From oil fields and cement plants to telecom networks, manufacturing floors and architectural landmarks, these visionary leaders have shaped modern Nigerian enterprise and extended their influence across the continent. FAVOUR ABALAKA shines the spotlight on some of them

Aliko Dangote (Founder and Chairman, Dangote Group)

Aliko Dangote was born on April 10, 1957, in Kano into a wealthy trading family. His mother, Mariya Dantata, belonged to the prominent Dantata lineage; his maternal great-grandfather, Alhassan Dantata, was once regarded as West Africa’s richest man. His father, Mohammed Dangote, was a businessman. After his father’s death, young Aliko was strongly influenced by his maternal grandfather, Sanusi Dantata. He attended Sheikh Ali Kumasi Madrasa, Capital High School in Kano, and Government College, Birnin Kudu, before earning a degree in Business Studies and Administration from Al-Azhar University in Cairo. In 1977, with a loan from an uncle, he began trading cement, rice, sugar and other commodities in Lagos. The business grew rapidly into the Dangote Group. From the late 1990s he shifted decisively into manufacturing, building cement plants that made Dangote Cement Africa’s largest producer, alongside major sugar, flour, salt and other operations.

The group’s most ambitious project is the Dangote Refinery in Lagos, one of the world’s largest single-train facilities, aimed at ending Nigeria’s dependence on imported fuel. Dangote has been ranked Africa’s richest person for many years and is a major philanthropist through the Aliko Dangote Foundation.

Tony Elumelu (Founder and Chairman, Heirs Holdings; former Group Chairman, United Bank for Africa)

Anthony Elumelu was born on March 22, 1963 in Jos, Plateau State. He hails from Onicha-Ukwu in Aniocha North Local Government Area of Delta State. He studied Economics at Ambrose Alli University, where he earned a Bachelor’s degree, and later obtained a Master of Science in Economics from the University of Lagos. Elumelu began his professional journey during his National Youth Service Corps year at Union Bank of Nigeria in 1985. He later worked as a salesman before joining Allstates Trust Bank. In 1997, at the age of 34, he led a group of investors to acquire the distressed Crystal Bank, which was later renamed Standard Trust Bank. Under his leadership, STB was transformed into one of Nigeria’s top-tier banks. In 2005, he engineered the landmark merger of Standard Trust Bank with United Bank for Africa at the time the largest banking merger in sub-Saharan Africa. He became Group Managing Director and Chief Executive Officer of the enlarged UBA. During his tenure as CEO, he transformed UBA from a predominantly Nigerian bank into a true pan-African financial institution, expanding its presence to 20 African countries as well as offices in New York, London, Paris and Dubai. In 2010, following Central Bank of Nigeria regulations limiting the tenure of bank chief executives, Elumelu stepped down as CEO of UBA. That same year, he founded Heirs Holdings, his family-owned investment company, and the Tony Elumelu Foundation. Heirs Holdings invests across strategic sectors critical to Africa’s development, including financial services, power generation, oil and gas (through Heirs Energies), hospitality, real estate, healthcare and technology. He also chairs Transcorp Plc, one of Nigeria’s largest listed conglomerates. Elumelu later returned to UBA as Group Chairman. He held the position until August 21, 2026, when he retired after completing the maximum 12-year tenure allowed for non-executive directors under Central Bank of Nigeria corporate governance guidelines. A leading proponent of Africapitalism the philosophy that the private sector must play a central role in Africa’s economic transformation Elumelu has become one of the continent’s most influential investors and philanthropists. Through the Tony Elumelu Foundation, he has committed significant resources to empowering thousands of young African entrepreneurs. He is married to Dr Awele Elumelu and they have children.

Mike Adenuga (Founder, Globacom/Chairman, Conoil)

Michael Adenuga Jnr was born on April 29, 1953, in Ibadan, Oyo State. His father was a schoolteacher, while his mother was a successful businesswoman of royal descent. He attended Ibadan Grammar School and Comprehensive High School, Aiyetoro. He later earned degrees in Business Administration from Northwestern Oklahoma State University and an MBA from Pace University, New York, supporting himself partly as a taxi driver. Adenuga made his first million in 1979 at age 26 through trading in lace and soft drinks. He expanded into banking (Equatorial Trust Bank, Devcom) and oil. In 1991 his Consolidated Oil (later Conoil Producing) became the first indigenous Nigerian company to discover and produce oil in commercial quantities. Conoil remains a major oil marketing and exploration player.

