Top 10 richest people in Nigeria 2021

Franklin Izuchukwu
By Franklin Izuchukwu

Get to know the top 10 richest people in Nigeria in 2021; their net worth and source of income

 A  bowel containing many coins.

Nigeria has been tagged as the undisputed 'Giant of Africa' because of its population, economy and potential market. The influence of the Sub-sahara country in the African continent cannot be overemphasised.

Nigeria is a destination for the export market, luxury consumption and sale of various goods. Nigeria has the largest GDP in Africa, with a GPD value of over 442 billion dollars.

The Nigerian population may be responsible for the economy, but individuals are piloting the economic affairs.

Some of the companies and conglomerates found in Nigeria are controlled by the top 10 richest people or men in Nigeria.

The article, top 10 richest people in Nigeria in 2021 will provide more details on

  • The richest people in Nigeria for 2021
  • The source of wealth of the top 10 richest people in Nigeria 2021
  • The Net worth of the top 10 richest people in Nigeria 2021

Even though the coronavirus pandemic dealt a heavy blow to the world's economy, these top richest people in Nigeria still hold their ground on the list of top richest people in Nigeria in 2021.

Below are the top ten richest people in Nigeria, their net worth and source of income;

1. Aliko Dangote - Net worth of $12 Billion

Aliko Dangote is the richest man in Nigeria among the top ten richest men and women in Nigeria, with a vast net worth of around $12 billion.

It is no surprise to people as he is already known as the richest man in Africa for over the years.

Aliko Dangote was born on the 10th of April 1957 from Kano State, Nigeria, to a wealthy Muslim family of Mohammed Dangote and Mariya Sanusi Dantata, the daughter of Sanusi Dantata.

He is also the great-grandson of late Alhaji Alhassan Dantata, the richest West African man before he died in 1955.

Aliko Dangote has earned so much money through his business which has helped him become the richest man in Nigeria at 63 years.

Aliko Dangote has a net worth of $12.1 billion

#1.1 Aliko Dangote's Source of Income

Dangote's major income source that increased his net worth is mainly from his cement industry which is part of Dangote Company Group.

The famous businessman owns over 85% of the publicly-traded Dangote's Cement in Dangote Group of Company. The Dangote Cement produces up to 45.6 million metric tons annually that operate in over 10 African counties.

His other sources of income that have helped increase his net worth are his oil refinery, sugar refinery, salt refinery, and fertilizer company, all under the Dangote group of company.

Dangote group has expanded its company in other parts of Africa, including Benin, Ghana, Zambia, and Togo, where it supplies cement, sugar, salt and Dangote flour which also increased Aliko Dangote's net worth to such huge amount.

Dangote sugar industry is the largest in Africa and the third-largest in the world, producing over 800,000 tons of sugar every year. A huge value that contributed to his vast net worth.

He was awarded Nigeria’s second-highest honour, the Grand Commander of the Niger (GCON) Order, by the former president, Goodluck Jonathan.

2. Mike Adenuga - Net worth of $6.3 billion

The 2nd name on the list of the top 10 richest people in Nigeria for 2021 is Mike Adenuga.

Michael Adeniyi Agbolade Ishola Adenuga is the second richest man in Nigeria. Mike Adenuga has a net worth of $6.3 billion.

Michael Adeniyi Agbolade Ishola Adenuga was born on the 29th of April 1953 to Oloye Michael Agbolade Adenuga Snr and Omoba Juliana Oyindamola Adenuga, in Ibadan, Oyo State.

Mike Adenuga is fondly known as John bull by close associates.

The Nigerian billionaire is married to Titi Joyce Adenuga. Mike Adenuga is blessed with seven children.

The founder of Globacom and Conoil, Mike Adenuga.

Mike Adenuga's Source of Income

Mike Adenuga made Clacified's list of the top 10 richest people in Nigeria because of his numerous business ventures and companies.

Being one of the most successful businessmen in Nigeria, Mike Adenuga has earned so much wealth increasing his net worth to become the second richest man in Nigeria.

Mike Adenuga became a millionaire at the early age of 26.

Mike Adenuga acquired his wealth through telecommunication and oil production. Mike Adenuga is the founder of Globacom, the 2nd largest telecommunication network in Nigerian.

Globacom controls about 28% of the telecommunication market in Nigeria.

