Nigerian Billionaires and Top 20+ Richest People (Entrepreneurs) in Nigeria 2013

The criteria for coming up with this list
Most of you may be wondering the
criteria or benchmark on which I compiled
this list of richest people in Nigeria. Well,
I compiled this list based on the following
criteria:
By the value of their shares held in
quoted companies.
The size and market share of their
companies
The number of companies they own
and its assumed value
The market value of their
company’s brand
The impact of their companies on
the Nigerian economy
I compiled this list of richest people in
Nigeria and highlighted the secret to their
success because I believe we can learn a
lot from them. Nigeria as a country has
been branded all sort of names and a lot
has been said about Nigeria; both
positive and negative but I am proud that
some individuals stood tall to tell the
world that we have got potentials.
Despite the harsh terrain and business
challenges involved with starting a
business in Nigeria; the successful
entrepreneurs listed below held their
ground and fought their way to the top.
In a country with a population of over
150 million inhabitants and millions of
businesses; these 20 entrepreneurs
diligently carved their names in the sands
of time by taking advantage of the fastest
growing business opportunities in
Nigeria.
So instead of boring you with their
success stories; I would rather extract the
vital lessons learned from the life of these
billionaires. If you are ready to learn, then
below is a list of the Nigerian Billionaires
(entrepreneurs ) and top richest people in
Nigeria.
Nigerian Billionaires and Top
****20+ Richest People
(Entrepreneurs) in Nigeria
2013***
1. Alhaji Aliko Dangote – Dangote Group ,
(Manufacturing , oil & gas,)
2. Mike Adenuga – Conoil, Equatorial
Trust Bank, Globacom ( Oil & gas,
Banking, Telecom )
3. Femi Otedola – Forte Oil and Gas ( Oil
& gas)
4. Orji Uzor Kalu – Slok Group (Aviation,
Shipping, publishing, manufacturing)
5. Cosmos Maduka – Coscharis Group
(Automobile , manufacturing)
6. Jimoh Ibrahim – Nicon Insurance,
Global Fleet (Insurance, transportation,
oil & gas)
7. Jim Ovia – Zenith Bank, Visafone
(Banking, Telecom)
8. Pascal Dozie – MTN Nigeria, Diamond
Bank (Banking, Telecom)
9. Oba Otudeko – Honeywell Group
Nigeria, Pivotal Engineering, Airtel
(Manufacturing, oil & gas, telecom)
10. Alhaji Sayyu Dantata – MRS Group
(Oil & gas, construction)
11. Umaru Abdul Mutallab – former
Chairman First Bank Plc, Mutallab Group
12. Prince Samuel Adedoyin – Doyin
Group (manufacturing, pharmaceuticals)
13. Dele Fajemirokun – Chaiman Aiico
Insurance, Xerox Nigeria, Chicken
Republic, Kings Guards (Insurance,
Security, Technology, Food retailing )
14. Chief Cletus Ibeto – Ibeto Group
(Trading, manufacturing, oil & gas)
15. Raymond Dokpesi – Daar
Communication, AIT , ( Entertainment)
16. Tony Ezenna – Orange Group
(Pharmaceutical, oil & gas)
17. Chief Molade Okoya Thomas –
Chairman CFAO Nig and other six french
companies (Automobiles)
18. Ifeanyi Ubah – Capital oil and gas
(Oil & gas)
19. Leo Stan Ekeh – Zinox (Computer ,
technology)
20. Fola Adeola – GTBank (Banking)
21. Chief Ade Ojo – Elizade Motors Nig
LTD, Distributor of Toyota cars (Auto
retailing)
22. Abdulsamad Rabiu – Bua Group (Oil &
gas, manufacturing)
23. Folorunsho Alakija – Famfa Oil (Oil &
gas)
24. High Chief O.B. Lulu Briggs – Moni
Pulo (Oil & gas)
25. Hakeem Bello Osagie – Etisalat
Nigeria (Telecom)
26. Sani Bello – Amni Petroleum (Oil &
gas)
27. Mohammed Indimi – Oriental
Petroleum (Oil & gas)
28. Sir Emeka Offor – Chrome Group (Oil
& gas, marine)
29. Chief Arthur Eze – Atlas Oranto
Petroleum (Oil & gas)
30. Vincent Amaechi Obianodo – Young
Shall Grow Motors, RockView Hotels
(Transportation, hotels)
Now having gone through the list of
richest ( entrepreneurs ) people In Nigeria,
I believe it’s time I share with you the
secret to their success. I am not sharing
these secrets with you to fill up space or
excite you. Rather, I am sharing the
secrets of Nigerian billionaire
entrepreneurs so you can pick up one or
two lessons and replicate their success
strategy. After all, success can be
replicated.
