Top 10 richest Men and Women in Nigeria 2020

Franklin Izuchukwu
By Franklin Izuchukwu

Nigeria is blessed with business invested men; here is a list of the top 10 richest men and women in Nigeria for 2020 with their varying Net worth and source of wealth.

Top 10 richest men and women in Nigeria 2020

Nigeria is blessed with business invested men and women with lots of talents in business analysis. These talented men and women have converted their hard labour and business analysis into a tremendous amount of money.

Because of their vast money and net worth, owning to their business ideas has turned Nigeria into one of the largest economies in Africa. Some of these men and women have made the list of the top richest men in Africa.

Famous Nigerian businessman Aliko Dangote has been the richest man in Africa for many years with a considerable net worth. He is also one of the top ten richest men and women in Nigeria.

Nigeria is also blessed with enormous natural wealth and resources. As you will see down this list, some men made their wealth through crude oil and other natural resources to make the top ten richest men and women in Nigeria.

Below is a list of the top richest men in Nigeria currently making waves in the country and the world.

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.

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

Dangote once said; Nigeria is one of the best-kept secrets. A lot of foreigners are not investing because they're waiting for the right time. There is no right time.

The famous businessman owns over 85% of the publicly-traded Dangote's Cement in the 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 $6.2 billion

Michael Adeniyi Agbolade Ishola Adenuga is the second richest man in Nigeria among the top ten richest men and women in Nigeria, with a net worth of around $6.2 billion.

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

John bull (as he is fondly called) attended Ibadan Grammar School for his secondary school education and proceeded to Comprehensive High School Aiyetoro for his Higher School Certificate.

He is married to Titi Joyce Adenuga, and they are blessed with seven children.

Mike Adenuga made his first million in 1979, at age 26, selling lace and distributing soft drinks.

Mike Adenuga's source of wealth

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.

He is the owner of multinational telecommunications company Globacom and the oil exploration company Conoil which have earned him so much money to become one of the richest men in Nigeria.

His mobile phone network, Globacom, is the second-largest network operator in Nigeria, with 50 million subscribers.

Mike Adenuga was issued a conditional GSM licence in 1999; after being revoked, he received a second one when the government held another auction in 2003. 

The telecommunication company Globacom spread quickly and started challenging the giant MTN Group.

It launched services in 2008 and has continued its spread across Ghana and Côte d'Ivoire, with more licences currently being prospected in other West African countries.

His oil exploration company, Conoil, operates six oil blocks in the Niger Delta.

In 2006, Adenuga was detained for money laundering by the Economic and Financial Crimes Commission, EFCC. He subsequently left the country and lived in London until the Umaru Musa Yar'Adua regime granted him a pardon.

3. Abdulsamad Rabiu - Net worth of $4.7 billion

Abdulsamad Rabiu is the third richest man in the list of top richest men and women in Nigeria, with a net worth of 4.7 billion US dollars.

Abdulsamad Rabiu was born on the 4th of August, 1960, in Kano State to a wealthy family of late Khalifah Isyaku Rabiu, one of Nigeria’s foremost industrialists in the northern states of Nigeria in the 1970s and 1980s.

Abdulsamad Rabiu had his early education in Kano state before proceeding to the United States for his university degree. He has a Bachelor’s degree in Economics from Capital University in Columbus, Ohio, USA.

He is married with children; the most popular of his children is Khadija Rabiu. Abdulsamad has many siblings, including Nafiu Rabiu, a prominent businessman and Rabiu Rabiu, the IRS Airlines Chairman.

Young Abdulsamad Rabiu was saddled with running the father’s business at the young age of 24 when he returned from the United States after his studies.

At the time, his father was detained by General Muhammed Buhari's administration on allegations of duty aversion on rice imports.

Even though young Adbulsamad did not have much business experience, he could stir the company around for good in his father's absence.

Abdulsamad Rabiu is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate.

Abdulsamad Rabiu's Source of Wealth

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 2020, Abdul Samad Rabiu merged his privately owned Obu cement Company with Cement Co. of Northern Nigeria to maximise production and 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 men and women in Nigeria, with a net worth of $1.8 billion. Femi Otedola is a Nigerian businessman that was born on 4th November 1962.

He was the former chairman of Forte Oil, which deals with oil marketing and power generation in Nigeria, a sector that has earned so much money to become one of the richest men in Nigeria.

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.

Even though Otedola is a rich man who lives in any part of the world he wants, he lives in Lagos State, Nigeria. He is married with four children: Tolani, Florence Ifeoluwa Otedola, Elizabeth Temi, and a boy Fewa Otedola.

Read more about Femi Otedola, a business mogul in Nigeria and his business empire.

