While Nigeria stands as one of the wealthiest nations in Africa, it is noteworthy that the country is home to numerous highly successful individuals with net worths amounting to multi-billions of naira.

Having previously published a report that disclosed the richest women in Nigeria, in this content, Intel Region is going to list the top 21 richest men in 2023 and their net worth.

These individuals have diversified their sources of income, engaging in investments across various sectors of the Nigerian economy. Their substantial wealth not only elevates their status within the country but also garners recognition on the global stage.

As of 2023, the wealthiest individuals in Nigeria boast fortunes in the range of millions or billions of dollars. These financially astute individuals have strategically invested in crucial sectors of the country’s economy.

1. Aliko Dangote – $12.6 billion

Aliko Dangote born on 10th April 1957 and now 65-year-old is the richest man in Nigerian and also the richest black man in the world with a net worth of $12.6 billion.

Dangote serves as the founder and chairman of Dangote Cement, the largest cement producer in Africa. He holds an 85% ownership stake in the company.

The Dangote Group traces its roots to a modest trading firm established in 1977, coinciding with Aliko Dangote’s move to Lagos with aspirations of expanding the company.

Aliko Dangote’s entrepreneurial journey took flight with a $500,000 loan (equivalent to $3.89 million today when adjusted for inflation) from his affluent uncle. This financial boost facilitated his entry into various trading activities, including the sale of bagged cement, rice, and sugar.

Dangote’s foresighted approach in the 1990s, proposing that the Central Bank of Nigeria entrust his transport company with managing their staff buses, further paved the way for his success.

Today, the Dangote Group stands as one of Africa’s largest conglomerates, extending its reach into international markets like Benin, Ghana, Zambia, and Togo.

This diversified conglomerate, which originated as a trading entity, has transitioned into a dominant force in various sectors within Nigeria. Notable subsidiaries include Dangote Sugar Refinery, Dangote Cement, and Dangote Flour, securing a prominent position in the sugar and refinery markets.

Dangote’s business empire encompasses salt factories, flour mills, and substantial imports of rice, fish, pasta, cement, and fertilizer. Moreover, the Dangote Group plays a pivotal role in exporting agricultural products like cotton, cashew nuts, cocoa, sesame seeds, and ginger to multiple countries. The conglomerate has also made significant investments in real estate, banking, transport, textiles, and the oil and gas sector.

In February 2022, Dangote expanded his business ventures into the automotive industry with the establishment of the Dangote Peugeot Automobiles Nigeria Limited (DPAN) factory in Kaduna.

Furthermore, in May 2023, he commissioned the Dangote Refinery in Lekki, Nigeria, with the aim of transforming Africa’s largest oil producer into an export hub for petroleum products.

Despite his status as Nigeria’s richest man, revelations from the HSBC leaks in 2015 exposed Dangote’s assets in a tax haven in the British Virgin Islands.

2. Abdul Samad Rabiu – $7.9 billion

Abdulsamad Rabiu born on 4th August 1960 who is now 61-year-old holds the position of the second-richest individual in Nigeria, boasting a net worth of $7.9 billion. He is the visionary founder of BUA Group, a conglomerate engaged in various sectors, including cement production, sugar refining, and real estate.

In 1988, he initiated a business focused on importing iron, steel, and chemicals. Furthermore, he inherited land from his late father, a prosperous businessman.

As of July 2020, Forbes estimated Abdul Samad Rabiu’s wealth at $3.2 billion, positioning him as the 716th wealthiest individual in the global billionaire’s club.

By January 2022, he gained attention as the second richest man in Nigeria, and as of April 2022, he held the title of the fifth-richest person in Africa, with a net worth of $6.7 billion. Moving into April 2023, Abdul Samad Rabiu ascended to the position of the fourth richest man in Africa.

Abdul Samad Rabiu’s entrepreneurial journey began with the establishment of BUA International Limited in 1988, focusing primarily on commodity trading.

The company initially dealt with the importation of essential commodities such as rice, edible oil, flour, and iron and steel.

A significant turning point occurred in 1990 when the government, owner of the Delta Steel Company, engaged BUA in a contract to supply raw materials in exchange for finished products, providing a substantial boost to the young company.

Over the years, BUA expanded its operations into the steel industry, producing billets, importing iron ore, and establishing multiple rolling mills within Nigeria.

This diversification strategy fueled the company’s growth, with notable acquisitions including Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria.

In 2005, BUA ventured into the flour-milling sector, establishing plants in Lagos and Kano, two of Nigeria’s wealthiest states.

A pivotal milestone occurred in 2008 when BUA broke an eight-year monopoly in the Nigerian sugar industry by inaugurating the second-largest sugar refinery in sub-Saharan Africa.

Moreover, in 2009, BUA acquired a controlling stake in a publicly listed Cement Company in Northern Nigeria and embarked on the construction of a $900 million cement plant in Edo State, successfully completing it in early 2015.

These strategic moves, challenging Africa’s wealthiest man, solidified Abdul Samad Rabiu’s status as a prominent figure in Nigeria’s business landscape.

3. Alafaa Kariboye-Igbo – $6.1 billion

Alafaa Kariboye-Igbowidely recognized as Oil Money, has earned his moniker through a remarkable journey. Born into a low-income family, the 41-year-old business tycoon has tirelessly worked his way up to amass a considerable fortune, boasting a net worth of $6.1 billion.

He was born on 21st May 1981 and he is now 41-year-old. The proprietor is the owner of Oil Money Records, a platform dedicated to assisting emerging artists in launching their music careers. Additionally, he has investments in real estate, oil and gas production, and vehicle dealership.

4. Arthur Eze – $5.8 billion

Arthur Eze born on 27th November 1948 who is now 75-year-old serves as the Chief Executive Officer of Atlas Oranto Petroleum, a prominent privately-held oil exploration and production company in Nigeria.

In 1992, he established Triax Airlines, capitalizing on the deregulation of airlines in Nigeria. Arthur Eze’s net worth is currently valued at $5.8 billion.

5. Mike Adenuga – $5.7 billion

Mike Adenuga born on 29th April 1953 who is now 69-year-old has a net worth of $5.7billion.

Mike Adenuga is the proprietor of Globacom, a prominent mobile phone network in Nigeria, holding the position as the country’s third-largest operator. Additionally, he is the owner of Conoil Producing, a flourishing oil exploration business.

In 1990, a significant milestone was achieved when Mike Adenuga secured a drilling license for Consolidated Oil, his company. The groundbreaking moment occurred in 1991 when Consolidated Oil made a historic discovery, striking oil in the shallow waters of Southwestern Ondo, one of Nigeria’s wealthiest states.

This achievement marked a historic moment as Consolidated Oil became the first indigenous oil company to discover oil in commercial quantity in Nigeria.

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Mike Adenuga’s entrepreneurial acumen and substantial contributions to the business landscape earned him recognition as the African Entrepreneur of The Year at the inaugural African Telecoms Awards (ATA) in August 2007.

Continuing his expansion in the telecommunications sector, Adenuga made a significant move in May 2015 with a takeover bid to acquire Ivorian mobile telecom operator Comium Côte d’Ivoire for a sum of $600 million.