Top 10 Richest In Nigeria – We take a look at the lives of Nigeria’s richest men in 2022 to find out what it really means to be rich, as the wealth of the top five richest men in Nigeria, estimated at $39.2 billion, could end poverty in the country.
People often think that being rich means having a lot of money in the bank or buying expensive things like cars, clothes and accessories with high depreciation value. However, this is not always true.
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Looking at the lives of the richest men in Nigeria, we can better understand that the rich are more interested in investments that increase over time. While the sources of their wealth vary, the five richest men in Nigeria discussed in this article all have one thing in common – they each own a manufacturing company or are the highest shareholders of a company.
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This reveals one of the biggest secrets to being rich: providing a solution that people need (in this case, they provide products and services to solve people’s problems).
If you don’t have a product you need, you can also provide a service – using your skills and expertise to solve problems that are unique and in demand.
When you talk about the richest men in Nigeria, common names come up because they have not only made their products household names but also etched their name in the hearts of almost every Nigerian.
A 2017 study found that the combined wealth of Nigeria’s richest men could transform the country’s economy. The study also shows that they can end the poverty that ravages the country.
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With that being said, let’s dive into the lives of the top five richest men in Nigeria. The five richest men in Nigeria are:
Given his established capacity in the cement manufacturing and distribution industry, the name you think of when you think of building a house in Nigeria is Aliko Dangote. Dangote is the founder and chairman of the Dangote Group of Companies. He is undoubtedly the richest man in Nigeria.
With a net worth of $13.9 billion in 2022, up from $12.1 billion in 2021, Dangote is the richest man in Nigeria and Africa, according to the Forbes list. He also made it to the top 10 richest men in Nigeria in 2021.
Dangote has retained the top spot as the richest man in Nigeria and Africa for the 11th time in a row. With the world’s largest refinery at 97% completion, he will soon be able to compete with the world’s richest people.
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Aliko Dangote was born on April 10, 1957 in Kano, Nigeria. He studied at Al-Azhar University in Egypt with a Bachelor of Arts and Science degree before starting his own cement business that later made him a billionaire.
Apart from the extensive production and distribution of cement, Dangote also produces sugar, salt, macaroni and flour. His cement conglomerate operates in 10 countries across Africa.
The Organization of the Petroleum Exporting Countries (OPEC) in its latest global oil outlook, released on October 31, 2022, indicated that the Dangote refinery will account for half of Africa’s expected distillate increase in the medium term.
OPEC’s statement is based on the idea that Africa will add about 1.2 million barrels per day to distillation in the medium term. Dangote’s refinery has 650,000 barrels per day, more than half of Africa’s oil.
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In another forecast, the African Petroleum Producers Organization (APPO) said the Dangote refinery, when fully operational, would reduce imports of African-produced petroleum products by 36 percent.
In an interview on January 20, 2022, the Secretary General of APPO, Dr. Omar Farooq Ibrahim, stated that the Dangote refinery will account for more than 12 percent of Africa’s oil demand, despite the continent’s current focus on energy transition.
Ibrahim stated: To appreciate the impact that the Dangote Refinery will have on African economies, especially on the supply of petroleum products and to some extent preserve the scarce currency, let’s take a look at the statistics of the demand for petroleum products on this continent. And the supply is right
He explained that Africa’s daily oil demand is about 4.3 million barrels per day. Of this amount, about 57% is inside the continent and about 43% is imported.
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A fully operational Dangote refinery means that the percentage of imported oil can be reduced by 36% even as demand for the product rises to 5.4 million barrels per day. With this, the Dangote refinery will supply more than 12 percent of Africa’s demand for the product.
Ibrahim added: “This is a huge saving for a continent with scarce currency and few exports. We will save on overseas purchases and shipping and insurance costs.”
Abdul Samad Rabio, the founder of B.U.A. Group, a Nigerian company that focuses on cement production, sugar refining and real estate. With a net worth of $7 billion, he is the second richest man in Nigeria. This is according to Forbes.
