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Aliko Dangote Tops Forbes Africa’s 40 Richest List – 11 Other Nigerian Business Moguls, including Mike Adenuga, Folorunsho Alakija, Hakeem Belo-Osagie & Jim Ovia also Make the List



For the second year running, Nigerian business mogul, Aliko Dangote tops Forbes Africa’s 40 Richest list with a net worth of $ 12billion from $10.1 billion in November 2011.

According to Forbes, most of his net worth lies in publicly traded Dangote Cement which operates in 14 African countries. Nicky Oppenheimer of South Africa comes in once again as the second richest, with a $6.4 billion fortune – down $100 million from the previous year.

The coveted list features 12 Nigerian business moguls including Mike Adenuga, who ranks in the 5th position with a net worth of $4.6 billion from his telecoms and oil companies, Jim Ovia, who ranks in the 19th position with a net worth of $825 Million, Abdulsamad Rabiu, who heads BUA Group and is ranked 21st with a net worth of $675 Million, and Folorunsho Alakija, who is one of two women and ranked 24th with a net worth of $ 600 Million from the oil sector.

Just below Folorunsho Alakija on the list is 73 year old former Nigerian defense minister Theophilus Danjuma with a net worth of $600 Million from the oil sector at the 24th position, next to Theophilus Danjuma is 68 year old former banker and Honey Well group founder, Oba Otudeko with a net worth of $575 Million.

At the 27th position is Mohammed Indimi with a net worth of $550 Million from the oil and gas sector. At 82 years old, O.B. Lulu-Briggs also makes the list on the 31st spot with a net worth of $500 Million from the oil sector. On the 37th position is Sani Bello, former Nigerian military governor from Kano state and a one-time ambassador to Zimbabwe with a net worth of $425 Million.

Standing tall at the end of the list is Hakeem Belo-Osagie, the 57 year old Harvard-trained petroleum economist with an estimated $400 Million net worth from the oil sector.

To read all about Forbes Africa’s 40 Richest and their profiles, Click here

View the full Forbes Africa’s 40 Richest List
Rank Name Net Worth ($ mil) Age
1 Aliko Dangote

