Top 10 Richest People in Nigeria in 2020 and What You Can Learn From Them

Find out which of these Famous billionaires still top the chart as the richest people in Nigeria, and which of their net worth has dropped since the 2020 Pandemic.

From Aliko Dangote to Oba Otudeko, these names have been around for a while, but how rich are they and where does that leave the infamous billionaire Terry Waya?

Did you know that 90% of Nigeria’s foreign exchange comes from oil? Little wonder why a fall in the oil market has a great impact on the financial status of the richest people in Nigeria.

When the Coronavirus hit the global markets in 2020, many investments crashed and oil prices collapsed, but this isn’t the first time a market crash would affect the billionaires of Africa.

Knowing how much Nigeria’s economy depends on oil, and that the majority of these richest people in Nigeria made their money in trading oil, export, and investments, one has to wonder: How rich are they?

How hard did the pandemic affect the famous billionaires in Nigeria and where are they ranked now?

Although the oil sector took one of the biggest hit in 2020, not all businesses and business owners completely lost out of trades and shares.

Top 10 Richest Individuals In Nigeria

Aliko Dangote $8.1 billion

The CEO, Dangote Group Aliko Dangote has remained at the top of the chart since he was listed on Forbes Richest men in Africa in 2012. Dangote was worth 13.8 billion in 2011. But how much is he worth in 2020 and what can we learn?

According to Forbes Real Time Billionaire list, Aliko Dangote is currently worth $8.1 billion. Despite the slight fall, Dangote still ranks as number 1 on the list of Billionaires in Africa and 247 in the world.

Did you know Dangote’s grandfather Sanusi Dantata was a wealthy trader in Kano. He traded in rice and oats.

What entrepreneurs can learn from Dangote

As the wealthiest man in Africa, Aliko Dangote has stayed true to the business niche as opposed to ploughing the political ladder.

Another thing Dangote has proven is that one can be a jack of all trade and still master all. he started in construction then diversified to manufacturing and later fast-moving consumer goods (FMCG). One thing is clear he is not afraid to challenge the status quo.

Mike Adenuga $6.1 billion

Mike Adenuga is the second biggest name in Nigeria and Ranks as number 3 in Africa and 366 in the world. From a net worth of 2 billion in 2011, the Telcom boss and “Bull” has made considerable strides in the financial market thanks to his keen eyes for business opportunities.

Did you know: Mike Adenuga made his first million selling lace and distributing soft drinks. Despite his fame, Adenuga has lived his life on a very lowkey, granting interview ones to Bisi Olatilo on the then Bisi Olatitlo Show (BOS).

What entrepreneurs can learn from Adenuga

Hard work is the key to success.

Mike Adenuga was ahead of his competition and it gave him an edge over others. His major business break came through the selling of removable car stereos.

He believes in researching a business before going into it as it makes it easier to add value.

He also admits to knowing the workings of government very well.

Know your business, work hard and trust God.

Abdulsamad Rabiu $3.1billion

Did you know that Abdulsamad Rabiu is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate, and he owns 98.5% of its shares?

He currently ranks at 846 in the real-time billionaires’ list with a net value of $3.1 billion as of 6 AM September 27, 2020. He is the 8th richest man in Africa.

What entrepreneurs can learn from Rabiu

In line with business development, Rabiu like his Aliko and Otedola appear to have diversified his business toward owing an oil refinery and power.

This transition is nothing short of timing.

As entrepreneurs, timing is key to success within any field.

Amidst the pandemic, Bua Group signed an agreement with Axens of France for the supply of process technologies for its upcoming 10million tonnes per annum mega refinery and petrochemicals facility to be sited in Akwa-Ibom, Nigeria.

Rabiu’s 200,000 bpd refinery and petrochemical plant aim at producing Euro-V fuels and polypropylene for domestic and regional markets.

A few weeks after BUA Cement announced it was planning to establish a 3million metric tonnes per annum cement plant as well as a 50megawatts power plant in Adamawa State in North-East Nigeria.

Famously Rich but Not Listed on Forbes

Femi Otedola

The Internet went wild a few weeks ago when Otedola bought 3 Ferraris for his daughters. So how much is the energy magnate worth?

Ranking 16 among Africa’s 50 richest and formerly 1011 on the world’s real times list in 2017, Otedola has since dropped off the Forbes list.

