Nigeria is home to some of Africa’s richest individuals, with about 8,200 high-net-worth people, according to Henley & Partners. These billionaires have built vast fortunes and continue to grow their wealth year after year. But how do they do it? What keeps them on top while others struggle to stay rich?

From business giants like Aliko Dangote and Mike Adenuga to banking moguls like Tony Elumelu and Jim Ovia, Nigeria’s richest men follow key strategies that keep them wealthy. Let’s break down the secrets behind their financial success in the simplest way possible.

They invest in big industries

One thing common among Nigeria’s richest men is their involvement in industries that are always in demand. They put their money in areas like:

  • Cement and Construction – Dangote dominates this sector with Dangote Cement.
  • Oil and Gas – Mike Adenuga owns Conoil and has stakes in the energy business.
  • Telecommunications – Adenuga’s Globacom is one of Nigeria’s biggest telecom companies.
  • Banking and Finance – Tony Elumelu and Jim Ovia have made fortunes in banking.
  • Agriculture and Manufacturing – Abdulsamad Rabiu’s BUA Group is a key player here.

These billionaires don’t invest in random businesses. They choose industries that power the economy and bring in steady profits.

They own multiple businesses

One of the smartest moves these men make is not putting all their money in one place. Instead, they spread their investments across different sectors.

For example:

  • Dangote started with cement but expanded into sugar, salt, and oil refining.
  • Tony Elumelu has businesses in banking, hospitality, and power generation.
  • Abdulsamad Rabiu built wealth in cement, sugar, and real estate.

By diversifying, they protect their wealth. If one business struggles, the others keep them afloat.

They build and control infrastructure

Nigeria’s richest men don’t just buy businesses—they build things that last. Dangote, for example, didn’t just invest in the oil sector. He built Africa’s largest refinery, which will supply fuel for years to come.

Infrastructure projects like refineries, factories, and real estate developments help these billionaires stay rich because:

  • They generate profits for decades.
  • They create jobs and strengthen the economy.
  • They reduce dependence on imports, making their businesses even more valuable.

They expand beyond Nigeria

After securing the local market, these billionaires look for opportunities abroad. Dangote’s cement plants are in several African countries. Glo, owned by Mike Adenuga, operates in Ghana and Benin. By expanding, they earn in multiple currencies and grow their influence.

They buy and merge with other businesses

Wealthy Nigerians don’t always start new businesses from scratch. Sometimes, they buy existing ones or merge with competitors to become even bigger. This helps them:

  • Remove competition.
  • Gain access to better technology and resources.
  • Expand their market share quickly.

They maintain government relationships

Running big businesses in Nigeria means dealing with regulations, policies, and government agencies. These billionaires maintain strong ties with the government to ensure their businesses continue operating smoothly. 

While they don’t rely on government contracts, staying in good standing with policymakers helps them avoid unnecessary challenges.

They innovate and adapt

The world is changing fast, and Nigeria’s wealthiest men know that staying rich means staying ahead. They invest in innovation and new ideas. For example, Dangote’s oil refinery is a game-changer, reducing Nigeria’s need for imported fuel. Tech-driven investments in banking, telecoms, and logistics also keep them ahead of competitors.

They think long-term

Unlike some people who chase quick money, Nigeria’s richest men focus on long-term growth. They reinvest their profits, take calculated risks, and build businesses that will last for generations.

Take Tony Elumelu as an example. His investments in United Bank for Africa (UBA) and other sectors continue to grow, making him one of the most influential business leaders in Africa.