Nigeria boasts of some of the wealthiest individuals in Africa. The West African nation is also the largest country in the continent, with Petroleum being its primary source of economic revenue. With many successful businesses, Nigeria has a lot of wealthy individuals and billionaires with mouth-watering net worths.

Most of these billionaires are also among the top for the wealthiest people in Africa. Today, I have compiled a list of the richest people in Nigeria, their net worth, and their income source.

Top 10 Richest people in Nigeria 

The wealthiest people in Africa’s most populous country are filled with individuals with thriving businesses and assets worth billions of dollars. I have compiled a list of the 10 richest people in Nigeria (2021), according to Forbes. 

1. Aliko Dangote
2. Mike Adenuga
3. Arthur Eze
4. Femi Otedola
5. Folorunsho Alakija
6. Theophilus Danjuma
7. Abdulsalam Rabiu
8. Tony Elumelu
9. Orji Uzor Kalu
10. Jim Ovia

These businessmen are worth millions and billions of dollars in assets. I will shortly take us into brief details and the source of income of these wealthy Nigerians.

Aliko Dangote

The richest black man on earth, Aliko Dangote, is a very successful billionaire. He is also the richest African man. Dangote is the founder of the Dangote Group, famous for its production of cement, flour, and sugar.

Aliko Dangote has establishments in other African countries like Zambia, Ghana, and the Benin Republic. He also owns refineries and manufacturing plants across the continent. Dangote is currently worth $12.5 billion, making him the richest man in Nigeria and Africa.

The kano-born business tycoon is 63-years-old and has achieved a lot of feats since kickstarting his firm in 1977.  Dangote group has grown to become among the top manufacturing companies of sugar, flour, and cement.

Mike Adenuga

Mike Adenuga, 68, is Nigeria’s second wealthiest man. He finished his Bachelor’s degree program at Northwest Oklahoma State University after studying Business Administration. Adenuga’s income results from his flourishing investments in Globacom and Conoil.

Globacom is one of the largest indigenous telecommunication companies in Nigeria. It got a GSM license in 1999, followed by another license four years later.  

Consolidated oil (Conoil) was the first local oil company to get oil in large quantities in 1991. Conoil reached this feat only a year after being given a drilling license.

Adenuga’s net worth currently sits at $5.8 billion. 

Arthur Eze

Arthur Eze’s wealth is thanks to his exploits in the Oil sector and aviation. The Anambra man is the founder of Atlas Oranto Petroleum. The company started in 1991 and is one of the top petroleum exploration companies on the continent. 

He is sometimes known as Prince Eze as he hails from a royal bloodline in his native Anambra. 

Eze is also a great philanthropist. 

Eze currency has a net worth of $5.7 billion which is only short of Mike Adenuga. The 73-year-old’s exploration in oil with Atlas has made it the largest private Petroleum company in Nigeria. 

Femi Otedola

The founder of Forte Oil, Femi Otedola, is a successful businessman with diverse sources of income. He is also the brother of former Lagos state Governor Michael Otedola. 

Otedola’s business tentacles spread from oil to shipping, and also real estate with many investments across the World. Femi is also the owner of Zenon Petroleum and Gas Limited. Although he started with his family’s printing business, Otedola has invested in other businesses.

Femi Otedola is also known to be involved in importing petroleum products. His net worth is estimated at around $2.3 billion, according to Forbes.   

Folorunsho Alakija

The first female on the list is Alakija. The fashion designer and oil mogul is the richest African woman on the planet. She is said to have investments in real estate, Oil, and many others. 

Alakija is the founder of Famfa Oil Limited, which she started in 1993. The richest black woman on the planet, Folorunsho Alakija, is worth $2.1 billion in assets. 

Aside from business, she is a philanthropist and has done a lot of work to sponsor children in the orphanage. Alakija is also an enthusiast in Education, and she has a scheme that helps sponsor tertiary education for individuals.

Theophilus Danjuma

Danjuma Theophilus (TY Danjuma) was a renowned general in the Nigerian Military. He also had a few political positions during and after the military regime. However, Danjuma retired from the army in 1979 to concentrate on his business. The decision turned out to be a fruitful one as Danjuma Theophilus is now among the top 10 wealthiest people in Nigeria.

After his retirement, Danjuma entered the petroleum industry. He is now the chairman of South Atlantic Petroleum. In 2015, TY Danjuma was among Forbes Top 50 of Africa’s wealthiest people.

Abdusalam Rabiu

Abdusalam Rabiu is the founder of the BUA group. He started the company in 1988, and he has since made a lot of investments with the BUA. The 61-year-old had his education in the United States before moving to Nigeria to continue his business. 

The BUA Group has a stronghold in Agriculture and manufacturing while having the second-largest Sugar refinery in Nigeria. Rabiu’s company also owns shares in the Cement Company of Northern Nigeria. 

While being the chairman of the Bank of Industry, his company purchased the Nigeria Oil mills limited. Abdusalam Rabiu’s investments have a huge dominance in the North as he controls four mills in Kano.

Tony Elumelu

The founder of Tony Elumelu Foundation, Tony Elumelu, is an economist and entrepreneur. An alumnus of the Harvard Business school, Tony has stakes with Hier Holdings and United Bank for Africa (UBA)

Elumelu’s investments include Transorp, real estate, hospitality, and Agriculture. He has a net worth of around $1.4 billion. 

Tony Elumelu’s influence was crucial to acquiring Standard Trust Bank and United Bank for Africa. The latter went on to spread across almost 20 countries in Africa.

The Tony Elumelu Foundation has also provided support for many aspiring Nigerian entrepreneurs. 

