In the wealth stakes, Nigeria isn't doing too badly for itself at all. Overall, it ranks as the richest country in Africa with a GDP of $404.65 billion. Its commercial capital, Lagos, is the wealthiest city in West Africa and the 4th wealthiest in Africa. Clearly, there's a lot of wealth floating around, and while the divide between the have's and the have not's is vast, those who have it, have it in spades. With several billionaires and even more millionaires to its name, Nigeria is clearly a great country to build a business, grow an empire and turn a very hefty profit. But which of its citizens are the wealthiest of them all? Find out as we count down the 10 richest Nigerians in 2021.
10. Orji Uzor Kalu - Net Worth: $330 Million
Orji Uzor Kalu is the founder of Slok Holding, a Nigerian conglomerate with interests in oil, banking, manufacturing, media, and shipping. He began the business at the age of 19 after being expelled from university for instigating riots. After borrowing $35 from his mother, he started selling sugar and rice. Within the year, he was a millionaire. In the past couple of years, his wealth has shrunk considerably as a result of weakness in the oil business. Even so, he's still one of Nigeria's richest people with a net worth of $330 million.
9. Haija Bola Shagaya - Net Worth: $700 Millon
Haija Bola Shagaya began her career at the Central Bank of Nigeria before venturing into business in 1983. After introducing the Konica brand to West Africa, she began widening her scope to include real estate. Today, she serves as the managing director of Practoil Limited, one of Nigeria's largest importers and distributors of base oil, and as a board member for Unity Bank plc. With a fortune of $700 million, she ranks as the 9th richest person in Nigeria overall and the 2nd richest woman.
8. Theophilus Danjuma - Net Worth: $750 Million
With a net worth of $750 million, Theophilus Danjuma enters our list at number 8. In addition to being the founder and chairman of oil exploration company South Atlantic Petroleum, he's a real estate magnate and stakeholder in Notore Chemical Industries and NALComet, a leading Nigerian shipping company. Although his fortune has taken a slight knock in the last year due to problems in the oil industry, this is a man with fingers in enough pies to keep him in champagne and caviar for life.
7. Folorunsho Alakija - Net Worth: $1 Billion
Nigerian businesswoman and philanthropist Folorunsho Alakija serves as the group managing director of The Rose of Sharon Group, a position which gives her overall responsibility for The Rose of Sharon Prints & Promotions Limited and Digital Reality Prints Limited. If that was all she did, she'd still be wealthy enough. As it is, her additional title as the executive vice-chairman of Famfa Oil Limited and majority stakeholder in DaySpring Property Development Company has pushed her total net worth to a very cool $1 billion. According to Forbes, she now ranks as the richest woman in Nigeria and the second most powerful woman in Africa after Ngozi Okonjo-Iweala.
6. Pascal Uzoma Dozie - Net Worth: $1.1 Billion
Banker, tech investor, and financial inclusion advocate Pascal Uzoma Dozie is the CEO and Founder of Sparkle, a financial technology ecosystem. His talent for tech has given him an enviable net worth of $1.1 billion, a figure that makes him the 6th richest person in Nigeria. Prior to launching Sparke in 2019, Dozie served as the GMD and Bank CEO of Diamond Bank.
5. Jimoh Ibrahim - Net Worth: $1.1 billion
With a net worth of $1.1 billion, Nigerian tycoon Jimoh Ibrahim ranks as the fifth richest person in Nigeria. He made his fortune as the CEO of Global Fleet Group, a diversified conglomerate with business interests in several neighboring West African countries. Although oil and gas have contributed the most zeros to his bank balance, his interests in insurance, real estate, and hospitality have also helped.
4. Femi Otedola - Net Worth: $1.8 Billion
The fourth richest person in Nigeria is Femi Otedola. According to Forbes, he's worth the considerable fortune of $1.8 billion. His wealth is derived from his controlling interests in the oil marketing and power generation company, Forte Oil. Originally a subsidiary of British Petroleum (BP), Forte Oil now has 500 gas stations in Nigeria. In addition to being one of the country's wealthiest individuals, Otedola is also known as one of the most philanthropic, regularly donating millions to good causes.
3. Abdul Samad Rabiu - Net Worth: $4.9 Billion
In the past year, share prices in Abdul Samad Rabiu's company BUA Cement have doubled, increasing Rabiu's fortune by a massive 77 percent. He and his son own around 97 percent of the company, meaning they get to enjoy the lion's share of its wealth. With a net worth of $4.9 billion, he ranks as Nigeria's 3rd richest person.
2. Mike Adenuga - Net Worth: $6.1 Billion
Next up with a net worth of $6.1 billion is Mike Adenuga. As Legit.ng notes, Adenuga is a well-known figure outside Nigeria thanks to his company Globacom, a mobile phone network that ranks as the third biggest operator in the country, with 55 million subscribers. After making his first million at the age of 26 by selling lace and distributing drinks, Adenuga established Conoil Producing, an oil company that owns 6 oil blocks in the Niger Delta. The combined profits of Globacom and Conoil make him the 2nd richest person in Nigeria.
1. Aliko Dangote - Net Worth: $11.5 Billion
At number one with a net worth of $11.5 billion is cement and sugar tycoon, Aliko Dangote. Making money runs in Dagote's blood: his great grandfather was Alhaji Alhassan Dantata, a seller of koala nuts and ground nuts who was the richest West African at the time of his death in 1955. As a child, Dangote would regularly buy sweets, rope in other kids to sell them for him, then keep the profits. These days, he's a bit more generously inclined: a close friend of fellow philanthropist Bill Gates, he's renowned for given away large portions of the income he draws as the founder, chairman, and majority stakeholder in Dangote Cement, Africa's largest cement producer. According to Wikipedia, Dangote, who's a keen supporter of the English football club, Arsenal, has been twice married and twice divorced. He has three daughters from his former relationships, along with an adopted son.
Written by Dana Hanson
Read more posts by Dana Hanson