Complete List of Nigeria's Richest People in 2011 and How They Made Their Wealth

(m) at 14-04-2012 03:03PM (7 years ago)

(135 | Upcoming)

After months of extensive research and analysis we present to you the first definitive list of Nigeria’s Richest People. This is a list of 11 richest men (no woman made the list) in the country who made their wealth through a variety of industries and sectors.

Methodology: The list focused on citizens of Nigeria, We excluded family fortunes. We also did not include former past military rulers whose true wealth is almost always linked to their activities while in government. Likewise persons whose wealth cannot be ascertained without reference to their political career are not included in this list.

1. Aliko Dangote:

Networth: $13.6 billion
Age: 55
Source: Sugar, Flour, Cement

Alhaji Aliko Dangote (born April 10, 1957) is the Chairman of Dangote Group, a conglomerate with interests in sugar, cement manufactruing, food processing and freight. Dangote Group is easily the major supplier of sugar to soft drink companies, breweries, and confectioners in Nigeria and several parts of West Africa. Dangote Group was originally founded in 1977 as a small trading company but under Mr Dangote’s watch has grown into a multi-trillion naira company spanning countries like Benin, Togo and Ghana.

Mr Dangote is Nigeria’s wealthiest stockholder with an investment networth of $12.1 billion which comes mostly from Dangote Cement ($11.5 billion or N1.76 trillion), Dangote Sugar ($574.8 million or N87.95 billion).

Dangote is a political saavy businessman and knows how to make friends with influential politicians. This has invariably helped in his rise in the business world. He was a major financier of former President olusegun Obasanjo’s reelection campaign in 2003, to which he contributed over N200 million (US$2M) and also donated N50 million (about (US$0.5M) to the National Mosque under the aegis of “Friends of Obasanjo and Atiku”. His controversial gifts to the members of the ruling Peoples Democratic Party included another N200 million to the Obasanjo Presidential library project initiated by the former president.

Aliko Dangote has also in the past been linked with Arsenal Football club, a club he confesses to love as a fan. He was rumored to be interested in buying a 16% stake in the London based football club though nothing has come of that rumour.

From all indications it appears Dangote will be staying on this list for some time to come as he is currently building cement plants across Africa in countries like Zambia, Tanzania, Congo and Ethiopa and building cement terminals in Sierra Leone. His Dangote conglomerate is aggressively embarking on an expansion drive to become a major, if not a dominant player in the African cement and sugar markets.

Alhaji Dangote surely does not deny himself some of the pleasures of being Africa’s and Nigeria’s richest man. He recently bought a $45 million Bombardier aircraft for his personal use.

Dangote recently got honoured with the Grand ‘Commander of the Order of the Niger’ award, Nigeria’s second highest national honours

2. Mike Adenuga:

Networth: $5.3 billion
Age: 59
Source: Telecom, Oil & Gas, Banking

Nicknamed ‘the Guru’ Adenuga is a billionaire with interests in telecom, oil and gas, banking and real estate. He is the Chairman of Globacom, the second national carrier and second largest mobile telecommunications company in Nigeria. His company Globacom recently made forays into several African countries such as Benin, Ghana and Ivory Coast as it seeks to build what it calls Africa’s largest telecommunications network. He recently invested $1 billion in laying a submarine cable connecting Nigeria to the rest of the world.

The Mike Adenuga Group also controls Equitorial Trust Bank, Conoil plc, a petroleum marketing company and Conoil Producing, a crude exploration company.

Not much is known of Adenuga’s business methods and concerns as he has opted not to go public with many of his business interests. Less than a year ago Forbes estimated his networth at about $2 billion but Adenuga is worth more than that in our own estimation.

Described as a reclusive billionaire by Forbes Mike Adenuga is worth in the region of about $5.3 billion with one of his companies Conoil Producing, Nigeria’s oil exploration company, producing an estimated 100,000 barrels per day.

Adenuga first made his millions at age 26 selling lace and distributing soft drinks. He, however hit real money through former Military head of state Gen. Ibrahim Babangida who helped him with lucrative contracts to construct military barracks. He also got awarded an oil prospecting license that set him on the path to mega riches.


rayOFsunshine (f) at 14-04-2012 03:17PM
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any man who claims he is rich
and there are poor people around him is a very poor man
infact, he/she is amongst the poorest in the world
hope all these people affect people positively
mekuseze (m) at 14-04-2012 03:29PM
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Your view really. True, a rich man has to affect the society and only about one or two amongst them are doing anything in that regards. But aside from waxing philosophical you can't say they aren't rich
HOPEA23 (f) at 14-04-2012 03:40PM
(22359 | Addicted Hero)

Will ..we all know how they all make their money..blood money

mekuseze (m) at 14-04-2012 04:56PM
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That, I plead, is the generalisation of the mentally lazy. How can you believe that every wealthy man made his money from blood?
chicco77 (f) at 2-07-2012 10:36PM
(22128 | Addicted Hero)

an so wat
Doncastle25 (m) at 3-07-2012 02:27PM
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okpesco60 (m) at 19-10-2012 08:15AM
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Am the richest,but i hv nt start showing my wealth.
dickman2 (m) at 7-02-2013 06:17PM
(34105 | Addicted Hero)

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