Nigeria is the most populous country in Africa and in addition, the continent's biggest economy with a GDP in the excess of $515.543 billion. Little wonder some handful of its citizens have made billions engaging in the different facets of the economy.
The Nigerian economy is predominantly reliant on oil although the commodity's impact on GDP is just 9%. Most of the country's richest people have investments in it's oil and manufacturing sectors.
Below are the profiles of the richest people in the country for the year 2021.
#10. Hajia Bola Shagaya
Bola Shagaya is a popular woman figure in the Nigerian business space which is predominantly controlled by men. She is the founder and CEO of Bolmus Group International, a conglomerate which consists of several real estate, oil and gas, banking and photography splinter firms.
Shagaya hails from Ilorin, Kwara State — the same home state with her husband. She was born to a Nigerian father, Emenike Moba, a public servant, and a Sudanese mother, Adut Makar, a seamstress. She is known to have completed secondary school education at her hometown, and from there she had her first tertiary certification at the Ahmadu Bello University, Zaria. Shagaya an almer mater of Armstrong College in California where she studied Accountancy and Economics.
Do you know? Aside being recognized as a 'Member of the Order of the Niger,' Bola Shagaya is the second richest woman in Nigeria.
She has trains of companies spread across the country and some holdings in the oil industry.
Bola secured oil blocs during the 1980's through her company, Practoil Limited. The company which she later became Managing Director in grew to become a known entity in the country's oil exploration sector. In 2012, she added another — Voyage Oil and Gas Limited — and in 2012, the said company obtained an exploration licence from the Nigerian government.
Hajia Shagaya has several other investments particularly in the photographic sector. Through her company, Bolmus International (Nigeria) Limited, she became the sole West African agent of Konica, the then leading photographic company.
Fotofair (Nigeria) Limited is another of her business outfit. The photo laboratory company which was established in 1997 has splinter firms spread across the country.
Shagaya has six children all of which are engaged in diverse businesses in Europe, United States, Australia, and Asia.
She is a known friend with Dame Patience Jonathan, the wife of former president Goodluck Jonathan.
#8. Orji Uzor Kalu
Orji Kalu is a known figure in the country, although mostly as a politician rather than as a businessman.
As tales would have it, he started an uphill route to preeminence after leaving the University of Maiduguri for business with a $35 he purportedly borrowed from his mum. He was suspended from the institution for his active role in a riot seeking the removal of the education minister.
With the capital, he forayed into the distribution of palm oil as well as furniture resell. The business grew to what is known today as SLOK Holdings, a conglomerate of different business outfit including SLOK Vegetable Oil, Aba, SLOK Paper Factory, Aba, and SLOK United States Incorporated.
Do you know? The former Abia State governor is as at the time of writing, the senator representing Abia North senatorial district and doubles as the chief whip of the Nigerian Senate.
Kalu, a two time governor of Anambra state was convicted on 5 December 2019 for defrauding the state of N7.65 billion while governor. However in May 8, 2020, the supreme Court ruled to his favour nullifying the high court judgement of 5th December citing lack of merit.
#8. Jim James Ovia
Born November 4, 1951, Jim Ovia is one of Nigeria's millionaire and the founder of Zenith Bank. He owns a 9% stake in the bank and owns several real estate firms across the country.
Jim Ovia hails from Agbor, Delta State and has an estimated Networth of about $800 Million. He is an Alumnus of Harvard Business School and holds a master's and a bachelor's degree in Business Administration from the University of Louisiana, USA in 1979 and Southern University, Baton Rouge, Louisiana, USA in 1977 respectively.
Jim Ovia is a philanthropic entrepreneur. He is the founder and Chairman of Mankind United to Support Total Education (MUSTE), an organization which provides less privileged students with different kinds of scholarships.
#7. Jimoh Ibrahim
Born on the 24th of February 1967 to one Alhaji Yakubu and Omofemiwa Jimoh, Jimoh Ibrahim had most of his childhood in Ondo state, which is his home state.
He is a law graduate of the Obafemi Awolowo University in Ile Ife, Osun. Jimoh obtained a master's degree in public administration from same university. He also owns a combined Master of Laws ( LLM ) and Masters In International Taxation degrees from Harvard University in Cambridge, Massachusetts , USA.
In August 2014, he started Global Fleet Oil and Gas company, a petroleum marketing outfit. The venture grew and in under a year, about 150 gas stations were acquired. Jimoh has several investments in oil & gas distribution, hotels, resorts, airlines, banking, real estate, insurance, and publishing. These investments are bundled into the Global Fleet Group.
In 2003 and 2016, he contested for the post of the governor of Ondo state under the All Nigeria People’s Party (ANPP) and People’s Democratic Party (PDP), respectively, but failed.
Do you know? Jimoh Ibrahim owns the National Mirror newspaper and the newswatch magazine. Jimoh's Global Media Mirror Ltd hold a 51% controlling shares in Newswatch.
Jimoh is married to Mrs Modupe Jimoh Ibrahim and is father to four children.
#6. Uzoma Dozie
Uzoma Dozie hails from Owerri, Imo State, but was brought up in London, United Kingdom.
Do you know? Uzoma Dozie is the son of Pascal Dozie, the owner of the defunct Diamond bank
He was the GMD and bank manager until it's merger with Access bank in April 2019. Uzoma Dozie owns Sparkle, a financial and business service app.
#5. Femi Otedola
Femi otedola is a Nigerian businessman with huge investments in the oil sector. He is the son of late Sir Michael Otedola, a former governor of Lagos state.
In 2003, Otedola set up Zenon Petroleum and gas LTD, as a oil marketing and distribution company. By virtue of his huge investments in the country's oil downstream sector, his company, Zenon controlled the majority of the diesel market. The company merged with African Petroleum with the businessman controlling a 55.3% stake.
