Nigeria is home to numerous families whose wealth has been built over generations, spanning various industries such as banking, telecommunications, oil, and manufacturing. These families have shaped key sectors of the economy through business ventures, leadership roles, and investments.
While many Nigerian families enjoy wealth and comfort, a selected few have reached another level of financial success, standing out for their influence and economic power. Successful entrepreneurs are passing their businesses to the next generation, who are now tasked with driving these family-owned enterprises forward. In this video I will be sharing with you the top 10 richest families in Nigeria in 2024.
10. The Elumelu Family
The reputation of Elumelu’s name has risen in Nigeria due to Tony Onyemaechi Elumelu, born on March 22, 1963, in Jos, Plateau State, Nigeria, being an investor, economist, banker, and philanthropist. His parents, Suzanne and Dominic Elumelu, are from Onicha-Ukwu in Aniocha North Local Government Area of Delta State. His career began at Union Bank as a corps member during his National Youth Service Corps in 1985 and later as a salesman. In 1997, he led a group of investors to rescue a struggling bank, formerly Crystal Bank, which was later renamed Standard Trust Bank and made it profitable. In 2005, he orchestrated the merger of Standard Trust Bank with United Bank for Africa (UBA), forming one of Sub-Saharan Africa’s largest banking groups. Elumelu served as Group Managing Director of UBA, expanding it into a pan-African institution with operations in 20 African countries, France, the U.S., and the U.K., and currently chairs its board. In 2010, he founded Heirs Holdings, a family investment holding company with a diverse portfolio. He also established the Tony Elumelu Foundation to support African entrepreneurship through mentorship, training, and funding.
9. The Adeleke Family
The Adeleke name is familiar to many Nigerians, resonating across various sectors in Nigeria, whether in politics, business or entertainment. Adedeji Tajudeen Adeleke, born on March 6, 1957. Adedeji Adeleke serves as the president of Adeleke University and CEO of Pacific Holdings Limited, and he founded Pacific Energy. His children include David Adedeji Adeleke, known as Davido and married to Chioma Rowland, Adewale Adeleke, Sharon Adeleke, and Ashley Coco Adeleke. Adewale Adeleke is married to Ekanem Kani, Sharon Adeleke is married to Yomi Ademefun, and Ashley Coco Adeleke is married to Caleb Adaji. The Adeleke family is influential in business, politics, and entertainment.
8. The Alakija Family
This family prominence is largely attributed to the remarkable Folorunsho Alakija, born on July 15, 1951, in Ikorodu, Lagos State, Nigeria, is from the Ogbara family, where her father, L.A. Ogbara, had eight wives and 52 children. She travelled to the United Kingdom at the age of 10 for her education, attended Muslim High School in Shagamu, Nigeria, and later studied secretarial work at Pitman’s Central College in London. She also studied fashion design at the American College in London and the Central School of Fashion. In the 1980s, she launched her fashion label “Supreme Stitches,” later renamed “The Rose of Sharon House of Fashion.” In 1991, she transitioned into the oil and gas industry through Famfa Oil Limited, which secured an exploration and production license. Folorunsho married Modupe Alakija in November 1976, and they have four sons and reside in Lagos, Nigeria. Forbes listed her net worth at $1bn in 2024.
7. The Rabiu family
The prosperity of the Rabiu family traces back to Khalifah Isyaku Rabiu, a leading industrialist in Nigeria during the 1970s and 1980s, whose legacy continues through his son. Abdulsamad Isyaku Rabiu, born on August 4, 1960, in Kano, Nigeria, is the founder and chairman of BUA Group, a conglomerate with interests in manufacturing, infrastructure, and agriculture. BUA Group generates over $2.5 billion in revenue and has expanded into steel, importing iron ore and constructing multiple rolling mills. He has four children: Khadija Cookie Rabiu, Isyaku Khalifa Rabiu, Junaid Rabiu, and Rania Rabiu. His siblings include Nafiu Rabiu and Rabiu Rabiu, who is chairman of IRS Airlines. As of 16, Sept. 2024, Abdulsamad net worth is $4.8 billion, making him the third richest man in Nigeria according to Forbes.
