10 Most Successful Business Families in Nigeria

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In a country like Nigeria, where the population is about 220,173,985, some families have remarkably stood out as billionaires and millionaires.

Some of these families started with little, while others added to their wealth. Some are prime illustrations of “Old Money,” which is passed down from one generation to the next.

This article is about some Nigerian families who have excellently succeeded in making and maintaining fortunes through the family business.

With hard work, resilience, and persistence, some diligent and die-hard Nigerian entrepreneurs have amassed their wealth through various business ventures, and, to date, they continue to top the list of wealthy men and they have also gone ahead to build successful family businesses.

The Dangote Family ($ 13.5 Billion)

The Dangote Family is one of the wealthiest families in the country. The head of the business is Aliko Dantata-Dangote, a famous billionaire and the richest man in Nigeria and Africa. He is the CEO of Dangote Group the largest industrial conglomerate in West Africa with various divisions like Dangote Cement, Dangote Flour, and Dangote Refinery.

His source of wealth is through cement and beverages production, auto manufacturing, and fertilizer production. He is the founder and chairman of Africa’s largest cement producer, Dangote Cement. He owns 85% of his company, with a net worth of $13.5 Billion.

Chief Al-Hassan Dantata, Dangote’s father, was also a rich businessman who was a major supplier of raw materials in the colonial era. As of 1950, he was one of the wealthiest men in West Africa. Other famous businessmen in the family include; Mamuda Dantata and Mudi Dantata.

The Abdul Samad Family ($ 7.6 Billion)

With an interesting net worth of $7.9 billion, the Abdul Samad family is surely basking in wealth. Abdul Samad Rabiu is the head of the family business and the founder of BUA Group, a Nigerian conglomerate involved in the production of cement, sugar refining, and real estate.

The 62-year-old Kano-born businessman started his business importing iron, steel, and chemicals, he inherited land from his father, a successful businessman.

The journey to the richness of the Rabiu Family began with the late Khalifah Isyaku Rabiu, a brilliant industrialist who achieved huge success between the ‘70s and ‘80s in Kano state, Nigeria. His legacy got carried on by his son, Abdul Samad Isyaku Rabiu, the popular Nigerian billionaire businessman who has accrued enormous wealth from profits generated by his company, BUA Group.

Mike Adenuga ($ 6.3 Billion)

One of the most successful families in Nigeria is the Adenuga family. Mike Adenuga, a business tycoon in Nigeria’s telecom industry, continued the family’s legacy.

He owns Globacom Telecommunication, Nigeria’s second-largest telecom company. In Ghana and the Republic of Benin, it also conducts business. Also, he has business interests in banking and oil development.

The Tinubu Family ($ 4 Billion)

The president-elect of the Federal Republic of Nigeria Asiwaju Bola Tinubu is the forerunner of the Tinubu family.

Tinubu is popularly regarded as the Jagaban of Lagos state. This makes him one of the richest politicians in Nigeria. A member of the family, Wale Tinubu is Oando PLC’s group chief executive, a lawyer, and a business professional from Nigeria. He started working as an attorney in 1990, specializing in corporate and petroleum law cases.

Bola Tinubu’s wife, Oluremi Tinubu is likewise some other distinguished family member. She is a Senator of the Federal Republic of Nigeria.

The Elumelu Family ($ 1.9 Billion)

The name “Elumelu” has become very popular in Nigeria today because of one man; his name is Tony Onyemaechi Elumelu and he is an extremely brilliant Economists and philanthropist from Nigeria. He founded The Tony Elumelu Foundation and serves as chairman of Heirs Holdings and Transcorp.

Tony is the head of the Elumelu family.

Many people got to know him better when he was the Chairman of the United Bank of Africa (UBA) before his retirement in 2010.

Elumelu is married to Awele Vivien Elumelu, a medical doctor. They have seven children together.

Emeka Offor (2.9 Billion)

This family is one of the richest family in Nigeria, though they do not make much appearance. The family is managed by Emeka Offor, a businessman, philanthropist, and oil magnate from Nigeria.

He is the creator of the Sir Emeka Offor Foundation and the previous chairman of Erhc Energy Corp. He is also the CEO of Chrome Group, one of the major oil and gas conglomerates in West Africa.

The Otedola Family ($2.7 Billion)

This is the Family of Famous oil BillionaireFemi Otedola, father to four rich children, Florence (DJ Cuppy), Temi, Fewa, and Tolani Otedola.

Otedola, the head of the family is a billionaire, owner of Forte oil, Zenon Petroleum and Gas Ltd along with a couple of other Real estate, Finance, and Shipping businesses. Femi Otedola is also the owner of multiple homes both at home and abroad.

His firstborn daughter, Tolani is a rich young lady and a singer. Florence Otedola popularly known as DJ cuppy is a celebrity Nigerian Disk jockey and Nigerian Ambassador. The third born of the Otedola Family is Temi Otedola, she’s a Nigerian actress who’s engaged to Mr. Eazi, a famous Nigerian artiste and billionaire.

One of the wealthiest families in Nigeria is the Otedola family. Femi Otedola, the chairman and CEO of Forte Oil PLC, an importer of fuel products, is the family’s primary income provider.

He founded Zenon Petroleum and Gas Ltd. and owned a number of other companies, including ones in shipping, real estate, and banking. Femi is also a significant player in Nigeria’s power sector.

The Adeleke Family

The Adelekes remain one of the influential family in Nigeria, headed by Adedeji Adeleke.

Having strengthened himself by receiving the best education, Adeleke was capable of receiving at the highest level and then went back to Nigeria to take part in the Nigerian National Youth Service Corps Plan. He continued on to form Pacific Holdings in December 1983 after earning all of his degrees.

Via Pacific Drilling Company Ltd, which specializes in geographical surveys, water treatment, borehole drilling, and many other activities, he established Pacific Holdings. On December 28th, 1990, the business was later formed as a Limited Liability Corporation. Pacific Holdings now offers freight services in addition to energy and power generation.

Adedeji Adeleke, a well-known billionaire, is the owner of numerous properties located both domestically and overseas.

Danjuma Family ($ 1 Billion)

There is no way anyone can make a list of the richest families in the northern part of Nigeria without including the Danjuma Family among the top 10. This is because the reputation and wealth of the family date as far back as the era of military rule in Nigeria.

The story of this family began with General Theophilus Yakubu Danjuma – a super-successful Nigerian politician and businessman who amassed enormous wealth from investing in petroleum and shipping businesses.

Alakija Family ($1 Billion)

Out of the entire families on this list, the Alakija Family is probably the only one that is currently being led by a fearless and highly intelligent woman. Folorunso Alakija; the only Nigerian billionaire businesswoman that is at the war front for her family.

She manages several businesses and has accumulated so much wealth from her diversified portfolio of investments in real estate, fashion, large-scale printing, and oil. She currently stands at the top of Forbes list as the richest woman in Nigeria with an estimated net worth of ₦382 billion ($1 billion).

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