Here are Nigeria’s 5 wealthiest self-made billionaires

shakirudeen taiwo

January 25, 2018 2:25 PM

These individuals made their fortune through their entrepreneurial abilities.

Across the world, there are three types of billionaires: those who inherited their wealth, government supported and self-made.

Business Insider SSA delves into Nigeria's wealthiest self made billionaires.

These individuals built their wealth from nothing and are usually a source of inspiration to others upcoming entrepreneurs. From Alhaji Aliko Dangote to Mr Tony Elumelu, here are some billionaires in Nigeria that made this list.

Alhaji Aliko Dangote (Net Worth: $12.2 Billion)

Aliko Dangote is the richest man in Nigeria and Africa. He acquired his wealth from trading in cement, sugar, flour and other household consumables.

Recently, Dangote has expanded his business interest to oil and gas industry. He is currently constructing a $12 billion oil refinery which will the largest single train refinery in the world when completed.

Mike Adenuga (Net Worth: $5.3 Billion)

According to Forbes, Dr Mike Adenuga Jnr is the second richest man in Nigeria and 5th in Africa. He acquired his wealth from commodity trading, investments in oil and gas industry and telecommunications.

In 2003, he founded Globacom which is now the second largest telecom operator in Nigeria.

Folorunsho Alakija (Net Worth: $1.3 Billion)

Folorunsho Alakija is the richest woman in Nigeria and second in Africa. Alakija built her wealth from humble beginnings. Turning her modest fashion label into a juggernaut in Nigeria before betting on an oil licence. Her success in the oil business catapulted her into new levels of wealth.

Theophilus Danjuma (Net Worth: $1.1 Billion)

General Theophilus Danjuma is a retired army general and a former defence minister in Nigeria. He is the founder of South Atlantic Petroleum and operates one of the most valuable oil blocks in Nigeria. He turned his modest shipping business into a valuable oil production company.

Tony Elumelu (Net Worth: $1 Billion)

Tony Elumelu is a banker with massive investments in real estate and hospitality industries. Elumelu turned his talent for improving troubled financial institutions to starting his own bank,United Bank of Africa (UBA).

He is also the Chairman of Heirs Holdings, a company with stakes in high valued companies such as Transcorps, Tenoil Petroleum & Energy Services and others across Africa.

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