6. The Tinubu Family
Bola Ahmed Tinubu, a former governor of Lagos State from 1999 to 2007 and the current President of Nigeria, leads the Tinubu family, one of the wealthiest political families in Nigeria. His wife, Oluremi Tinubu, serves as a senator representing the Lagos Central Senatorial District in the Nigerian Senate. The Tinubu family holds significant influence in Lagos State, with extensive business investments across the region. Bola Tinubu’s mother, Abibatu Mogaji, was known as one of the wealthiest businesswomen in Lagos.
5. The Otedola Family
The renowned Femi Otedola leading the Otedola family, born on November 4, 1962, in Ibadan, Oyo State, Nigeria, leads the Otedola family. He is a businessman and philanthropist, having served as the chairman of Forte Oil PLC and founded Zenon Petroleum and Gas Limited. He also has interests in shipping, real estate, and finance, and recently entered power generation through Geregu Power PLC. The Otedola family includes Florence Ifeoluwa Otedola, known as DJ Cuppy, Temiloluwa Elizabeth Otedola, known as Temi Otedola, Fewa Otedola, Tolani Otedola, and his wife, Nana Otedola. Femi Otedola’s net worth is estimated to be around $1.4 billion by Forbes, as of 16th of Sept. 2024.
4. The Danjuma Family
The Danjuma family traces back to General Theophilus Yakubu Danjuma, born on December 9, 1938, to his father Kuru Danjuma, a farmer who traded metal parts for agricultural tools. Theophilus Yakubu Danjuma is a retired Nigerian Army Lieutenant General who has gained wealth through investments in petroleum and shipping enterprises. He founded South Atlantic Petroleum (SAPETRO), which holds upstream assets in Nigeria and other countries. With over 35 years of service in military and political roles, Danjuma has established himself as a prominent figure. He is also known for his philanthropic efforts through the TY Danjuma Foundation, which supports charitable giving and community development.
3. The Arthur Eze family
Prince Arthur Eze, born on November 27, 1948, in Ukpo, Dunukofia Local Government Area, Anambra State, Nigeria, is the Chief Executive Officer of Atlas Oranto Petroleum, a company he founded in 1991. Atlas Oranto Petroleum is one of Nigeria’s largest privately held oil exploration and production companies. Prince Arthur is bestowed with the traditional title of Ozoigbondu 1 of Igboland and he comes from a royal family. Beyond his role in the oil industry, Prince Arthur is known for his philanthropic efforts and political involvement, having made significant donations to various causes and political parties.
2. The Adenuga Family
The prominent figure representing the Adenuga family in Nigeria is Chief Michael Adeniyi Agbolade Ishola Adenuga, commonly known as Mike Adenuga. Born on April 29, 1953, in Ibadan, Oyo State, Nigeria, he is the son of Oloye Michael Agbolade Adenuga Sr. and Omoba Juliana Oyindamola Adenuga, who comes from a royal lineage in Ijebu Igbo, Ogun State. Mike Adenuga is the Chief Executive Officer of Globacom Limited, which is the second-largest telecommunications operator in Nigeria with over 60 million subscribers, and a net worth of $6.7 billion according to Forbes, as of 16th of Sept. 20024. His oil exploration company, Conoil Producing, manages operations across six oil blocks in the Niger Delta region. He is also the founder of the Mike Adenuga Foundation, which focuses on promoting social and economic independence in Nigeria and other African nations where his companies operate.
1. The Dangote Family
The Dangote family, led by Aliko Dangote, Nigeria’s wealthiest man and chairman of the Dangote Group, is one of West Africa’s richest families. Aliko Dangote’s entrepreneurial success, including his venture into rice, was initiated by his uncle, Alhaji Alhassan Dantata, the family patriarch who traded in various commodities. Sanusi Dantata, a Nigerian entrepreneur and son of Alhaji Alhassan Dantata, contributed to the family’s wealth, which originally stemmed from Alhaji Alhassan Dantata’s trade in groundnuts and kola nuts. Other notable members include Ahmadu Dantata, a politician; Alhaji Abdulkadir Dantata, a grandson; Alhaji Mudi Dantata, a businessman; Aminu Dantata, a businessman; Mamuda Dantata, founder of the West African Pilgrims Association and a currency trader.
Austine Ikeru is a Professional Content Creator