List of Multimillionaires in Nigeria
Despite the issues of economic inequality, and poverty existent in Nigeria, the country is home to many wealthy individuals and entrepreneurs. Besides, It has a diverse economy with sectors such as oil and gas, telecommunications, banking, and real estate.
Some of Nigeria’s top multimillionaires include;
Isah Muhammed Gerawa
Firstly, Isah Muhammed Gerawa is the founder and Chairman of Gerawa Group of companies with subsidiaries like Gerawa Oils Mills Limited, Gerawa Rice Mills Limited, and Gerawa Petroleum Limited.
In 2018, he invested $50 million dollars to build the Gerawa Oils Mill factory which is the biggest single oil mill in West Africa with a production capacity of 1200 tons per day. The plant has a standard laboratory of 10,000-ton capacity, soybean storage silos, 15 million liter soybean oil silos, and warehouses.
In 2021, he invested $30 million to build 420 metric tons per day mega rice mill in Kano State.
At the commissioning of the mill in February 2022, he was already laying the foundation of additional 560 metric tons per day mega-rise mill worth $50 million. Gerawa’s net worth is estimated at $200 million.
Chinedu Benson Madubuko
Chinedu Benson Madubuko is the founder and chairman of the Chico Group, a manufacturer and distributor of roofing, insulation, sheathing, and related materials with over five locations across Nigeria. He was born in 1963, Madubuko hails from Adazi-Ani in the Aniocha local government area of Anambra State.
In 2021, he constructed and inaugurated 16 rural roads in Anambra State, spending over $3 million from his personal pocket. He was the Sun entrepreneur of the year in 2021. His net worth is estimated at $200 million.
Musbahu Muhammed Bashir
Musbahu Muhammed Bashir is the Chairman of Cobalt International Services Limited. and the Althani Group of Companies, whose investments spans the banking sector, insurance, oil and gas, real estate, telecoms, maritime, and aviation sectors.
Also, The Kano native is also the owner of Mafab Communications, a telecoms firm that outbid Airtel’s $270,000,000 with $275,000,000 to secure the two Nigeria’s 5G licenses. With his shares in MTN, They estimated his net worth to be at at $250,000,000.
AbdulWasiu Sowami
AbdulWasiu Sowami launched his career with Besse Oil and Services Limited, before moving to Cosmos Oil Limited.
He is the chairman of Ignite Investments and Commodities Limited, also, a firm that facilitates finances for businesses, particularly small and medium-sized enterprises (SMEs) excluded from accessing financing from regular banks due to lack of collateral and property right. He is also the chairman of Ardova plc.
Also, His company, Prudent Energy and Services Limited acquired Otedola’s Forte Oil in 2019 for a deal of $250,000,000. In November 2021, the company also acquired a 100% equity stake in Enyo Retail. His net worth is estimated at $250,000,000.
Tunde Hassan-Odukale
Furthermore, Tunde Hassan-Odukale is the current chairman of Lead Way Assurance Company, Limited, and holds a Bachelor’s Degree in Pure Mathematics and a Postgraduate Diploma in Actuarial Science.
He became the chairman of First Bank in 2021 after the CBN dismissed the Board of Directors of First Bank. In 2021, also, he was confirmed as the highest shareholder of First Bank Plc with a cumulative 5.36% stake in the company. He is on the board of directors of various blue chip companies, which includes Total Health Trust Limited, digital Jewels Limited, and other Lead Way Assurance subsidiaries. They estimated his net worth to be at $300 million.
Hakeem Elijah
Hakeem Elijah is a Nigerian American born on January 21, 1963, in Lagos, Nigeria. He spent about 18 years playing the center position for the Toronto Raptors and Houston Rockets of the National Basketball Association. In addition, While playing for the University of Houston, also, he was selected as the first overall pick in the 1984 NBA Draft, together with John Stockton, Charles Barkley, and Michael Jordan.
Also, The glorious years of his career came in the 1993-94 season when he won the NBA MVP, Finals MVP, and Defensive Player of the Year. He was also selected as one of the greatest players in the history of the NBA.
He is an inductee to the Basketball Hall of Fame, making over $170,000,000 during his NBA career. After his NBA career, also, he invested in real estate making over 100 million dollars in profits. However, They estimated his net worth to be at $300 million.
Catherine Uju Ifejika
Catherine Uju Ifejika is a Nigerian lawyer and CEO of Brittania-U Nigeria Limited, an indigenous petroleum company for upstream exploration and production. She was born on 28 October 1959 in Opobo in Rivers State.
However, She is seen as one of the six most powerful women in oil and gas in the world and one of the richest women in Africa. Her company, Brittania-U Nigeria, bought a stake in the Ajapa Marginal Field, an oil and gas field that is believed to have reserves worth $4.3 billion.
Brittania-U made history in 2019 when it acquired Nigeria’s largest oil vessel for cabotage trading. They estimated her net worth to be at $320,000,000.
