Who are the richest business moguls in Nigeria? Here is a list of 3 millionaires and 7 billionaires’ most successful entrepreneurs in Nigeria in 2023.
Black people make up less than 1% of global billionaires according to the Forbes list released last year. Even though there are just 16 Black people among the world’s estimated 2,755 billionaires, fortunately, the list is growing.
If you’ve ever wondered how many Black people are in the one percent of the world’s most wealthy, well, there are quite a few from Nigeria who are regarded in this list.
Nigeria is a naturally endowed country. The country has all kinds of natural, mineral, and human resources. Human resources include hardworking and decisive individuals who have rightfully made an excellent reputation in entrepreneurship.
In this article, you will learn about the top 10 most successful entrepreneurs in Nigeria. So, if you love reading the success stories of entrepreneurs in the world for inspiration, I suggest you read about Nigerian millionaires and billionaires in 2023.
Apart from the wealth of these successful entrepreneurs in Nigeria, you will learn about their influence on society and excellent entrepreneurial skills. Who are they, and how did they make their wealth?
List of successful entrepreneurs in Nigeria
As you will see from the list of entrepreneurs in Nigeria, the most exciting thing is that they don’t have a single source of income but invest in multiple businesses. So, who are the wealthiest?
Here are the richest Nigerian business moguls and where they rank on the list of Nigeria’s most successful entrepreneurs.
10. Oba Otudeko – $550 million
- Net Worth: $550 million
- Date of birth: August 18, 1943
- Age: 79 years old as of 2023
- Birthplace: Ibadan, Oyo State
- Business interest: Oil, gas, flour, and more
- Education: Executive management training programs at Harvard University, Hult International School of Business, Accountancy graduate of Leeds College of Commerce Leeds College of Commerce
This entrepreneur is known for being chairman of such huge companies as Honeywell Group and FBN Holdings PLC, specializing in oil and gas, real estate, marine transportation, and flour milling. He was born in 1943, and his native city is Ibadan, Oyo State. Oba Otudeko came from a royal family.
He is an accountancy graduate of Leeds College of Commerce, United Kingdom. He has worked as a banker, accountant, and corporate secretary.
Oba Otudeko is involved in dozens of various businesses and has received a lot of awards. Of course, he is most famous for Honeywell Group, but he has also helped other companies grow.
In 2021, Greek investor John Coumantaros of Flour Mills announced that it has acquired a 71.69-percent stake in Honeywell Flour Mills, as well as a 5.06-percent stake in the firm.
Following the completion of the transaction, Nigerian multimillionaire industrialist Obafoluke, who owns a majority stake in Honeywell Flour Mills, pocketed a total of N22.24 billion ($53.55 million) from his stake in the flour miller.
Otudeko owns 66.8 percent of Honeywell Flour Mills, a leading flour and pasta product manufacturer operating under the auspices of Honeywell Group, which has a diverse product portfolio including Honeywell Semolina, Honeywell Noodles, and Honeywell Pasta.
After nearly five months of parallel negotiations, a majority stake in the miller was acquired by Flour Mills of Nigeria for N4.2 ($0.01011) per share. The agreement aligns with shared objectives of developing a more resilient national champion in Nigeria’s food and agro-allied industry.
He also founded the Oba Otudeko Foundation, which specialises in charity and philanthropy. He is happily married to his wife, Adebisi Aderonke Otudeko.
What is Oba Otudeko’s net worth? According to Forbes‘ ranking in 2014, Oba Otudeko’s net worth was estimated at $550 million. His net worth has likely increased since then, but there isn’t a substantive figure of the same.
9. Tony Elumelu – $700 million
- Net Worth: $700 million
- Date of birth: March 22, 1963
- Age: 59 years old as of 2023
- Birthplace: Jos, Plateau State
- Business interest: Investments, banking, agriculture, hospitality, oil production, and more
- Education: Master of Science degree from the University of Lagos
Tony Elumelu was born in 1963 in Plateau State. He attended university in his native country and has 2 degrees in economics. He also has a Master’s Degree from the University of Lagos.
Elumelu founded Heirs Holdings, a company that invests in power, real estate, healthcare, hospitality, and oil & gas, in 2010. Tony is also the founder of the Tony Elumelu Foundation. This organisation empowers and supports African entrepreneurs.
Tony is married to Awele Vivien Elumel, with whom he has 7 children. He is also the brother of Ndudi Elumelu, a politician.
What is Tony Elumelu’s net worth? Tony Elumelu was ranked the 31st richest person in Africa with a net worth of $700 million in 2015 by Forbes. However, there hasn’t been any further view of his wealth since then, and it has likely increased.
Billionaire entrepreneur and philanthropist, Tony Elumelu, is known to be a stylish man who is living his best life. Buzz Nigeria reports that he might be worth $900 million today whereas Wealth Results pegs his fortune at $1.98 billion.
