This article lists the top five richest men in Nigeria as of 2023. Some Nigerian billionaires have made it to the most recent Forbes World’s Billionaire List 2023, as well as those who have risen from their previous position on the list.
Despite its current ranking as one of the poorest countries in the world, Nigeria has many inseparable riches that beg to differ from that assessment. One of these is the country’s large number of wealthy individuals.
According to research, Nigeria has approximately 9,100 high-net-worth individuals and about seven billionaires. This figure includes the richest men in Nigeria, the richest women in Nigeria, and other prominent people.
Choosing the top names, we have about the 50 richest men in Nigeria as of 2023. (men and women inclusive).
However, the richest men will be the sole focus of this article; just 33 out of 50. This comprehensive list includes entrepreneurs, politicians, and business moguls who have made it to the list of Nigeria’s richest men in 2023 due to their net worth.
Top Richest Men in Nigeria 2023
- Aliko Dangote
Aliko Dangote is a Nigerian billionaire who has held the title of Africa’s richest man for the 11th time. He is invariably Nigeria’s richest man with a net worth of $13.4 billion in 2023 after dropping from his initial net worth of $14 billion.
Dangote was once ranked as the 67th richest man in Africa and the 183rd richest man in the world by Forbes. However, he is now the world’s 63rd richest person.
This business magnate founded Dangote Cement Company, which owns approximately 88% of the stock. He also owns stakes in salt and sugar manufacturing companies. His companies are Africa’s leading flour, sugar, and cement producers.
His company has grown into a conglomerate within African countries, offering services such as import and export, brewery supplies, and other local products. Dangote is currently constructing a refinery near Lagos in the Lekki Free Zone. When completed, the Dangote refinery will produce approximately 650,000 barrels per day.
- Michael Adenuga
Mike Adeniyi Adenuga is another Nigerian billionaire with a net worth of about $7.3 billion. He is the founder of Globacom, Nigeria’s second-largest telecommunications company. His fortune stems from telecommunications ventures and investments. He owns stock in several companies, including Equitorial Trust Bank and Conoil.
In 2019, he was named the 22nd most influential person in Africa by the New African Magazine.
- Bola Ahmed Tinubu
Bola Ahmed Tinubu has an estimated net worth of $8.4 billion (3.46 trillion). He was the Lagos State Governor from May 1999 to May 2007. But currently, he is the National Leader of the All Progressives Congress.
Tinubu is the richest politician in Nigeria. He owns landed properties in Nigeria worth over N120 billion, including a 5-billion-dollar mansion on Bourdillon Drive in Ikoyi, Lagos. He is also rumored to be the owner of Oando PLC, Nigeria’s largest oil-producing company, with a revenue of $449 million.
- Ibrahim Badamosi Babangida
Ibrahim Badamasi Babangida (IBB) is a Nigerian billionaire and business magnate who owns 65% of Fruitex International Limited in London and 24% of Globacom, Nigeria’s second-largest telecom company, GCFR. He is estimated to have about $5 billion in wealth.
IBB was Nigeria’s military president from August 1985 to August 1993. The wealthy man is best known for the annulment of the June 12, 1993, general election, in which MKO Abiola was declared the winner.
With his current net worth of 1 trillion Naira ($5 billion), he is Nigeria’s second richest politician.
- Ifeanyi Ubah
Ifeanyi Ubah is a businessman who built a fortune for himself before deciding to serve Nigeria. He is the chairman of Capital Oil and Gas. He is also on the board of directors of a few notable Nigerian companies.
Ifeanyi Ubah also owns a football club named Ifeanyi Ubah FC. With a net worth of approximately $1.7 billion, he is one of the ten wealthiest men in Nigeria.
- Abdul Mutallab Umaru
Alhaji (Dr.) Umaru Abdul Mutallab is another Nigerian billionaire with extensive experience in development, commercial, and merchant banking. He is an outstanding business leader, a respected banker, and a chartered and certified accountant who has served in several financial positions.
Mutallab served as Minister of Economic Development in 1975 and Cooperatives and Supplies in 1976. From 1975 to 1978, he was a member of Nigeria’s Federal Executive Council.
He was also the former chairman of First Bank of Nigeria and the Managing Director/CEO of the United Bank for Africa. However, he currently serves as the Chairman of Jaiz Bank International Plc and is a member of the Institute of Human Virology in Nigeria.
- Alafayaa Kariboye-Igbo
Alafayaa Kariboye-Igbo, otherwise known as Oil Money, is also one of the richest men in Nigeria as of 2023. He is a businessman and entrepreneur working in oil and gas and real estate management.
Kariboye is also a pioneer in the entertainment industry. He is the owner of a British Entrepreneur Label, the CEO of Trump’s music and events, and the founder of Best Car Sales LTD. Jaydboy is one of the official artists signed to his label, Oil Money Records, founded in March 2021. His net worth is currently $6.1 billion.
