Which is the richest family in Nigeria? Top 10 ranked by wealth
Nigeria is one of the wealthiest countries in Africa, endowed with natural resources, including oil, gas, and minerals. The country boasts several wealthy families who have accumulated wealth over time from various ventures such as agriculture, telecommunication, and oil exploration. These families influence business, politics, and multiple aspects of the economy. So, which is the richest family in Nigeria?
Source: Original
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Determining the most affluent families involved by analysing their net worth and different income sources. We used data from various sources, including Forbes, Best Lagos, and African Leadership Magazine, to compile this list. We analysed the individuals’ assets, investments, and financial holdings.
The richest family in Nigeria
Nigeria is home to some of the richest families in Africa and worldwide. While some families have inherited their wealth, others have worked hard to acquire it. They are the elite in society, and some have used their resources to help the less privileged. Here is a compilation of the top 10 richest families in Nigeria.
| No. | Family head | Net worth |
| 1 | Aliko Dangote | $12.7 billion |
| 2 | Chief Bola Ahmed Adekunle Tinubu | $8.4 billion |
| 3 | Mike Adenuga | $6.7 billion |
| 4 | Arthur Eze | $5.7 billion |
| 5 | Abdul Samad Isyaku Rabiu | $5.4 billion |
| 6 | Olufemi Peter Otedola | $1.4 billion |
| 7 | Theophilus Danjuma | $1.1 billion |
| 8 | Folorunsho Alakija | $1.1 billion |
| 9 | Jim James Ovia | $980 million |
| 10 | Tony Elumelu | $700 million |
1. Dangote family
Source: Getty Images
- Family head: Aliko Dangote
- Net worth: $12.7 billion
- Source of wealth: Manufacture of cement, sugar, and flour
- Companies: Dangote Group
The Dangote family, led by Aliko Dangote, is the wealthiest in Nigeria. Dangote’s net worth is alleged to be approximately $12.7 billion. He is also regarded as the wealthiest person in Africa and ranks number 144 globally.
He is a Nigerian businessman and industrialist who owns the Dangote Group, the largest industrial conglomerate in West Africa. His cement company is the largest cement producer in Africa, and it has a presence in multiple African countries, such as Togo, Ghana, and the Benin Republic. In addition to cement, he manufactures sugar, flour, and fertiliser.
2. Tinubu family
Source: Getty Images
- Family head: Chief Bola Ahmed Adekunle Tinubu
- Net worth: $8.4 billion
- Source of wealth: Real estate
- Companies: Oriental Hotel, First Nation Airline, Renaissance Hotel
Chief Bola Ahmed Adekunle Tinubu, famous as Bola Tinubu, is the head of the Tinubu family. He is currently the president of Nigeria and was formerly the governor of Lagos State. Bola Tinubu’s net worth is alleged to be $8.4 million.
He has multiple income sources from various investments in Nigeria. He allegedly owns Oriental Hotel, First Nation Airline, Renaissance Hotel, Lekki Concession Company, and TV Continental.
3. Adenuga family
Source: UGC
- Family head: Mike Adenuga
- Net worth: $6.7 billion
- Source of wealth: Telecommunication, oil exploration, real estate, construction
- Companies: Globacom, Conoil Plc, Cobble-Stone Properties
Mike Adenuga is the patriarch of the Adenuga Family. He is a Nigerian billionaire businessman, considered among the wealthiest in Africa, with an alleged net worth of $6.7 billion. He comes at position 409 on the list of the wealthiest persons in the world.
Mike Adenuga’s wealth is attributed to his investments in multiple sectors, including telecommunication, real estate, oil exploration, and construction. He began his business selling lace and distributing soft drinks and later ventured into other significant businesses. He owns Globacom, the second-largest telecommunication service in Nigeria, and Conoil Plc, an oil exploration company. In addition to Nigeria, his companies are in Ghana and Benin.
4. Orjiako family
Source: UGC
- Family head: Arthur Eze
- Net worth: $5.7 billion
- Source of wealth: Oil exploration
- Companies: Atlas Oranto Petroleum
The Orjiako family is also among the richest families in Nigeria. The family is headed by Arthur Eze, a Nigerian oil mogul, politician, and philanthropist. The businessman's net worth is alleged to be approximately $5.7 million, and he is among the wealthiest people in Africa.
Arthur Eze's main venture is oil exploration, and he owns Atlas Oranto Petroleum, the largest privately owned Nigerian exploration and production group. The company has about 22 oil and gas licenses and is present in approximately 22 African countries, including Gambia, Equatorial Guinea, Nigeria, and Liberia.
5. Rabiu family
Source: Getty Images
- Family head: Abdul Samad Isyaku Rabiu
- Net worth: $5.4 billion
- Source of wealth: Manufacture of cement, sugar
- Companies: BUA Group
The Rabiu family, led by Abdul Samad Isyaku Rabiu, is also among the wealthiest in Nigeria. Abdul Samad Isyaku Rabiu’s father, Khalifah Isyaku Rabiu, was one of the pioneer industrialists in Nigeria in the 1970s and 1980s. He is a billionaire businessman and philanthropist.
