Top 21 richest men in Nigeria in 2023 and their net worth

While Nigeria stands as one of the wealthiest nations in Africa, it is noteworthy that the country is home to numerous highly successful individuals with net worths amounting to multi-billions of naira.

Having previously published a report that disclosed the richest women in Nigeria, in this content, Intel Region is going to list the top 21 richest men in 2023 and their net worth.

These individuals have diversified their sources of income, engaging in investments across various sectors of the Nigerian economy. Their substantial wealth not only elevates their status within the country but also garners recognition on the global stage.

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Top 21 richest men in Nigeria in 2023 and their net worth
Tony Elumelu

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Anthony Onyemaechi Elumelu CFR who was born in Jos, Plateau State is a Nigerian economist, and philanthropist. He chairs Heirs Holdings, Transcorp, United Bank for Africa (UBA) and is the founder of The Tony Elumelu Foundation.

60-year-old Tony Elumelu (22nd March 1993) pursued Economics at Bendel State University (now Ambrose Alli University), earning a Bachelor of Science with a Lower Second Class (2:2). Subsequently, he furthered his education and obtained a Master of Science degree in Economics from the University of Lagos.

During his National Youth Service Corps in 1985, Elumelu began his professional journey at the Nigerian Bank Union Bank, initially as a Youth Corp member and later transitioning into a sales role. Subsequently, he became part of Allstates Trust Bank in 2005. Following this, United Bank for Africa (UBA) acquired the institution where he continued his career.

Tony Elumelu’s business empire spans across various industries, including financial services, real estate, hospitality, healthcare, power, and oil and gas. His net worth is estimated at $700 million.

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20. Jim Ovia – $980 million 

Jim Ovia

Jim Ovia was born on November 4th, 1951 and he is 72 years old at the moment of filling this content. He is a Nigerian businessman, he is the founder of Zenith Bank which he founded in 1990.

Jim Ovia earned a Master’s degree in Business Administration from the University of Louisiana, Monroe, Louisiana, USA in 1979, and a Bachelor of Science degree in Business Administration from Southern University, Baton Rouge, Louisiana, USA in 1977. Additionally, he is an alumnus of Harvard Business School.

Jim James Ovia’s wealth is valued at $980 million. In 1990, he established Zenith Bank, which has since grown to become one of the largest commercial banks in Nigeria. Ovia currently serves as the chairman and holds the position of the largest individual shareholder in the enterprise.

19. Igho Sanomi – $1 billion

Top 21 richest men in Nigeria in 2023 and their net worth
Igho Sanomi

Igho Sanomi, a 48-year-old (17th of May 1975) is a distinguished businessman, philanthropist, and public speaker. He is the Founder and Chairman of the Taleveras Group.

Sanomi entered the corporate arena well before reaching the age of 30, serving as an Executive Director at Cosmos Oil. During this period, he achieved significant milestones by negotiating fuel-oil exports from the Port Harcourt refinery. Drawing upon his extensive experience and inherent expertise in the oil and gas sector, Sanomi established the Taleveras Group in 2004. Over the years, he has transformed it into a leading energy-trading company.

Despite his business interests spanning oil, power, logistics, telecommunications, the maritime industry, aviation, and real estate, Sanomi pursued and earned a Bachelor’s Degree in Geology and Mining from the University of Jos, Plateau state.

Sanomi’s philanthropic endeavors are deeply rooted in the influence of his parents and a genuine inclination to make a positive impact. This commitment is evident in his leadership role as the CEO of the Dickson Sanomi Foundation. Notably, his recent philanthropic gesture involves supporting bowel cancer research in the United Kingdom, gaining widespread recognition and commendation globally.

In addition to his thriving business ventures, Igho Sanomi is a notable public speaker, geologist, and philanthropist. His investments extend across diverse sectors, including telecommunications, aviation, real estate, and shipping. As of today, Igho Sanomi’s net worth is valued at $1 billion.