5. Folorunsho Alakija - Net worth of $1billion

The fifth richest person in our list of the top richest men and women 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.

She 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.

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 was born on the 15th of July 1951 to Chief L.A. Ogbara in Ikorodu, Lagos State, and she has 51 siblings.

Folorunsho Alakija got married to Modupe Alakija, a lawyer, in November 1976, and they are blessed with four sons and grandchildren. She lives in Lagos, Nigeria, with her family.

Since giving her life to Christ in 1991, she preaches the gospel ceaselessly to anyone that cares to listen. She and her husband started a house fellowship, now a ministry, Rose of Sharon Glorious Ministry International.

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

Folorunsho Alakija is married to Modupe Alakija, and they are blessed with four sons and grandchildren.

Folorunsho Alakija and FamFa Oil

In May 1993, Alakija applied for the allocation of an oil prospecting license (OPL). Alakija's company, Famfa Limited, was granted the right to explore for oil on a 617,000-acre block.

In September 1996, she entered into a joint venture agreement with Star Deep Water Petroleum Limited, a wholly-owned subsidiary of Texaco. She appointed the company as a technical adviser to explore the license, transferring 40 per cent of her 100 per cent stake to Star Deep.

6. Uzoma Dozie - Net worth of $1 billion

Uzoma Dozie is the 6th richest man among the top ten richest men and women in Nigeria with the same net worth as Folorunsho Alakija, the fifth richest person in Nigeria.

Uzoma Dozie is a Nigerian banker, tech investor and financial inclusion advocate born November 2, 1969, in Egbu village, Owerri Imo State, Nigeria.

Pascal Dozie began his career as an economist at the National Economic Development Office in the United Kingdom. He was also a part-time lecturer at the North-Western Polytechnic, London. Between 1970 and 1971, he served as a consulting economist at African States Consulting Organisation in Uganda.

The famous businessman is 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.

Dozie was the General Managing Director ad CEO of Diamond bank, which merged with Access Bank in 2018. The banking business has helped him earn a lot as o become the 6th richest man in Nigeria.

He was also the Executive Director of Corporate Banking and Executive Director of Regional Business Lagos & West Regions.

Dozie was also a one time President of the Nigerian Stock Exchange. He currently owns shares in MTN Group and is Chairman of the company.

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

7. Jimoh Ibrahim - Net Worth of $1 billion

Jimoh Ibrahim is the 7th man in our list of the top richest men and women in Nigeria. He is the 6th richest man in Nigeria, with a net worth of around $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.

He 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.

Jimoh Ibrahim is married to Mrs Modupe Jimoh Ibrahim and a father of four children. He had his primary and secondary school education at Saint John’s school, Igbotako, Ondo State.

Jimoh Ibrahim studied law at Obafemi Awolowo University in Ile Ife, Osun State, Nigeria. He went further to obtain a Masters in Public Administration (MPA) from the same institution.

During Jimoh’s undergraduate days, he proposed to organise seminars on law for all local governments in Nigeria to learn to make their laws. This move came after he discovered that only the federal and state governments had laws.

Sources have it that he made a lot of money from conducting the seminars across all local governments in Nigeria. He also organised several workshops in his field for top government officials; it earned him good money and helped him become the 7th richest person in Nigeria.

Global Fleet Oil and Gas, a company owned by Jimoh Ibrahim grew by buying out as many gas stations as possible and in just a year, they acquired 150 gas stations.

Jimoh Ibrahim also worked with the International Monetary Fund (IMF) as a tax consultant and was among the Harvard team that championed the tax reforms in Bangladesh.

Jimoh Ibrahim is an astute investor with investments in several industries; the oil and gas industry, hospitality industry, aviation industry, banking industry, real estate sector, insurance industry, publishing and media industry which has helped him become one of the richest men in Nigeria.

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

Former Governor of Abia State Nigeria, Orji Uzor Kalu, has made Nigeria's top richest men and women list. He is the 8th richest person in Nigeria and the 7th richest man in Nigeria, with a net worth is valued at $1 billion.

Orji Uzo Kalu is a Nigerian politician and businessman who started his business career at the age of 19 when he was expelled from school (University of Maiduguri) to conduct a series of riots against the minister of education.

Orji Uzor Kalu was born on the 21st of April 1960 to Mr Johnson Uzor Nesiegbe Kalu and Mrs Eunice Kalu's family. He attended Christ the King School Aba and Government College Umuahia.

He ventured into business selling different commodities as a young guy when he borrowed money from his mum after his explosion from school. He sold palm oil, rice and many other items.

Orji Uzo Kalu made his first million while selling commodities before winning a contract in Nigeria to supply oil to the federal government of Nigeria.

