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Top 5 richest men in Nigeria and their source of wealth

Written by Medinat

Nigerian billionaires have improved their ranking in the latest Forbes World’s Billionaire List 2022, which compiles the fortunes of the richest people in the world.

Related: Top 5 Youngest Billionaires in Nigeria And Their Net Worth

The feat was achieved despite rising prices across the world which have been ignited by the aftershocks of the Covid pandemic and the Russia-Ukraine war.

Africa’s richest man Aliko Dangote saw his wealth increase from $11.5 billion in 2021 to $14 billion in 2022.

Mike Adenuga, Nigeria’s second richest man, grew his wealth from $6.1 billion to $7.3 billion.

Abdulsamad Rabiu, the third Nigerian on the list, also saw his fortunes improve from $4.9 billion to $6.9 billion.

Forbes, in its summary, said “war, pandemic and sluggish markets hit the world’s billionaires this year.

“There are 2,668 of them on Forbes’ 36th-annual ranking of the planet’s richest people—87 fewer than a year ago.

“They’re worth a collective $12.7 trillion—$400 billion less than in 2021. But we have also decided to gather the list of top 5 for the year.

Top 5 richest men in Nigeria and their source of wealth

1. Aliko Dangote

Dangote

Aliko Dangote is the richest man in Nigeria and Africa at large (2022 Forbes List), with a net worth of $14 billion.

No explanation as to why he is the first on the list of the top 10 richest men in Nigeria. His primary source of wealth is Cement and Sugar; producing food items and building materials.

His company’s products include Dangote Pasta, Sugar, Flour, Salt, and Cement.

2. Femi Otedola

Femi Otedola is the former chairman of Forte Oil PLC, an importer of fuel products.

Otedola is the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate and finance.

He has recently invested in power generation as part of the liberalisation of the sector in Nigeria. Currently, as at October 2021, he was announced as the single largest shareholder (5.07%) of First bank PLC.

3. Arthur Eze

Arthur Eze with a net worth of $5 billion. He is the owner of Atlas Oranto Petroleum, and he is also from a royal family in Anambra State, Nigeria.

The Igbos call him, ‘ozoigbondu’ of Igboland and he is said to be the 8th wealthiest man in Africa.

4. Abdul Samad Rabiu

Abdul Samad Rabiu is a Nigerian billionaire, entrepreneur and seasoned industrialist well known for his expertise in commodity trading.

He is the founder and Chief Executive Officer of BUA Group, a Nigerian conglomerate with an interest in agriculture, infrastructure, manufacturing, logistics, and port operations. Abdulsamad Rabiu’s net worth is estimated at a whopping $3.7 billion.

His father was a prosperous businessperson, who willed enormous Land to Rabiu. Rabiu attended Capital University, Ohio, in the USA and started his own business in 1988 by importing iron, steel, and chemicals.

5. Cletus Ibeto

Cletus Ibeto. He rose from an unprecedented beginning as a motor parts dealer, Cletus Ibeto is now one of the richest men in Nigeria.

He is the owner of one of the largest conglomerates, The IBETO Group. Cletus Ibeto sits as chairman as well as the Founder of IBETO Group, and the company is involved in real estate, banking, finance, cement production, automotive coupling, Petrochemical, etc.

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