exceptionally well.

Laughter inarguably is the best medicine and Emmanuella has treated a lot of people out of their problems with her ever funny comedy skits.

Her treatment was well-received: her comedy skits penetrated the market and made her successful. Because of it, she has travelled the world and gained endorsement deals with Disney and other film companies.

The then Senate President, Bukola Saraki invited her to the Nigerian National Assembly in 2018.

Today, Emmanuella has numerous awards to her name. One of such is from the Afro-Australia Music & Movie Awards (AAMMA) which awarded hare “The Best Comedienne & Princess of Comedy” and another from YouTube which awarded her “Top Subscribed Creator”.

3.  Oluwaseun Osewa

If this name rings a bell, I’ll tell you why. Osewa founded Nairaland, a popular online forum for Nigerians. Nairaland records millions of visits, and millions of members. It is a social networking site for Nigerians to discuss, socialize, learn and earn.

Nairaland has become the go-to forum for Nigerians. It is helpful, educative and informative.

Seun, as he is popularly called, is a very private and quiet person, despite being successful and popular.

Having attained a milestone which is yet many people’s dreams, Oluwaseun Osewa unarguably deserves to be on this list as one of Nigeria’s young entrepreneurs.

4. Linda Ikeji

Drama and controversies are sometimes good for business, and Linda Ikeji hasn’t let them affect her blogging negatively. She paved the way for blogging in Nigeria, and has done very well for herself.

Her team makes sure trending, hot topics are published on the blog frequently to keep visitors coming and asking for more.

If you describe Linda Ikeji’s success story as a typical “from grass to grace” situation, you are not wrong for so it was for her. From a poor and struggling model, Linda rose to become one of Nigeria’s most successful female entrepreneurs; her story serves as inspiration for many other young women in and outside the country.

Once, she left people in awe after buying a ₦400,000,000 house in Banana Island.

Her property and cars are worth billions of Naira: an evidence of how far she has made it in life.

5. Elochukwu Umeh

Umeh is a handsome and resourceful young man; a pioneer of digital media in Africa, and the founder of Terragon Group. He has also acquired a Singapore-based mobile technology company, Bizense.

It had been Elochukwu Umeh’s childhood dream to travel and tour the world. This, perhaps may not have been possible but for his success in founding Terragon Group and investments in other businesses. Today, he has travelled and explored the world, seeing and feeling beautiful, fascinating places.

Different people see the invention of mobile phones and other telecommunication gadgets differently. To Umeh, it is an opportunity to drive businesses, offer value, and make interpersonal relationships thrive.

Even though he faced many obstacles, he surmounted them and became the big name he is today.

6. Etop Ikpe

If you’re a car enthusiast, you would have probably heard of Ikpe. He founded Cars45, an automotive auction, swap, buy and sell platform. His app and website allows people do all the above without stress.

With his business idea, he has been able to solve people’s problems and make money for himself. In May 2017, Cars45 raised $5,000,000 in Series A from the Frontier Cars Groups.

He hasn’t stopped growing since. He currently has 35 physical inspection centres that make it easy for users to sell their cars.

7. Gossy Ukanwoke

Gossy Ukanwole is a 32-year-old inspiring, cutting-edge entrepreneur, nicknamed Nigeria’s Budding Mark Zuckerberg.

He graduated in 2013 as the best student from Girne American University, where he studied Management Information Systems.

He founded EduTech and BAU Executive Education, a software that automates student’s activities on campus. The software is meant to ensure that schools have the technological capacity for smooth operation.

He has been featured on CNN and more than once on Forbes. He is one of Nigeria’s fastest growing young entrepreneur.

8. Dr. Ola Orekunrin

Dr. Ola, popularly known for her Flying Doctors initiative, is another young, promising entrepreneur; another hero without a cape.

Born over three decades ago, Dr. Ola who has ancestry in Britain and Nigeria is a renowned medical doctor. He is presently one of the youngest practicing medical doctors in the United Kingdom. Apart from being a doctor, she is also a trained helicopter pilot.

She is proof that many young Nigerians are hardworking and industrious.

Many of us focus on selling products and services, while she focuses on saving lives.

The young doctor is listed by World Economic Forum as a Young Global Leader, has lectured on entrepreneurship at the Massachusetts Institute of Technology, and is a TED Fellow.

Some mouthwatering achievements up her sleeves!

9. Bankole Cardoso

Bankole Cordoso is a successful and innovative 25-year-old entrepreneur. His achievements are indeed underrated.

He founded Easy Taxi in 2013, and was featured in the Forbes 30 Most Promising Young Entrepreneurs in Africa.

Easy Taxi was created to reduce the burden of poor transportation in Lagos State, and standardize taxi fare.

The smart app allows users to request taxi service whenever they like.

He previously worked with PricewaterhouseCoopers and the Carlyle Group in New York before starting his own business.

You cannot deny that he has done well by thinking of the welfare of Nigerians, solving their problems and making money from it.

We learn from him that actions bring our dreams to life. We can have the most brilliant idea in our heads, but without action, nothing sees the light of day. You should note that down too.


One day, maybe one day, you will appear on lists like this; a list that inspires others to do better and make them aim for higher. Until then, live the life and fight the fight.

Difficulty in your career and business is a good sign. It means that you’re fighting for more; you’re breaking new boundaries that have not been broken before.

Never quit or feel discouraged. All these will be forgotten when you start to reap from your investments.

Don’t forget to leave a comment of the most inspiring entrepreneur to you, and the traits that attracted you to them.



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