The Richest People in Nigeria, the
Secret to their Success and How
They Made their Money
Have you ever wondered how Aliko
Dangote emerged the richest black man in
the world? Have you ever wondered how
the richest people in Nigeria became rich?
Have you ever tried to find out the exact
success secret of Nigeria’s billionaire
entrepreneurs ? Well, this article is going
to put all your answers to rest.
In this article, I am going to spill the
untold success secrets of the richest
people in Nigeria and how they became
billionaires. If you are prepared to
replicate these success secrets, then
below are the untold success secrets of
the richest people in Nigeria.
1. They are Strong Willed
The richest people in Nigeria are strong
willed in spirit. They are dogged and
persistent. To these set of individuals,
success is not an option; it’s a must.
These successful Nigerian entrepreneurs
refuse to be held down by their
circumstance; instead, they reached out
for their inner strength and went for
success. Above all, these entrepreneurs
don’t take no for an answer; they simply
refuse to give up and that was why they
succeed.
“When Raymond Dokpesi was
on the verge of losing A.I.T;
he refused to give up.
Mike Adenuga had his
telecom license revoked twice
and lost over 20million
dollars but he refused to give
up.
Orji Uzor Kalu had his oil
bloc license and his aviation
license revoked; his airline
business was grounded and
the business accounts of his
publishing firm (The Sun)
was frozen, yet he refused to
give up.
Chief Cletus Ibeto’s cement
company was shut down by
the government but he
persisted and refused to give
up.
So if you are ever going to have your
name listed as one of the richest people
in Nigeria; then you must be prepared to
stick it through to the end. You must
never give up.
2. They thoroughly understand their line
of business
Take a close look at the Nigerian
billionaires listed above and you will see
the names of entrepreneurs that
thoroughly understand their line of
business like the palm of their hands.
They know the in-depth intricacies of the
various businesses they are involved in.
Cosmos Maduka, the billionaire founder
of Coscharis group even liken himself to a
first class degree holder from the
University of Automobile Spare Parts.
Look ate what Chukwuma Innocent is
doing with his automobile manufacturing
plant ( Innoson Vehicles ). This goes a
long way to prove to you that knowing
your line of business is essential to
success not only in business but life in
general.
3. They are focused
The richest people in Nigeria are focused;
they chose a specific business of their
strength and stuck to it. If you are ever
going to make it in Nigeria, then you
must obey the first law of business
success of Andrew Carnegie; the steel
mogul.
“And here is the prime
condition of success, the
great secret. Concentrate
your energy, thoughts and
capital exclusively upon the
business in which you are
engaged in. Having begun in
one line, resolve to fight it
out on that line; to lead in it.
Adopt every improvement,
have the best machinery and
know the most about it.” –
Andrew Carnegie
If you think this statement is a mere fad,
then think again because it’s the truth in
its entirety. Aliko Dangote focused on
commodities and basic needs while Femi
Otedola concentrated on oil and gas. Jim
Ovia focused on banking. Cosmos
Maduka and Ade Ojo focused on
automobiles; Fola Adeola focused on
banking, Leo Stan Ekeh concentrated on
computers and Raymond Dokpesi focused
on broadcasting and entertainment. This
should tell you that concentration is a
key factor to succeeding in business.
4. They have a strong business mission
and vision
The Nigerian billionaires have a strong
business mission and vision; and these
two factors propel them to greatness.
Take away their business mission and
they are no more; this is because their
entrepreneurial spirit is in the mission of
their businesses. Take for instance:
Aliko Dangote, he is on a mission to
provide the basic needs of over 150
million Nigerians; Femi Otedola is out to
provide Oil and gas at a uniform price
with faster delivery. Fola Adeola is on a
mission to provide innovative banking
services to Nigerians; Leo Stan Ekeh
wants to put a computer in every home
and Raymond Dokpesi is out to give
Nigerians uncompromised news and
information on happenings. A strong
business mission and vision is the reason
these men emerged successful.
