Net Worth: 10 Richest Business Moguls In Nigeria In 2022, Their Names, Ages, Companies, Sources Of Income, Photos, Forbes, Etc

Who are the richest business moguls in Nigeria? Who are the most successful entrepreneurs in Nigeria? Here is a list of the 3 millionaires and 7 billionaire business magnates in Nigeria.

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 Nigerians millionaires and billionaires in 2022.

Apart from the wealth of these successful entrepreneurs in Nigeria, you will learn 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: 10 Richest Business Moguls In Nigeria In 2022, Their Names, Ages, Companies, Sources Of Income, Photos, Forbes, Etc
  • Net Worth: $550 million
  • Date of birth: August 18, 1943
  • Age: 78 years old as of 2021
  • Birthplace: Ibadan, Oyo State
  • Business interest: Oil, gas, flour, and more
  • Education: Executive management training programmes 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, specialising 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.

He also founded the Oba Otudeko Foundation, which specialises in charity and philanthropy. He is happily married to his wife, Adebisi Aderonke Otudeko. Oba Otudeko’s net worth was about $550 million, according to Forbes ranking in 2014. 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: 10 Richest Business Moguls In Nigeria In 2022, Their Names, Ages, Companies, Sources Of Income, Photos, Forbes, Etc
  • Net Worth: $700 million
  • Date of birth: March 22, 1963
  • Age: 58 years old as of 2021
  • 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.

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.

8. Jim Ovia – $900 million

Net Worth: 10 Richest Business Moguls In Nigeria In 2022, Their Names, Ages, Companies, Sources Of Income, Photos, Forbes, Etc
  • Net Worth: $900 million
  • Date of birth: November 4, 1951
  • Age: 60 years old as of 2021
  • 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. Currently, Jim Ovia is worth $900 million, making him one of the wealthiest entrepreneurs in Nigeria. Moreover, his net worth is expected to grow, considering his massive business success.

Jim Ovia is not just a businessman – he is also involved in philanthropic work. He founded the Youth Empowerment ICT Foundation; an organisation focused on improving Nigerian youth welfare and helping them embrace new communication and information technologies.

7. Folorunsho Alakija – $1billion

Net Worth: 10 Richest Business Moguls In Nigeria In 2022, Their Names, Ages, Companies, Sources Of Income, Photos, Forbes, Etc
  • Net Worth: $1 billion
  • Date of birth: July 15, 1951
  • Age: 60 years old as of 2021
  • 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. According to Forbes, Folorunsho is worth $1 billion.

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.

6. Orji Uzor Kalu – $1.1 billion

  • Net Worth: $1.1 billion
  • Date of birth: April 21, 1960
  • Age: 61 years old as of 2021
  • 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 by 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.

The businessman’s net worth is approximately $1.1 billion. Orji Uzor Kalu firmly believes that people who want to be successful should have their heart in it and see new opportunities everywhere.

5. Jimoh Ibrahim – $1.1 billlion

  • Net Worth: $1.1 billion
  • Date of birth: February 24, 1967
  • Age: 54 years old as of 2021
  • 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 an author of three books. He is also the publisher of the National Mirror Newspaper.

His current net worth is approximately $1.1 billion. Ibrahim is married to Modupe Jimoh Ibrahim, and they have four children.

4. Femi Otedola – $1.8 billion

  • Net Worth: $1.8 billion
  • Date of birth: November 4, 1962
  • Age: 59 years old as of 2021
  • 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. A considerable part of his wealth comes from the energy sector. Femi’s net worth is estimated to be about $1.8 billion.

Femi Otedola is also a happy family man, and all of his four children are successful in their 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.

3. Mike Adenuga – $6.7 billion

  • Net Worth: $6.7 billion
  • Date of birth: April 29, 1953
  • Age: 68 years old as of 2021
  • Birthplace: Ibadan, Oyo State
  • Business interest: Telecom, oil, banking, and more
  • Education: Master of Business Administration from Pace University

Born in 1953, Mike Adenuga is the second richest Nigerian entrepreneur with a $6.5 billion net worth. 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, his 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.

2. Abdul Samad Rabiu – $7 billion

  • Net Worth: $7 billion
  • Date of birth: August 4, 1960
  • Age: 61 years old as of 2021
  • 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, production of billets, and constructing 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.

1. Aliko Dangote – $13.9 billion

  • Net Worth: $13.9 billion
  • Date of birth: April 10, 1957
  • Age: 64 years old as of 2021
  • 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 with a net worth of $12.6 billion. 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.

Below is the full list of the richest and most successful entrepreneurs (business moguls) in Nigerian in 2022;

RankName Of Nigeria’s EntrepreneursNet Worth
1Aliko Dangote$13.9 billion
2Abdul Samad Rabiu $7 billion
3Mike Adenuga$6.7 billion
4Femi Otedola$1.8 billion
5Jimoh Ibrahim$1.1 billion
6Orji Uzor Kalu$1.1 billion
7Folorunsho Alakija$1 billion
8Jim Ovia$900 million
9Tony Elumelu$700 million
10Oba Otudeko$550 million


Richest female entrepreneurs in Nigeria

Women worldwide continue to make a name for themselves in politics, education, science and technology, and entrepreneurship.

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?

The wealthiest entrepreneur in the country is Aliko Dangote. According to Forbes, the Tycoon is worth $13.9 billion. He is the president and founder of Dangote Group, whose headquarters are in Lagos, Nigeria. Young entrepreneurs in Nigeria look up to him as he is the epitome of success.

What is the richest business in Nigeria?

Aliko Dangote has earned too much money from his business that increases his wealth every year. That is why it is no surprise that his business empire makes the most considerable profits in Nigeria.


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.

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