2. Mike Adenuga: $9.9 billion

A telecoms and oil billionaire, Adenuga studied at university in the U.S. and worked as a taxi driver to fund his education. Globacom, his mobile phone network, is the second largest in Nigeria, and the 64-year-old also owns six oil blocks in the Niger Delta, a massive oil-producing region in the south of the country that has recently been hit by militant attacks. He founded the Mike Adenuga Foundation, a philanthropic organization which operates across Africa.

femi otedola
Femi Otedola pictured at a Trey Songz concert in Lagos, Nigeria | HF Magazine

3. Femi Otedola: $1.85 billion

The 54-year-old from Lagos made his fortune distributing Nigeria’s black gold: Otedola’s company, Forte Oil, controls more than 500 gas stations across Nigeria. The son of a former governor of Lagos State, Otedola also has interests in power generation and finance. One of his daughters is a popular DJ who played at the inauguration of Nigerian President Muhammadu Buhari. He supports various charitable causes and donated 300 million naira (now worth $95,000) to the construction of a Christian worship center in 2005.

Folorunsho Alakija
Folorunsho Alakija

4. Folorunsho Alakija: $1.55 billion

Nigeria’s first female billionaire, Alakija, 66, has earned her wealth in the fashion and oil industries. Her first company was an elite fashion label which produced clothes for the wives of Nigerian leaders, while the oil company she founded, Famfa oil, has a large stake in one of Nigeria’s most lucrative oil blocks. She also heads a foundation that supports widows and orphans in Nigeria.

5. Abdulsamad Rabiu: $1.1 billion

Rabiu, 56, is the founder of BUA Group; the conglomerate has interests including sugar, rice, edible oil, cement and real estate. His father, Isyaku Rabiu, was arrested in the 1980s under Buhari—then a military ruler in Nigeria—on charges including rice hoarding, and Rabiu took charge of his father’s business during the latter’s detention. His business also has a charitable foundation.

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All estimates of wealth are taken from Forbes’ “The Black Billionaires 2016” report, published in March 2016, as per Oxfam’s report. The wealth of the individuals in question may have fluctuated since.