Kola Karim
Kola Karim is the chairman of the Board of Directors of Shoreline Natural Resources Limited. Furthermore, He is also the current chairman of the Board of Directors of Costain in West Africa, Nigerian Ropes Plc, and serves as a director in seven other companies including Shoreline Power Company Limited, shoreline Energy International Limited, Ecobank, Schlumberger Testing and Production Services, Nigeria Limited, Trans Amadi Facilities Limited, grange Education Limited, and African Eagles Plc.
His current portfolio consists of businesses in the construction, commodity trading, oil and gas, engineering, and power sectors. They estimated his net worth to be at $350,000,000.
Albert Esiri
He is the executive chairman of Ashbert Beverages Limited, a bottling company located in Abraka. moreover, He also owns Abraka Turf and Country Club, a high-level luxury resort in Delta State.
From 1998 to 2008, he was the non-executive chairman of Veritas Geophysical Nigeria Limited, the Nigerian subsidiary of CGG Veritas, where he played an important role in helping the parent company reach an annual turnover in excess of $2.5 billion.
He is the executive chairman of Ashbert Oil and Gas Limited, with interests in ventures, including OPL. They estimated his net worth to be at $365,000,000.
Emmanuel Ojei
Emmanuel Ojei, born May 23, 1951, in Lagos State, is the executive chairman and group managing director of Nuel Ojei Holdings, worth over $165,000,000 in 2011.
His group has over ten business units and associate companies and maintains a highly diversified investment platform with tentacles in automobile, banking, insurance, oil and gas, solid minerals, energy, and telecommunications, among others.
One of the subsidiaries of the holdings company is Nuel Auto Distributors Limited, incorporated in 1981 as a sole representative of Mazda Motor Corporation, Japan. Also, Other companies include Emo Group and Glactoas Nigeria Limited. They estimated his net worth to be at $370,000,000.
Adaremi Makanjuola
Adaremi Makanjuola is currently the chairman of Cavern Offshore Support Group, a listed company on the Nigerian stock exchange NSE. He is also the chairman of La Global Oil Field Services, Cavern Marine Limited, and Cavern Helicopters Limited.
He was the chairman of the Lagos State Security Trust Fund from 2007 to 2015. They estimated his net worth to be at $370,000,000.
Segun Adebutu
Segun Adebutu is a Nigerian businessman, philanthropist and economist. He was born on May 4, 1974, and is the chairman and CEO of Petrolex Oil and Gas, a company presently building the second-largest refinery in SubSaharan, Africa.
further, he is also chairman of Blue Bridge Marine Limited, Blue Bridge Minerals, Oladiran Agro Allied Company, and Oladiran Engineering and Trade Limited.
Also, He is the founder of Baseline Records label and Trade Nigeria Limited. Adebutu is a member of the board of Premier Lotto, a gaming company based in Nigeria. He is the son of Baba IJebu, the founder of Premier Lotto. They estimated his net worth to be at $375,000,000.
Julius Rone
Julius Rohn is the managing director of UTM Offshore Limited, a local oil company pioneering Nigeria’s first floating liquefied natural gas project.
In December 2021, his company, UTM Offshore Limited, signed a memorandum of understanding with a FREXIM bank to raise $2 billion to develop Nigeria’s first floating liquefied natural gas project.
The deal subdivided into two branches, will see the continental bank disperse about $2 billion to support the project’s first phase and another $3 billion in the second phase. They estimated his net worth to be at $380,000,000.
Stella Chinyelu Okoli
Stella Chinyelu Okoli is a Nigerian entrepreneur and pharmacist. She is the founder and current chief executive officer of Emzor Pharmaceutical Manufacturing Company, founded in 1977 with the initial name Emzor Chemists Limited as a small pharmacy retail shop in Somolu, Lagos State, Emzor Pharmaceutical has since become one of the leading pharmaceutical companies in Nigeria.
With over 50 products, the company is responsible for drugs like Emzor paracetamol and cough syrup Azithromycin, among others. They estimated her net worth to be at $380,000,000.
Atedo Peterside
Born on July 1955, Atedo Peterside is the founder of Stanbic IBTC Bank Plc, Anap Business Jets Limited (Anap Jets), and Atedo N. A. Peterside Foundation.
He is an entrepreneur, investment banker, and economist.
However, He also sits on the boards of both the Standard Bank of South Africa Limited
He sat on the board of directors of Flour Mills of Nigeria. Nigerian Breweries and Unilever Nigeria. He was the non-executive chairman of Cadbury Nigeria Plc from April 2010 till June 30, 2020. They estimated his net worth to be at $400 million.
Akanimo Asuquo Udofia
Akanimo Asuquo Udofia was born on the 18th of June 1969 , in Nsit Ibom LGA, Akwa Ibom State.