Since he sold his 75% shares in Forte Oil PLC to Prudent Energy services, Otedola’s current net worth is undisclosed.

Following his divestment from Forte oil, Otedola reportedly invested $1bn in Nigeria’s power sector through Geregu Power Plc.

With the current performance of Geregu Power PLC, Otedola may be making a comeback on Forbes list.

Did you know: Femi Otedola is the son of the former Governor of Lagos state Sir Micheal Otedola.

What entrepreneurs can learn from Femi Otedola

Resilience is the word that comes to mind when one thinks about Femi Otedola, from his years in his family printing and stationary business to his venture into supplying diesel and eventually into becoming an oil magnate.

Femi Otedola’s path is littered with many stories of failure and a rise back to wealth.

In an interview he discloses that “being a good entrepreneur does not necessarily make you a good business manager. I learned to keep my hands off managing and leave it in the hands of experts”.

Femi has proved time and time again that one can lose it all and still bounce back.

Folorunsho Alakija $1 billion

Formerly ranked at 1914 on world list of billionaires, Folorunsho has since dropped out of the Forbes list in 2017 with a net worth of. She was last estimated in January 2020 at $1bn.

Alakija recently dropped out from the Forbes real time billionaires list due to inconsistencies in oil prices. The tycoon who made her wealth from oil was at some point listed as part of the 80most influential women.

Did you know Alakija’s first company was a fashion label whose customers included the wife of former Nigerian president Ibrahim Babangida.

What entrepreneurs can learn from Folorunsho Alakija

For a woman whose story has been passed around from parents to children, one lesson stands out in Alakija’s story – maximize opportunity.

A lot of people miss opportunities even when they are glaring.

Another aspect of Alakija’s story that stands out is her enterprising mindset. Be resourceful. Constantly look for opportunities to maximize and create wealth.

Theophilus Danjuma

The former Nigerian defense minister and the founder of oil exploration company South Atlantic Petroleum. He also owns real estate plus a stake in Notore Chemical Industries, a manufacturer of urea fertilizer, as well as a stake in NALComet, one of Nigeria’s largest shipping companies. His net worth fell a year ago due to the sustained weakness in oil prices.

Theophilus Danjuma like Alakija is a famed billionaire based on old stories.

Like other famed oil magnates in Nigeria, Danjuma dropped off the list of top 50 richest men in Africa in 2016.

Danjuma was last estimated at $750 million.

Tony Elumelu $700 million

The renowned philanthropist and investor is no longer listed on Forbes, since he dropped off in 2016.

His last known net worth was 700 million as at 2015.

Before dropping off the list, he ranked 31 in the list of Richest men in Africa.

Nigerian entrepreneur and investor Tony Elumelu owns a controlling interest in Transcorp, a publicly traded Nigerian conglomerate with interests in hospitality, agriculture, oil production and power generation.

He came into the limelight in 1997 when he led a small group of investors to take over a small, floundering commercial bank in Lagos. He turned it profitable within a few years and in 2005 he merged it with the United Bank for Africa.

That banking group now has subsidiaries in 20 African countries and in the U.S and U.K. Elumelu also owns extensive real estate across Nigeria and a minority stake in mobile telecom firm MTN Nigeria, among other assets.

What entrepreneurs can learn from Tony Elumelu

Speaking during the Tony Elumelu Foundation boot-camp for entrepreneurs, Tony Elumelu said; “I want them (the 1,000 entrepreneurs) to imbibe my own business values which include hard work, emotional and social intelligence, integrity, resilience, and discipline,“ he said.

You have to dream the dreams, set the milestones, develop a saving culture, and ‎most especially, form visionable partnerships. If we imbibe these factors, then we are on the way to having future leaders in Africa,” he stressed.

“What we are doing is a means to an end. The end is to see these entrepreneurs create jobs, develop society, and enable Africa to achieve an all-inclusive growth,” he added.
Elumelu pointed out that there are lots of unemployed people in Africa, while also calling on other endowed Africans to support entrepreneurs to help reduce the joblessness plaguing the continent.” Source.

Orji Uzor Kalu 1.1 billion

The name Orji Uzor Kalu is legendary amongst Nigerian youths. As a kid, I sang songs about him in the playground.

Like Dangote, Oriji Kalu is one of the few rich Nigerians whose wealth is not tied to oil.

