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Emmanuel Igbinoba

Business Analyst - Sub-Saharan Africa

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Who's who in Nigeria

By Emmanuel Igbinoba
29 October 2019

Each year Forbes ranks the world based on its wealthiest people. In this blog, we take a closer look at the most prosperous people in Nigeria and their business connections.

 dangote-640x360Aliko Dangote

#1 Aliko Dangote, 61
Dangote Industries Ltd (Dangote Group) chairman, Aliko Dangote, has retained his position as the richest man in Nigeria, despite losing almost US$2bn in the last year as a result of his Lekki Nigeria project, the Dangote Refinery. He is now worth US$10.5bn with a 100% ownership in Dangote Industries Ltd and 90% stake in Dangote Nigeria Ltd.
Mr Dangote is heavily engaged in improving health and education through his Aliko Dangote Foundation, the largest non-profit organisation of this type in sub-Saharan Africa. Earlier this year, the foundation pledged to provide grants totalling US$3.06m to 106,000 women.
Read more in our blog: The Dantatas, the Dangotes and a bid to transform Nigeria’s downstream oil industry.

 michael-adenugaMike Adenuga

#2: Mike Adenuga, 65
Business tycoon Mike Adenuga, remains second on the list, with his wealth estimated at US$9.2bn. Chief Adenuga has continued to profit from his telecoms and oil exploration empire, through Globacom, Nigeria’s second-largest telecom operator, and Conoil Ltd, a leading oil and gas company.

 416x416-abdulsamad-rabiuAbdulsamad Rabiu

#3: Abdulsamad Rabiu, 59
Abdulsamad Rabiu, the founder of BUA Group, with subsidiaries BUA Oil Mills LtdBua Sugar Refinery LtdBua Oil and Gas International Ltd and BUA Ports and Terminals Ltd, moves up to third position. According to Forbes, Rabiu has a net worth of US$1.6 bn.

 folorunsho-alakija-by-ty-bello-01Folorunsho Alakija

#4: Folorunsho Alakija, 68
From fashion designer to oil tycoon, Folorunsho Alakija, made headlines by unseating Oprah Winfrey to become the richest black woman a few years ago. She is vice chairman of oil exploration company Famfa Oil Ltd and has an estimated net worth of US$1.2bn.

 otedolaFemi Otedola

#5: Femi Otedola, 56
Meanwhile, Forte Oil chairman and founder of the oil and gas firm, Zenon Petroleum and GasFemi Otedola retained his position with a net worth of US$1.2bn. Born in Ibadan, and son to former governor of Lagos Michael Otedola, he obtained a degree at the Obafemi Awolowo University and has since become known for his philanthropic contributions through his Michael Otedola Scholarship scheme.

 danjumaTheophilus Yakubu Danjuma

#6 Theophilus Yakubu Danjuma, 80
Also retaining his position is former defence minister, Theophilus Yakubu Danjuma who reportedly made his wealth from an oil block awarded to him in the late 1990s. The 80-year-old is worth US$1.2bn, with his TY Holdings Ltd managing a portion of that wealth. In 2006, his oil firm, South Atlantic Petroleum Ltd sold almost half its oil field contractor rights to a state-backed Chinese firm for US$1.8bn. Danjuma left the military in 1979 and founded Comet Shipping Agencies Nigeria Ltd and Nigerian America Line Ltd, both shipping companies. TY Danjuma Family Office Ltd oversees the private equity investments, trust funds and venture capital arm of his family-run companies and is registered in England.

 muhammadu-1Muhammadu Indimi

#7 Muhammadu Indimi, 72
Muhammadu Indimi, in-law to Nigerian president Muhammadu Buhari (Indimi’s son is married to Buhari’s daughter), is chairman of Oriental Energy Resources, a privately held oil exploration and production company. Along with his holdings at Jaiz Bank Plc, Indimi’s net worth is conservatively estimated to be US$500m.

 aminu-alhassan-dantataAminu Alhassan Dantata

#8 Aminu Alhassan Dantata
Aminu Alhassan Dantata, scion of the famous Dantata family of Kano and uncle to Aliko Dangote. Aminu’s father Alhassan Dantata, was the founder of Alhassan Dantata and Sons, and reputed to have been the wealthiest person in West Africa until his death in 1955. Conservatively estimated to be worth north of US$500m, Aminu took control of Alhassan Dantata and Sons in 1949 and expanded into fertiliser, security trading and oil with stakes in Express Petroleum and Gas LtdDantata Investment and Securities Ltd and Dantata Najjar Investment and Securities Company Ltd.
As mentioned above, you can read more about the Dantatas and the Dangotes in our earlier blog.

 sani-bello-1Sani Bello

#9 Sani Bello, 76
Retired army colonel and businessman, Sani Bello is lesser known, but is still counted among the group of ultra-high net worth individuals. He is the founder of Amni International Petroleum Development Company Ltd, an oil exploration company and the current chairman of power company Mainstream Energy Solutions Ltd. His son, Abubakar Sani Bello, is the current governor of Niger State.

 tony-elumeluAnthony Onyemaechi Elumelu

#10 Anthony Onyemaechi Elumelu, 56
Anthony Onyemaechi Elumelu is Chairman of United Bank for Africa PLC and Transnational Corporation of Nigeria PLC. With a net worth estimated at between US$500m to US$700m, the director of Heirs Holding loves nothing more than sharing his inspiring story of how he started his career as a photocopier salesman.








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Emmanuel Igbinoba

Business Analyst - Sub-Saharan Africa

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Diligencia provides specialist business intelligence and due diligence services based exclusively on primary sources in the Middle East & Africa.

More about what we do