Forbes Ranking of Richest Men in Nigeria & Net Worth: Top 5

Forbes billionaires index has seen a shake up on the list of top 5 richest men in Nigeria.

Before now Nigeria’s dollar billionaires were only 3 on the Forbes ratings of Nigeria’s richest men until wealth tracker added Femi Otedola as one of Nigeria’s dollar billionaires as seen on Forbes magazine.

The top 5 richest people in Nigeria are mostly males and business entrepreneurs and CEOs. Annually, Forbes, wealth rating magazine comes up with review and ranking of richest people across the world.

This current Forbes ranking has seen a little shake up on the ranking of Nigeria’s richest men and people. Read on while we unveil the list of richest men in Nigeria and their net-worth.

Who Are Richest Men in Nigeria?

The list of Nigeria’s richest people is not surprising as they are amongst the biggest entrepreneurs on African continent and Nigeria too.

However, what is a bit surprising is their ranking according Forbes. Below is review of the richest men in Nigeria and their net worth in USD.

#1. ALIKO DANGOTE

According to forbes African billionaires list, Alhaji Aliko Dangote with an estimate net worth of about $14.3 billion, is ranked as the richest person in Nigeria and Africa.

The billionaire who has held the position since 2012 is ranked 132 in the world.

The Nigeria’s renowned entrepreneur, who was once valued at $25 billion in 2014, has seen his net worth fluctuate over the years, resulting in Johann Rupert, a South African businessman briefly taking his number one spot before now.

The 66-year-old is the CEO of Dangote group, a conglomerate with investment in cement, flour, sugar production and fertilizer businesses, amongst other investments.
Recently, Aliko Dangote expanded his investment portfolio to include an oil refinery, which gulped $19 billion and is described as Africa’s largest oil refinery and the world’s largest single-train facility.

#2. MIKE ADENUGA

Mike Adenuga’s current net worth is valued at $7.4 billion. Adenuga is the second richest person in Nigeria, sitting behind Dangote, after displacing Abdulsamad Rabiu in the ranking of Nigeria’s richest men.

Adenuga’s wealth rose by $2.8 billion within 10 years.The Ogun state born billionaire make his wealth through investments in telecommunications and oil production, as well as acquiring shares in a prominent financial institution, Sterling Financial Holdings Company.

According to multiple sources, Adenuga’s telecom company, Globacom, is the second largest network provider in Nigeria, with 61.3 million call subscribers and 43.9 million data users.

Forbes magazine noted that his oil exploration outfit, Conoil operates six oil blocks in the Niger Delta.

#3. ABDULSAMAD RABIU

Abdulsamad Rabiu is the third richest Nigerian, with an estimate net worth valued at $6.2 billion. This makes him the Third richest man in Nigeria.

He was displaced from the second position by Globacom CEO, Mike Adenuga. Also this wealth estimation puts Abdulsamad Rabiu on the 440 spot on the global billionaire list and sixth richest men in Africa.

The Kano state native billionaire heads BUA group, a conglomerate with activities in cement, sugar, flour production.

He also has a refinery project ongoing in the oil rich Akwa Ibom state which will expand his business from industrial and consumer goods, thereby stoking his rivalry with Dangote.

#4. FEMI OTEDOLA

Femi Otedola made Forbes billionaire list with a $1.1 billion net worth, taking over the fourth spot previously occupied by Folorunsho Alakija, Nigeria’s richest businesswoman.

He is equally the 17th richest man in Africa alongside South Africa Billionaire Michiel Le Roux. Globally, Femi Otedola is the world’s 2,353 richest man.

In 2016, a year before Otedola fell off the billionaire’s list, he was worth $1.8 billion.

The elegant looking billionaire has investments in Geregu power plant and FBN Holdings, with both investments fueling his valuation as their shares appreciated significantly in 2023.

His investment in Geregu rose by 227.2 percent after the demand for the company’s shares drove the price from N110 to N399 within 12 months.
Also, FBN Holdings’ share value rose from N11.25 to N23.55 last year, raising Otedola’s investment in the financial institution by 109.33 percent.

#5. FOLORUNSHO ALAKIJA

Folorunsho Alakija is the Nigeria’s richest business woman and one of the top 5 richest people in Nigeria with an estimate net worth of about $980,000,000.

Folorunsho Alakija has made Forbes billionaire list in the past as one of Nigeria’s and Africa’s richest people. She is a major investor in Nigeria’s oil and gas industry.

We will keep on the monitor to see if she could bounce back into Forbes Nigeria’s billionaire list.

0 Shares

The Author

Emmanuel Igwenagu

Igwenagu Emmanuel is the founder of Nigerian Informer. He holds B.A, M.Sc in Mass Communication. He is a Communication researcher and 112 emergency help line dispatcher.

Leave a Reply

Your email address will not be published. Required fields are marked *