The Top 11 richest family in Nigeria

The Top 11 richest family in Nigeria

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In every territory, region, and nation, there are three sets of families: the poor, the comfortable, and the wealthy. Nigeria is a country with a population of over 200 million people. Yet, a group of people have risen to the elite status of wealth.

Nigeria, known for its vibrant economy and cultural diversity, is home to some of the wealthiest families in Africa. Most wealthy Nigerian families get their source of wealth from crude oil, agricultural produce or production of goods. Nigeria is known for its crude oil and its rich agricultural heritage. From cash crops to other produced goods, these resources have fueled the wealth of certain Nigerian families.

These families have amassed significant wealth through various industries, including oil and gas, telecommunications, banking, and manufacturing. In this article, we will delve into top 11 richest family in Nigeria.

1. Dangote Family

At the forefront of Nigeria’s wealthiest is the Dangote family, led by Aliko Dangote, Africa’s richest man. The Dangote Group, founded in 1981, is a diversified conglomerate with interests in cement, sugar, salt, and flour. The family’s wealth is primarily derived from Dangote Cement, the largest cement producer in Africa. Aliko Dangote’s visionary leadership has positioned the family as a dominant force in Africa’s industrial landscape. Dangote is estimated to worth over $13 billion.

Today, the Dangote Group is one of Africa’s largest conglomerates, with international operations in Benin, Ghana, Zambia, and Togo. It has evolved from a trading company into Nigeria’s largest industrial group.

On May 22, 2023, in Lekki, Nigeria, Dangote commissioned the Dangote Refinery. The plant aims to export surplus petrol, positioning Africa’s largest oil producer as a key export hub for petroleum products. Additionally, it plans to export diesel, with Dangote funding the refinery’s construction. The refinery is located on a 6,180-acre (2,500-hectare) site at the Lekki Free Trade Zone in Lagos State. It is supplied with crude oil by the world’s largest sub-sea pipeline infrastructure, spanning 1,100 kilometers (680 miles).

2. Tinubu Family

Chief Bola Ahmed Adekunle Tinubu, widely known as Bola Tinubu, is the head of the Tinubu family. He is currently the President of Nigeria and previously served as the Governor of Lagos State. Bola Tinubu’s net worth is reportedly $8.4 billion. He has various income streams from multiple investments in Nigeria. Allegedly, he owns Oriental Hotel, First Nation Airline, Renaissance Hotel, Lekki Concession Company.

Sectors like the media have also contributed to the family’s wealth. Tinubu’s influence in the media landscape is exemplified by his ownership of The Nation Newspaper and Television Continental (TVC). This platform has provided a voice for political discourse and has become a prominent player in Nigeria’s media industry.

3. Adenuga Family

The Adenuga family, headed by Mike Adenuga, is a major force in Nigeria’s business landscape. 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, the founder of Globacom, second largest Nigeria’s top telecommunications companies, has diversified interests in oil exploration company (Conoil Plc), banking, and real estate. In addition to Nigeria, his companies are in Ghana and Benin. The family’s wealth is rooted in a broad portfolio across various industries, solidifying their position among Nigeria’s wealthiest families.

4. Orjiako Family

The Orjiako family is also one of the wealthiest in Nigeria, led by Arthur Eze, a prominent oil mogul, politician, and philanthropist. With an estimated net worth of around $5.7 billion, Arthur Eze is considered one of the richest individuals in Africa.

Arthur Eze’s primary business focus is oil exploration, and he owns Atlas Oranto Petroleum, the largest privately-owned Nigerian exploration and production company. The company holds around 22 oil and gas licenses and operates in approximately 22 African countries, including Gambia, Equatorial Guinea, Nigeria, and Liberia.

5. Rabiu Abdul Samad Family

The Rabiu family, headed by Abdul Samad Isyaku Rabiu, is among Nigeria’s wealthiest. Abdul Samad’s father, Khalifah Isyaku Rabiu, was a pioneering industrialist in Nigeria during the 1970s and 1980s.

Abdul Samad Rabiu, a billionaire businessman and philanthropist, founded BUA Group, a Nigerian conglomerate involved in sugar production, cement manufacturing, and real estate. He also owns BUA Foods and operates businesses in iron, steel, and chemical importation. His net worth is estimated to be around $5.4 billion.

6. Otedola Family

Olufemi Peter Otedola is the head of the Otedola family and a successful Nigerian businessman and philanthropist, with an estimated net worth of $1.4 billion. He is widely known as the former chairman of Forte Oil PLC and the current executive chairman of Geregu Power PLC.