He is the founder of Desicon Engineering, a 4000-employee Nigeria-based firm that provides engineering procurement and construction services to clients in the oil and gas industry.
Between 1998 to 2002, he set up a consortium partnership with Bouygues and Stolt Offshore on the Amenam project, coordinating oil and gas services contracts in SubSaharan Africa with a total portfolio of projects valued at over $900 million. They estimated his net worth to be at $400 million.
Samuel Adedoyin
Samuel Adedoyin is the founder of Doyin Group, a conglomerate with over 14 subsidiaries and a workforce of over 5000 people. His property development company Limited manages an estate covering over 200 properties in Lagos.
The Doyin Group is responsible for popular household products like new aerial detergents, flash white detergent, bold detergent, toothpaste, prime tea, and prime table water amongst others. He is the father of Nollywood actor, Adamola Adedoyin. They estimated his net worth to be at at $450,000,000.
Aigboje Aig-Imoukhuede
Born on born 24 September 1966, Aigboje Aig-Imoukhuede was the leader of the 2002 acquisition of Access Bank and the bank’s managing director and chief executive officer till 2013.
He is the founder and chairman of Coronation Capital Limited. Aigboje is also a past president of the Nigerian Stock Exchange. They estimated his net worth to be at $500 million.
Sulaiman Adebola Adegunwa
Sulaiman Adebola Adegunwa is the founder and chief executive officer of SA Holdings Limited, the parent company of Right Foods Limited. He is a member of the Board of Directors of Thai Farm International Limited, a Nigeria-based company that focuses on the production and processing of cassava.
He was the former chairman of Sterling Bank Plc. Also, his company, Rite Foods Limited, is responsible for popular snacks like Biggie Drinks, fearless Energy drinks, Rite Sausage Roll, and Biggie beef sausage roll, amongst others. His food factory at Osasa in Ogun State is valued at $100 million. They estimated his net worth to be at $550,000,000.
Joseph Ebere EzeOkafor
He is the founder of Jezco Oil and Lubricants, a fully licensed oil service and independent marketer of petroleum products.
The company is into filling stations, industrial and medical gas, kerosene, engine, oil, fuel, and gas.
His lubricant plant, tank farm, and plastic industry are one of the largest in Africa. He is the father of Nigerian socialite Jowi Zaza. They estimated his net worth to be at $570,000,000.
Deji Akinyanju
Deji Akinyanju is the chairman of Henry Steven Group and the CEO of Chicken Republic and AECO Insurance.
He became a Nigerian billionaire at the age of just 29,
Shortly after offering an American company, DCAS, a bridging loan of N50,000 to stay afloat,
but did this in exchange for 51% shareholding in the business and demanded to be made the executive chairman. These shares earned him $11 million barely a year after. They estimated his net worth to be at $600 million.
Ernest Azudialu-Obiejesi
Ernest Azudialu-Obiejesi is a Nigerian businessman and philanthropist. He is currently the Chairman and Chief Executive Officer of Nestoil, a Nigerian engineering, procurement, construction.
And also, commissioning company servicing the oil and gas industry, a conglomerate that has created about 2000 direct jobs. He was born on born April 17, 1960, in Okija, Anambra.
They estimated his net worth to be at $700 million.
Oloye Subomi Balogun
Oloye Subomi Balogun Yoruba banker and philanthropist, is the founder of First City Monument Bank (FCMB). Besides, He was a longtime member of the Council of the Nigerian Stock Exchange.
He was responsible for the sale of major companies such as UAC and Daily Times and the introduction of Coca-Cola into the Nigerian market. He was responsible for the nationalization process of three major oil companies Mobile, Texaco, and Total. They estimated his net worth to be $720,000,000.
Dahiru Barau Mangal
Dahiru Barau Mangal, born August 3, 1957, is a Nigerian businessman who founded MaxAir, Nigeria’s longest-serving international airline. He was a major shareholder in Oando Plc before selling off his 1.97 billion shares in 2021.
In November 2021, Mangal Industries signed an agreement with a Chinese firm,
Moreover, The deal includes the construction of a 3 million metric tons per year cement plant and a 50 MW captive power plant
The project will be located in Moba Kogi State. They expect to complete the project in early 2024. The total project cost values at $600 million. His estimated net worth is $750,000,000.
Sani Bello
Born on 17 December 1967, Sani Bello is the founder of Amni International Petroleum Development Company.
A national oil and gas exploration and production company with interests in the Ketu and Okoro Oil fields.
furthermore, He is also a stakeholder in the Mobile telecom firm MTN, Nigeria. Also, He is a former Nigerian military governor of Kano state and a one-time ambassador to Zimbabwe.
He is currently the chairman of Dantata and Sawoe Construction Company Limited and Mainstream energy solutions Limited. They estimate his net worth at $1 billion which makes him one of the richest multimillionaires in Nigeria