Aliko Dangote

$12,000 55
2 Nicky Oppenheimer & family

Nicky Oppenheimer & family

$6,400 67
3 Johann Rupert & family

Johann Rupert & family

$5,700 62
4 Nassef Sawiris

Nassef Sawiris

$5,500 51
5 Mike Adenuga

Mike Adenuga

$4,600 59
6 Christoffel Wiese

Christoffel Wiese

$3,700 71
7 Othman Benjelloun

Othman Benjelloun

$2,750 80
8 Patrice Motsepe

Patrice Motsepe

$2,650 50
9 Naguib Sawiris

Naguib Sawiris

$2,500 58
10 Mohamed Mansour

Mohamed Mansour

$2,200 64
11 Onsi Sawiris

Onsi Sawiris

$2,170 82
12 Miloud Chaabi

Miloud Chaabi

$2,100 83
13 Yasseen Mansour

Yasseen Mansour

$2,000 51
14 Youssef Mansour

Youssef Mansour

$1,950 67
15 Desmond Sacco

Desmond Sacco

$1,400 70
16 Anas Sefrioui

Anas Sefrioui

$1,350 55
17 Stephen Saad

Stephen Saad

$975 48
18 Sudhir Ruparelia

Sudhir Ruparelia

$900 56
19 Jim Ovia

Jim Ovia

$825 58
20 Shafik Gabr

Shafik Gabr

$720 60
21 Abdulsamad Rabiu

Abdulsamad Rabiu

21 Cyril Ramaphosa

Cyril Ramaphosa

$675 60
23 Lauritz (Laurie) Dippenaar

Lauritz (Laurie) Dippenaar

$625 64
24 Folorunsho Alakija

Folorunsho Alakija

$600 61
24 Theophilus Danjuma

Theophilus Danjuma

$600 73
26 Oba Otudeko

Oba Otudeko

$575 68
27 Raymond Ackerman

Raymond Ackerman

$550 81
27 Mohammed Indimi

Mohammed Indimi

$550 64
29 Samih Sawiris

Samih Sawiris

$525 55
30 Said Salim Bakhresa

Said Salim Bakhresa

$520 63
31 Isabel dos Santos

Isabel dos Santos

$500 39
31 Moulay Hafid Elalamy

Moulay Hafid Elalamy

$500 52
31 O.B. Lulu-Briggs

O.B. Lulu-Briggs

$500 82
34 Alami Lazraq

Alami Lazraq

$490 62
35 Gerrit Thomas (GT) Ferreira

Gerrit Thomas (GT) Ferreira

$480 64
36 Koos Bekker

Koos Bekker

$450 59
37 Sani Bello

Sani Bello

$425 69
38 Jannie Mouton

Jannie Mouton

$415 65
39 Naushad Merali

Naushad Merali

$410 61
40 Hakeem Belo-Osagie

Hakeem Belo-Osagie

$400 57

Credit: Forbes


  1. ola

    November 21, 2012 at 1:26 pm

    too much money ooo.. more here at

  2. missBonnie

    November 21, 2012 at 1:38 pm

    Now is to find one of their sons to marry 😀

    • sofy

      November 21, 2012 at 2:19 pm

      Just got the words out of my mouth!oops

  3. zino

    November 21, 2012 at 2:18 pm

    lmaooo @missbonnie i feel u oh.. Na to find son abi daughter to marry

  4. Glam

    November 21, 2012 at 2:35 pm

    No woman made the list *sadface* watch out 4 me! But Nigerians tried sha.

    • R

      November 21, 2012 at 10:50 pm

      Folorunsho Alakija od

    • N

      November 22, 2012 at 1:12 am

      Folorunsho Alakija is a woman

  5. Ada

    November 21, 2012 at 3:07 pm

    This oil sector, THIS OIL SECTOOOORR!!! It shall not pass me by. It is me and this oil sector.

  6. oge

    November 21, 2012 at 3:24 pm

    Baba God please give me my own riches, I don tire to dey suffer

  7. lucabracee

    November 21, 2012 at 3:25 pm

    hmmm if i had all the unfair advantages and monopoly dangote enjoys with the corrupt political class/leadership who have sustained his unfair business practises I’m sure i ll be worth even more than 12billion dollars because i will be into everything imaginable…they should ask dapo doherty,ibeto cements,olu fagbemi and a host of other young, smaller, rice/cement,sugar e.t.c importers dangote has managed to bankrupt for daring to import the same staples he is selling using his minions at the port

    • Ovadje

      November 21, 2012 at 4:46 pm

      What “unfair advantages and monopoly”? Unfortunately, Nigeria has become a place where instead of folks acknowledging hard work and industry (and trying to emulate same), they hide their innate laziness and an increasing entitlement mentality behind scapegoating and fingerpointing. Is Dangote the only Nigerian to have received an import license (and let’s even forget for a moment that was back in the 1970s and 1980s)? What happened to the other beneficiaries of licenses? While the man has diligently turn his wholly import business into an industrial conglomerate, most other “rich” Nigerians are still chasing govt contracts and patronage. While most rich Nigerians are still myopically concentrating on their village or state, this man has sited large-scale manufacturing plants all over Nigeria (and has now expanded to other African countries) and has not only created direct and indirect employmentfor mysriad Nigerians (from unskilled to skilled to suppliers and sundry subcontractors) and livelihoods for their families and dependents but has created public infrastructure (from power plants to roads) along the way and nutured small businesses. Please take a bow Aliko and let the haters drown in their own bitter bile. SMDH

    • Boo

      November 21, 2012 at 5:49 pm

      Go and look up the word monopoly before commenting. When you are the sole distributor of most of the basic commodities, its had not to turn significant profits. Unfair business advantage is what i call it.

