There are 5 Nigerian billionaires in Forbes rankings of the richest in Africa for 2015. Africa’s most populous country has produced more billionaires, perhaps reflecting its population.
#1. Aliko Dangote ($16.7 billion)
|Aliko Dangote’s net worth was estimated at $16.7 B in 2015|
|Source of Wealth||Cement, sugar, flour. Self made|
|Education||Bachelor of Arts/Science, Al-Azhar University|
Aliko Dangote’s net worth was estimated at $16.7 B in 2015
Aliko Dangote, Africa’s richest man, founded and chairs Dangote Cement, the continent’s largest cement producer.
In 2015 Dangote Cement launched new plants in Cameroon, Ethiopia, Zambia and Tanzania. The company produces more than 30 million metric tons annually, and plans to double capacity by 2018. Other companies in the Dangote Group, which is active in 15 African countries, include publicly-traded salt, sugar and flour manufacturing companies.
#2. Mike Adenuga. $3.5 billion
|Source of Wealth||Telecom, Oil. Self made|
|Education||Master of Business Administration, Pace University, New York|
Mike Adenuga, Nigeria’s second richest man, built his fortune in telecom and oil production. His mobile phone network, Globacom, is the second largest operator in Nigeria with 32 million subscribers; it also has operations in Ghana and the Republic of Benin.
A higher estimate of Globacom’s revenues led Forbes to increase the value we assign to it. His exploration outfit, Conoil Producing, operates 6 oil blocks in the Niger Delta.
He also owns real estate firm Proline Investments, which has hundreds of properties throughout Nigeria. Adenuga studied in the United States, getting an MBA at Pace University in New York, where he worked as a taxi driver to support himself.
He returned to Nigeria and made his first fortune trading lace and Coca-Cola. Along the way he made friends with Nigerian military bigwigs who awarded him lucrative state contracts; those formed the foundation of his fortune.
#3. Folorunsho Alakija ($1.7 billion)
|Source of Wealth||Oil. Self made|
Folorunsho Alakija is the vice chair of Famfa Oil, a Nigerian oil exploration company that has a 60% participating interest in block OML 127, part of the larger Agbami field, one of Nigeria’s largest deepwater discoveries, about 70 miles offshore.
Its partners include Chevron and Petrobras. Her first company was a fashion label that catered to Nigeria’s elite women, including the wife of former military president, Ibrahim Babangida, who awarded Alakija’s company an oil prospecting license. Alakija’s net worth has fallen in the past year as a result of lower oil prices.
#4. Femi Otedola ($1.6 billion)
|Source of Wealth||Gas stations, Utilities. Self made|
Femi Otedola of Nigeria is the controlling shareholder of publicly traded Forte Oil, an oil marketing and power generation company. Originally a Nigerian subsidiary of British Petroleum (BP), Forte Oil has more than 500 gas stations across the country. It owns oil storage depots and manufactures its own line of engine oils. In 2013, Otedola led the company to purchase a government-owned stake in a gas-fired power plant in Kogi state in central Nigeria.
In September 2015, Swiss commodities giant Mercuria said it would acquire a 17% stake in Forte Oil for $200 million; as of late February 2016 the transaction is not yet complete. Otedola’s daughter, Ifeoluwa, is a popular disc jockey who goes by the moniker ‘DJ Cuppy’. She was the official disc jockey during the May 2015 inauguration of Nigeria’s President Muhammadu Buhari. Otedola is a fitness buff, spending at least one hour in the gym every day.
#5 Abdulsamad Rabiu ($1 billion)
|Source of Wealth||Cement, Sugar. Self made|
Abdulsamad Rabiu is the founder of BUA Group, a Nigerian conglomerate active in sugar refining, cement production, real estate, logistics and port operations. Rabiu is expanding cement production.
In September 2015, BUA signed a $600 million deal with Sinoma International Engineering, a Chinese cement equipment and engineering service provider, to construct a second production line at its flagship Obu cement plant, located in Edo State in the western part of Nigeria.
Rabiu’s aim is to double capacity and expand BUA’s current 10% market share in Nigerian cement. In January 2016, BUA Group agreed to sell its flour milling and pasta making businesses to Olam Group of Singapore for $275 million. Rabiu, the son of a businessman, inherited land from his father. He set up his own business in 1988, importing rice, sugar and edible oils as well as iron and steel rods.