When it comes to wealth in Nigeria, the oil industry stands out as one of the most lucrative sectors. Many of Nigeria’s billionaires built their fortunes through the oil and gas business, and their success stories continue to inspire millions.
This article gives you a detailed breakdown of the top 10 richest oil magnates in Nigeria and their net worth in 2025, their investments, businesses, and how they amassed such great wealth.
If you’ve ever wondered who the richest oil magnates in Nigeria are, how much they are worth, and what companies they own, keep reading — everything you need to know is explained clearly in this guide.
Who Are the Richest Oil Magnates in Nigeria?
In Nigeria, oil magnates are individuals who have earned massive wealth by owning or controlling oil exploration, production, refining, or distribution businesses. These individuals play significant roles in Nigeria’s economy as employers, investors, and philanthropists.
They made their fortunes by investing early in oil blocks, partnering with multinational oil companies, and building indigenous firms that dominate the sector today.
Below is a full list of the top 10 richest oil magnates in Nigeria and their net worth in 2025, ranked in descending order.
Top 10 Richest Oil Magnates in Nigeria and Their Net Worth (2025)
| Rank | Name | Estimated Net Worth (₦) | Estimated Net Worth ($) | Major Oil Company/Investments |
|---|---|---|---|---|
| 1 | Aliko Dangote | ₦9.5 trillion | $6.2 billion | Dangote Refinery & Petrochemicals |
| 2 | Mike Adenuga | ₦5.4 trillion | $3.5 billion | Conoil Producing |
| 3 | Femi Otedola | ₦1.3 trillion | $850 million | Forte Oil (now Ardova PLC) |
| 4 | Arthur Eze | ₦720 billion | $500 million | Atlas Oranto Petroleum |
| 5 | Theophilus Danjuma | ₦600 billion | $400 million | South Atlantic Petroleum |
| 6 | Benedict Peters | ₦580 billion | $380 million | Aiteo Group |
| 7 | Igho Sanomi | ₦460 billion | $300 million | Taleveras Group |
| 8 | ABC Orjiako | ₦430 billion | $280 million | Seplat Energy |
| 9 | Wale Tinubu | ₦410 billion | $270 million | Oando PLC |
| 10 | Mohammed Indimi | ₦380 billion | $250 million | Oriental Energy Resources |
1. Aliko Dangote
Aliko Dangote is not just Nigeria’s richest oil magnate but also the wealthiest man in Africa. Although most people know him for his cement empire, his oil investments have grown substantially.
In 2025, Dangote’s net worth from his oil-related businesses is estimated at ₦9.5 trillion ($6.2 billion). His flagship project is the Dangote Refinery, which is among the largest in the world, producing refined petroleum products for domestic and export markets.
His investments in petrochemicals and fertilizers also make him one of the most influential figures in the African energy sector.
2. Mike Adenuga
Mike Adenuga, founder of Conoil Producing, is Nigeria’s second-richest oil magnate. His oil business started decades ago when he acquired drilling rights and developed oil blocks offshore and onshore.
His estimated net worth in 2025 is about ₦5.4 trillion ($3.5 billion). Apart from Conoil, Adenuga also has interests in telecommunications and real estate.
3. Femi Otedola
Femi Otedola made his name through Forte Oil (now Ardova PLC) before selling a significant stake in the company and diversifying his investments.
As of 2025, his estimated net worth from oil and other ventures is around ₦1.3 trillion ($850 million). Otedola remains an influential investor in energy, power generation, and finance.
4. Arthur Eze
Arthur Eze, often called the “Prince of Oil,” is the owner of Atlas Oranto Petroleum, one of the largest privately-held oil exploration firms in Africa.
In 2025, his net worth stands at about ₦720 billion ($500 million). Arthur Eze has oil assets in multiple African countries and continues to expand his business empire.
5. Theophilus Danjuma
Theophilus Danjuma, a retired general and businessman, owns South Atlantic Petroleum, an indigenous oil exploration and production company.
His estimated net worth in 2025 is around ₦600 billion ($400 million). Danjuma is also known for his extensive philanthropy and real estate holdings.
6. Benedict Peters
Benedict Peters is the founder of Aiteo Group, one of the largest privately-owned oil and gas companies in Nigeria.
