Nigeria is home to some of Africa’s most successful entrepreneurs. The top 5 richest men in Nigeria in 2026 built their fortunes through manufacturing, telecommunications, energy, banking and investments
According to the latest Forbes Africa Billionaires List published in March 2026, four Nigerians are among Africa’s 23 billionaires, while Tony Elumelu remains one of Nigeria’s wealthiest business leaders despite not appearing on Forbes’ billionaire list.
Top 5 Richest Men in Nigeria Ranked by Net Worth
| Rank | Name | Estimated Net Worth | Main Source of Wealth |
| 1 | Aliko Dangote | $28.5 billion | Manufacturing, Cement, Refining |
| 2 | Abdulsamad Rabiu | $11.2 billion | Manufacturing, Cement, Sugar |
| 3 | Mike Adenuga | $6.5 billion | Telecommunications, Oil |
| 4 | Femi Otedola | $1.3 billion | Energy, Investments |
| 5 | Tony Elumelu | Estimated above $1 billion* | Banking, Investments |
*Tony Elumelu’s wealth is based largely on private holdings and public disclosures rather than Forbes’ Africa Billionaires List.
Who Is the Richest Man in Nigeria?
Aliko Dangote is the richest man in Nigeria in 2026. Forbes estimates his net worth at $28.5 billion in its Africa Billionaires List released on 9 March 2026. He has remained Africa’s richest person for 15 consecutive years.
Dangote built his fortune through the Dangote Group, a conglomerate with operations in cement, fertiliser, sugar, salt, food processing and petroleum refining. Moreover, Dangote Cement remains Africa’s largest cement producer, while the Dangote Refinery began refining operations in 2024.
1. Aliko Dangote Net Worth in 2026
Estimated Net Worth: $28.5 billion
Aliko Dangote is the founder and chairman of the Dangote Group. He started trading commodities in 1977 before expanding into manufacturing. Today, the group operates across several African countries with investments in cement, sugar, salt, fertiliser and petroleum refining.
How Aliko Dangote Made His Money
Dangote generated most of his wealth through Dangote Cement, which is listed on the Nigerian Exchange. He owns about 85% of the company through a holding company. Furthermore, Dangote Cement has an annual production capacity of 48.6 million metric tonnes and operates in 10 African countries.
In addition, Dangote expanded into fertiliser production when his fertiliser plant commenced operations in 2022. Subsequently, the Dangote Refinery started commercial refining in early 2024 after several years of construction.
Companies Owned by Aliko Dangote
His business interests include:
- Dangote Cement
- Dangote Sugar Refinery
- Dangote Fertiliser
- Dangote Salt
- Dangote Refinery
- Dangote Petrochemicals
Why Aliko Dangote’s Wealth Increased in 2026
Forbes reported that Dangote’s fortune increased by $4.6 billion over the previous year. The increase followed a nearly 69% rise in Dangote Cement’s share price on the Nigerian Exchange and record profits reported by the company during 2025.
2. Abdulsamad Rabiu Net Worth in 2026
Estimated Net Worth: $11.2 billion
Abdulsamad Rabiu is the founder and executive chairman of BUA Group, one of Nigeria’s largest industrial conglomerates. He established the company in 1988 as a commodity trading business before expanding into manufacturing, infrastructure and food processing. According to Forbes, he is Nigeria’s second-richest man and Africa’s fourth-richest billionaire in 2026.
How Abdulsamad Rabiu Built His Wealth
Rabiu built most of his fortune through majority ownership of BUA Cement and BUA Foods, both listed on the Nigerian Exchange. His companies manufacture cement, sugar, flour, pasta and edible oils for the Nigerian market. In addition, BUA Group operates mining, ports and infrastructure businesses across the country.
His shareholdings in BUA Cement and BUA Foods account for most of his personal wealth. Forbes estimated his net worth at $11.2 billion in March 2026.
