Top 5 Nigerian 'Billionaires' who make their Money from Oil, Folorunsho Alakija is only Woman on the List

Top 5 Nigerian 'Billionaires' who make their Money from Oil, Folorunsho Alakija is only Woman on the List

Nigerians are quite successful in many things, no wonder some of the country’s citizens are rated by international organisations as some of the continent's richest.

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For this article, will be looking at Nigerians who have made and still making their wealth from the downstream sector.

It should be noted that the exact net worth of some of the people on this list cannot be verified in real-time.

Below are therefore some of the Nigerians who built their wealth from oil:

1. Mike Adenuga

Though known as a telecom giant, Adenuga, worth $6.3 billion (N2,394,000,000,000), also made his wealth from oil. His downstream outfit is known as Conoil Producing and it operates 6 oil blocks in the Niger Delta.

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The astute businessman made his first big money at the young age of 26 from trading lace and distributing soft drinks.

2. Folorunsho Alakija

Forbes rates the Nigerian businesswoman as the 20th richest on the continent in 2020 at $1 billion (N380,000,000,000). She is the vice-chairman of Famfa Oil which also has a share in Agbami Oilfield.

Top 5 Nigerian 'Billionaires' who make their Money from Oil, Folorunsho Alakija is only Woman on the List
The Nigerians on the list also have businesses in other sectors. Photo source: Forbes, Guardian
Source: UGC

It should be noted that the woman had a fashion label that had prominent people like the wife of former Nigerian president, Ibrahim Babangida, as its client.

3. Orji Uzor Kalu

In 2015, Forbes pegged the man’s net worth at $330 million (N125,400,000,000). However, a Wikipedia page that was last edited on Monday, March 29, said he is now worth N1.1 billion (418,000,000,000).

He is the founder of Slok Holding, a group of companies with interests in oil, shipping, media and banking.

4. Femi Otedola

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In 2016, his net worth was pegged at $1.8 billion (N684,000,000,000). He has a controlling share in Forte Oil, a big oil marketing and power generation company.

The company has hundreds of gas stations across the nation. The company was so valuable that a Swiss entity planned on acquiring 17% of it for $200 million (N76,000,000,000).

5. Jimoh Ibrahim

Though listed as a billionaire with $1.1 billion worth on Wikipedia, a Forbes article in 2019 refers to him as a multi-millionaire.

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Meanwhile, earlier reported that Aliko Dangote is the richest person in Africa with a net worth of $12.1 billion (N4,608,527,000,000).

He founded Dangote Cement, the largest cement producer in Africa. The business mogul has a refinery that has been under construction since 2016 and is expected to be one of the world’s largest oil refineries once completed.


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