In 2003 he launched Globacom after securing a GSM licence, introducing competitive pricing and the “per-second billing” model that democratised mobile telephony. Globacom grew into Nigeria’s second-largest telecom operator with operations in Ghana and Benin, and built the Glo-1 submarine cable. Adenuga, widely known as “The Bull,” maintains a low public profile. Forbes has ranked him among Africa’s richest individuals, with wealth derived primarily from telecom and oil. He is married and has seven children.

Benedict Peters (Founder and CEO, Aiteo Group)

Benedict Peters was born in December 1966 in Abakaliki, Ebonyi State, to a middle-class family. His father was a bank manager and his mother a homemaker; the family later resided in Enugu and other parts of Nigeria. Of Delta State origin (Onicha-Olona), he attended Ekulu Primary School and Federal Government College, Enugu, before earning a Bachelor’s degree in Geography and Regional Planning, majoring in Geomorphology, from the University of Benin. He began his career in the early 1990s at Ocean and Oil Services Limited (later Oando), working closely with its founders. He later joined MRS Oil and Gas Limited as Group Executive Director and rose to Managing Director. In 1999, at age 33, he founded Sigmund Communecci, a petroleum products supply and trading company that grew into one of Nigeria’s largest tank-farm operators. In 2008 the company was rebranded as Aiteo Group. Under Peters’ leadership, Aiteo became a fully integrated energy company. In 2014 it acquired a controlling stake in Oil Mining Lease 29 and the Nembe Creek Trunk Line from Royal Dutch Shell one of the largest upstream acquisitions by an indigenous Nigerian firm. The group operates major storage terminals (including Abonnema) with capacities exceeding 250 million litres and has expanded into power, mining (via Bravura Holdings) and other African markets. Peters maintains a relatively private profile, is a committed Christian, and is married with five children. His career exemplifies the rise of indigenous African energy champions.

Abdulsamad Rabiub (Founder and Chairman, BUA Group)

Abdulsamad Rabiu was born on August 4, 1960, in Kano into a prominent Hausa business family. His father, Khalifah Rabiu, was a leading industrialist and trader in the 1970s and 1980s. Rabiu studied Economics at Capital University in Columbus, Ohio. He returned to Nigeria in his mid-20s to help manage the family business after his father was detained by the military government over alleged rice-import duties. In 1988 he founded BUA International Limited as a commodity-trading company importing rice, edible oil, flour, iron and steel. A breakthrough came in 1990 with a contract to supply the government-owned Delta Steel Company. BUA expanded into steel production, acquired Nigerian Oil Mills (then the country’s largest edible-oil processor), built flour mills in Lagos and Kano, and broke the sugar-refining monopoly by commissioning a major refinery.

In the 2010s BUA entered cement manufacturing with large plants, becoming a major competitor in the sector. The group now spans manufacturing, infrastructure and agriculture with multi-billion-dollar revenues. Rabiu is known for a relatively understated public style and significant philanthropy through the BUA Foundation. He ranks among Africa’s richest individuals.

Oba Otudeko (Founder and CEO, Honeywell Group)

Oba Otudeko was born on August 18, 1943, in Ibadan, Oyo State, into a Yoruba royal family. His father, Emmanuel Otudeko, was a produce merchant and community leader; while his mother, Susannah, was a trader. He attended St John’s School, Ijebu-Igbo, and Olivet Baptist High School, Oyo. At 17 he joined Co-operative Bank, Ibadan, as an accounts clerk and rose rapidly, becoming a manager by age 21 after completing his Institute of Bankers examinations. Between 1966 and 1968 he studied accountancy at Leeds College of Commerce in the United Kingdom, where he excelled, winning academic prizes. He returned as a chartered banker, chartered accountant, chartered corporate secretary and chartered certified accountant. He advanced to Senior Accountant, General Manager and Acting Chief Executive at Co-operative Bank before fully committing to entrepreneurship.

In 1972, while still a banker, he founded Honeywell Enterprises as a trading company dealing in dairy products, stockfish, glass and steel. It evolved into the Honeywell Group, a diversified conglomerate with interests in flour milling, real estate, energy, hospitality and manufacturing. Otudeko later chaired First Bank of Nigeria, FBN Holdings, Airtel Nigeria, Fan Milk and the Nigerian Stock Exchange (2006–2009). He has served on the boards of the Central Bank of Nigeria, Guinness Nigeria and others, and is a respected elder statesman of Nigerian business. (Sunday PUNCH)

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