    • lucabracee

      November 21, 2012 at 5:56 pm

      I’m sorry but i don’t think you have any clue what goes on in that industry.if i don’t know any of the major players at least i know 2 of the people mentioned in my comment i.e olu fagbemi and dapo doherty..if you know anyone who is into importation these 2 guys are big although not as big as the early 2000s when olu fagbemi tried to bring sugar into nigeria dangote almost bankrupted him,same goes for dapo doherty..dangote bought the cement company and shut it down in order for it not to affect the prices he has sure you know how much bill gates was fined for unfair monopoly that many years ago?
      a bag of cement is sold in b and q a uk hardware store for the naira equivalent of 1,000 naira cheaper if you are buying in pallets which do you think the price of poorer quality cement in big has never gone below 1000naira in the past almost ten years?
      do you know how many business ppl have bantered into sugar,fertiliser,rice importation and dangote has used the customs man in charge of the port to place an artificial embargo on their shipment? trumped up charge and you won’t be allowed to offload,meanwhile demurrage is counting daily bank loans is counting daily when you eventually get your shipment after considerable losses dangote will now undercut you by more than half say you have to sell your cement for 10naira to even break even pay the banks and make no profit dangote will sell for 4naira just to break you know how many businessmen water has mysteriously entered their cement ?

      ask those who know dangote well,if you mess with him its at your own mortal risk

    • Naija4life

      November 21, 2012 at 7:43 pm

      Ovadje u are soooooo uninformed and naive…I’m sure there are 5 yr olds that know about monopoly and unfairness in the business sector boosted by a corrupt government….The average Nigerian loves money and I ambitious so its not about hating or fingerpointing…pls get informed and know your facts

  8. phantom

    November 21, 2012 at 4:32 pm

    I totally agree with you lucabracee. Thats not to however discredit his business savy because given the opportunities he has, some people will still flop.

    Cant say i’m a huge fan of his business tactics but i admire a man who owns half the country and doesnt wear his wealth on his sleeves.

  9. sammy

    November 21, 2012 at 5:31 pm

    Did anyone noticed Nigerians are the only black people there, the rich south africans are all white and the north african rich ones are arabs………are there no black entrepreneur in other african countries?????

    no wonder Nigerians dominate everything black in Africa

    • Cynthia

      November 21, 2012 at 6:06 pm

      Cyril Ramaphosa and Patrice Motsepe are black South Africans.

    • Soraya

      November 21, 2012 at 6:59 pm

      What part of geography do you not understand, my dear friend Sammy??? North African countries describe themselves as ‘Arab’, hence most billionaires from North Africa will be Arab. If you look at the list of rich South Africans (or more specifically, Southern Africa) carefully, you will spot a couple of black people- Ramaphosa, dos Santos, etc

  10. faith

    November 21, 2012 at 5:36 pm

    GOod for him n d rest of dem….

  11. John

    November 21, 2012 at 6:29 pm

    How come all the Nigerians on this list except for Dangote, Jim Ovia and Osagie made their money from oil? Is Nigeria a welfare state for the rich, where people with friends in government get awarded oil blocs and they all smile to the bank? I don’t see any hard work here. It shows that the Nigerian economy is still not diversified. Oil remains our mainstay. Forbes list the source of wealth as “oil, self made” when a better description would have been “oil, welfare.” Between these oil block folks and the oil marketers, they are the reason the government has to borrow money every year to close her budget. Something is definitely wrong here. Let them all go create real companies.

    • happyhilly

      November 27, 2012 at 12:58 pm

      Thank you dear John. Looking forward to REAL firms built on sound business principles propping up the next generation of Nigeria’s (and Africa’s) wealthiest people

  12. Lola

    November 21, 2012 at 8:31 pm

    @glam…did you say no woman made the list?? What about Folorunsho Alakija? She’s a woman o and she also made her money from oil.