- Olusegun Obasanjo
Obasanjo is a politician and business mogul with a net worth of $2 billion. He is an astute businessman involved in more than 6.5% of Nigeria’s total primary oil production, marketing, and distribution. He owns Otta Farms, one of West Africa’s largest chicken farms.
Obasanjo ruled Nigeria twice, once as a military ruler from 1976 to 1979 (as Head of State) and again as a civilian president from 1999 to 2007.
- Arthur Eze
Arthur Eze is a Nigerian billionaire with an estimated net worth of $5.8 billion. He is a chemical and mechanical engineer and a politician.
He owns Atlas Oranto Petroleum, Nigeria’s giant privately owned petroleum industry, established in 1991, and several other businesses. His businesses are in Nigeria, Liberia, Guinea, and the Gambia. Arthur is one of the wealthiest men in Africa. The majority of his assets are in the oil and gas industry.
- Atiku Abubakar
Atiku Abubakar has a net worth of $1.4 billion (507 billion 668 million). He is a businessman who amassed a fortune while working as the comptroller general of Nigerian Customs for 20 years. He founded a clearing and forwarding company called Nigeria Container Service while working for Nigerian Customs (INTELS).
Aside from INTELS, Atiku Abubakar owns several businesses in Nigeria, including beverages, media, and education. Atiku is also a politician. He was Nigeria’s Vice President when Olusegun Obasanjo was President from 1999 to 2007.
- Cletus Ibeto
Cletus Ibeto is a renowned entrepreneur with investments in a variety of industries. His net worth is estimated to be more than $3.8 billion.
Ibeto’s establishments are well-known throughout the country. He manages real estate, cement production, oil and gas, energy distribution, and automobile parts.
He is CEO of Ibeto Group, one of Africa’s largest conglomerates, with interests in automobile parts, cement production, energy, petrochemicals, and real estate. Another one of his business interests is the well-known Ibeto Hotels.
- Benedict Peters
Benedict Peters is a billionaire and one of Nigeria’s business magnates interested in the petroleum industry.
He is the founder of Aiteo Group, a conglomerate with a primary interest in energy, and his net worth is estimated to be $3.3 billion. Benedict began his career with Ocean and Oil, now known as Oando Plc, before moving to MRS Oil Nigeria Plc.
Then he went further to establish his petroleum industry because he was passionate about making improvements.
- Femi Otedola
Femi Otedola is the founder and owner of Zenon Petroleum and Gas Ltd. He is also the chairman of Forte Oil Plc, a major importer of fuel products.
However, his investments are not restricted to the oil and gas industry. He has investments in real estate management, shipping, and finance. He has real estate properties in Nigeria, Dubai, London, and the US.
Femi Otedola is the son of former Lagos State Governor Michael Otedola. His business career began in the 1980s when he successfully ran his family’s printing business. His net worth is estimated to be $1.2 billion.
- Tony Elumelu
Tony Elumelu is an astute investor and successful businessman with a net worth of approximately $1.98 billion. He is an economist and philanthropist with numerous official positions in the financial sector.
His wealth comes from numerous investments in financial services, real estate management, agriculture, and the energy industries. His assets are vast. His primary holdings include Heir Holdings, Transcorp Company, and the United Bank for Africa.
In 2005, he bought the United Bank for Africa and grew it from a local commercial bank to a pan-African bank with operations in 19 African countries.
- Orji Uzor Kalu
Orji Uzor Kalu is yet another self-made billionaire who made his fortune in business before becoming a politician. He is the CEO of SLOK Holdings and is worth $1.1 billion.
His investments include furniture manufacturing and the oil industry. He is also a shareholder in the Daily Sun and the New Telegraph newspapers. Orji Uzor Kalu also served as the former Governor of Abia State.
- Jim Ovia
Jim Ovia is a successful entrepreneur and economist who acquired one of Nigeria’s most successful banks, Zenith Bank. He is also the one who founded Visafone Communications Limited, which MTN later acquired.
As an outstanding business leader, Jim Ova is also the chairman of many of the country’s largest conglomerates. He is estimated to be worth $1 billion.
- Abdul Samad Rabiu
Abdul Samad Rabiu is a Nigerian billionaire with a net worth of $1.1 billion. He is the CEO of BUA Group, one of Nigeria’s largest cement and sugar producers. He owns several sugar refineries in various parts of the country.
Abdul Samad inherited the BUA group from his father, Khalifah Isyaku Rabiu, a prominent industrialist. Aside from his role as CEO of his company, Abdul Salam also serves as chairman of the Nigerian Bank of Industry.
- Emeka Offor
Emeka Offor is a successful businessman who started his business career as a bitumen importer. In 1985, he established Chrome Oil Services and expanded it into a conglomerate, the Chrome Group, in 1994. His company is focused on providing telecommunications and energy solutions.
