Top 5 Richest People in Nigeria

Nigeria is home to some of Africa’s most successful entrepreneurs, investors, and business leaders. From cement manufacturing and oil refining to telecommunications, food production, and electricity, these business figures have built enormous fortunes by investing in industries that serve millions of people.

In 2026, Aliko Dangote remains Nigeria’s richest person, with his industrial empire placing him at the top of Africa’s wealth rankings. Other prominent Nigerian billionaires have also expanded their businesses across essential sectors, helping shape the country’s economy and create employment opportunities.

Ranking note: Forbes’ 2026 Africa billionaires list provides a useful benchmark, but it identifies only four Nigerian billionaires in its published ranking. The fifth person below is included as an additional prominent Nigerian business figure, not as a verified fifth-place entry on that list.

1. Aliko Dangote

Net Worth: $28.5 billion

Aliko Dangote is the richest person in Nigeria in 2026 and one of the most influential industrialists in Africa. He built his fortune through the Dangote Group, a business empire with major interests in manufacturing, infrastructure, and consumer products.

According to Forbes’ 2026 annual Africa billionaires list, Dangote had an estimated net worth of $28.5 billion, based on valuations as of March 1, 2026. Later market estimates placed his fortune considerably higher, demonstrating how quickly billionaire rankings can change.

Sources of wealth

Dangote Cement: One of Africa’s largest cement producers, with operations across several countries.

Dangote Refinery: A major industrial investment designed to increase petroleum refining capacity in Nigeria.

Sugar and food manufacturing: Investments in sugar, salt, flour, and other essential products.

Fertilizer production: Industrial facilities serving agricultural markets.

Dangote’s success is built on manufacturing products that businesses and consumers need every day. His investments in cement and petroleum refining have also made him an important figure in Nigeria’s industrial development.

2. Abdulsamad Rabiu

Net Worth: $11.2 billion

Abdulsamad Rabiu is the founder and chairman of BUA Group, one of Nigeria’s major industrial conglomerates. He has grown his business interests across cement production, food processing, and other industrial activities.

Forbes estimated Rabiu’s net worth at $11.2 billion in its 2026 annual Africa ranking, making him the third-richest person in Africa and the second-richest Nigerian on that list. His wealth rose significantly during the preceding year, driven largely by the strong performance of BUA Cement shares.

Sources of wealth

BUA Cement: A major producer serving Nigeria’s construction industry.

BUA Foods: A food-processing business with interests in sugar refining, flour milling, and related products.

Industrial investments: Additional interests in manufacturing and infrastructure.

Rabiu’s business strategy focuses on large-scale production and meeting domestic demand. His rise demonstrates how investment in essential goods can create significant wealth in a growing economy.

3. Mike Adenuga

Net Worth: $6.5 billion

Mike Adenuga is a Nigerian billionaire best known for founding Globacom, one of Nigeria’s major mobile telecommunications operators. He also built substantial interests in the petroleum industry, establishing himself as a prominent figure in two sectors that play important roles in the Nigerian economy.

Forbes placed Adenuga’s estimated net worth at $6.5 billion in its 2026 annual Africa ranking. Although he remained among Africa’s wealthiest people, his estimated fortune declined compared with the previous year.

Globacom: Revenue from mobile communications, data services, and telecommunications infrastructure.

Conoil Producing: Oil exploration and production activities.

Conoil: Interests in petroleum products and distribution.

Other investments: A broader portfolio of business holdings.

Adenuga’s wealth reflects the commercial opportunities created by telecommunications and energy. His businesses operate in industries where demand for connectivity and fuel remains significant.

4. Femi Otedola

Net Worth: $1.3 billion

Femi Otedola is a Nigerian investor who built his fortune through commodities, energy, and strategic investments. He is known for his involvement in the Nigerian power sector and for holding major investments in publicly traded companies.

Forbes estimated Otedola’s net worth at $1.3 billion in its 2026 annual Africa billionaires ranking. His estimated fortune fell during the year after he sold a significant portion of his stake in Geregu Power.

Sources of wealth

Geregu Power: Investments in electricity generation.

Financial investments: Holdings in publicly traded companies, including interests associated with First HoldCo.

Energy and commodities: Earlier business activities involving petroleum products and trading.

Portfolio management: Investments across different sectors.

Otedola’s career illustrates how wealth can evolve as investors sell assets, redirect capital, and pursue new opportunities. His position in Nigeria’s business community is linked to both his entrepreneurial history and his investment portfolio.

5. Tony Elumelu

Net Worth estimated between: $1 billion and $1.8 billion

Tony Elumelu is a prominent Nigerian entrepreneur and investor known for his leadership in banking and his investments through Heirs Holdings. He is also the founder of the Tony Elumelu Foundation, which supports entrepreneurship across Africa.

Unlike the first four names, Elumelu does not appear among the four Nigerians on Forbes’ 2026 annual Africa billionaires list. His inclusion here recognizes his business influence, not a verified fifth-place ranking by net worth. Public estimates of his personal fortune vary, and a reliable, independently confirmed 2026 figure is not available.

Sources of wealth

United Bank for Africa (UBA): Banking and financial services.

Heirs Holdings: Investments across financial services, energy, hospitality, and other sectors.

Transcorp Group: Investments in power generation and hospitality.

Entrepreneurship and investment: Business ownership and long-term investments.

Elumelu is also known for promoting what he calls Africapitalism, the idea that private-sector investment can help drive economic and social development. His work combines business activity with support for entrepreneurs and small businesses.