Top 10 Richest Men In Nigeria 2020- Lagos, the former capital city of Africa’s most populous nation, Nigeria is also the economic capital of the country. Located in the southwest region of Nigeria, this port city accounts for significant economic activities carried out in Nigeria. No doubt, Lagos is one of the major financial centers in Africa as the city is home to one of the largest and busiest ports on the African continent. Also, Lagos has the highest GDP of any African city. Currently, the total wealth in the hands of private individuals in Lagos is estimated to be about US$120 billion. As a result, 6,800 millionaires, 360 multi-millionaires and 4 billionaires live in this city. The major economic sectors of Lagos include real estate & construction, telecoms, transport, financial services, as well as necessary materials. So who are the richest men in Nigeria currently?
The question we are to answer include
- who are the Top Billionaire In Nigeria as of 2020?
- Who is the Richest Business Men In the City Of Lagos?
All of these will be answer shortly.
TOP 10 RICHEST MEN IN NIGERIA 2020 RANKING
- #1. Aliko Dangote
Topping this list is none other than Africa’s richest man himself, Aliko Dangote is currently worth over $10.6 billion according to Forbes. The Kano-born businessman has investments all over Nigeria as well as in other African countries such as Benin, Ethiopia, Senegal, Cameroon, Ghana, South Africa, Togo, Tanzania, and Zambia. He was born on the 10th of April, 1975. Alhaji Aliko Dangote started his journey to becoming a billionaire when he established a small trading firm in the year 1977. This firm has since metamorphosed into one of Africa’s biggest business conglomerate known as Dangote Group. The company is a major force in the sugar and cement markets in Nigeria especially and in Africa. This crafty businessman has mastered the art of producing commodities locally as he owns refineries and manufacturing plants in Nigeria and several other parts of Africa. Aliko Dangote is also trying to solve Nigeria’s overdependence on oil importation despite being an oil-producing nation by building a major refinery in the country to address this challenge. The project which is valued to be worth over $9 billion is expected to be completed this year. He happened to be the on the first list of Top 10 Richest Men In Nigeria 2020.
- #2. Mike Adenuga
The next Top 10 Richest Men In Nigeria 2020 is Mike Adenuga who was born on the 29th of April, 1953. He is the second richest man in Africa and Nigeria, thanks to his investments in the telecoms industry as well as the oil and gas. He owns indigenous telecoms company, Globacom, and Conoil, an oil and gas company. Globacom is currently the second largest telecoms operator in the country, with companies in neighboring African countries like Ghana, CoteD’Ivoire and Benin. His current estimated net worth is $9.2 billion, according to Forbes. Mike Adenuga had both his elementary and high school education in Nigeria before proceeding to the United States to study Business Administration. He earned his Bachelor’s degree at the Northwestern Oklahoma State University after which he proceeded to the Pace University in New York for his Master’s degree. His company, known then as Consolidated Oil received a drilling license in 1990, but it was in 1991 that they finally struck oil. The company was the first indigenous company to strike oil in commercial quantities. In 1999, Mike Adenuga issued a conditional GSM license which enabled him to start his own telecoms company, Globacom. He received a second license in 2003, and since then his telecoms company has been on the rise. Dr. Mike Adenuga claims he got his business acumen from his mother who herself was a successful business owner.
- #3. Femi Otedola
Femi Otedola is the third Top 10 Richest Men In Nigeria 2020. He is a full-fledged son of the soil as his father was a former Lagos State Governor, Michael Otedola. Femi is the chairman of Forte Oil Plc, a major importer of fuel products in Nigeria. Also, he is the founder of Zenon Petroleum and Gas Ltd. His business portfolio isn’t limited to the oil and gas industry alone; he is into other sectors of the economy such as shipping, real estate, and finance. According to the latest estimates, Femi Otedola is worth about $2.3 billion. Femi cut his teeth in the business world when he successfully ran the family’s printing business in the 1980s, after which he ventured into the oil and gas industry. Femi Otedola is a well-known family man. He is happily married with three daughters and a son. One of his daughters is Florence Otedola popularly called DJ Cuppy. She is a DJ and music producer. Another of his daughters, Temi is a style blogger and an aspiring fashion designer. Femi Otedola also has real estate in several parts of the world including London, Dubai, and New York City. A well-known philanthropist who through his father’s university, Michael Otedola University, set up a scholarship scheme which has helped over 1000 students since its inception. It is on record that he also contributed N300 million to the completion of the National Ecumenical Centre, Nigeria’s primary place of Christian worship located in the city of Abuja.