He is the founder of Slok Holding, a West African multi-purpose business interested in shipping, banking, oil trading, manufacturing and the media.

Orji Uzor Kalu is the chairman of the Daily Sun, a Nigerian daily print newspaper, a business area that has increased his net worth to become the 8th richest person in Nigeria.

Orji Uzor Kalu is married to Mrs Ifeoma Ada Menakaya, and they are blessed with four lovely children.

The rich businessman has a degree from Abia State University, a Certificate in Business Administration from Harvard University and honorary doctorates from Maiduguri and Abia State's universities.

He is currently a Senator of the Federal Republic of Nigeria, representing Abia North Senatorial zone. Orji Uzor Kalu was a presidential candidate in 2007, a two-time governor of Abia State (1999-2007), and was a House of Rep member in 1991.

Orji Uzor Kalu Family

The businessman cum politician Orji Uzor Kalu is married to Mrs Ifeoma Ada Menakaya, and they are blessed with four lovely children:

  • Neya Kalu
  • Michael Uzor Kalu
  • Olivia Kalu
  • Nicole Kalu

Orji Uzor Kalu's Imprisonment over Fraud

Kalu was convicted by the Lagos Division of the Federal High Court on Thursday, 5 December 2019 and sentenced to 12 years in prison for N7.65 billion fraud.

Orji Uzor Kalu was convicted for defrauding Abia State's government, where he was a governor for eight years using his company, Slok Nigeria Limited.

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

The 9th richest man on our list of top richest men and women 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 holds a master's degree in Business Administration from the University of Louisiana, Monroe, USA, in 1979. He also has a B.Sc. degree in Business Administration from Southern University and A&M College (1977).

He is the founder of Zenith Bank, one of Nigeria's richest banks and largest commercial banks. 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.

Jim Ovia is married to Kay Ovia, the CEO of Quantum Markets Ltd and initiator of Star Rising Talent Hunt for children and young adults.

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

The 10th person in our list of the top richest men and women in Nigeria is Hajia Bola Muinat Shagaya. Hajia Bola Muinat Shagaya is the 2nd richest woman to make the list of the top richest people in Nigeria.

Hajia Bola Shagaya's current net worth is estimated to be around $950 million. She is a businesswoman and also someone that crave fashion which made one of her occupations.

Bola Shagaya is the founder and CEO of Bolmus Group International, a conglomerate with holdings in real estate, oil and gas, banking and photography.

Hajia Bola Shagaya was born on 10 October 1959, Adut Makur, a Sudanese seamstress and Emenike Mobo, a Nigerian Public Servant.

Bola Shagaya is currently married to Alhaji Shagaya, a Kwara State-based transport mogul, and with six children:

  1. Sherif Shagaya,
  2. Hakeem Shagaya,
  3. Deeja Shagaya,
  4. Naieema Shagaya,
  5. Amaya Roberts Shagaya and
  6. Adeena Roberts Shagaya.

Bola Shagaya's children are dispersed worldwide, most reputably growing her Real Estate empire in Europe and the United States. Also involved in minor business and industry holdings across Asia and Australia.

On 22 July 2010, she was awarded by the President of the Federal Republic of Nigeria, Dr Goodluck Ebele Jonathan (GCFR), the title of Member of the Order of the Niger (MON).

Fresh out of school, Bola Shagaya started a promising career as a banker. She worked in the audit department of the Central bank of Nigeria (CBN). In 1983, she left the corporate world and ventured into business.

Bola Shagaya first business experience started with the importation and distribution of photographic materials such as roll papers, films and chemicals under the trading name Bolmus International (Nigeria) Limited.

Hajia, as she is fondly called, stretched her tentacles into the Nigerian oil and gas sector. She founded Practoil Limited, one of the largest importers and distributors of base oil in Nigeria today.

As far back as the late 1980s, during Gen. Ibrahim Babaginda led-administration, the business tycoon stirred her oil and gas company to secure oil blocks allocation. Thus, making her one of the indigenous oil marketers.

She expanded her oil and gas industry operations by establishing another exploration company, Voyage Oil and Gas Limited, in 2011.

In 2012, Voyage Oil and Gas Limited were awarded an oil exploration license by the Nigerian government.

Her business expansions have helped her make the list of the top richest men and women in Nigeria.

In recognition of her outstanding virtues and immense contribution to economic growth, she was recognised and honoured with a double award by the Nigerian government.

Hajia Bola Shagaya and Money Laundering Investigation

According to SaharaReporters, Bola Shagaya is under investigation by the Economic and Financial Crimes Commission (EFCC).

Bola Shagaya and Patience Jonathan, Nigeria's former first lady, used an NGO to launder 3.3 billion naira.