Why All Nigeria’s Billionaires Are Over 60 — And Who Might Be Next

The 2025 edition of Forbes’ World’s Billionaires List featured four Nigerians: Aliko Dangote, Mike Adenuga, Abdul Samad Rabiu, and Femi Otedola. One striking detail unites them beyond immense wealth—they’re all over the age of 60.

As Africa’s most populous nation with a median age of just 18, Nigeria stands at the intersection of youth and tradition.

But when it comes to serious wealth creation—the billionaire kind—it remains a playing field dominated by veterans. The question now is: Why are Nigeria’s billionaires all over 60? And more importantly: Who could be next in line from the younger generation?

The Billionaire Generation Gap

• Aliko Dangote, Africa’s richest man, is 67
• Mike Adenuga, telecom and oil magnate, is 70
• Abdul Samad Rabiu, founder of BUA Group, is 64
• Femi Otedola, who returned to the list in 2025, is 60

This age pattern reveals an uncomfortable truth: Nigeria’s billionaire class was shaped in a different era—when deregulation was new, opportunities were massive, and networks meant everything.

These men amassed their fortunes in traditional sectors: cement, sugar, oil, telecoms, and power. Industries that thrived in the post-military, early democracy years of Nigeria’s economic liberalization. The billionaires of today began laying their foundations in the ‘80s and ‘90s—decades before tech disruption, social media virality, or startup accelerators.

That historical advantage—access to licenses, capital, insider networks, and state contracts—helped them build fortunes brick by brick over decades. It’s a world far removed from the startup ecosystem many young entrepreneurs navigate today.

Youth Meets Hustle: Why the Gap Persists

Despite a swelling wave of youthful ambition, several factors continue to delay the rise of young Nigerian billionaires:

1. Limited Access to Capital: Unlike in Silicon Valley, Nigeria’s venture capital ecosystem is still growing. Most young founders rely on personal savings, grants, or angel investors—not the kind of institutional funding that creates billion-dollar startups overnight.
2. Infrastructural Bottlenecks: From unreliable power to unstable policy environments, running and scaling a business in Nigeria remains a test of resilience. These hurdles disproportionately affect small and medium enterprises, where many young innovators play.
3. Market Saturation in Traditional Sectors: The paths to wealth in cement, sugar, oil, and telecoms are now dominated by legacy players. It’s increasingly difficult for a 30-something to break into those sectors without astronomical capital or political access.
4. Delayed IPO Culture: Unlike in the U.S. where tech IPOs create instant billionaires, Nigeria’s startup scene is still maturing. Few Nigerian tech companies are publicly traded, and exits are rare. Most wealth remains on paper.

So while the talent, drive, and ideas are abundant, the environment hasn’t yet translated youth ambition into billionaire status.

Who Might Be Next?

Still, the landscape is shifting. With the digital economy growing and investor interest in Africa rising, a new class of ultra-wealthy Nigerians may emerge in the coming years. Okay.ng looks at some names and sectors to watch:

1. Tayo Oviosu (Founder, Paga)

Paga is one of Nigeria’s leading mobile payments platforms. With the fintech sector booming and digital transactions skyrocketing, Oviosu’s leadership in the cashless ecosystem puts him on the radar for future billionaire status—especially if Paga goes public or scales pan-Africa.

2. Iyinoluwa Aboyeji (Co-founder, Flutterwave & Andela)

Aboyeji has been at the center of two of Africa’s biggest tech success stories. Flutterwave, a payments company now valued at over $3 billion, is Nigeria’s most prominent startup. Though he exited the company, his stake and reputation continue to grow. He’s also nurturing the next wave of African founders through his fund, Future Africa.

3. Mitchell Elegbe (Founder, Interswitch)

Interswitch was a pioneer of digital payments in Nigeria. With global backing from Visa and Helios, and a rumored IPO in the works for years, Elegbe’s long-term stake in Nigeria’s fintech revolution makes him a contender for future billionaire recognition.

4. Odunayo Eweniyi (Co-founder, PiggyVest)

A trailblazer in Nigeria’s female tech space, Eweniyi co-founded PiggyVest, one of Nigeria’s fastest-growing fintech startups. Her work in finance, advocacy, and women-led ventures puts her among the most watched young executives. If PiggyVest continues its growth path or exits strategically, she could become the first Nigerian woman billionaire of her generation.

5. Sim Shagaya (Founder, uLesson & Konga)

Known for launching Nigeria’s first major e-commerce platform, Konga, and later, edtech company uLesson, Shagaya’s deep belief in digital education and scalable innovation makes him a strong long-term player in the billionaire watchlist.

The Sectors That Could Birth New Billionaires in Nigeria

While the current list is dominated by cement, oil, and telecoms, the next generation of Nigerian billionaires will likely emerge from new territory:

• Fintech: With Nigeria leading Africa’s fintech boom, this sector remains the hottest for exponential wealth.
• Media & Entertainment: Afrobeats and Nollywood are now billion-dollar industries attracting global investments.
• Healthtech: Post-COVID, there’s rising interest in African solutions to healthcare delivery and logistics.
• Clean Energy: As the world shifts away from fossil fuels, Nigerian entrepreneurs in solar, mini-grids, and clean tech have opportunities to scale massively.
• AgriTech & Logistics: Solving Nigeria’s food security and supply chain problems could create billion-dollar businesses—especially with growing consumer demand.