Nigeria’s Super Rich 13 and How They Make Their Money Part 2


Femi Otedola $1 billion              

He made his money from the oil industry when he set up Zenon oil which has grown fast to become the biggest retailer of diesel in the country following the deregulation of the diesel industry in Nigeria. He also owns majority stakes in Forte Oil, an oil marketing firm, listed on the Nigerian Stock Exchange (NSE). He also interest in the power sector through Forte Oil which owns Geregu Power plant.


Abdulsamad Rabiu ($1 billion)

Rabiu is the founder of the BUA Group. The Group’s business interests span from manufacturing to port concessions, real estate development, oil and gas and shipping. He has significant stakes in the Cement Company of Northern Nigeria (CCNN), Edo Cement, BUA Cement PH, BUA Flour Mills, BUA Oil Mills, as well as BUA Ports and Terminals. Rabiu also owns BUA Sugar Refinery and the Lafiagi Sugar Company. He also has interest in property with interest in significant real estate development projects in the Northern Nigeria. He recently announced the construction of a $500 million cement plant in Edo State.

Tony Elumelu ($1 billion)

Tony Elumelu first made his money from banking but has since diversified into other sources. He is the Founder and Chairman of Heirs Holdings, a privately held investment firm, with interests in the power, Oil and Gas, financial services and hospitality sectors across Africa. He is also the Chairman of Transcorp, Nigeria’s largest listed conglomerate; pan-African financial services group United Bank for Africa; and Seadrill Nigeria Limited.


Orji Uzor Kalu ($ 1billion)

He initially made his money from shipping but has since diversified into media and aviation. He is the chairman of SLOK Holding and the Daily Sun and New Telegraph newspapers in Nigeria, also served as the governor of Abia State, Nigeria from May 29, 1999, to May 29, 2007. His biggest source of wealth is his Slok Holdings which is has investments in oil and gas, banking and finance, media and publishing, real estate, trading, manufacturing, insurance and tourism. Slok Nigeria is the flagship company which is the largest indigenous shipping firm in Nigeria.