  13. Tope

    November 21, 2012 at 9:23 pm

    Open their forbes profiles and notice how many of nigeria’s billionaires are in some way, connected to either Babangida, Abacha or Obasanjo. No wonder Babangida and Obasanjo will never be prosecuted for their corrupt practices while they were in government.

  14. iamfascinating

    November 21, 2012 at 9:34 pm

    we would all be great, just find God, your passion and loads of tenacity.

  15. NNENNE

    November 22, 2012 at 5:27 am

    @John… I hear you!

  16. NNENNE

    November 22, 2012 at 5:31 am

    We must be proud of these billionaires, at least , they are investing in Nigeria unlike those thieves that ship the money abroad.

  17. darry

    November 22, 2012 at 5:41 am

    where is dbanj , wizkid and kwam 1 onthis list?

  18. Monica

    November 22, 2012 at 8:01 am

    Its funny how former nigerian politicians are on the list. Its only in corrupt countries where you have people amassing vast amounts of money as a result of being in political office…no wonder politics is a Do-or-Die affair in Nigeria….its so lucrative…

  19. Adeori Omoba

    November 22, 2012 at 8:55 am

    When God Decides To Bless You,No Man Can Curse ….”Aye O Le Pa Kadara Da,Won Kan Le Fi Owo Ago Si Eyin Ni”

  20. Abujakenneth

    November 22, 2012 at 4:06 pm

    Unfortunately no Igbo man dey there. The after effect of war. God will see us through

    • Cynthia

      November 22, 2012 at 5:14 pm

      Jim Ovia is Delta Igbo.
      God will see us all through and perhaps one day you and I can be on the list 🙂

  21. Ovadje

    November 22, 2012 at 5:34 pm

    BOO: Aliko Dangote is not a “distributor”. if anything, he has created jobs for distributors.

    NAIJA4LIFE: What does “loving money” has to do with hard work and/or vision? You think all those looters in govt (or even armed robbers) do not love money?

    LUCABRACEE: What has so-called “big” importers have to do with Dangote, who long ago transitted from importing (which frankly anyone can do) to manufacturing. How can Dangote shut down one cement plant (and btw, he has quadrupked production at BCC Gboko, which was moribund in the hands of govt before privatization, like Nkalagu still is) when LaFarge WAPCO (formerly Blue Circle) had much bigger plants in Nigeria, until Dangote’s Obajana plant came on stream? Do you think that perhaps the demand for cement in Nigeria (where production was lagging until recently) has anything to do with prices? Btw, this same Dangote bid for Eleme Petrochemicals and LOST. Today, he is about to break ground on what would be Africa’s biggest fertilizer plant in Edo State (not in his village, like most xenophobic Nigerians). That’s how he moves forward and grows bigger, while haters stay hating.

  22. Temitope Adewoye

    November 23, 2012 at 12:11 am

    So happy a woman is on the list, soon and very soon would be on this list too!

  23. NSG

    November 23, 2012 at 11:42 am

    How did people like Danjuma make their money? In the army?

  24. nina onita

    November 27, 2012 at 2:53 pm

    isnt mrs. alakija that eme dj’s mom? cuz i know she got four boys only…hmmmm

  25. 40 most profitable business in nigeria

    August 26, 2013 at 1:28 pm

    I still believe that Dangote still have alot to offer (o africa. We love you Aliko Dangote

  26. God push your mouth

    December 11, 2013 at 4:04 pm

    Useless Nigeria people wen no g0 find job,na to dey talk rubbish all the time,who get money and who no get money,useless youth

  27. God push your mouth

    December 11, 2013 at 4:06 pm

    Why is that Nigeria think they are the best in Africa,my brother make una travel see.

    Useless bunch of jobless youth

  28. Pastor Keith Jones

    May 3, 2014 at 3:20 am

    I sent the bank $2,225 all ready with out them doing the transfer of $4.5mill.

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