Nigeria is a country of about 200m persons. It is no mean feat to be listed as one of the richest in the country. We use this post to highlight the richest persons in Nigeria and the nature and sources of their wealth. Sit tight!
1. Aliko Dangote
Aliko Dangote has consistently ranked amongst the richest Africans and is currently ranked as the richest according to Forbes magazine. His net worth is estimated at $10.1 Billion Dollars. Dangote’s fortune has oscillated over the years. He is currently engaged in building the world’s biggest refinery and petrochemical plant in Lagos, Nigeria. His net worth is expected to significantly rise when the massive projects are completed and operational. That would give Dangote an almost unassailable grip on the oil and gas downstream sector in Nigeria
Source of Wealth: Trading, Commodities, Cement and Oil
2. Mike Adenuga
This is one very rich man with hands in big businesses in Nigeria. His estimated net worth is $7.7 Billion Dollars as calculated using Forbes unique metrics for wealth calculation.
Adenuga owns the third largest mobile phone network in Nigeria, Globacom with about 44 million users. He also has interests in banking and energy
Source of Wealth: Telecoms, Banking and Oil
3. Abdulsamad Rabiu
He is the founder and CEO of the BUA Group, a diversified conglomerate with interests in many businesses in Nigeria and outside the country. Rabiu’s net worth is estimated at about $3.1 Billion Dollars. He got his start from his father has built up an impressive wealth generation empire. His main businesses are in the commodities and cement sector, but the BUA group has recently announced some major investments in the power sector
Source of Wealth: Sugar, Food, Commodities, Steel, Cement and recently Power
4. Folorunsho Alakija
Folorunsho Alakija is vice chairman and defacto owner of Famfa Oil in Nigeria. Her net worth is about $1 Billion Dollars according to Forbes.
The story of how Famfa oil came into possessing an Oil Mining Lease (OML) is still very controversial, but the firm was awarded an Oil Prospecting License (OPL) by the Military regime of General Ibrahim Babangida in 1993. The widely held belief, is that General Babangida’s wife was a client of the fashion label of Folorunsho Alakija.
The oil block in question sits deep offshore in the Niger Delta basin of Nigeria. The oil block is actually operated by Famfa’s partners, Chevron and Petrobras. It remains to be seen if the block license would be renewed, after the expiry date sometime in 2024.
Source of Wealth: Oil