8. Jim Ovia – $980 million
- Net Worth: $980 million
- Date of birth: November 4, 1951
- Age: 61 years old as of 2023
- Birthplace: Anambra State
- Business interest: Banking, telecommunication, property, and more
- Education: Master’s degree in Business Administration from the University of Louisiana, Monroe, Louisiana USA, Bachelor of Science degree in Business Administration from Southern University, Baton Rouge, Louisiana, USA (1977)
Famous for being the founder of Zenith Bank, Jim Ovia, who was born in 1951, is an educated and powerful man. He joins the list of successful entrepreneurs because of his massive wealth.
He has a Bachelor’s degree in Business Administration from the Southern University in Louisiana and a Master’s degree from the University of Louisiana in the same discipline. He is also a graduate of Harvard Business School.
In 1980, Jim Ovia founded Zenith Bank, one of the most influential banking institutions in the West African nation.
Jim Ovia is not just a businessman – he is also involved in philanthropic work. He founded the Youth Empowerment ICT Foundation; an organization focused on improving Nigerian youth welfare and helping them embrace new communication and information technologies.
Nigerian banker Jim Ovia has seen the market value of his stake increase by more than $24.5 million in 2022 as investors sustained buying interest in the shares of Zenith Bank, one of Nigeria’s largest financial services groups.
Zenith Bank is Nigeria’s most profitable bank and the largest listed financial services group on the Nigerian Exchange.
His stake in the bank is valued at over $312 million, making him one of the richest investors on the Nigerian Exchange, and one of the wealthiest men in the country, per Billionaires in Africa.
Currently, Jim Ovia has a fortune worth millions, making him one of the wealthiest entrepreneurs in Nigeria. In 2015, Forbes estimated Jim Ovia’s net worth to be $550 million. Moreover, his net worth is expected to grow, considering his massive business success.
What is Jim Ovia’s net worth? Jim James Ovia CFR CON is a Nigerian businessman with a current net worth of $980 million, he is the founder of Zenith Bank which he founded in 1990.
7. Folorunsho Alakija – $1 billion
- Net Worth: $1 billion
- Date of birth: July 15, 1951
- Age: 72 years old as of 2023
- Birthplace: Lagos
- Business interest: Oil, transportation, and more
- Education: Secretarial studies at Pitman’s Central College, London
Folorunsho Alakija is Nigeria’s first female billionaire. Born in 1951, Folorunsho Alakija is now the most successful Nigerian businesswoman.
She began her professional career in the mid-70s as an Executive Secretary in Lagos, Nigeria, while simultaneously launching her own tailoring business. Her company flourished, and she went on to become the National President and a Trustee for the Fashion Designers Association of Nigeria. She is also the founder of the fashion label Supreme Stitches, which produces clothing for affluent clients.
She is mainly known as the group managing director of the company Rose of Sharon Group. She is the executive vice-chairman of Famfa Oil Limited, from which she makes enormous profits. In the early 90s, she applied for a license to begin prospecting for oil.
It turns out, the plot of land she was granted was sitting on over one billion barrels of potential oil. She owns 60% of the drilling venture off the coast of Nigeria. After a billion barrels were discovered, the Nigerian government attempted to take the land grant back. A 12-year legal battle ensued that reached all the way to the Supreme Court of Nigeria. Folorunsho was victorious and her patience was rewarded handsomely. As soon as the legal verdict came down, Folorunsho was instantly worth billions of dollars.
Folorunsho Alakija does a lot of charity – for instance, she donates to widows through the Rose of Sharon Foundation. She is the most prominent example of success for young Nigerian women, and she shows how powerful they can be if they work hard enough and believe in themselves.
What is Folorunsho Alakija’s net worth? Folorunsho Alakija is a Nigerian businesswoman and philanthropist who has a net worth of $1 billion dollars, per Celebrity Net Worth.
6. Jimoh Ibrahim – $1.1 billlion
- Net Worth: $1.1 billion
- Date of birth: February 24, 1967
- Age: 55 years old as of 2023
- Birthplace: Igbotako in Okitipua, Ondo State
- Business interest: Hotels, airlines, resorts, real estate, banking, publishing, insurance, and oil and gas distribution
- Education: Law degree from the Lagos State University
The politician, businessman, lawyer, and philanthropist Jimoh Ibrahim always knew that success would come his way one day and that he needed to work hard for it. He was born in 1967 in Ondo State.
Jimoh Ibrahim was a law student at the prestigious Obafemi Awolowo University in Osun State, where he obtained both bachelor’s and master’s degrees. Afterward, he went to the United States to study at Harvard University.
After completing his education, he began investing in a lot of profitable sectors. His investment sectors are hotels, airlines, resorts, real estate, banking, publishing, insurance, and oil and gas distribution.