Companies Owned by Abdulsamad Rabiu
His business portfolio includes:
- BUA Cement Plc
- BUA Foods Plc
- BUA Sugar Refinery
- BUA Flour Mills
- BUA Pasta
- BUA Oil Mills
- BUA Mining
- BUA Ports and Terminals
Major Investments
BUA Cement operates integrated cement plants in Edo, Sokoto and Adamawa states. Meanwhile, BUA Foods is one of Nigeria’s largest producers of sugar, flour and pasta.
Rabiu also invests in infrastructure projects, including cement terminals, mining operations and industrial facilities that support local manufacturing.
Philanthropy
Rabiu established the Abdul Samad Rabiu Africa Initiative (ASR Africa) in 2021. The foundation funds projects in health, education and social development across Africa through grants to universities, hospitals and public institutions.
3. Mike Adenuga Net Worth in 2026
Estimated Net Worth: $6.5 billion
Mike Adenuga is the founder of Globacom, Nigeria’s second-largest telecommunications operator by subscriber base. He also owns Conoil Producing and has investments in banking, real estate and construction. Forbes ranks him as Nigeria’s third-richest man in 2026.
How Mike Adenuga Made His Money
Adenuga entered the oil industry before expanding into telecommunications. In 2003, Globacom became the first Nigerian-owned company to launch nationwide GSM services after obtaining a mobile licence.
Today, Globacom serves millions of subscribers in Nigeria and operates international businesses in Ghana and the Republic of Benin. Meanwhile, Conoil Producing holds oil exploration and production assets in the Niger Delta.
Companies Owned by Mike Adenuga
His major business interests include:
- Globacom (Glo)
- Conoil Producing
- Conoil Plc
- Equitorial Trust Bank (former major shareholder)
- Real estate investments
Oil and Telecommunications Business
Globacom introduced per-second billing shortly after entering Nigeria’s telecom market. The company later expanded its fibre-optic network and submarine cable infrastructure to improve internet connectivity across West Africa.
In addition, Conoil Producing remains one of Nigeria’s largest indigenous oil exploration companies with multiple producing oil blocks.
Business Strategy
Adenuga maintains private ownership of most of his businesses. Unlike many listed billionaires, he controls substantial private assets through telecommunications, oil production and property investments. Forbes estimated his net worth at $6.5 billion in 2026.
4. Femi Otedola Net Worth in 2026
Estimated Net Worth: $1.3 billion
Femi Otedola is the executive chairman of Geregu Power Plc and one of Nigeria’s leading investors. He built his fortune through commodities trading, petroleum marketing, electricity generation and strategic equity investments. Forbes ranks him among Nigeria’s billionaires in 2026.
How Femi Otedola Built His Wealth
Otedola founded Zenon Petroleum and Gas Ltd., which became one of Nigeria’s largest diesel suppliers to industrial customers and power plants. Later, he acquired a controlling interest in Geregu Power following the Federal Government’s privatisation of the power sector.
Furthermore, Geregu Power became the first electricity generation company listed on the Nigerian Exchange in 2022. Otedola remains the company’s majority shareholder.
Companies and Investments
His major business interests include:
- Geregu Power Plc
- First HoldCo Plc (significant shareholder)
- Real estate investments
- International investment portfolio
Otedola has also invested in financial services through First HoldCo Plc, formerly FBN Holdings Plc. He increased his shareholding over several years and became the company’s largest individual shareholder.
Geregu Power
Geregu Power operates a gas-fired power plant in Kogi State with an installed capacity of more than 400 megawatts. The company supplies electricity to Nigeria’s national grid under the supervision of the Nigerian Electricity Regulatory Commission.
Investment Strategy
Otedola focuses on long-term investments in listed companies and strategic sectors. His portfolio includes energy, financial services and real estate assets.