African Petroleum was thereafter restructured to Forte oil PLC with successive growths taking Otedola back into Forbe's rich list after haven drop off it. In 2019, he sold Forte Oil (now Adrova PLC) and directed his investments from oil to power generation and other of his investments.
Femi Otedola is the father to Florence Otedola, popularly referred to as DJ Cuppy, a disc jocker and music producer. He has other daughters and a son: the first, Tolani is a singer and an outcome between Otedola and his former lover, Olayinka Odukoya. The other two daughters, Florence Ifeoluwa and Elizabeth Temi including a son, Fewa are all outcomes of Otedola's later and present marriage with Nana Otedola.
#4. Folorunsho Alakija
Born and brought up till age seven in Lagos to Chief L. A. Ogbara, Folorunsho had nursery education at Our Ladies of Apostles, Lagos. She completed her primary education at the United Kingdom but returned to Nigeria for her secondary education at the Muslim High School in Sagamu, Ogun State.
Do you know? Folorunsho Alakija is Africa's second richest woman. She was listed as one of the world's 100 most influential women of the year 2015.
She had her first tertiary education(secretarial studies) at Pitman's Central College, London. Her career began as an executive secretary at Sijuade Enterprises, Lagos in 1974. She started her tailoring firm some years after working at Finbank (now FCMB). Folorunsho grew her tailoring firm to what is renowned today as Rose of Sharon House of Fashion.
She forayed into oil exploration in 1993 after obtaining an oil prospecting licence from the federal government through her company, Famfa Limited.
Although much of her income is through oil, she earns pretty much from other of her ventures which includes real estate and printing. She was listed by Forbes among the world's 100 most powerful women in a list which included former minister of finance, Ngozi okonjo-Iweala.
Folorunsho is married to a lawyer, Modupe Alakija and the relationship is blessed with four sons.
#3. Abdul Samad Rabiu
The third richest person in the country is a Kano born businessman, Abdul Rabiu. He followed on his late father Khalifah Isyaku Rabiu's antecedent to become an influential entrepreneur.
Do you know? Abdul Samad is the founder and chairman of BUA Group, a business conglomerate which has extensive subsidiaries in manufacturing, infrastructure and agriculture.
He took over the control of the company from his father following the dad's detention by the federal government after reportedly failing to pay import duties on his imported rice.
BUA group started in 1988 as a trading company with dealings in rice, edible oil, flour, steel and iron. Currently, the company owns two flour-milling plants in Lagos and Kano, a sugar refining company — the second biggest in sub-saharan Africa. His cement company, Obu Cement company had a merger with Cement Co. of Northern Nigeria with Rabiu owning a 98.5% stake.
Rabiu Networth is about $5.4 billion. He has about 42 children.
#2. Mike Adenuga
Mike Adenuga is Nigeria's second richest individual. He has investments in oil and Telecoms, and is widely appraised as a self-made billionaire.
Do you know? Mike Adenuga is the third richest man in Africa(as at Forbes report of 2020). He owns Globacom Nigeria, the second biggest Telecom operator in the country. Adenuga reportedly made his first million at age 26 selling lace and distributing soft drinks.
Born in Ibadan, Oyo State to a school teacher, Oloye Michael Akpolade Adenuga Snr., and a businesswoman, Omoba Juliana Oyindamola Adenuga, Mike Adenuga engaged in different menial works before delving into oil through his Consolidated Oil(ConOil) company.
Through connections with influential personalities, Adenuga got a drilling licence for his company and in 1991, the company struck oil and began full exploration.
The businessman diversified to Telecoms in 1999 and he's consistently guided his Telecom company to become the second most used network provider in the country, serving millions of subscribers.
Mike is currently married to Titi Joyce Adenuga. This relationship is evident with a child named Bella. His other offsprings include: Adetutu Oyindamola Emilia, Tunde, Prince Michael, Abimbola, Eniola and Folashade Adeniyi.
Mike Adenuga was inferred with the title of the Grand Commander of the Order of the Niger, the second most significant honour in the country, in 2012. He is worth about US$ 6.3 billion.
#1. Aliko Dangote
Aliko Dangote is Africa's richest individual with a network of about $12.5 billion. He is reportedly the great-grandson of Alhaji Alhassan Dantata, the richest West African at the time of his death in 1955.
The Kano born businessman has investments predominantly in cement, flour, and sugar manufacturing, although he has recently diversified to oil refining. His new refinery upon completion would be Africa's biggest oil refinery and the world's biggest single-train facility. His cement company which he holds 85% stake in, is the continent's biggest cement factory.
Do you know? From 2011, Forbes magazine has consistently recognized Aliko Dangote as Africa's richest man.
Like Otedola, Dangote has been awarded Nigeria's second-highest honour, the Grand Commander of the Order of the Niger (GCON).
Summary of Nigeria's richest individuals 2021
|S/N||Name|| Estimated Networth||State of origin|
|1.||Aliko Dangote||$12.5 billion||Kano State|
|2.||Mike Adenuga||$6.3 billion||Oyo State|
|3.||Abdul Samad Rabiu||$5.4 billion||Kano State|
|4.||Folorunsho Alakija||About $957 million||Lagos State|
|5.||Femi Otedola||About $925 million||Oyo State|
|6.||Uzoma Dozie|| About $807 million||Imo State|
|7.||Jimoh Ibrahim||About $802 million||Ondo State|
|8.||Jim James Ovia||About $800 million||Delta State|
|9.||Orji Uzor Kalu||$628 million||Abia State|
|10.||Hajia Bola Shagaya||About $600 million||Kwara State|