Top 10 Richest Men In Nigeria (2020 Ranking)

According to Forbes 2020 List of World’s Richest Persons, 4 Nigerians are among the richest people in the world.

Well, this is no surprise as Nigeria is a country with people who are extremely wealthy. The country’s politicians, pastors, oil magnates and entrepreneurs, are among the wealthiest you can find all over the African continent.

Image - The Richest Men In Nigeria

Are you searching for the current richest men in Nigeria? Here is an updated list of Nigeria’s wealthiest men according to Forbes Magazine. The men whose names appeared here have laboured and sacrificed a whole lot to have their names featured in this list.

Let this inspire you to work hard and smart, and also be well committed to whatever legitimate work or business legitimate that you do. Someday your name may be included here also. Who knows?

Who Is The Richest Man In Nigeria In 2020 According to Forbes?

Expectedly, the richest man in Nigeria 2020 is the same man whose name we are all familiar with, Aliko Dangote. He is not only the richest person in Nigeria, but he is also Africa’s wealthiest man and the richest black person alive.

Alhaji Aliko Dangote is so rich that it is nearly impossible for any Nigerian to displace him. If you think his net worth of US$10.1 billion is massive, wait until he completes the building of his petroleum and gas refinery in 2021. He’d be so rich then that no living Nigerian will ever come close to overtaking him. How did Dangote become so wealthy in the first place?

You will soon find out. But first, let’s take a look at the other names that made it to our list of top 10 wealthiest men in Nigeria today.

Nigeria’s 10 Richest Men In 2020 (Forbes)

Based on their 2020 net worth, the following are the current richest men in Nigeria. They are also the most influential people in the country when it comes to “money power.”

Their biographies, business, net worth, automobiles, houses and family are all revealed here. Check them out below.

10) Femi Otedola ($300 Million)

Femi Otedola is a Nigerian businessman, entrepreneur and an extraordinary philanthropist. When I say an extraordinary philanthropist, I mean every word of it.

Imagine giving out 5 billion Naira to charity in one day! Absurd, right?

Well, Femi Otedola did it.

In November 2019, the oil magnate shocked majority of Nigerians when he made an unimaginable donation of 5 billion Naira out of his fortune to charity. That’s about $13.6 Million.

How was Femi Otedola able to do it? Your guess is as good as mine. The man is stinkingly rich.

Prior to 2019, he occupied a very top position on the list of Nigeria’s wealthiest men. However, he is presently number 10 on the same list.

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Otedola has started and still overseas many successful business firms in Nigeria today. He is a father to four beautiful kids among whom is the famous Nigerian female disc jockey, DJ Cuppy.

9) Orji Uzor Kalu ($330 Million)

Orji Uzor Kalu may be in prison today for his crimes during his tenure as the governor of Abia State. However, the former Governor and Senator is still among the richest men in the country.

Orji Kalu was one of Nigeria’s youngest millionaire in his youth days. Reports have it that he became a millionaire at the age of 20 when he made his first million from palm oil, rice and sugar business.

The man is today the owner of SLOK Holding, New Telegraph Newspaper and Daily Sun, one of Nigeria’s most popular newspaper.

Mr. Kalu is currently estimated to be worth about $330 million. A net worth which puts his name in the list of the most successful businesspersons in the country.

Though his political life has loopholes all over it, no one can take away the fact the billionaire was already rich before ascending the corridors of power.

8) Oba Otudeko ($550 Million)

Oba Otudeko is one of the wealthiest men in Nigeria presently. Forbes Magazine once estimated him to be worth about $550 million. He is also among the list of Nigerian billionaires with investments in several parts of the world.

Dr Ayoola Oba Otudeko is the current Chairman of FBN Holdings Plc, Honeywell Group Ltd and other highly successful companies within and outside the shores of Nigeria.

Dr Otudeko began his journey to riches when he worked as a clerk in Co-operative Bank in Ibadan. Before his resignation from the defunct bank in 1983, he rose to the position of a GM and acting CEO of the bank.

Leaving the banking industry, Oba Otudeko ventured into business. From there, the company we now know as Honeywell Group Ltd was founded.

Today, Honeywell Group owns a lot of subsidiaries. Including Honeywell Flour Mills Plc, HOGL Energy Ltd, Pivot Energy Company Limited, Uraga Real Estate Limited, Anchorage Leisures Limited, Pavilion Technology Limited and so on.

Oba Otudeo is also a philanthropist. His foundation has helped changed the lives of so many Nigerians. Based on our observations, the man is a very quiet person. He is not one of those billionaires that always make noise on social media about their wealth. You can hardly come across him doing such online.

7) Jim Ovia ($550 Million)

Jim Ovia is one of the top 10 multi-billionaires in Nigeria right now. He is a banker, businessman and entrepreneur. He is the founder of Zenith Bank Plc, one of the leading banks in Nigeria.

Mr Jim Ovia is also the founder of Visafone which was one of the most popular telecommunication networks in the early 2000s. Though the company was not able to reach its full potentials in the telecom industry, it did notably well some states like Lagos, Abuja and Rivers. In replacement of that, his bank (Zenith Bank PLC) is doing wonders in the banking and finance industry today.

Mr Ovia also has interests in real estate and several other sectors. His success story today is an inspiration to thousands of young people within and outside the country. He has paid his dues in terms of hard work and is today enjoying the fruits of his labours.

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6) Tony Elumelu ($700 Million)

Mr Tony Elumelu is a Nigerian banker, businessman, entrepreneur and the Chairman of United Bank For Africa (UBA).