Globacom boasts over 55 million subscribers. Mike Adenuga is also the owner of Conoil, an oil company in Nigeria with over six oil blocks in Nigeria.

EFCC detained Mike Adenuga for crime bordering on money laundering in 2009. Mike Adenuga later flew out of Nigeria, only to return after a pardon by ex-president Umaru Musa Ya'dua.

3. Abdulsamad Rabiu - Net worth of $5.5 billion

Abdulsamad Rabiu is the 3rd richest person or man in Nigeria among the top ten richest people in Nigeria, with a net worth of 5.5 billion US dollars.

Abdulsamad Rabiu was born on the 4th of August, 1960, in Kano State. Just like Aliko Dangote, Rabiu was also born into a wealthy family.

Rabiu's father, the late Khalifah Isyaku Rabiu, was an early Nigerian industrialist and did acquire a significant amount of wealth.

Abdulsamad Rabiu has a Bachelor’s degree in Economics from Capital University in Columbus, Ohio, USA.

Rabiu is married with children, including Khadija Rabiu.

Nafiu Rabiu (a prominent businessman) and Rabiu Rabiu, the IRS Airlines Chairman, are his known siblings.

General Muhammed Buhari's administration detained Rabiu's father on allegations of duty aversion on rice imports during the military regime.

Abdulsamad Rabiu was 24 when his father was detained, which prompted him to return home after his studies and take over his father's businesses.

The state of Rabiu's business empire today is a testament to how good Abdulsamad Rabiu was in steering the company around.

The founder of BUA Group, Abdulsamad Rabiu,

Abdul Samad Rabiu's Source of Income

Abdul Samad Rabiu is the Nigerian conglomerate business founder, BUA group that engages in cement production, food products such as Flour & Pasta, Sugar, Edible Oils and Rice, ports, iron/steel and real estate.

He established BUA International Limited in 1988 for the sole purpose of commodity trading before it grew into a huge multi-purpose company and has earned him so much wealth to become the third richest man among the top ten richest men in Nigeria.

In 1990, the government, which owned Delta Steel Company, contracted BUA to supply its raw materials for finished products. This provided a much-needed windfall for the young company.

The BUA Group later expanded its interest into

  • Steel mining,
  • Producing billets,
  • Importing iron ore, etc.

The BUA Group also acquired Nigerian Oil Mills Limited and now owns flour mills in Kano and Lagos.

The BUA Group owns the second-largest sugar refinery in sub-Saharan Africa.

The BUA cement PLC is listed on the Nigeria Stock Exchange, and Abdul Samad Rabiu owns 98.5%.

In 2020, Abdul Samad Rabiu merged his privately owned Obu cement Company with Cement Co. of Northern Nigeria to maximise production and high earnings. It began to construct a $900 million cement plant in Edo State, completing it in early 2015.

Abdul Samad Rabiu is currently the Nigerian Bank of Industry (BOI) chairman, the oldest and largest financial institution in Nigeria. All these have helped him become the third richest man in Nigeria.

4. Femi Otedola - Net worth of $1.8 billion

Femi Otedola is the fourth richest man in the list of top richest people in Nigeria in Nigeria in 2021, with a net worth of $1.8 billion. Femi Otedola is a Nigerian businessman that was born on 4th November 1962.

The Former Chairman of forte oil, Femi Otedola, is a known businessman and philanthropist.

He has over 500 gas stations in Nigeria. Femi Otedola is the founder of Zenon Petroleum and Gas Ltd. Generally, Otedola has so many other businesses that fetch him huge money, which has helped him rank as the fourth richest man in Nigeria.

Femi Otedola was named among the richest men in Africa in 2015 by the popular ranking website Forbes.

Femi Otedola has divested his interest from Oil to power generation. You can read more about the life, family and business achievements of Femi Otedola.

Femi Otedola with his daughters; Tolani, Temi and DJ Cuppy.

5. Folorunsho Alakija - Net worth of $1billion

The fifth richest person in our list of the top richest people in Nigeria is Folorunsho Alakija. Folorunsho is also the richest woman in Nigeria, with a net worth of $1 billion.

She is the first woman to be on our list of the top ten richest men and women in Nigeria. Folorunsho Alakija is a Nigerian successful businesswoman involved in different businesses such as fashion, oil, real estate, and printing industries.

Folorunsho Alakija was once Forbes 20th richest person in Africa but was dropped off in 2021.