18. Pascal Gabriel Dozie – $1 billion 

Pascal Gabriel Dozie

Pascal Gabrial Dozie is a prominent Nigerian entrepreneur and businessman. He hails from Imo State and was born on 9th April 1939 (83-year-old).

He is the founder of Diamond Bank and the chairman of Pan-Atlantic University, his current net worth is $1 billion. 

He also owns shares in MTN Group, a South African multinational mobile telecommunications company. His influence extends beyond business, having held leadership roles in various organizations. Notably, he is associated with the Commonwealth Business Council.

17. Jimoh Ibrahim – $1.1 billion 

Top 21 richest men in Nigeria in 2023 and their net worth
Jimoh Ibrahim

Jimoh Ibrahim born on 24th February 1967 (55-year-old) in Ondo State is a politician, lawyer, businessman, and philanthropist with a net worth of $1.1 billion. He owns the business conglomerate called Global Fleet Group. The company has interests in various sectors, including insurance, hospitality, transport, real estate, oil, and gas. 

16. Danjuma Theophilus – $1.1 billion 

Top 21 richest men in Nigeria in 2023 and their net worth
Danjuma Theophilus

Theophilus Yakubu Danjuma born on 9th December 1938 who is 84 years old as of the moment of filling this content is a retired Nigerian army lieutenant general and a prominent politician. His extensive military career spanned a significant period, and he played a pivotal role in shaping post-independence military and political events in the country.

Following his retirement, he established the Nigeria America Line shipping company. Additionally, he founded COMET Shipping Agencies Nigeria and South Atlantic Petroleum Limited. The net worth of Theophilus Danjuma is estimated at $1.1 billion.

15. Leo Stan Ekeh – $1.2 billion 

Top 21 richest men in Nigeria in 2023 and their net worth
Leo Stan Ekeh

Leo Stan Ekeh born 22nd February 1956 is a businessman with a net worth of $1.2 billion, is the owner of Zinox Group and Konga. Zinox Group is a prominent ICT ecosystem in Africa, specializing in the manufacturing of computer and peripheral equipment. Meanwhile, Konga operates as an online electronics shop.

14. ABC Orjiako – $1.2 billion 

ABC Orjiako

Ambrose Bryant Chukwuemeka Orjiako, also known as ABC Orjiako, born on 2nd October 1960 who is 63-year-old business tycoon and qualified medical doctor. He played a pivotal role in the co-founding of SEPLAT, a prominent independent oil and gas company in Nigeria.

SEPLAT is publicly listed on both the London and Nigerian stock exchanges. ABC Orjiako’s net worth is estimated at $1.2 billion.

 

13. Femi Otedola – $1.8 billion 

Top 21 richest men in Nigeria in 2023 and their net worth
Femi Otedola

Femi Otedola, born on 4th November 1962 who is 61-year-old is a Nigerian billionaire hailing from Epe, Lagos State, has achieved notable success in the energy sector, particularly in oil and gas. As the founder of Zenon Petroleum and Gas Ltd and the former chairman of Forte Oil, he has played a crucial role in the development of these enterprises.

Expanding beyond the energy industry, Otedola has diversified his business interests to encompass financial trading, shipping, real estate investment, and the hotel business.

Femi Otedola is recognized for his philanthropic endeavors, holding the position of Executive Chairman at Geregu Power PLC.

Moreover, he is the highest shareholder in FBN Holdings, the parent company of First Bank of Nigeria (FBN).

12. Andy Uba – $2.1 billion 

Top 21 richest men in Nigeria in 2023 and their net worth
Andy Uba

Andy Uba was born on the 14th December 1958. He is 64 year-old at the moment of publishing this content. His source of wealth is politics.

In 2011, Andy Uba secured the position of Senator for Anambra South Senatorial District in Anambra State. His journey into politics commenced during his college years. As of today, Andy Uba’s net worth is reported to be $2.1 billion.

11. Benedict Peters – $2.7 billion 

Top 21 richest men in Nigeria in 2023 and their net worth
Benedict Peters

Benedict Peters born on December 5th 1966 who is 56-year-old stands among the billionaires in Nigeria, having initiated his career in the oil and gas industry during the early 1990s. He collaborated closely with the founders of Ocean and Oil before venturing out to establish Sigmund Communecci in 1999.

