Top 10 Richest Men in Nigeria in 2020

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Today I want to share with you, the top 10 Billionaire rich men in Nigeria in 2020. These men are the richest men in Nigeria.

richest man in Nigeria- Aliko DangoteThe richest man in Nigeria remains the founder and Chairman of Dangote Group, Aliko Dangote, he is a great inspiration for upcoming business owners in Nigeria and across Africa, particularly those who do want to make their entrepreneur dreams come to life by starting small.

He has had a knack for starting a business since when he was young, He began trading goods in Kano in 1977. He then moved to Lagos that same year and decided to start selling cement.

Aliko Dangote borrowed $3,000 from his uncle at the age of 21 to start import and sell agricultural products in his home country, Nigeria. He recognized and took advantage of every opportunity that comes his way in his entrepreneurial journey.

His business started booming and, in the first quarter, he managed to repay the original loan. He did not allow himself to be drawn back by the challenges that ensue in the course of growing his business.

Today, Dangote is now the wealthiest man in Nigeria and Africa, an accolade he maintained for seven consecutive years, his estimated net worth currently stands at $14.1 Billion.

The Dangote Group is one of Nigeria’s biggest private-sector employers, his business empire of over 30 years is now recognized as the most profitable conglomerate in the region of West Africa.

The third-largest sugar refinery in the world is also owned by Dangote, He is now one of the most patriotic Nigerians residing in Nigeria and makes most of his investment in his motherland.

  • Mike Adenuga

second richest man in Nigeria- Mike AdenugaThe next richest man on the list of Richest man in Nigeria is no other one but Mike Adenuga, He is popular for his philanthropy and charitable giving.

Mike Adenuga is a prominent businessman and investor in Nigeria. He is born to the family of Oloye Adenuga who served in a school as a teacher. The family was quite modest.

In 2006 Mike Adenuga established his Globacom mobile phone network and now has a subscriber base of around 37,000,000 from African countries such as Nigeria, Ghana, Benin Republic, and Ivory Coast.

His estimated net worth is well over $5.5 billion. He is regarded as one of the people who are on a mission to make the world a better place than it used to be. Mr. Adenuga is now one of the world’s wealthiest men that oversees massive oil and gas, telecommunications, banking, aviation real estate businesses across Africa.

More than just being an investor and businessman he also a husband, father, grandfather, entrepreneur, and risk-taker,

  • Abdul Samad Rabiu

Abdul Samad Isyaku Rabiu richest man in nigeriaAbdul Samad Isyaku Rabiu is a Nigerian Businessman, he was ranked on Forbes list as one of the wealthiest men in the world with an estimated net worth of around $1.2 billion in 2016.

Prior to this, In 2015, he was also ranked on the list of 50 richest in Africa where he was placed 23rd richest person and 1577th richest person in the world.

In 2019, With an estimated net worth of $1.6 billion making him one of the richest in Nigeria, Rabiu was again listed in the World’s Billionaires’ club. He is the 16th richest in Africa and Nigeria’s third-richest man.

He is the founder and CEO of BUA Group, an importation corporation that has been in existence since 1988.

The company has a long history that dates back to the 70s and 80s when his father Isyaku Rabiu used to be one of Nigeria’s foremost industrialists and now he takes on the legacy of the family business.

His source of wealth includes importation of rice, steel, edible oil, flour iron, oil mills, flour mills, Sugar refinery, cement plant, and lots more international ventures.

  • Folorunsho Alakija

Folorunsho Alakija richest woman in nigeriaFolorunsho Alakija is a businesswoman and one of Nigeria’s billionaire. After Isabel Dos Santos she is the second richest woman in Africa, and the richest woman in Nigeria.

Folorunsho Alakija is the group manager of ‘ The Rose of Sharon Group, ‘ comprising of Digital Print Reality Limited and The Rose of Sharon Prints & Promotions Limited.