The famous businesswoman was born on the 15th of July 1951 in Ikorodu, Lagos state; she married Modupe Alakija (a lawyer) in 1976.

Folorunsho and Modupe Alakija are blessed with 4 children and other grandkids. Folorunsho Alakija was once a Muslim before her conversion to Christianity.

Folorunsho Alakija, The richest woman In Nigeria with her husband Modupe Alakija and Children.

Folorunsho Alakija's Source of Income

Folorunsho Alakija is the executive vice-chairman of Famfa Oil, a Nigerian oil exploration company. Famfa oil partners with most of the biggest companies in the world, such as Chevron and Petrobras, a business that has helped her become the fifth richest person in Nigeria.

Famfa LTD was founded in 1993. The Nigerian government has attempted to take about 40% of its stake in Famfa LTD. The government said Alakija stood to make $10 million a day.

She is also the Managing Director of Rose of Sharon Group; a non-governmental organisation focused on alleviating the plight of widows and orphans.

Folorunsho Alakija’s net worth has been featured on Forbes alongside influential businessmen Aliko Dangote, Mike Adenuga and Femi Otedola.

Folorunsho Alakija is the primary sponsor of the Agbami Medical and Engineering Scholarship Scheme, which records over 1000 beneficiaries annually.

6. Uzoma Dozie - Net worth of $1 billion

Uzoma Dozie Paschal is the 6th richest person in Nigeria, with an estimated net worth of $1 billion.

Uzoma Dozie is credited with numerous achievements that earn him a huge dividend, and that's why he made the list of the top 10 richest persons in Nigeria for 2021.

Uzoma Dozie, who was born in 1939, he is a native of Egbu village in Owerri state. Uzoma Dozie Paschal shares 5 children with his wife, Chinyere Dozie.

Uzoma Dozie Paschal's Source of income

Uzoma Dozie Paschal has worked as an economist in Uk and a consulting economist in Uganda.

After working as the chairman of the defunct progress bank, Uzoma Dozie Paschal founded Diamond bank in 1991 and served as CEO until 2006.

Uzoma Dozie handed the Diamond bank over to one of his sons in 2006.

Uzoma Dozie Paschal owned shares in the MTN group and was chairman of the company.

The famous businessman is also the CEO and founder of Sparkle, a business account the helps you manage your small and larger business to increasing more diversity in your business. The business has helped him earn a lot to become one of the richest men in Nigeria.

Pascal G. Dozie (centre) and sons, L-R: Ngozi, Kelechi, Uzoma, Chijioke and Chiekezi.

7. Jimoh Ibrahim - Net Worth of $1 billion

Jimoh Ibrahim made the list of the top richest persons in Nigeria in 2021. Jimoh Ibrahim ranks as the 7th richest person and the 6th richest man in Nigeria for 2021, with about $1 billion

.Jimoh Ibrahim is a Nigerian Lawyer and businessman born on the 24th of February 1967 in Okitipupa in Ondo State, Nigeria, to Alhaji Yakubu and Omofemiwa. His father was a bricklayer who married about seven wives, while his mother was a fish seller.

The famous billionaire businessman is married to Mrs Modupe Jimoh Ibrahim.

Before Jimoh Ibrahim became one of the richest persons in Nigeria, he studied law at Obafemi Awolowo University.

Jimoh Ibrahim's Source of Income

Jimoh Ibrahim is the chairman and chief executive officer of Global Fleet Group, a diversified business based in Nigeria operating in African countries, Europe, Asia and many other places in the world.

Global Fleet Group has been a good source of income for Jimoh Ibrahim, helping to be among the top richest men and women in Nigeria.

The businessman worked as a tax consultant for the International Monetary Fund. As an investor, Jimoh Ibrahim has diverse interests in oil, aviation, banking, real estate, publishing and the media industry.

Jimoh Ibrahim is the son of a bricklayer from Ondo state, Nigeria.

8. Orji Uzor Kalu - Net worth of $1 billion

The 8th richest person in Nigeria for 2021 is Orji Uzor Kalu. Orji Uzor Kalu was born into the family of Mr Johnson Uzor Nesiegbe Kalu and Mrs Eunice Kalu on 21st of April 1960. Orji Uzor Kalu's father is a native of Abia state.

The billionaire spent most of his years in Northern Nigeria. Kalu studied in Christ the King School Aba and Government College Umuahia before finishing up his high school in Barewa College Zaria.