Did you know that Orji Kalu started his trade with a $35 loan from his mother and after diverse trade in palm oil, rice, and sugar, he later traded in furniture?

He made his first million at the age of 20. He also made a huge profit in the military era in Nigeria, when he won a contract to supply ammunition to the Nigerian military.

In 2015 however, Kalu dropped off the list of richest men in Africa. He had previously ranked 49 out of 50 richest men in Africa.

Kalu’s net worth was last estimated in 2015 at $330 million a huge drop from 1billion as the previous year.

Jim Ovia $550 million

The founder of Zenith bank was at some point reportedly worth $1 billion, 850 million, and 2.3 billion.

He was listed as the 37th richest man in Africa in 2015 but dropped off in 2016.

His last estimated net worth was $550 million.

What entrepreneurs can learn from Jim Ovia

From his beginnings in sales of used cars during his NYSC, Jim Ovia success relies on a strong sense of intuition. As an entrepreneur, learn to listen to your inner self, it would guide you through instincts and impulse.

What determines whether a great idea can ever come to fruition is the initial will to act on instinct…” says Jim Ovia.

Your field of business may not turn out to be your biggest source of wealth but the experience will guide you as you grow.

Jim’s experience in negotiation during his early days in car sales eventually helped him in obtain a banking license even though he did not qualify.

Oba Otudeko $650 million

With a net worth of $550 million, Oba Otudeko the founder and chairman of Honeywell Group was once listed as the 46th richest man in Africa.

However, he dropped off the list in 2015.

His conglomerate’s operations stretch across oil and gas, flour milling, real estate, and marine transportation. And he has a stake in the oceanfront Radisson Blu in Lagos, Nigeria.

What entrepreneurs can learn from Oba Otudeko

Otudeko’s life may hold lessons for young ones given the many opportunities for skill acquisition through online learning platforms.

Otudeko began in the banking industry and diversified into manufacturing.

Terry Waya $865 million

Terry Waya is currently one of the richest and the most influential socialites in Nigeria with an estimated net worth of $865 million. Terry Waya Million Dollar Empire was brought again to limelight when his son, Teeseer KiddWaya appeared on the 2020 Big Brother Naija Reality TV Show. Since he resurfaced online, he has gone back to his old ways where he flaunts his flamboyant cars and posts live videos of himself counting huge piles of money.

Other Street Famous Billionaires and Their Tentative Net Worth

A few of these names pop on the news every now and then and they rank as one of the richest people in Nigeria.

DISCLAIMER: these figures may not be accurate.

1. Arthur Eze 5.7 billion
2. Cletus Ibeto 3.7 billion
3. Benedict Peters $2.7 billion
4. Igho Sanomi $1.3 billion
5. Bryant Orjiako $1.2 billion
6. Bode Akindele 1.2 billion
7. Emmanuel Ojei $1.2 billion
8. Bola Ahmed Tinubu $8.4 billion
9. Ibrahim Badamase Babaginda $5 billion
10. Ifeanyi Ubah $1.7 billion
11. Olusegun Obasanjo $1.6 billion
12. Rochas Okorocha $1.4 billion
13. Atiku Abubakar $1.4 billion

Other Famous Millionaires in Nigeria

1. Mohammed Indimi $670 million
2. Tunde Folawiyo $650 million
3. Hakeem Bello $600 million
4. Cosmas Maduka $800 million
5. Terry Waya UNKNOWN

Conclusion

Of all the famous richest people in Nigeria, only 3 still maintain a world record in 2020. Reed Hastings and Jeff Bezos may have made huge profits during the pandemic, but Nigeria’s billionaires weren’t as lucky. Arguably, Femi Otedola foresaw the fall of the oil market when he made the switch from Oil to Energy. Good call!

See Article On: Empowering Female Entrepreneurs in Africa

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Find out which of these Famous billionaires still top the chart as the richest people in Nigeria, and which of their net worth has dropped since the 2020 Pandemic. Knowing how much Nigeria’s economy depends on oil, and that the majority of these richest people in Nigeria made their money in trading oil, export, and investments, one has to wonder: How rich are they? Top 10 Richest Individuals In Nigeria Aliko Dangote $8.1 billion The CEO, Dangote Group Aliko Dangote has remained at the top of the chart since he was listed on Forbes Richest men in Africa in 2012..