5. They are excellent networkers
The richest people in Nigeria became rich
because they are good networkers. They
network among themselves and even
patronize each other’s services; and when
a big deal is on board, t hey pool their
resources together, form a consortium,
execute the deal and split the profits.
This is why they emerged the richest
people in Nigeria.
6.They are Competitive
The Nigerians billionaires listed above are
very good at networking with each other;
yet, they still compete against each other
when the need arises. You can see an
example of this when Aliko Dangote used
MRS Group to compete against Femi
Otedola for the shares of Chevron Nigeria.
The richest people in Nigeria know that
nothing comes easy and life is not fair;
so they fight with all they’ve got to stay
in business. Competitiveness and the
ability to stay afloat are essential to
survival in business.
7. They think big
One attribute I love about Nigerian
billionaire entrepreneurs is that they are
big thinkers. They think big and love to
do big things. Despite the fact that they
started small; they dreamed big.
Aliko Dangote is the largest cement
manufacturer in Africa and also wants to
build the biggest refinery in West Africa,
Femi Otedola is the largest diesel
importer in Nigeria; Ifeanyi Uba’s Capital
Oil and Gas is the largest importer and
distributor of Kerosene.
Jimoh Ibrahim runs Nicon ( the biggest
insurance company in Nigeria), and
Raymond Dokpesi owns the first
indigenous cable network television in
Nigeria. So if you are going to leave a
legacy in life, then you must think big
and act big.
8. They are flexible
Flexibility is one of the strengths of the
richest people in Nigeria. They
understand the terrain very well; they
know that the government is the most
inconsistent body so far, so they prepare
themselves forehand. They keep an eye
on the ever changing pattern of the
government and swiftly adjust their
businesses to align with such change.
They are also quick to adapt to current
situation and trend while their
competitors are still grappling with the
reality on ground.
9. They are opportunist
The richest people in Nigeria are
opportunists; they know how to take
advantage of situations. Where others see
problems, these set of individuals see
opportunities and start a business around
such opportunity. While other Nigerians
shy away from adversity; these men
embrace adversity because they know
that behind every adversity is
opportunity.
“Behind every adversity is an
opportunity. If you lament
over the adversity, you will
miss the opportunity.” –
Ajaero Tony Martins
They know that wealth lies in their ability
to convert problems into opportunities
and value; just like the ancient alchemists
that tried to turn lead into gold.
“A good businessman must
have nose for business the
same way a journalist has
nose for news. Once your
eyes, ears, nose, heart and
brain are trained on
business, you sniff business
opportunities everywhere. In
places where people see a
lot of obstacles, I see a lot of
opportunities. At times, there
is something instinctive in
me that tell me a business
opportunity exist even at a
place where others see
nothing. That is what makes
me different, maybe unique.
A good businessman sees
where others don’t see. What
I see, you may not see. You
cannot see because that is
the secret of the business…
the entire world is a big
market waiting for anybody
who knows the rules of the
game.” – Orji Uzor Kalu
10. They have a strong business
management team
It is often said that behind every
successful man is a woman. In this case,
I will say that behind every successful
entrepreneur is a strong business
management team. The presence of a
business team is the reason why Nigerian
billionaire entrepreneurs and richest
people can swiftly take advantage of
opportunities; raise capital and run
multiple businesses while minding their
family affairs. A business team is vital in
your transition from a small business to
a big business.
11. They love Nigeria
Above all the success secrets of the
richest people in Nigeria, this is the
greatest. Love for Nigeria made the
Nigerian billionaire entrepreneurs invest
heavily in the country. They have all it
takes to move their investment elsewhere
but they chose to invest in Nigeria
because they believe in Nigeria.
This factor is so prevalent that even Aliko
Dangote advocated the need for
entrepreneurs to firmly believe in Nigeria;
instead of going abroad in search of
greener pasture. This is to say that if you
must strike it rich in your country; then
you must believe in your country.
As a final note, these are the eleven
secrets that are responsible for the
success of the richest people in Nigeria. If
you want to join this list of Nigerian
billionaires; if you want to imprint your
name on the sands of time, then replicate
these strategies and I will see you at the
top.