Otedola began his business journey by selling commodities and investing in Forte Oil shares, which he later sold to enter the energy sector. He now owns about 70% of Geregu Power, a power generation company, and holds significant stakes in Zenon Petroleum and Gas Ltd and Swift Insurance. The family majorly comprises of Femi Otedola, his wife Nana Otedola, and their four children; DJ Cuppy, Temi Otedola, Tolani Otedola and Fewa Otedola.

His beloved wife, Nana Otedola founded her dry cleaning business company in 1999, Garment Care LTD. The company recently celebrated its 25 years anniversary.

7. Danjuma Family

Theophilus Danjuma, a prominent member of the Danjuma family, is a renowned Nigerian politician and business mogul. Previously serving as Nigeria’s Minister of Defence, Danjuma transitioned into business with a focus on the energy and real estate sectors. His net worth is estimated at $1.1 billion.

Theophilus Danjuma is the founder and chairman of South Atlantic Petroleum, an oil exploration company operating in several African countries, including Nigeria, Benin, the Central African Republic, and Madagascar.

His wife, Daisy, serves as the company’s vice chairperson. Danjuma also has extensive investments in real estate and holds a significant stake in Notore Chemical Industries, a leading urea fertilizer manufacturer. Additionally, he co-owns NALComet, Nigeria’s largest shipping company.

8. Alakija Family

The Alakija family, led by Folorunso Alakija, stands out as one of Nigeria’s wealthiest families, primarily due to their involvement in the oil and fashion industries. Folorunso Alakija, a successful businesswoman, is known for her ventures in the oil sector and her contributions to the Nigerian fashion scene. The family’s diversified interests contribute to their financial success. 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. Popular Nigerian Disc Jockey DJ Xclusive, whose real name is Rotimi Alakija, also belongs to the family.

9. Ovia Family

Jim James Ovia of the Ovia family is a prominent Nigerian businessman and author with an estimated net worth of around $980 million. As the founder and chairman of Zenith Bank, one of Nigeria’s largest banks, Ovia has made significant strides in the financial sector. He also holds key investments in Nigerian real estate and founded Visafone Communications Limited.

Additionally, Ovia serves as the chairman of the Nigerian Software Development Initiative (NSDI) and the National Information Technology Advisory Council (NITAC).

10. Elumelu Family

Tony Elumelu excels as a businessman, economist, banker, and philanthropist, with an estimated net worth of around $700 million. His investment portfolio spans hospitality, agriculture, oil production, and power generation. Elumelu gained recognition for leading a group of investors to acquire a small bank, which eventually merged with United Bank for Africa. This bank now operates multiple branches across Africa, the US, and the UK.

Additionally, Elumelu has interests in real estate and telecommunications through companies like Heirs Holdings and Transcorp. He is also the founder of the Tony Elumelu Foundation.

11. The Okoya Family

The Razaq Okoya family is one of Nigeria’s most influential and affluent families. The family’s wealth stems from their extensive investments in various sectors, including manufacturing, real estate, and finance. At the helm of this prominent family is Razaq Okoya, a distinguished businessman known for his significant contributions to Nigeria’s industrial and economic landscape.

Razaq Okoya was born on January 12, 1940, in Lagos, Nigeria. He is the founder and chairman of the Eleganza Group, a conglomerate with diverse interests in manufacturing, including plastic products, cosmetics, and real estate. His journey from a humble beginning to becoming one of Nigeria’s leading industrialists is a testament to his entrepreneurial spirit and business acumen.

Okoya’s business career began in the 1960s when he started his first enterprise, focusing on the import and distribution of household goods. Over the decades, he expanded his business interests, establishing Eleganza Industries Limited in 1968. The company quickly gained prominence in the manufacturing sector, producing a range of products, from plastic household items to luxury goods.

Under Razaq Okoya’s leadership, Eleganza Industries grew into one of Nigeria’s largest and most successful manufacturing companies. The company is renowned for its high-quality plastic products, including furniture, household items, and industrial supplies. Razaq Okoya’s commitment to excellence and innovation has solidified the Eleganza Group’s position as a leader in the industry.

In addition to manufacturing, the Okoya family has made significant investments in real estate. They own several high-profile properties, including commercial and residential developments in Lagos and other major Nigerian cities. Their real estate ventures contribute substantially to their wealth and influence in the Nigerian business community.

Razaq Okoya’s residence in Victoria Garden City (VGC), Lagos, is a testament to his success and status. Okoya’s house in VGC is a luxurious and expansive property, reflecting his wealth and taste. The mansion features high-end architectural design, spacious living areas, and state-of-the-art amenities. The property includes beautifully landscaped gardens, a private swimming pool, and sophisticated interior finishes.