In 2025, his net worth is about ₦580 billion ($380 million). Aiteo focuses on exploration, production, and downstream operations.
7. Igho Sanomi
Igho Sanomi is the founder of Taleveras Group, which operates in oil trading, exploration, and power generation.
His estimated net worth in 2025 is approximately ₦460 billion ($300 million). Despite facing challenges in recent years, Sanomi remains a key player in the oil sector.
8. ABC Orjiako
ABC Orjiako co-founded Seplat Energy, a company listed on both the Nigerian and London Stock Exchanges.
His estimated net worth in 2025 is around ₦430 billion ($280 million). Orjiako is also a medical doctor and philanthropist.
9. Wale Tinubu
Wale Tinubu is the Group CEO of Oando PLC, one of Nigeria’s leading oil and gas companies.
In 2025, his net worth is estimated at ₦410 billion ($270 million). Under his leadership, Oando has grown into an integrated energy company with operations across the value chain.
10. Mohammed Indimi
Mohammed Indimi, founder of Oriental Energy Resources, rounds off the list of Nigeria’s richest oil magnates.
His estimated net worth in 2025 is about ₦380 billion ($250 million). Indimi is known for his investments in upstream operations and philanthropy in northern Nigeria.
How Do Oil Magnates in Nigeria Make Their Money?
Oil magnates in Nigeria generate their wealth through various channels, including:
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Exploration and production of crude oil
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Refining and distribution of petroleum products
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Trading of oil and gas domestically and internationally
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Partnerships and joint ventures with multinational oil companies
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Investing in downstream infrastructure such as depots, pipelines, and petrol stations
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Exporting liquefied natural gas and petrochemicals
By diversifying their operations and leveraging Nigeria’s oil-rich reserves, these individuals have become some of the wealthiest people on the continent.
Comparison of the Richest Oil Magnates in Nigeria
To make it easier to compare the wealth of these oil magnates, here’s a quick summary table:
| Name | Estimated Net Worth (₦) | Estimated Net Worth ($) | Major Company |
|---|---|---|---|
| Aliko Dangote | ₦9.5 trillion | $6.2 billion | Dangote Refinery |
| Mike Adenuga | ₦5.4 trillion | $3.5 billion | Conoil |
| Femi Otedola | ₦1.3 trillion | $850 million | Forte Oil |
| Arthur Eze | ₦720 billion | $500 million | Atlas Oranto |
| Theophilus Danjuma | ₦600 billion | $400 million | SAPETRO |
| Benedict Peters | ₦580 billion | $380 million | Aiteo |
| Igho Sanomi | ₦460 billion | $300 million | Taleveras |
| ABC Orjiako | ₦430 billion | $280 million | Seplat |
| Wale Tinubu | ₦410 billion | $270 million | Oando |
| Mohammed Indimi | ₦380 billion | $250 million | Oriental Energy |
Frequently Asked Questions About the Richest Oil Magnates in Nigeria
Who is the richest oil magnate in Nigeria in 2025?
The richest oil magnate in Nigeria in 2025 is Aliko Dangote, with an estimated net worth of ₦9.5 trillion ($6.2 billion).
How did Nigeria’s oil magnates make their wealth?
They made their wealth by owning and investing in oil exploration, production, refining, and distribution businesses.
Are there any women among the richest oil magnates in Nigeria?
Currently, the top 10 richest oil magnates in Nigeria are all men, though there are rising female entrepreneurs in the sector.
Do these oil magnates engage in philanthropy?
Yes, most of them are known for donating to education, healthcare, and community development projects.
Is oil still a profitable business in Nigeria?
Yes, despite global shifts toward renewable energy, oil remains Nigeria’s largest source of revenue and wealth.
Final Thoughts on the Richest Oil Magnates in Nigeria (2025)
Nigeria’s oil magnates continue to shape the nation’s economy and inspire new generations of entrepreneurs. Their ability to identify opportunities, invest wisely, and navigate challenges in a volatile industry has made them some of the richest people in Africa.
By studying their stories, you can learn valuable lessons about entrepreneurship, resilience, and innovation.
Whether you admire their wealth, business acumen, or philanthropic efforts, the top 10 richest oil magnates in Nigeria show that success in the oil sector requires vision, patience, and hard work.