The Billionaires of Nigeria


What is the secret to the success of the top 20+ richest people in Nigeria? Who are the Nigerian billionaires and how did they amass their wealth? What are the business success secrets of the successful entrepreneurs in Nigeria? What does it take to become a billionaire in Nigeria? If the answer to any of these questions interests you, then please read on.

Recently, i compiled a list of the world’s richest billionaire school drop outs and today, I will be compiling a list of Nigerian billionaires and top richest people in Nigeria but please this list will be restricted to entrepreneurs only. Politicians and individuals whose source of wealth cannot be traced are excluded from this list. Most people have asked why so few Nigerians made the Forbes list of richest people in the world. Well the answer to that question is this: Forbes estimates the wealth of individuals and rank them based on the value of shares they have in quoted companies (companies listed on the stock exchange) and most of the richest people in Nigeria prefer to run their businesses privately. That’s why they don’t make the Forbes list of richest people in the world. We want to state categorically that this list has nothing to do with the Forbes list. We are not affiliated with Forbes and did not source this content from Forbes. We did our own research before coming up with this list. Secondly, our list is strictly focused on entrepreneurs / business owners whose businesses can be ascertained; not politicians. Thank you.

Most of you may be wondering the criteria or benchmark on which I compiled this list of richest people in Nigeria. Well, I compiled this list based on the following criteria:
  • By the value of their shares held in quoted companies.
  • The size and market share of their companies
  • The number of companies they own and its assumed value
  • The market value of their company’s brand
  • The impact of their companies on the Nigerian economy
I compiled this list of richest people in Nigeria and highlighted the secret to their success because I believe we can learn a lot from them. Nigeria as a country has been branded all sort of names and a lot has been said about Nigeria; both positive and negative but I am proud that some individuals stood tall to tell the world that we have got potentials. Despite the harsh terrain and business challenges involved with starting a business in Nigeria; the successful entrepreneurs listed below held their ground and fought their way to the top. In a country with a population of over 150 million inhabitants and millions of businesses; these 20 entrepreneurs diligently carved their names in the sands of time by taking advantage of the fastest growing business opportunities in Nigeria.

So instead of boring you with their success stories; I would rather extract the vital lessons learned from the life of these billionaires. If you are ready to learn, then below is a list of the Nigerian Billionaires (entrepreneurs) and top richest people in Nigeria. 

Alhaji Aliko DangoteDangote Group, (Manufacturing, oil & gas,)
Mike AdenugaConoil, Globacom (Oil & gas, Banking, Telecom)
Femi OtedolaForte Oil and Gas (Oil & gas)
Orji Uzor KaluSlok Group (Aviation, Shipping, publishing, manufacturing)
Cosmos MadukaCoscharis Group (Automobile, manufacturing)
Jimoh IbrahimNicon Insurance, Global Fleet (Insurance, transportation, oil & gas)
Jim OviaZenith Bank, Visafone (Banking, Telecom)
Pascal DozieMTN Nigeria, Diamond Bank (Banking, Telecom)
Oba OtudekoHoneywell Group Nigeria, Pivotal Engineering, Airtel (Manufacturing, oil & gas, telecom)
Alhaji Sayyu DantataMRS Group (Oil & gas, construction)
Umaru Abdul Mutallab – former Chairman First Bank Plc, Mutallab Group
Prince Samuel AdedoyinDoyin Group (manufacturing, pharmaceuticals)
Dele FajemirokunChaiman Aiico Insurance, Xerox Nigeria, Chicken Republic, Kings Guards (Insurance, Security, Technology, Food retailing)
Chief Cletus IbetoIbeto Group (Trading, manufacturing, oil & gas)
Tony EzennaOrange Group (Pharmaceutical, oil & gas)
Chief Molade Okoya ThomasChairman CFAO Nig and other six french companies (Automobiles)
Leo Stan EkehZinox (Computer, technology)
Fola AdeolaGTBank (Banking)
Chief Ade OjoElizade Motors Nig LTD, Distributor of Toyota cars (Auto retailing) 
Abdulsamad RabiuBua Group (Oil & gas, manufacturing)
Folorunsho AlakijaFamfa Oil (Oil & gas)
High Chief O.B. Lulu BriggsMoni Pulo (Oil & gas)
Hakeem Bello OsagieEtisalat Nigeria (Telecom)
Sani BelloAmni Petroleum (Oil & gas)
Mohammed IndimiOriental Petroleum (Oil & gas)
Sir Emeka Offor – Chrome Group (Oil & gas, marine)
Chief Arthur EzeAtlas Oranto Petroleum (Oil & gas)
Vincent Amaechi ObianodoYoung Shall Grow Motors, RockView Hotels (Transportation, hotels)

Now having gone through the list of richest (entrepreneurs) people In Nigeria, I believe it’s time I share with you the secret to their success. I am not sharing these secrets with you to fill up space or excite you. Rather, I am sharing the secrets of Nigerian billionaire entrepreneurs so you can pick up one or two lessons and replicate their success strategy. After all, success can be replicated. Above all the success secrets of the richest people in Nigeria, this is the greatest. 
Love for Nigeria made the Nigerian billionaire entrepreneurs invest heavily in the country. They have all it takes to move their investment elsewhere but they chose to invest in Nigeria because they believe in Nigeria. This factor is so prevalent that even Aliko Dangote advocated the need for entrepreneurs to firmly believe in Nigeria; instead of going abroad in search of greener pasture. This is to say that if you must strike it rich in your country; then you must believe in your country.

Article originally appeared on Top Business Ideas


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