In February 2008, he went on to establish the Aiteo Group, succeeding Sigmund Communecci. Benedict Peters’s net worth is currently estimated at $2.7 billion.

10. Emeka Offor – $2.9 billion 

Top 21 richest men in Nigeria in 2023 and their net worth
Emeka Offor

Emeka Offor born on 10th February 1957 who is 654-year-old is a prosperous entrepreneur, distinguished as an oil tycoon and philanthropist.

Serving as the founder and chair of The Chrome Group, an oil exploration firm headquartered in Abuja, he has made significant strides in the industry. Emeka Offor’s net worth is currently valued at $2.9 billion.

9. Orji Uzor Kalu – $3.2 billion

Top 21 richest men in Nigeria in 2023 and their net worth
Orji Uzor Kalu

Rewrite Orji Uzor Kalu born on 21st April 1960 who is 62-year-old is a successful businessman and politician with a net worth of $3.2 billion. He is the sitting senator of Abia North Senatorial District and the Chief Whip of the House of Senate in the Federal Republic of Nigeria.

He is the CEO of SLOK Holding, a company with investments in banking, shipping, manufacturing, oil trading, and media.

8. Cletus Ibeto – $3.8 billion

Top 21 richest men in Nigeria in 2023 and their net worth
Clebus Ibeto

Cletus Ibeto, born 6th November 1952 is the founder and chairman of the largest union in the Eastern part of Nigeria, known as Ibeto Group, began his journey as an import vendor for spare parts during his college days. Over the years, he has evolved into a savvy businessman and humanitarian.

As of today, Cletus Ibeto’s net worth is estimated at $3.8 billion.

7. Bola Ahmed Tinubu – $5 billion.

Chief Bola Ahmed Adekunle Tinubu, the current president of the Federal Republic of Nigeria, is a noteworthy figure in Nigerian politics and business. The former Lagos State Governor worth $5billion.

 

Top 21 richest men in Nigeria in 2023 and their net worth
Bola Ahmed Tinubu

Bola Ahmed Adekunle Tinubu has notably achieved the pivotal feat of breaking the 16-year dominance of the People’s Democratic Party (PDP) in Nigerian politics, solidifying his stature as a significant figure in the nation’s contemporary political landscape.

Commencing his journey post-graduation from Chicago State University, Tinubu initially gained work experience in the United States before returning to Nigeria, where he augmented his wealth through employment at ExxonMobil.

Beyond his political career, Tinubu boasts a prosperous business portfolio, affiliating himself with various international firms, including Oando, among others.

While a substantial portion of Tinubu’s wealth is accredited to his business ventures, it is noteworthy that his involvement in politics, encompassing two terms as the governor of Lagos State and his ongoing presidential term, has significantly contributed to his status as one of Nigeria’s wealthiest individuals.

Tinubu’s diverse array of business interests spans agriculture, hospitality, media, oil and gas, and real estate. While he has disclaimed ownership of certain companies, he has openly acknowledged ownership of others and demonstrated a proclivity for investing in blue-chip company stocks.

As the national leader of the All Progressives Congress (APC) and the president of Africa’s wealthiest nation, Tinubu continues to wield substantial influence in Nigerian politics. His real estate portfolio includes valuable assets, such as a N650 million home in Ikoyi, Lagos.

Tinubu’s wealth extends to an impressive collection of luxury vehicles, featuring a $600 million G-wagon, multiple Mercedes-Benz cars, a Range Rover, and other high-end automobiles. Additionally, he possesses a $60 million Bombardier Global Express XRS private plane.

6. Ibrahim Babangida – $5billion 

Top 21 richest men in Nigeria in 2023 and their net worth
Ibrahim Babangida

General Ibrahim Babangida, holding a net worth of $5 billion, ranks as the second-richest politician in Nigeria and the sixth-richest individual in the country. Often referred to as “Maradona” or “The Evil Genius,” Babangida served as the head of state in Nigeria, effectively overseeing the Federal Republic from August 27, 1985, until his retirement in August 1993.

