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Exclusive List of 11 Richest Nigerians in 2011: Their Net Worth, How They Got Rich

By | April 14, 2012

No 3. Oba Otudeko

Networth: $2.4 billion
Age: 69
Source: Manufacturing, Investments

Ayoola Oba Otudeko (born August 18, 1943) chairs the board of a number of companies including Honeywell Group of Companies, a Nigerian-based conglomerate and holding company with strong international presence.

Ranked 24th richest man in Africa by Forbes magazine Otudeko’s networth is mostly due to his Honeywell Group, a conglomerate founded in the 1980s that is involved in oil & gas, flour milling, engineering, real estate and marine transportation. The Honeywell Flour unit of the group is publicly traded but revenues for the rest of the group’s interests are not disclosed.

Otudeko also owns a 14% stake in Bharti Airtel’s Nigerian wireless phone operations, a company believed to be worth at least $2 billion. Oba Otudeko owns a controlling stake of Radisson Blu, a luxurious 5-star oceanfront hotel in Victoria Island, Lagos. Otudeko is also the largest individual shareholder in First Bank of Nigeria, one of West Africa‚Äôs largest financial institutions. His stake in First Bank is about 1%. Based on figures from recent annual reports and market agencies Otudeko’s stake in Honeywell Flour Mills is worth in the region N 4.8 billion ($32million) and his First Bank investment with a market worth of about N4.79 billion ($31.3 million). His stock market investments are worth roughly $70 million. He clearly derives most of his networth from his other private units of the Honeywell Group and several stakes he owns in companies like the Oceanfront Hotel, Bharti Airtel Nigeria etc.

View Next >> – No 4. Sayyu Dantata

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13 thoughts on “Exclusive List of 11 Richest Nigerians in 2011: Their Net Worth, How They Got Rich

  1. Chuks

    I hereby bless all the 11 eminent and notable Nigerians who made this exclusive list. I am decreeing and praying for Aliko Dangote to become the World’s richest man in the soonest possible time. African Entrepreneurs will dominate the world because we are here to stay. Thank you Naira Brains for this post.

    May the winds of Prosperity avail us all much good.

  2. Yahaya

    Some of your info are incorrect. Sayyu Dantata is not a cousin of Aliko Dangote, rather he’s his half-brother as both are the sons of Dr. Mariya Sanusi Dantata.

    1. Paul Eze Post author

      Thanks for stopping by and taking the time to point somethings out

  3. Maureen peres d yerinmene

    I aknowledged the effort of alhaji aliko dangote for emerging the richest man in the africa and 76th man in the world today. I pray may the good lord gives him the strength and the desire to become the richest man in the world just as carlos slim and bill gate in the world today

    1. Paul Post author

      The amounts are in US Dollars as indicated in the article

  4. FaithKeen

    I applause Mr. Aliko Dangote if you is giving back to the people in his country to give them a better life and to grow the country because I like to visit there one day.

  5. Ikenna

    I think there are more richer Nigerians, is this list really exhaustive?

    1. Paul Post author

      This is not meant to be an exhaustive list. We try to showcae the richest 11 in 2011. However we also carry more research to expand the list. The challenges of access to information and record keeping also affects compilation of lists like this.


    I want to be associated with Aliko Dangote for the funding of my NGO’S projects.
    They need to know how peace must reign in our nation Nigeria.

    Also for my personal development and some community development.

    Thank you.

    Best regards


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