Orji Uzor Kalu proceeded to the University of Maiduguri (UNIMAID) for his bachelor degree; his participation in the 'Ali Must Go' riot led to his suspension from the university.

The future billionaire went on to venture into business which led to his success today. Orji Uzor Kalu was the 49th richest man in Africa in 2015.

Foturntley, Orji Uzor Kalu obtained a degree from Abia state and Havard University with other doctorate degrees from Abia state university and UNIMAID.

The family of Orji Uzor Kalu

Orji Uzor Kalu is married to Mrs Ifeoma Ada Menakaya; the duo has 4 children in their marriage. Orji Uzor Kalu's children are Neya, Michael Uzor, Olivia and Nicole Kalu.

Orji Uzor Kalu's Source of Income

Orji Uzor Kalu started earning huge income in the '80s when the military regime in Nigeria gave him lucrative contracts to import and supply arms and ammunition to the nation's military.

Orji Uzor Kalu started Slok Holding, a conglomerate with oil, shipping, manufacturing, and media portfolios.

Orji Uzor Kalu was the governor of Abia state (1999-2007) and the senator representing Abia North (2019-date).

The billionaire politician is also the chairman of the Sun newspaper in Nigeria.

Nigerian Senate president Ahmed Lawan and Former Abia state governor, Orji Uzor Kalu during a visit to the latter's house by Nigerian senators.

Orji Uzor Kalu and corruption

Orji Uzor Kalu was convicted of Fraud involving an N7.65 billion embezzlement of Abia state fund while he was Governor.

Orji Uzor Kalu was sentenced to 12 years in prison by a federal high court in Lagos state on 5th December 2019; the Nigerian supreme court later nullified his conviction.

9. Jim James Ovia - Net worth of $980 million

The 9th richest person on our list of the top richest people in Nigeria is Jim James Ovia. He also is the 8th richest man in Nigeria, with a net worth of $980 million.

Jim James Ovia is a Nigerian businessman born on the 4th of November, 1951, to a large family in Agbor, Delta State. He is the second son of Obi Olihe of Agbor-Obi, one of the most revered Chiefs in the Agbor Kingdom.

Jim Ovia has two degrees to his name. The billionaire attended Southern University and A&M College in 1977 and the University of Louisiana, Monroe, USA, in 1979.

Forbes named Jim Ovia the 37th richest man in Africath around 2015.

Jim James Ovia, the founder of Zenith bank with his wife Kay ovia.

Jim Ovia Source of Income

Jim Ovia founded Zenith Bank with other investors in 1990 under the military regime of Ibrahim Babaginda. Jim Ovia currently has about a 9% stake in Zenith Bank.

He is also the owner of mobile telecom operator Visafone, a business that has earned him money to become the 9th richest person among the top ten men and women in Nigeria.

Visafone company was later acquired by MTN, a leading telecommunications company in Africa, in 2015. Before the acquisition, Visafone had more than 3million subscribers.

10. Hajia Bola Shagaya - net worth of $950 million

Hajia Bola Shagaya is the 10th richest person in Nigeria and the second richest woman in Nigeria in 2021, with a net worth of $950 million.

Hajia Bola Shagaya was born on 10th October 1959 in Kwara, Nigeria, to the family of Emenike Mobo and Adut Makur (a Sudanese seamstress).

Hajia Bola Shagaya is married to Alhaji Shagaya with six children Hakeem, Deeja, Naieema, Amaya Roberts and Adeena Roberts Shagaya.

Hajia Bola Shagaya's source of income

Bola Shagaya worked as an auditor in CBN before leaving to start up her company in 1983.

She started the company Bolmus International (Nigeria) Limited with interest in importing photographic materials.

The business became a successful one and earned her so much that it increased her net worth to become the 10th richest person in the world.

Bola Shagaya also founded Practoil Limited, a company with a vast portfolio of oil importation and distribution.

Under Babaginda's administration, Bola Shagaya found another oil company called Voyage oil and gas limited, which was approved in 2012.

Hajia Bola Muinat Shagaya is a Nigerian business mogul and fashion enthusiast, she is also the tenth richest person in Nigeria.

Bola Shagaya and corruption

Bola Shagaya was under investigation by the Economic and Financial Crimes Commission (EFFC) for laundering at least N3.3 billion with former first lady Patience Jonathan through an NGO.