Alakija became an executive secretary in 1974 in Lagos, Nigeria and subsequently employed for a number of years as FinBank, once known as the Chicago First National Bank.

In 1984, she changed her career pathway and spent one-year studying fashion design in the UK. Alakija founded her own fashion house under the brand name Supreme Stitches, in a three-bedroom apartment in Surulere, Lagos, upon her return to Nigeria.

In the course of a year, she was one of the country’s top fashion designers and was well-applauded for her brilliant works and booming clothing line that blends superbly with the Nigerian culture and fashion orientation.

In May 1993, Alakija broadened her business interests and scope and that led her to put up an application for oil prospecting license (OPL) which marks the birth of her oil company Famfa Limited licensed to explore oil on a 617,000-acre block which is located 220 miles southeast of Lagos, in the Agbami Field of the central Niger Delta, Nigeria.

  • Jimoh Ibrahim

jimoh ibrahim richest man in nigeriaJimoh Ibrahim is a prominent Nigerian Legal practitioner, politician, entrepreneur, investor, and successful businessman. He is the chairman, and CEO of Global Fleet Group, a company based in Nigeria and UK, he is one of the wealthiest men in Nigeria.

At the Lagos State University, he studied law but crossed to Obafemi Awolowo University where he completed his degree in international law and Masters in Public Administration. He also studied at Harvard University where he earned a Masters degree in Economics and International Finance.

He worked on tax reforms in Croatia and Estonia as a consultant to the International Monetary Fund (IMF). He was also part of the Harvard team that went to develop the tax reforms in Bangladesh.

Jimoh Ibrahim’s small scale business venture began with the execution of small-scale construction contracts with bricklaying supplies of his father.

He is a smart businessman with investments in various industries; oil and gas, tourism, aviation, finance, real estate, insurance, banking, publishing, and media corporations.

The Umbrella company for his massive serial investment portfolio is Global Fleet Oil and Gas which was established in August 2004 as a petroleum marketing corporation in Nigeria.

Global Fleet Oil and Gas expanded by purchasing as many gas service stations as available and 150 gas stations were purchased in just one calendar year.

Sales of oil and gas boomed for Global Fleet and they managed to make sales of at least $1 million a day. This helped them finish their storage facility, enhancing the overall company’s operation.

Jimoh Ibrahim is worth millions of dollars looking at his gigantic investment holdings. We can’t establish his net worth precisely, but sources have it that his estimated net worth is about $1.1bn.

  • Femi Otedola

Mr. Femi Otedola is an oil billionaire from Nigeria and one of Africa’s wealthiest individuals. Forte Oil Plc’s CEO and chairman. Femi Otedola was born in1962 to the family of the former governor of Lagos, Sir Michael Otedola.

He graduated from Obafemi Awolowo University, Ile-Ife, Osun State with a bachelor’s degree. Before becoming active in the petroleum industry, he took over the printing business of his family. Mr. Otedola founded Center Force Limited in 1994, specializing in banking, trade, and investment.

Femi Otedola purchased a significant share of the African Petroleum Company in 2007, he was named the company’s chairman.

After Aliko Dangote, he is the second to be included (with an estimated net worth of $1.2 billion) on the Forbes list of dollar-denominated billionaires. In 2014, he was also listed on Forbes magazine as the 29th richest Man in Africa.

Some of the companies he founded include Transport and Seaforce Shipping Company Ltd, Atlas Shipping Agency, FO Properties Limited, and  Swift Insurance. After, After,

  • Pascal Uzoma Dozie

pascal uzoma dozie richest man in nigeriaUzoma Dozie is a Nigerian businessman, investor, economist, and technologist. Uzoma is Group Managing Director and CEO of Diamond Bank Plc, one of Nigeria’s leading commercial bank, and has also worked as Corporate Banking and  Executive Director at Regional Business Lagos & West Regions.