Emeka has an estimated net worth of $2.9 billion. He was considered to be the wealthiest Igbo man in Nigeria.
- Igho Sanomi
Igho Sanomi is the founder of Cosmos AG Oil, the Chief Executive Officer of Talaveras, and many others. He is a retired businessman who has reached his net worth of $2.1 billion through numerous investments in real estate, energy, mining, shipping, aviation, construction, and telecommunication.
- Orjiako, ABC
Orjiako, ABC, is a trained surgeon who left the field to pursue business interests. He is the chairman and co-founder of Seplat Petroleum and has an estimated net worth of $1.2 billion.
Orjiako began his entrepreneurial journey by establishing and managing several companies in the oil and gas industry’s upstream, downstream, and service sectors.
- Jimoh Ibrahim
Jimoh Ibrahim is a prominent investor in Nigeria who has emerged as one of the richest men in Nigeria by 2023.
Today, he is a Nigerian billionaire thanks to his numerous investments in real estate, oil and gas, and insurance. His net worth is currently $1.1 billion.
- Andy Uba
Emmanuel Nnamdi (Andy Uba) is a successful businessman who has achieved great success. He has a net worth of $2.1 billion. He once held the position of governor of Anambra State in 2007 until the supreme court revoked his appointment after just 14 days in office.
- Emmanuel Ojei
Emmanuel Ojei is another Nigerian billionaire who amassed his wealth through investments. He has numerous investments in banking and automobile services and has a net worth of $1.2 billion.
His business interests include construction, banking, automobile importation, sales and service, and oil. Emmanuel Ojei is the sole proprietor of Ojei Holdings Limited.
- Paschal Dozie
Paschal Gabriel Dozie is the Chairman of Diamond Bank PLC, one of Nigeria’s leading commercial banks. He is a businessman with the Chairman of Diamond Bank PLC, one of Nigeria’s leading commercial banks. He is a businessman with a current net worth of $2.1 billion. He specialized in growing financial institutions.
- Oba Otudeko
Oba Otudeko is a respected banker estimated to be worth $650 million. He is the founder of Honeywell Group and serves as the chairman of FBN Holding Plc. His investments include oil and gas, trading, financial services, real estate, and marine transportation.
- Bode Akindele
Bola Akindele is the founder and chairman of Mondola Group, Nigeria’s most significant agricultural corporation. He is a Nigerian billionaire and is estimated to have a net worth of $1 billion.
He invests in real estate, agriculture, food processing, and transportation agencies. His group has interests in agriculture, food processing, maritime, real estate, and transportation.
- Danjuma Theophilus
Danjuma is a retired general, philanthropist, and businessman with a net worth of $750 million. His primary business interest is in oil, and he is the chairman of South Atlantic Petroleum (SAPETRO). This billionaire was Chief of Staff to former President Olusegun Obasanjo.
- Mohammed Indimi
Mohammed Indimi is the founder of Oriental Energy, a company he founded in 1990. His company is said to be worth over $400 million.
- Tunde Folawiyo
Tunde Folawiyo is the Chief Executive Officer of the MTN Telecommunication company in Nigeria. He took over the company from his father when he passed away in 2008.
Tunde Folawiyo’s business interests range from energy, agriculture, shipping, and real estate. He has an estimated net worth of $650 million.
- Hakeem Belo-Osagie
Hakeem is a trained lawyer and billionaire with several oil, finance, and telecommunications investments. He was once the chairman of the United Bank of Africa between 1998 and 2004.
- Rochas Okorocha
Rochas Okorocha is a businessman and politician who made his wealth before entering politics. He has served as the governor of Imo State, in the south-eastern part of Nigeria, for two terms and has several thriving businesses.
He currently has a net worth of $1.4 billion (507 billion, 668 million). Ahmadu Adamu Mu’Azu is among the top ten richest politicians in Nigeria. He was the governor of Bauchi State and a former chairman of the Peoples Democratic Party (PDP). His net worth is estimated at 324 billion, or $545 million.
32. Dino Melaye
Dino Melaye is estimated to have a net worth of $800 million (290 billion 96 million). He was once a Senator and a member of the 8th National Assembly, representing the Kogi West Senatorial district. Dino Melaye is among the richest politicians and one of the richest men in Nigeria as of 2023.
33. Rotimi Amaechi
Rotimi Amaechi is also one of the richest politicians in Nigeria, with a net worth of $780 million (282 billion) and 843 million. He was once the governor of Rivers State from 2007 to 2015 and the Minister of Transportation in Nigeria until May 16, 2022, when he resigned to contest Nigeria’s presidency.
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great fortunes, lasting wealth
One interesting about this list is that about half of them are politicians or have been in government after which their wealth ballooned.