Abdul Samad Rabiu founded BUA Group, a Nigerian conglomerate with multiple ventures in sugar production, cement manufacture, and real estate. He also owns BUA Foods and the iron, steel, and chemicals importation business. The Nigerian businessman’s net worth is alleged to be approximately $5.4 billion.
6. Otedola family
Source: Getty Images
- Family head: Olufemi Peter Otedola
- Net worth: $1.4 billion
- Source of wealth: Energy, utilities
- Companies: Zenon Petroleum and Gas Ltd, Geregu Power PLC, Swift Insurance
Olufemi Peter Otedola is the patriarch of the Otedola family. He is a successful Nigerian businessman and philanthropist whose net worth is allegedly estimated at $1.4 billion. He is best known as the former chairman of Forte Oil PLC and the current executive chairman of Geregu Power PLC.
He began his business selling commodities and investing in Forte Oil shares. He later sold the shares and ventured into the energy sector. He currently owns about 70% of shares of Geregu Power, a power generation business. He also has substantial stakes at Zenon Petroleum and Gas Ltd and Swift Insurance.
7. Danjuma family
Source: Getty Images
- Family head: Theophilus Danjuma
- Net worth: $1.1 billion
- Source of wealth: Oil exploration
- Companies: NAL-COMET Group, South Atlantic Petroleum Ltd
Theophilus Danjuma from the Danjuma family is a Nigerian politician and business mogul. He was a minister for defence in Nigeria before he ventured into business. Danjuma is interested in the energy and real estate sectors. Theophilus Danjuma's net worth is alleged to be $1.1 billion.
Danjuma is the founder and chairman of South Atlantic Petroleum, an oil exploration company with a presence in multiple African countries, including Nigeria, the Republic of Benin, the Central African Republic, and Madagascar. His spouse, Daisy, is the oil company’s vice chairperson.
The businessman has multiple investments in the real estate industry and owns a significant stake in Notore Chemical Industries, a urea fertiliser manufacturer. He is also a co-owner of the largest shipping company in Nigeria, NALComet.
8. Alakija family
Source: Getty Images
- Family head: Folorunsho Alakija
- Net worth: $1.1 billion
- Source of wealth: Real estate, oil exploration, fashion
- Companies: FAMFA Oil Limited, Dayspring Property Development Company Limited
Folorunsho Alakija hails from the Alakija family. She is a renowned Nigerian businesswoman and philanthropist. She has a successful career in the corporate world, working as a banker before she ventured into business. Folorunsho Alakija's net worth is alleged to be approximately $1.1 billion.
Folorunsho Alakija is the group managing director of The Rose of Sharon Group and the executive vice chairperson of Famfa Oil Limited, an oil exploration company. Through her company, Dayspring Property Development Company Limited, Alakija also owns a clothing line and makes several investments in the real estate industry.
9. Ovia family
Source: Getty Images
- Family head: Jim James Ovia
- Net worth: $980 million
- Source of wealth: Financial sector
- Companies: Zenith Bank, real estate
Jim James Ovia from the Ovia family is another wealthy personality in Nigeria. He is a successful businessman and author whose net worth is alleged to be approximately $980 million.
The Ovia family patriarch is the founder and chairman of Zenith Bank, one of the largest banks in Nigeria. The businessman also has prime investments in the Nigerian real estate industry and founded Visafone Communications Limited. He is the chairman of the Nigerian Software Development Initiative (NSDI) and the National Information Technology Advisory Council (NITAC).
10. Elumelu family
Source: Getty Images
- Family head: Tony Elumelu
- Net worth: $700 million
- Source of wealth: Financial sector
- Companies: Heirs Holdings, Transcorp, United Bank for Africa
Tony Elumelu thrives as a businessman, economist, banker, and philanthropist. His net worth is alleged to be approximately $700 million. He has investments in hospitality, agriculture, oil production and power generation.
He gained prominence after he led a group of investors to acquire a small bank, which later merged with the United Bank for Africa. The bank currently has several branches in Africa, the US, and the UK. Tony Elumelu also has interests in real estate and telecommunication, with companies such as Heirs Holdings and Transcorp. He is the founder of the Tony Elumelu Foundation.
For a long time, the richest family in Nigeria has been the Dangote family, boasting vast industrial ventures. Other families, such as the Tinubus, Adenugas, and Rabius, are among the richest families, with diverse telecommunication and oil exploration investments boasting their fortunes. These families have played an important role in Nigeria’s economic development. They have also established various philanthropic organisations to help people in need.
Legit.ng recently published a list of the richest women in the world. Women’s roles have changed in the modern world; some are industry leaders, businesspersons, and outstanding field professionals. As a result, they have gained immense wealth and feature in the list.
Who is the richest woman in the world? Check out this article for a list of prominent and wealthy women worldwide, alongside their net worth.
Source: Legit.ng
