When we think of the richest men, we think of billionaires, in dollars. Billionaires are the movers and shakers of the world’s economy. Most of them are founders of the technology we enjoy today. Many are just businessmen whose genius ideas have catapulted them to the exclusive club of billionaires.
According to Forbes, there are about 2,668 billionaires in the world with many of them still wielding power in whichever country they are domiciled. They invested heavily in the companies they started. With their wealth in publicly traded stocks, the net worth of the richest men can fluctuate with the market valuation. So who are the richest men in Nigeria, Africa and the world? Scroll down to find out.
Top 10 richest men in Nigeria
These are Nigerian billionaires who own multinational companies both home and abroad and sit on the board of various conglomerates as well. Below are Forbes’ top 10 richest men in Nigeria.
1. Aliko Dangote
Aliko Dangote is the richest man in Nigeria and Africa with a net worth of N5.8 trillion ($14bn). Dangote is the founder, chairman and Chief Executive Officer of the Dangote Group, the largest industrial conglomerate in West Africa. Born in April 1957 in Kano State, Northern Nigeria, Dangote grew up in a wealthy home.
Dangote attended Al-Azhar University, Cairo, Egypt, and obtained a Bachelor’s Degree in Business Studies and Administration. He began his business in 1977 after relocating to Lagos with a $500,000 loan from his uncle. He began trading in commodities like cement, rice and sugar.
The business now known as Dangote Group produces food items and building materials: Dangote Pasta, Sugar, Flour, Salt, and Cement. Dangote holds a stake of shares worth 85 per cent of Dangote Cement, which is a public liability company. The company operates in 10 African countries and produces 45.6 million metric tons of Cement yearly. This makes Dangote Group one of the largest conglomerates in Africa.
Also, Dangote has started the construction of the Dangote Refinery as part of efforts to solve Nigeria’s constant fuel crisis. It will be the largest oil refinery in Africa when completed and of course, increase his net worth.
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2. Mike Adenuga
Mike Adenuga is the second richest man in Nigeria with a net worth of N2.82 trillion ($6.8bn). Chief Michael Adeniyi Agbolade Ishola Adenuga Jr CSG GCON is the founder of Globacom, a mobile phone network in the country. The network is also known as Glo and is the third largest operator in Nigeria.
Adenuga was born on April 29, 1953. He is a graduate of Northwestern Oklahoma State University and Pace University, New York, with degrees in Business Administration. Adenuga made his first million in 1979 at the age of 26 selling lace and distributing soft drinks. In addition to Glo, Adenuga owns Conoil, an oil exploration company.
3. Abdul Samad Rabiu
Abdulsamad Rabiu is the third richest man in Nigeria with a net worth of N2.78 trillion ($6.7bn). Rabiu was born on August 4, 1960, in Kano, Nigeria. He attended Capital University in Columbus, Ohio but returned to Nigeria at the age of 24 to oversee his family’s business. Today he is the founder and chairman of BUA Group, a Nigerian conglomerate concentrating on manufacturing, infrastructure and agriculture and producing revenue in excess of $2.5 billion. He also sits as the chairman of the Nigerian Bank of Industry (BOI).
4. Alafaa Kariboye-Igbo
Alafaa Kariboye-Igbo comes fourth with a net worth of N2.53 trillion ($6.1bn). He was born in Buguma, Rivers State, South-South Nigeria on May 21, 1981. Popularly known as ‘Oil Money’, the business tycoon came from a humble beginning. Today, he owns Oil Money Records and has investments in real estate, oil and gas production, and vehicle dealership.
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5. Arthur Eze
Prince Arthur Eze was born to a royal family on November 27, 1948, in Ukpo, Dunukofia LGA, in Anambra State. The ‘Ozoigbondu’ of Ndi Igbo is a philanthropist and a politician. Arthur Eze attended California State University to pursue a degree in Mechanical and Chemical Engineering from 1974 to 1978. He is the owner of Atlas Oranto Petroleum, Nigeria’s largest privately held company that specializes in oil production and exploration. His net worth is estimated at N2.08 trillion ($5bn). Arthur Eze is also the richest man in Anambra State.