Dr. Dozie graduated at the London School of Economics, where he obtained from the University a bachelor’s degree. In 1963 he proceeded to City University in London to bag a Masters of Administration.

The Business leadership and interest of the former Chairman of Diamond is not limited to the Banking Sector.

Pascal Dozie Dozie founded his own consultancy as soon as he graduated, the African Development Consulting Group in Lagos Nigeria. He attracted a lot of big businesses for consulting such as the like of Nestle and Pfizer.

He is also an experienced businessman with investments in a number of potentially rated sectors, including MTN Group that operates in the Telecommunication industry. Pascal is also Pan-Atlantic University’s Chairman and Africa Capital Alliance’s founding partner and founding chairman of Kunoch Limited.

Pascal Dozie is a former  Central Bank of Nigeria’s Director and one-time Nigerian Stock Exchange President, and until later he was made Nigeria Economic Summit Group’s Chairman.

  • Orji Uzor Kalu

Orji Uzor Kalu richest man in nigeria

The chairman of Slok Holding is Orji Uzor Kalu; a Nigerian based corporation with operations across other countries in West Africa. Slok Holdings majors in finance, oil, and gas, media and publishing, insurance and tourism, real estate, retail, development.

Orji Uzor Kalu hails from Abia State, Orji Uzor Kalu decided to start palm oil trading as soon as he stopped schooling, although he did not have the funds to kickstart his business, he approached his mother for some loan of N5000 so he could start his business. He usually buys palm oil from Aba and moves them to Maiduguri to resell.

Orji Uzor Kalu knows investment opportunities when he sees one; he has found a need to be satisfied by frequenting the north, good furniture is both costly and scarce in most Northern States, since wooden furniture are cheap in Aba, he decided to be buying furniture from Aba and moving them to the Northern part of the country to resell.

Things were going well for the business, so he decided to put up with his own furniture company, he expanded by launching his own furniture company. His big break came about in the 80’s when he to was awarded a contract to supply arms and ammunition to the Nigerian Military in the early ’80s and he became one of the millionaires of the day, he went ahead to start his brand company named Slok Holding.

He had a net worth of $330 million, according to Forbes, and in 2015 he was ranked the 49th richest in Africa.

  • Jim James Ovia

Jim Ovia

Jim Ovia is the chairman of one of Nigeria’s largest commercial banks-Zenith Bank. He is the founder and owns the biggest single shareholding with a stake of just over 9% in the company.

He’s also the owner of prime real estate throughout Nigeria, and Visafone, which has amassed close to 3 million subscribers in the mobile telecom industry nationwide.

Forbes Africa labeled Jim Ovia as the Godfather of Banking, , and this shouldn’t be a thing of surprise, Jim founded Zenith Bank in Nigeria in a time of turmoil between military and civil regimes, times of unprecedented economic instability, and a weakening infrastructure. He was also named by the magazine amongst Africa’s 50 Richest in 2015.

Under the leadership belt of Jim, a corporation beginning with around $4 million in investment and shareholding funds has blown out to become what we have today as one of the largest banks in Africa, a globally recognized financial institution with more than $16 billion total assets.

  • Hajia Bola Shagaya

Hajia Bola Muinat Shagaya

Hajia Bola Muinat Shagaya is a Nigerian businesswoman and fashionista. Bola Shagaya is a notable business conglomerate and the founding person of  Bolmus Group International a corporation with a massive investment portfolio that span across a range of key industry sectors such as oil and gas, banking, photography and real estate.

She is the daughter of  Adut Makur a Sudanese seamstress and Emenike Mobo a Nigerian public servant, Hajia Bola Shagaya (MON) was born on October 10, 1959.

She is married to Alhaji Shagaya, a transportation businessman based in Kwara State, they have together six children. Sherif Shagaya, Hakeem Shagaya, Deeja Shagaya, Naieema Shagaya, Adeena Roberts Shagaya

Under her leadership watch is several luxury real estate properties that cut across Nigeria’s major cities.

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