- #4. Folorunsho Alakija
Folorunso Alakija is the first female on this list. She is the richest woman in Nigeria. The fashion designer cum oil tycoon is currently estimated to be worth $2.1 billion. Her business interests are in fashion, oil and also printing. Her oil company, Famfa Oil Limited was founded in the year 1993 and is said to generate a $10 million profit for her daily. She also has a vested interest in the real estate industry where she has over $100 million investments. She is a well-known philanthropist who helps widows and orphans by empowering them through scholarships and business grants. Her foundation is called Rose of Sharon. She has also sponsored many students through the Agbami Medical and Engineering Scholarship Scheme and also through the Folorunso Alakija Scholarship Scheme.
- #5. Tony Elumelu
Tony Elumelu is one of Africa’s richest men. He is an economist, entrepreneur and a philanthropist. His net worth currently stands at about $1.4 billion. He has several investments including Heir Holdings, the United Bank for Africa and the Transcorp. His foundation, the Tony Elumelu Foundation has empowered thousands of African entrepreneurs. He attended Harvard Business School, and he is well known for the role he played in the acquisition of Standard Trust Bank and catapulting it to become one of the top banks in the country. He also played a role in the acquisition of United Bank for Africa (UBA) which he transformed into a Pan-African institution, operating in 19 African countries currently. He also has investments in financial services, energy, real estate, hospitality, agribusiness and the healthcare sectors through his investment company called Heir Holdings.
- #6. Jimoh Ibrahim
Jimoh Ibrahim is a Nigerian businessman who hails from Ondo State in the southwestern part of Nigeria. He was born on the 24th of February, 1967. As of now, his net worth is believed to be around $1.1 billion. He is an astute businessman and is the chairman and chief executive officer of one of the few conglomerates in Nigeria, Global Fleet Group. His companies are involved in several sectors of the economy, from shipping to aviation and even hotels. Some of the companies under his conglomerate are Air Nigeria, Nicon Insurance, and Median Hotels.
- #7. Jim Ovia
Jim Ovia is another wealthy businessman on this list. Another alumnus of Harvard Business School, he is credited as the man behind the success story of one of Nigeria’s top banks, Zenith Bank. His estimated net worth is currently $1 billion. He is said to have introduced so many Innovations to the Nigerian banking industry.
- #8. Tunde Folawiyo
After the passing of his father in 2008, Tunde Folawiyo took over the Yinka Folawiyo Group. Currently, he is the managing director of the conglomerate which was established by his late father. His net worth stands at an impressive $650 million now. He is now one of the directors of the biggest telecommunication company in Nigeria, MTN. He is also a retired lawyer, but his law firm remains operational in Nigeria.
- #9. Samuel Adedoyin
Samuel Adedoyin is a Lagos born billionaire businessman. He was born in the year 1935 in Lagos State. Samuel Adedoyin is a self-made businessman who has managed to build his business from scratch and create fortune that is well over 100 million dollars today. His Doyin Group is a conglomerate that is highly diversified with products ranging from real estate to skin care products.
- #10. Dele Fajemirokun
Dele Fajemirokun is famously known for his position as chairman of the personal insurance company, Aiico Insurance in Nigeria. His business was initially focused on shipping with the establishment of the Nigeria Maritime Company in 1968, but he has managed to diversify over the years. He owns a host of firms now including FSS gases and several others. Currently, he is the chairman of a conglomerate called Henry Stephens Group.
Conclusion On Top 10 Richest Businessmen In Lagos
We have discussed some of the wealthiest businessmen in Lagos, the economic capital of Nigeria and we hope you enjoyed reading it.
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