Meet To 10 Richest Businessmen in Nigeria in 2025
Meet To 10 Richest Businessmen in Nigeria in 2025
Nigeria, Africa’s largest economy, continues to produce some of the continent’s wealthiest entrepreneurs — men whose vision, resilience, and business acumen have built multi-billion-dollar empires across cement, oil and gas, telecommunications, manufacturing, and technology.
Below is the definitive list of the Top 10 Richest Businessmen in Nigeria in 2025, based on publicly available data from Forbes, Bloomberg Billionaires Index, and corporate filings.
1. Aliko Dangote — $23.9 Billion
Chairman, Dangote Group
Industry: Cement, Refining, Sugar, FMCG
Aliko Dangote remains the richest man in Africa for the 13th consecutive year. His wealth surged in 2025, driven by the full-scale operation of the Dangote Refinery, Africa’s largest industrial project, which began exporting refined products earlier this year.
Dangote Group spans cement, sugar, salt, and flour, with operations in more than 10 African countries. His dominance in essential commodities and infrastructure ensures long-term stability regardless of market fluctuations.
Dangote Cement alone accounts for over 25 percent of Nigeria’s entire stock-market capitalization.
2. Mike Adenuga — $6.8 Billion
Founder, Globacom & Conoil Producing
Industry: Telecom, Oil & Gas
Known as the “Bull,” Mike Adenuga’s dual empire in telecoms and energy keeps him solidly among Nigeria’s wealthiest. His mobile network, Globacom, remains Nigeria’s second-largest telecom operator, while Conoil Producing continues to yield strong returns from its upstream operations.
Adenuga’s diversification between technology and oil has insulated him from Nigeria’s economic shocks.
3. Abdul Samad Rabiu — $7.6 Billion
Founder, BUA Group
Industry: Cement, Sugar, Infrastructure
Abdul Samad Rabiu has become a formidable industrialist, narrowing the gap with Dangote. His BUA Cement and BUA Foods continue to dominate Nigerian markets.
In 2025, Rabiu expanded his cement exports to West Africa and commissioned the BUA Ports & Terminals Project in Rivers State, further strengthening his logistics backbone.
Through the ASR Africa Initiative, Rabiu has donated millions to education and healthcare across Nigeria.
4. Femi Otedola — $1.5 Billion
Chairman, Geregu Power PLC
Industry: Energy, Finance, Investments
Once an oil magnate, Femi Otedola successfully transitioned into the power sector with Geregu Power PLC, Nigeria’s first publicly listed electricity generation company.
His strategic investments in FBN Holdings and Zenith Bank demonstrate a sharp pivot toward finance and energy infrastructure — sectors central to Nigeria’s economic recovery.
In 2025, Otedola announced a renewable-energy expansion plan targeting solar mini-grids in Northern Nigeria.
5. Tony Elumelu — $1.2 Billion
Chairman, Heirs Holdings & UBA Group
Industry: Banking, Investments, Power
Tony Elumelu, champion of “Africapitalism,” has built a diversified empire spanning banking, power generation, and hospitality. Through Heirs Holdings, he controls significant assets in Transcorp PLC, Heirs Oil & Gas, and the United Bank for Africa (UBA), now present in 20 African countries.
His Tony Elumelu Foundation has empowered over 20,000 young African entrepreneurs, reinforcing his legacy as both a businessman and a builder of others.
6. Arthur Eze — $3.5 Billion
Chairman, Atlas Oranto Petroleum
Industry: Oil & Gas, Aviation
Prince Arthur Eze, one of Nigeria’s most influential oil moguls, owns Atlas Oranto Petroleum, the largest privately held oil exploration company in Africa, with assets in 12 countries.
Beyond oil, Eze invests heavily in aviation and real estate. He is known for his philanthropic activities, especially in education and community development in Anambra State.
Eze’s quiet wealth and extensive political connections keep him among Nigeria’s most powerful business figures.
7. Cletus Ibeto — $3.8 Billion
Founder, Ibeto Group
Industry: Cement, Automotive, Petrochemicals
Cletus Ibeto’s rise from an auto-parts trader to an industrial powerhouse embodies the classic rags-to-riches Nigerian story. His Ibeto Group operates across cement production, petrochemicals, and energy distribution.
His ongoing expansion into the solid-minerals sector in 2025 is projected to boost his group’s revenue by 30 percent over the next two years.
8. Orji Uzor Kalu — $3.2 Billion
Founder, Slok Group
Industry: Manufacturing, Media, Shipping
Former Abia State governor, Orji Uzor Kalu, built his wealth through Slok Group, a conglomerate with interests in oil trading, shipping, and media (including ownership of The Sun Newspaper).
Despite his political background, Kalu’s business operations remain strong, particularly in manufacturing and logistics across West Africa.
9. Tope Awotona — $1.4 Billion
Founder & CEO, Calendly
Industry: Technology, Software as a Service (SaaS)**
Atlanta-based Nigerian tech entrepreneur Tope Awotona is one of the few tech billionaires of Nigerian origin. His company, Calendly, revolutionized online meeting scheduling and is now valued at over $3 billion.
Awotona’s inclusion underscores Nigeria’s growing global influence in technology and digital innovation.
From Lagos to Silicon Valley, his journey proves that Nigerian grit can thrive anywhere.
10. Benedict Peters — $1.2 Billion
Founder, Aiteo Group
Industry: Oil & Gas, Energy Infrastructure
Benedict Peters, founder of Aiteo Group, manages one of Nigeria’s most strategic oil assets — OML 29 in the Niger Delta. His company supplies energy across West Africa and invests in power generation and sports sponsorship.
Despite regulatory pressures in the energy sector, Peters remains a resilient and innovative player in Nigeria’s oil industry.
Honourable Mentions
- Jim Ovia – Founder, Zenith Bank PLC (approx. $950 million)
- Oba Otudeko – Founder, Honeywell Group
- Emeka Offor – Oil & Gas magnate
- Igho Sanomi – Founder, Taleveras Group
How Nigeria’s Billionaires Built Their Fortunes
A review of the country’s wealthiest men reveals three recurring themes:
- Industrialisation and Infrastructure: Dangote, Rabiu, and Ibeto leveraged Nigeria’s industrial deficits by producing locally what others import.
- Energy Dominance: Adenuga, Peters, and Eze prove that oil & gas remains Nigeria’s fastest wealth-creating sector.
- Digital and Financial Inclusion: Elumelu and Awotona highlight Nigeria’s transition into finance and tech-driven industries.
Their success stories show that Nigerian entrepreneurship is not limited by borders — it’s powered by resilience, innovation, and an understanding of local markets.
The Future of Wealth in Nigeria
As 2025 progresses, a new generation of tech founders and renewable-energy investors are poised to challenge the dominance of oil and cement barons. Still, the established billionaires continue to shape Nigeria’s economic destiny through infrastructure, finance, and industrial expansion.
Their collective investments employ millions, drive GDP growth, and position Nigeria as Africa’s entrepreneurial capital.