Widely believed to have ascended to the echelons of Nigeria’s wealthiest individuals, General Babangida allegedly accumulated a multi-billion dollar fortune through successive ownership of stakes in numerous Nigerian companies.

In 2011, a Forbes article estimated his net worth at US$12 billion, a claim consistently refuted by Babangida, who maintains that his government was characterized by integrity.

With a current estimated net worth of $5 billion, General Babangida is known to own a luxurious mansion in Minnesota, reflective of his substantial wealth. His opulent lifestyle as one of the richest men in Nigeria includes an impressive collection of expensive cars and properties across the globe.

Additionally, he is purported to be the owner of the UK-based Fruitex International London Limited, with an estimated worth of $20 billion. The company’s documented nature of business includes “Agents in the sale of a variety of goods” and “Services to oil and gas extraction.” Fruitex International London Limited maintains affiliations with at least twelve Nigerian-based companies and one in Equatorial Guinea.

5. Mike Adenuga – $5.7 billion

Top 21 richest men in Nigeria in 2023 and their net worth
Mike Adenuga

Mike Adenuga born on 29th April 1953 who is now 69-year-old has a net worth of $5.7billion.

Mike Adenuga is the proprietor of Globacom, a prominent mobile phone network in Nigeria, holding the position as the country’s third-largest operator. Additionally, he is the owner of Conoil Producing, a flourishing oil exploration business.

In 1990, a significant milestone was achieved when Mike Adenuga secured a drilling license for Consolidated Oil, his company. The groundbreaking moment occurred in 1991 when Consolidated Oil made a historic discovery, striking oil in the shallow waters of Southwestern Ondo, one of Nigeria’s wealthiest states.

This achievement marked a historic moment as Consolidated Oil became the first indigenous oil company to discover oil in commercial quantity in Nigeria.

Mike Adenuga’s entrepreneurial acumen and substantial contributions to the business landscape earned him recognition as the African Entrepreneur of The Year at the inaugural African Telecoms Awards (ATA) in August 2007.

Continuing his expansion in the telecommunications sector, Adenuga made a significant move in May 2015 with a takeover bid to acquire Ivorian mobile telecom operator Comium Côte d’Ivoire for a sum of $600 million.

4. Arthur Eze – $5.8 billion 

Top 21 richest men in Nigeria in 2023 and their net worth
Arthur Eze

Arthur Eze born on 27th November 1948 who is now 75-year-old serves as the Chief Executive Officer of Atlas Oranto Petroleum, a prominent privately-held oil exploration and production company in Nigeria.

In 1992, he established Triax Airlines, capitalizing on the deregulation of airlines in Nigeria. Arthur Eze’s net worth is currently valued at $5.8 billion.

3. Alafaa Kariboye-Igbo – $6.1 billion 

Top 21 richest men in Nigeria in 2023 and their net worth
Alafaa Kariboye-Igbo

Alafaa Kariboye-Igbowidely recognized as Oil Money, has earned his moniker through a remarkable journey. Born into a low-income family, the 41-year-old business tycoon has tirelessly worked his way up to amass a considerable fortune, boasting a net worth of $6.1 billion.

He was born on 21st May 1981 and he is now 41-year-old. The proprietor is the owner of Oil Money Records, a platform dedicated to assisting emerging artists in launching their music careers. Additionally, he has investments in real estate, oil and gas production, and vehicle dealership.

2. Abdul Samad Rabiu – $7.9 billion 

Abdulsamad Rabiu, BUA Group CEO
Abdul Samad Rabiu

Abdulsamad Rabiu born on 4th August 1960 who is now 61-year-old holds the position of the second-richest individual in Nigeria, boasting a net worth of $7.9 billion. He is the visionary founder of BUA Group, a conglomerate engaged in various sectors, including cement production, sugar refining, and real estate.

In 1988, he initiated a business focused on importing iron, steel, and chemicals. Furthermore, he inherited land from his late father, a prosperous businessman.