Orji Uzor Kalu

Orji Uzor Kalu is the former Governor of Abia State, but his wealth sources outside politics are mouthwatering.  Kalu is worth $1.1 billion, and he has many investments both locally and within the shores of Africa. 

Kalu’s small beginning was when he started trading in the Palm oil business. He was controlling the movement of these products from South to Northern Nigeria. 

Following his success in Palm oil, he moved into Furniture. It was from the Furniture business he established SLOK Holding. The company is now present in Ghana, Togo, South Africa, Liberia, and different parts of Africa. 

Jim Ovia

Like Tony Elumelu, Jim Ovia is also an alumnus of the Harvard Business School. Jim was influential in the emergence of Zenith Bank. 

While he was Chairman of Zenith Bank, Ovia was also the founder of Vodafone telecommunication, which MTN later purchased.

He is also the chairman of NSDI and NITAC, his solid investments in the Technology industry. 

Jim Ovia’s impact on Zenith Bank, Investments in Technology, and his successful businesses makes him one of the richest people in Nigeria. He has a net worth of around $1 billion.

These names I have mentioned above are the richest business tycoons and are some of the most influential figures in Nigeria. 

The West African Nation is rich in Petroleum and Crude products alongside Agriculture. However, Nigeria’s sole boost of its economy is in Petroleum. This fact is evident as most of the richest people in the country have investments in the Oil sector.  

The wealthy and affluent business owners on this list are also at the top not just in Nigeria but in Africa.  Aliko Dangote is an excellent example; he tops the list on the continent. 

In the entertainment industry, Nigeria also has some of the wealthiest people on the continent. 

Next, I will talk about the wealthiest Nigerian celebrities and their net worth.

 Richest celebrities in Nigeria

The Nigerian entertainment industry is one of the leading forces in Africa. With the music industry arguably the best, Nollywood is also right there among the top. 

Here, I will give you some of the wealthiest celebrities in the country. The list comprises movie stars, producers, and music artists. See the top five richest celebrities below;

• Ayodeji Ibrahim Balogun aka Wizkid
•  David Adeleke
• Michael Collins (Don Jazzy)
• Funke Akindele 
• Tiwatope Savage (Tiwa savage)

Ayodele Ibrahim Balogun

Popularly known as Wizkid, the Afro-pop star is the wealthiest celebrity and music star in Nigeria. The Former EME star is also the owner of Starboy records. He is also a brand ambassador of Glo, one of Nigeria’s leading telecommunication companies. 

Wizkid currently has other investments, including technology and automobile industries. According to Forbes, The 31-year old is worth $21 million.

David Adeleke 

David Adeleke, aka Davido, is a Nigerian-American artist and a well-known global Afro singer. Davido is the son of Deji Adeleke, a Nigerian billionaire, and former politician. The Afro-pop artist also boasts many awards locally and within the shores of Africa.

The ‘Fall crooner’ has made waves with many hits songs locally and Internationally. His single jam ‘Fall’ hit Platinum in America in 2017. Davido’s net worth in 2021 stands at around $19.5 million.

 Micheal Collins

Don Jazzy, as he is popularly called, is a music producer and founder of the Mavin records. His impact was crucial to the success stories of many Nigerian music stars. Tiwa Savage, Reekado Banks, and Rema are good examples of stars who rise through the influence Of Mavins Records.

Don Jazzy, in 2021, is worth $18.5 million, and he has investments present in endorsement deals with Loya Milk.

Richest female celebrities

Funke Akindele

The actress started her acting career by featuring in her “Yoruba movies’. She has since moved into Nollywood and directed her comedy series titled ‘Jennifer Diaries.

Funke is the wealthiest female Nigerian celebrity at the moment, ahead of Kate Henshaw and Genevive Nnaji. The actress is reportedly worth $7 million. The movie star is married to Kehinde Oloyede (aka JJC), a Nigerian music artist.

Tiwatope Savage

Tiwatope Savage, popularly known as Tiwa Savage, is a songwriter, singer, and actress. She is the wealthiest female artist in the Nigerian Music industry. 

Tiwa Savage is a multiple award-winning artist with numerous endorsements, including MTN, Pepsi, and Maggi. She is reportedly worth $5 million. 

The music star is one of many artists to have benefited the Mavin record’s management. Don Jazzy signed the talented singer in 2012, and she has become one of the leading female talents in the Nigerian Music Industry.

The wealthiest people in Nigeria from different industries are some of the leading figures in Africa. 

This article has covered some of the wealthiest people in Nigeria and also the wealthiest celebrities in the country.

Frequently Asked Questions and Answers

Who is the wealthiest musician in Africa?

Black coffee is the wealthiest African musician at the moment. The South African singer, DJ, and producer has a net worth of  $60 million  

Who is the richest artist in Nigeria?

Ayodele Ibrahim Balogun, aka Wizkid, is the wealthiest Nigerian artist.

Is  Dangote the richest man in Africa?

Dangote is currently the richest man in Africa. He has held the title for some years now. The Nigerian Businessman has a net worth of $12 billion. 

Conclusion

The wealth of Nigerian individuals falls into a few categories. Successful Businessmen across Nigeria found that investing in profitable industries would be a good idea in the long run. The investments of these individuals in the ’80s and ’90s have brought them thus far. 

A vital observation of the wealthiest people in Nigeria is their involvement in the Petroleum industry. They are also massive investments by Nigerian successful business tycoons in the manufacturing industry.

On the other hand, Nigerian celebrities have also put their names on the history books with assets worth billions of Naira. However, celebrities are also earning more significant endorsements and businesses they own.

The bottom line is that; being among the richest goes down to building a successful business over several years. 

Originally posted 2022-01-01 17:18:18.