6. Cletus Ibeto
Cletus Ibeto is a billionaire businessman and humanitarian. Born on November 6, 1952, in Nnewi, Anambra State, he dropped out of secondary school to become an apprentice, popularly called igba boyi in the Igbo language, at an auto spare parts business in Onitsha. Today, he is the founder and chairman of Ibeto Group, the biggest in the Eastern part of Nigeria. His net worth is estimated at N1.25 trillion ($3bn) in 2022.
7. Tony Elumelu
Tony Onyemachi Elumelu is a Nigerian businessman, entrepreneur and philanthropist. He was born on March 22, 1963, in Jos, Plateau State, but his parents are from Delta State. He studied Economics at Bendel State University (now Ambrose Alli University) obtaining a Bachelor of Science degree. Then he proceeded to the University of Lagos to obtain a Master of Science degree in Economics.
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Elumelu began his career as a salesman at Union Bank, where he previously did his National Youth Corps Scheme (NYSC). Today, he is the chairman of Heirs Holdings, the United Bank for Africa, Transcorp and founder of The Tony Elumelu Foundation. His net worth is estimated at N830 billion ($2bn).
8. Femi Otedola
Femi Otedola is a Nigerian billionaire businessman, philanthropist, and former Chairman of Forte Oil Plc, an importer of petroleum products. His net worth is estimated at N622.5 billion ($1.5bn). Born on November 4, 1962, in Ibadan, Oyo State, South-West Nigeria, Otedola founded Zenon Petroleum and Gas Ltd. He is also the father of famous disc Jockey, DJ Cuppy and fashion blogger and actress, Temi Otedola. The business tycoon recently invested in power generation as part of the privatisation of the sector in Nigeria.
9. Leo Stan Ekeh
Leonard Stanley Nnamdi Ekeh is the Founder and Chairman of Zinox Group. He is also the chairman of Konga.com. Zinox is a leading ICT ecosystem in Africa that deals with computer and peripheral equipment manufacturing. Konga is an e-commerce store, that mostly deals with electronics.
Ekeh was born on February 22, 1956, in Imo State, Nigeria. He attended Punjab University, India, where he obtained a Bachelor of Science degree in Economics. His net worth is estimated at N498 billion ($1.2bn).
10. Jimoh Ibrahim
Jimoh Ibrahim is a Nigerian lawyer, politician, businessman and philanthropist. He was born on February 24, 1963, in Ondo State. He graduated with a Bachelor of Law degree (LLB) from Obafemi Awolowo University, Ile Ife, Osun State before obtaining a Master of Public Administration (MPA). Later, he went to Harvard University in Cambridge, Massachusetts, USA, graduating with a combined Master of Laws (LLM) and Masters In International Taxation.
Ibrahim is the chairman and CEO of Global Fleet Group, a diversified conglomerate with business interests and subsidiaries in neighboring West African countries. His net worth is estimated at N456.5 billion ($1.1bn).
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Top 10 richest men in Africa
- Aliko Dangote – $14 billion (Nigeria)
- Johann Rupert – $11 billion (South Africa)
- Nicky Oppenheimer – $8.7 billion (South Africa)
- Nassef Sawiris – $8.6 billion (Egypt)
- Mike Adenuga – $6.8 billion (Nigeria)
- Abdul Samad Rabiu – $6.7 billion (Nigeria)
- Issad Rebrab – $5.1 billion (Algeria)
- Arthur Eze – $5 billion (Nigeria)
- Naguib Sawiris – $3.4 billion (Egypt)
- Patrice Motsepe – $3.1 billion (South Africa)
Top 10 richest men in the world
- Elon Musk – $219 billion – Tesla
- Jeff Bezos – $171 billion – Amazon
- Bernard Arnault – $158 billion – LVMH
- Bill Gates – $129 billion – Microsoft
- Warren Buffet – $118 billion – Berkshire Hathaway
- Larry Page – $111 billion – Google
- Sergey Brin – $107 billion – Google
- Larry Ellison – $106 billion – Software
- Steve Ballmer – $91.4 billion – Microsoft
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Mukesh Ambani – $90.7 billion – Diversified