Abdul Samad Rabio was born on August 4, 1960. He was one of Nigeria’s foremost industrialists and grew up in Kano in the 1970s and 1980s. He is a graduate of Capital University in Columbus, Ohio. He later returned to Nigeria at the age of 24 to manage the family business.
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Abdul Rabio, former chairman of Sanat Bank of Nigeria, who B.U.A. This conglomerate is the fifth richest man in Africa with an income of over $2.5 billion.
In 2021, his fortune was estimated at $5.5 billion, making him the sixth-richest man in Africa, but he climbed the ladder by adding $2 billion to his wealth.
Although born into a wealthy family, Rabiot later started his own business in 1988 importing rice, edible oil, flour, iron and chemicals.
In its young state, the B.U.A. In 1990, a contract was signed with the state-owned Delta Steel Company to supply its raw materials in exchange for finished products. This led the company to expand into steel production, billet production, iron ore importation and the construction of numerous rolling mills in Nigeria.
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Expanding its business, B.U.A acquired Nigeria’s largest edible oil processing company – Nigerian Oil Mills Limited after the Delta Steel deal.
Rabio will enter the flour manufacturing industry with the commencement of construction of two flour mills in Lagos and Kano in 2005, which were completed in 2008.
Finishing the mills by B.U.A. It broke Nigeria’s eight-year monopoly on the sugar industry as it was described as the second largest sugar refinery in sub-Saharan Africa.
B.U.A. It was Obu Rabio’s private company until early January 2020, when he merged his company with a listed company, the Northern Nigeria Cement Company, which he now controls.
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Rabiot’s merged company, now called B.U.A. According to Forbes, Cement Plc is traded on the Nigerian Stock Exchange and he owns 98.5% of its shares.
Michael Adeniyi Adenuga, the owner of Nigeria’s third largest telecommunications company, Globacom, is the third richest person in Nigeria with an estimated net worth of $6.7 billion in 2022.
The 68-year-old was Africa’s fifth-richest man in 2021 with a net worth of $6.3 billion, but dropped to sixth after Abdulsamad Rabio earned $2 billion in 2022.
Mike owns shares of Equitorial Trust Bank and the oil exploration company Conoil (formerly Consolidated Oil Company). Globacom is also present in Ghana and Benin.
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Mike made his first million in 1979 at the age of 24 with a lace and soft drink distribution business. His business acumen led him to oil, as he obtained a drilling license in 1990.
In 1991, Mike received his consolidated oil strike in the shallow waters of Ondo State, becoming the first indigenous oil company to do so in commercial quantities.
Mike Adenuga tried to get a telecommunications license by taking a picture of telecommunications and was granted a conditional Global System for Mobile Communications (GSM) license in 1999, but the telecommunications license was later revoked. However, when the government held another auction in 2003, it applied for and won the second one.
In August 2007, Mike Adenuga was named African Entrepreneur of the Year at the first African Telecommunications Awards (A.T.A.). Mike expanded his telecommunications business in May 2015 when he proposed to buy Ivory Coast mobile operator Comium Côte d’Ivoire for $600 million.
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Although Mike has some oil wealth, his telecommunications company, Glo, earns him millions of dollars as it provides international and voice calls, SMS, high-speed internet, ADSL for homes, landline services and other telecommunication solutions.
Adenoga’s tentacles are widening as the telecom giant’s owner plans to compete with its industry rivals.
At the time of writing, Globacom Adebuga wanted to use its Moneymaster Payment Services Bank (PSB) to connect with over 100,000 agents across Nigeria. This helps the company to attract more customers and increase its customer base.
Glo, while making the announcement, said MoneyMaster will use mobile, PoS and web to provide financial inclusion to millions of Nigerians who are currently excluded from the financial system.
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Through its PSB service, Glo said 50 percent of currently unbanked Nigerians receive financial services and meet with the central bank.