As of July 2020, Forbes estimated Abdul Samad Rabiu’s wealth at $3.2 billion, positioning him as the 716th wealthiest individual in the global billionaire’s club.

By January 2022, he gained attention as the second richest man in Nigeria, and as of April 2022, he held the title of the fifth-richest person in Africa, with a net worth of $6.7 billion. Moving into April 2023, Abdul Samad Rabiu ascended to the position of the fourth richest man in Africa.

Abdul Samad Rabiu’s entrepreneurial journey began with the establishment of BUA International Limited in 1988, focusing primarily on commodity trading.

The company initially dealt with the importation of essential commodities such as rice, edible oil, flour, and iron and steel.

A significant turning point occurred in 1990 when the government, owner of the Delta Steel Company, engaged BUA in a contract to supply raw materials in exchange for finished products, providing a substantial boost to the young company.

Over the years, BUA expanded its operations into the steel industry, producing billets, importing iron ore, and establishing multiple rolling mills within Nigeria.

This diversification strategy fueled the company’s growth, with notable acquisitions including Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria.

In 2005, BUA ventured into the flour-milling sector, establishing plants in Lagos and Kano, two of Nigeria’s wealthiest states.

A pivotal milestone occurred in 2008 when BUA broke an eight-year monopoly in the Nigerian sugar industry by inaugurating the second-largest sugar refinery in sub-Saharan Africa.

Moreover, in 2009, BUA acquired a controlling stake in a publicly listed Cement Company in Northern Nigeria and embarked on the construction of a $900 million cement plant in Edo State, successfully completing it in early 2015.

These strategic moves, challenging Africa’s wealthiest man, solidified Abdul Samad Rabiu’s status as a prominent figure in Nigeria’s business landscape.

1. Aliko Dangote – $12.6 billion 

Alike Dangote

Aliko Dangote born on 10th April 1957 and now 65-year-old is the richest man in Nigerian and also the richest black man in the world with a net worth of $12.6 billion.

Dangote serves as the founder and chairman of Dangote Cement, the largest cement producer in Africa. He holds an 85% ownership stake in the company.

The Dangote Group traces its roots to a modest trading firm established in 1977, coinciding with Aliko Dangote’s move to Lagos with aspirations of expanding the company.

Aliko Dangote’s entrepreneurial journey took flight with a $500,000 loan (equivalent to $3.89 million today when adjusted for inflation) from his affluent uncle. This financial boost facilitated his entry into various trading activities, including the sale of bagged cement, rice, and sugar.

Dangote’s foresighted approach in the 1990s, proposing that the Central Bank of Nigeria entrust his transport company with managing their staff buses, further paved the way for his success.

Today, the Dangote Group stands as one of Africa’s largest conglomerates, extending its reach into international markets like Benin, Ghana, Zambia, and Togo.

This diversified conglomerate, which originated as a trading entity, has transitioned into a dominant force in various sectors within Nigeria. Notable subsidiaries include Dangote Sugar Refinery, Dangote Cement, and Dangote Flour, securing a prominent position in the sugar and refinery markets.

Dangote’s business empire encompasses salt factories, flour mills, and substantial imports of rice, fish, pasta, cement, and fertilizer. Moreover, the Dangote Group plays a pivotal role in exporting agricultural products like cotton, cashew nuts, cocoa, sesame seeds, and ginger to multiple countries. The conglomerate has also made significant investments in real estate, banking, transport, textiles, and the oil and gas sector.

In February 2022, Dangote expanded his business ventures into the automotive industry with the establishment of the Dangote Peugeot Automobiles Nigeria Limited (DPAN) factory in Kaduna.

Furthermore, in May 2023, he commissioned the Dangote Refinery in Lekki, Nigeria, with the aim of transforming Africa’s largest oil producer into an export hub for petroleum products.

Despite his status as Nigeria’s richest man, revelations from the HSBC leaks in 2015 exposed Dangote’s assets in a tax haven in the British Virgin Islands.

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