Today, Jimoh Ibrahim is the chairman of the Global Fleet Group, a large, diverse Nigeria-based conglomerate company. It has a vast amount of subsidiaries in different cities of Nigeria, mainly Lagos, and in other African countries – Ghana and Sao Tome and Principe, to name a few.
Jimoh Ibrahim is a published writer – he has been credited as the author of three books. He is also the publisher of the National Mirror Newspaper.
What is Jimoh Ibrahim’s net worth? Jimoh Ibrahim is a Nigerian lawyer, politician, businessman, and philanthropist with a current net worth of $1.1 billion. Ibrahim is married to Modupe Jimoh Ibrahim, and they have four children.
5. Femi Otedola – $1.8 billion
- Net Worth: $1.8 billion
- Date of birth: November 4, 1962
- Age: 60 years old as of 2023
- Birthplace: Ibadan, Oyo State
- Business interest: Oil, haulage, utilities, and more
- Education: Obafemi Awolowo University
Femi is one of the most prominent entrepreneurs in Nigeria. He is a well-known philanthropist and oil magnate who was born in 1962 in Ibadan, Oyo State. He has established companies in Nigeria and abroad. Some of his most prominent businesses are Forte Oil PLC, the fuel production importer, and Zenon Petroleum and Gas Ltd, which specialises in distribution and marketing.
He has made considerable investments in other business spheres, such as finance, real estate, and shipping. Besides that, he invested in power generation, which is supposed to become a part of sector liberalisation.
Femi Otedola is also a happy family man, and all of his four children are successful in different ways. For instance, his oldest daughter, Florence Otedola, is a famous musician known under the name DJ Cuppy, and she is also a tourism ambassador of Nigeria.
Temi Otedola, her younger sister, is a famous fashion blogger and an aspiring designer. The billionaire Femi Otedola has not just made a name for himself but has also inspired his family to be just as successful as him.
What is Femi Otedola’s net worth? According to a Forbes report dated 2016, Femi Otedola is a Nigerian Businessman who has a current net worth of $1.8 Billion. His fortune is expected to have surged but there is no substantial report to back it. A considerable part of his wealth comes from the energy sector.
4. Orji Uzor Kalu – $3.2 billion
- Net Worth: $3.2 billion
- Date of birth: April 21, 1960
- Age: 63 years old as of 2023
- Birthplace: Abia State
- Business interest: Furniture, manufacturing, and transportation
- Education: Political Science at the University of Maiduguri
Orji is a graduate of three universities: the University of Maiduguri, Abia State University, and the prestigious Harvard University. Currently, he is the chairman of SLOK Holding and the owner of the Daily Sun Newspaper. The rich and famous Orji Uzor Kalu always knew that he wanted to be the best.
Young Orji Uzor Kalu started his entrepreneurship through the palm oil trade, as he bought the commodities from the eastern regions of Nigeria and then sold them to the northern ones. Orji Uzor Kalu switched from selling palm oil to the furniture trade, which became a huge success.
In the end, he established his own company called SLOK Holding. This business conglomerate blew up, and now it has branches in Nigeria, South Africa, Guinea, Ghana, Liberia, Benin Republic, Botswana, and even Korea.
What is Orji Uzor Kalu’s net worth? As a businessman, former governor, and current senator, Orji Uzor Kalu is a wealthy man with a current net worth of $3.2 billion. In 2015, Forbes ranked him as the 49th richest man in Africa with a net of $330 million.
Orji Uzo Kalu whose net worth was $2.3 billion in 2019, $2.8 Billion by 2020, and similarly 1.1 billion in 2021 and 2022, business mogul’s wealth had risen to $3.2 Billion. Orji Uzor Kalu firmly believes that people who want to be successful should have their heart in it and see new opportunities everywhere.
3. Mike Adenuga – $5.6 billion
- Net Worth: $5.6 billion
- Date of birth: April 29, 1953
- Age: 69 years old as of 2023
- Birthplace: Ibadan, Oyo State
- Business interest: Telecom, oil, banking, and more
- Education: Master of Business Administration from Pace University
Michael Adeniyi Agbolade Ishola Adenuga Jr CSG GCON is a Nigerian billionaire businessman and one of the richest people in Africa. He received his higher education at Northwestern Oklahoma State University and Pace University.
Mike Adenuga built his enormous fortune in mobile telecommunications and oil production. In 2006, he founded Globacom, the second-largest mobile phone network in Nigeria.
The company founded by Mike Adenuga, called Globacom, is the second-largest telecommunication operator in the West African nation.
With over 24 million customers in Nigeria, the company also operates in the Republic of Benin, where it recently acquired licenses to start businesses in Ghana and the Ivory Coast. What’s more, Conoil Producing is considered to be one of the largest independent exploration companies in Nigeria, with a production capacity of 100,000 barrels of oil per day.
