Nigeria is often disregarded when it comes to the legality of the source of wealth for the country’s richest and most powerful. The country experiences so much corruption that it has a bad reputation all over the world when it comes to business relations. However, its reputation is far worse than reality. In fact, there are many Nigerian billionaires who have sourced their wealth legally, though hard work and determination to succeed.
Let’s take a look at the Top 5 Richest People in Nigeria list according to the Top 20 List of Richest Entrepreneurs in Nigeria as published by mytopbusinessideas.com and according to a list published by worldsrichpeople. Please note that the source for net worth is taken from Forbes and Wikipedia for the most up to date estimations.
#1 Alhaji Aliko Dangote
Net worth: $21.6 billion (2015 estimation according to Wikipedia is $18.6 billion)
Wealth: Alhaji Aliko Dangote is not only the richest person in Nigeria, but he is also the richest person in Africa. In 2014, Forbes ranked Dangote as Africa’s Person of the Year. As the CEO and Chairman of Dagonte Group, the company has a broad portfolio in commodities. Dagonte’s billions derive from sugar, flour, cement, manufacturing, oil and gas.
#2 Mike Adenuga
Net worth: $4.6 billion
Wealth: Born in 1953, Mike Adenuga is a respected business mogul and made his billions in the banking and the telecommunications industries. He is one of the richest black people in the world according to Forbes. His company Globacom controls the seconds largest telecom operator in Nigeria, and he also has interests in Equitorial Trust Bank and Conoil (an oil exploration firm).
#3 Femi Otedola
Net worth: $1.2 billion
Wealth: Femi Otedola’s wealth derives from oil and he is a self-made billionaire. Well-known in the oil industry, Otedola heads up Forte Oil, a petroleum marketing company. He is also the controlling shareholder of the company with a 75% share in it. In addition to this, Otedola’s petroleum company manufactures engine oils and it owns many gas stations throughout Nigeria.
#4 Orji Uzor Kalu
Net worth: $1.1 billion
Wealth: Ranked by Forbes as the 26 richest person in Africa, Kalu is a new addition to Africa’s Top 50 Rich List. Kalu’s wealth derives from a wide portfolio of interests in oil trading, manufacturing, media, banking and shipping. He is currently the chairman of newspapers the Sun and New Telegraph in Nigeria and SLOK Holding. Orji also served as governor of Abia between 1999 -2007.
#5 Dr. Cosmos Maduka
Net worth: $1 billion
Wealth: Muduka’s wealth derives from automobiles. His activity as President and Chairman of Coscharis Group (which is into medical equipment, automobile components, computer hardware and software, bottled water and beverages, and construction) has seen his net worth sky rocket. Coscharis of Motors is the subsidiary of the Group and has a portfolio of auto brands including Land Rover, Jaguar, Ford and MG. Coscharis Group also represents GE (General Electric company) in Nigeria. Muduka is an avid sports fan and philanthropist.
Well, there you have it, Nigeria’s Top 5 Richest People. With an impressive range of interests and asset portfolios, these billionaires boast a huge combined net worth.