Elumelu is also the Chairman of Heirs Holdings, TRANSCORP and many other companies in the country.

From working as a banker to a bank owner, Tony Elumelu’s story is a story of hard work, commitment and dedication to one’s dreams and goals.

The UBA Chairman is also one of Nigeria’s biggest philanthropist. His foundation “ Tony Elumelu Foundation” which organizes the yearly entrepreneurship programme, Tony Elumelu Entrepreneurship Programme (TEEP), has helped raised thousands of entrepreneurs across Africa.

Every year, selected candidates in the Tony Elumelu Entrepreneurship Programme, are given a $5,000 grant each. They are also trained to enable them to invest the money wisely.

Mr Elumelu’s United Bank For Africa is not just your average Nigerian bank. The financial institution has branches all over the continent and beyond.

Elumelu is estimated to be currently worth over $700 million, making him one of the top 10 wealthiest men in the country. In the nearest future, Elumelu’s position is likely to go up higher than it is now. The rate at which UBA is spreading across Africa, this may even happen faster than anyone can ever imagine.

5) Theophilus Danjuma ($1 billion)

General Theophilus Danjuma is a Nigerian military personnel, politician, businessman and former Army Chief Of Staff. The retired military general is not only a multi-billionaire, but he is also a very big philanthropist.

T.Y Danjuma as he is popularly referred to is the founder of SAPETRO, a popular oil and gas company in Nigeria. He is also the founder of Nigeria America Line (NAL) and COMET Shipping Agencies Nigeria Ltd.

In July 2016, NatCom Development & Investment Limited announced him as the company’s Board Chairman due to his success in his other establishments.

Theophilius Danjuma’s South Atlantic Petroleum has subsidiaries in the Central African Republic, the Republic of Benin and Madagascar.

4) Igho Sanomi ($1.1 billion)

Igho Sanomi made headlines in 2014 for becoming the youngest billionaire in Africa at the age of 39.

The billionaire businessman is the founder and the CEO of Taleveras Group, a conglomerate with interests in power, construction, aviation and oil. The company has subsidiaries in Cape Town, Dubai, Geneva, London and Ivory Coast while its Nigerian offices are located in Abuja and Lagos

Born in Agbor, Delta State in 1975, the oil tycoon is one of the richest men in Nigeria today. He is a son to the retired Assistant Inspector General of Police, Dickson Oghenereuma Sanomi.

As a young man, Igho Sanomi is setting the pace for so many others to follow. His impacts in bringing Sarian Oil and Cosmos Oil AG to limelight cannot be forgotten.

Igho Sanomi today has companies that are into real estate, telecommunication, energy and power, construction, aviation and oil.

3) Abdul Samad Rabiu ($3.1 billion)

Abdul Samad Rabiu Is one of the richest people in nigeria

Based on the Forbes List of Richest Billionaires in the World, Abdul Samad Rabiu’s net worth in 2020 is estimated to be around $3.1 billion. He is currently the third richest person in Nigeria and the 8th richest person on the African Continent.

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The 59-year-old billionaire whose wealth came mostly from the production of cement and sugar is one of Nigeria’s biggest entrepreneurs and businessman.

Abdulsamad Rabi is the chairman and CEO of BUA Group, a cement production company with a focus on West Africa. Just like Dangote and Ibeto, Abdul Samad’s BUA cement is one of the best cement brands in the whole of West Africa.

2) Mike Adenuga Jr. ($7.7 billion)

Mike Adenuga is a Nigerian billionaire businessman, entrepreneur and a highly recognized philanthropist. He is the Chairman of the popular Nigerian telecom company, Globacom which is also known as GLO.

Mr Adenuga is also the founder and chairman of Conoil, one of the biggest oil and gas companies in the country. The company had its major breakthrough in 1991 when it struck oil in a very large quantity in Ondo State.

Towards the ending of the ’90s (1999 to be precise), Adenuga was issued a telecommunication license. With that, he started GLOBACOM, Nigeria’s largest data network.

Early in 2019, Adenuga trended on social media after his net worth for the year was made public. Many people believed that it wouldn’t be long from then before he becomes the richest man not only in Nigeria but also in Africa as a whole.

With the drop in his net worth for 2020, it would take a very long time before such a thing ever happens.

1) Aliko Dangote ($10.1 billion)

Dangote - The richest person in nigeria
Source – Time.com

Alhaji Aliko Dangote is Africa’s richest man for the 8th time in a row. He is also the richest black man in the world. In Nigeria, the business tycoon remains the country’s most influential businessman.

Aliko Dangote is the Chairman of Dangote Group, a conglomerate with interest in cement production, sugar refining, rice production, construction and real estate and lately oil and gas.

The billionaire businessman started his entrepreneurial journey with a loan of $3000 which he got from his uncle. According to him, he invested this whole money in rice importation and sugar business. The rest is history today.

With just that $3000 loan, Aliko Dangote has managed to build the largest business empire by an individual in Africa. Presently, the billionaire is building his petroleum refinery in Lagos, this will lead to the massive creation of jobs within the country.

In Summary

Aliko Dangote, Mike Adenuga and Abdulsamad Rabiu are 3 names that have been constant on the list of the richest men in Nigeria. You can’t come across a list of the top 10 wealthiest people in the country without them occupying the highest position.

If you were searching for a comprehensive list of the richest men in Nigeria according to Forbes, I hope the information you find here answers your question correctly.

You can also check out our other “Richest” lists below.

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