Apart from this, the businessman is the owner of Conoil Producing Limited, one of the country’s biggest oil companies.
What is Mike Adenuga’s net worth? Mike Adenuga is a Nigerian billionaire who has a current net worth of $5.7 billion making him the 456th richest man on earth. His fortune in 2022 was 6.7 meaning he has seen a decrease in value in his personal wealth.
2. Abdul Samad Rabiu – $8 billion
- Net Worth: $8 billion
- Date of birth: August 4, 1960
- Age: 62 years old as of 2023
- Birthplace: Kano
- Business interest: Cement, sugar, real estate, and more
Abdul Samad Rabiu is one of the most successful entrepreneurs in Nigeria. He was born in 1960 in Kano to Khalifah Isyaku Rabiu, who was also a businessman. He studied at Capital University in Ohio, United States. When he was 24, he returned to the country to run the family business.
In 1988, Abdul established BUA International Limited for commodity trading, importing rice, flour, oil, and iron. Eventually, the company grew and expanded into steel, the production of billets, and construction rolling mills.
Currently, there are 5 subsidiaries of BUA Group, including BUA Ports & Terminals, BUA Estates, BUA Oil Mills Ltd, BUA Sugar Refinery Ltd, and BUA Cement. Forbes estimates Abdul Samad’s net worth to be 4.9 billion US dollars, and it is expected to be higher in 2022.
What is Abdulsamad Rabiu’s net worth? Abdulsamad Rabi is a Nigerian businessman who has a net worth of $8 billion, per Forbes. Rabiu is one of the few billionaires who saw an increase in fortune from 2022 to 2023 as he was worth $7 billion last year. He is currently the 254th richest man on earth.
1. Aliko Dangote – $12.5 billion
- Net Worth: $12.5 billion
- Date of birth: April 10, 1957
- Age: 65 years old as of 2023
- Birthplace: Kano
- Business interest: Cement, sugar, flour, and more
- Education: Bachelor of Arts/Science from Al-Azhar University
Aliko Dangote is the richest and most successful entrepreneur in Nigeria and Africa as a whole. He was born in 1957, and his birthplace is Kano State.
Aliko Dangote owns the eponymous Dangote Group, which operates in the commodities field. Dangote is based in Nigeria and also does business in other African countries, including Benin, Cameroon, Ghana, South Africa, Togo, and Zambia.
The Dangote Group employs more than 11,000 people in industries such as sugar refining, flour mills, food distribution, and cement. In fact, The Dangote Group’s businesses account for one-fourth of all businesses on the Nigerian Stock Exchange.
In 1977, when he was only 20 years old, the young man started the Dangote Business Group. To start him off, he got a generous loan of N500,000 from his grandfather, Alhaji Sanusi Dantata. Aliko Dangote’s firm started as a tiny company that specialised in trading. It is now a substantial multi-billion corporation with branches in Nigeria and other African countries like Ghana, Benin Republic, and Togo.
The Dangote Group is famous for being the most influential industrial group in the Western Africa region. It has about 30,000 employees.
What is Aliko Dangote’s net worth? Aliko Dangote is a Nigerian businessman who has a current net worth of $12.5 billion making him the 145th richest man on earth, per Forbes. He is also the richest man in Africa for the 11th year in a row.
Summary of the richest business moguls in 2023
Below is the full list of the richest and most successful entrepreneurs (business moguls) in Nigerian in 2023;
| Rank | Name Of Nigeria’s Entrepreneurs | Net Worth |
| 1 | Aliko Dangote | $12.5 billion |
| 2 | Abdul Samad Rabiu | $8 billion |
| 3 | Mike Adenuga | $5.6 billion |
| 4 | Orji Uzor Kalu | $3.2 billion |
| 5 | Femi Otedola | $1.8 billion |
| 6 | Jimoh Ibrahim | $1.1 billion |
| 7 | Folorunsho Alakija | $1 billion |
| 8 | Jim Ovia | $980 million |
| 9 | Tony Elumelu | $700 million |
| 10 | Oba Otudeko | $550 million |
FAQ
Richest female entrepreneurs in Nigeria
The most successful female entrepreneur in Nigeria is currently Folorunsho Alakija. Other female entrepreneurs in Nigeria include Nnenna Kalu Makanjuola, founder of Radiant Health Magazine Dr. Ola Orekunrin, founder of Flying Doctors Nigeria Tara Fela-Durotoye, founder of House of Tara Kofo Akinkugbe, Chief Executive Officer of SecureID Nigeria Ltd Adenike Ogunlesi, founder of Ruff ’n’ Tumble
Who is the richest entrepreneur in Nigeria?
What is the richest business in Nigeria?
Conclusion
The most successful entrepreneurs in Nigeria have worked hard to become who they are now, and their efforts are fully paying off. They are a great example to aspiring entrepreneurs that want to create business empires as big as theirs.