5. Tony Elumelu Net Worth in 2026
Estimated Net Worth: More than $1 billion (private estimate)
Tony Elumelu is the chairman of Heirs Holdings, United Bank for Africa (UBA) and Transcorp Group. Although Forbes does not include him on its Africa Billionaires List because much of his wealth is held through private investments, he remains one of Nigeria’s wealthiest businessmen.
How Tony Elumelu Built His Wealth
Elumelu began his career in banking before leading the transformation of Standard Trust Bank. In 2005, Standard Trust Bank merged with UBA, creating one of Africa’s largest financial institutions.
Subsequently, he established Heirs Holdings, a family-owned investment company with interests in financial services, energy, healthcare, hospitality, technology and real estate.
Companies Owned by Tony Elumelu
His business portfolio includes:
- Heirs Holdings
- United Bank for Africa (UBA)
- Transcorp Plc
- Heirs Energies
- Transcorp Hotels Plc
- Avon Healthcare
- United Capital (founding investor)
Banking and Energy Investments
UBA operates in more than 20 African countries as well as the United Kingdom, France, the United Arab Emirates and the United States. Meanwhile, Heirs Energies is one of Nigeria’s leading indigenous oil and gas producers following its acquisition of OML 17 in 2021.
Transcorp owns businesses in power generation, hospitality and energy. Its assets include Transcorp Power Plc, TransAfam Power and Transcorp Hotels Plc.
The Tony Elumelu Foundation
Tony Elumelu founded the Tony Elumelu Foundation in 2010. Since launching its Entrepreneurship Programme in 2015, the foundation has trained, mentored and funded thousands of entrepreneurs across all 54 African countries through seed capital grants and business support programmes.
How Forbes Calculates Billionaires’ Net Worth
Forbes estimates net worth using publicly available information on shareholdings, stock market prices, private company valuations, property holdings and other identifiable assets.
For listed companies, Forbes calculates wealth using the market value of shares owned by each billionaire. For privately held businesses, Forbes estimates company values using financial information, industry comparisons and available disclosures.
Forbes also considers debt, exchange rates and significant liabilities when estimating personal wealth. Net worth changes throughout the year as stock prices, currency values and business valuations fluctuate.
The top 5 richest men in Nigeria continue to appear among the country’s most recognised business leaders because of their ownership stakes in major companies and investments across different industries.
Frequently Asked Questions
Who is the richest man in Nigeria in 2026?
Aliko Dangote is the richest man in Nigeria in 2026. Forbes estimates his net worth at $28.5 billion, making him both Nigeria’s and Africa’s richest person.
Who is the second richest man in Nigeria?
Abdulsamad Rabiu is the second-richest man in Nigeria. Forbes estimates his net worth at $11.2 billion through his holdings in BUA Cement and BUA Foods.
Who are the Nigerian billionaires on the Forbes Africa Billionaires List?
The 2026 Forbes Africa Billionaires List includes Aliko Dangote, Abdulsamad Rabiu, Mike Adenuga and Femi Otedola.
Why is Tony Elumelu included among the top 5 richest men in Nigeria?
Tony Elumelu controls substantial wealth through Heirs Holdings, UBA and Transcorp. Much of his fortune is held in private investments, which is why Forbes does not currently include him on its Africa Billionaires List.
Who owns Dangote Refinery?
Aliko Dangote owns the Dangote Refinery through the Dangote Group. The refinery is located in the Lekki Free Zone in Lagos State.
Which industry creates the most billionaires in Nigeria?
Manufacturing has produced the highest number of Nigerian billionaires, particularly through cement, sugar, flour and fertiliser production.
Sources
- Forbes Africa Billionaires List 2026
- Forbes Billionaires Profiles
- Nigerian Exchange Group (NGX)
- Annual reports of Dangote Cement Plc
- Annual reports of BUA Foods Plc
- Annual reports of BUA Cement Plc
- Geregu Power Plc Annual Report
- United Bank for Africa Annual Report
- Transcorp Plc Annual Report
