5 Old Money Billionaires in Nigeria 

In Nigeria, there is a clear difference between “new money” and “old money.” Old money refers to families and people who have kept their wealth for generations. They have grown their businesses and invested in different areas over time.

This lasting wealth shows good money management, careful planning, and strong connections in Nigeria’s economy and society. 

This article explores the lives and achievements of five well-known old-money billionaires in Nigeria. These individuals have been famous for their wealth and influence for many years.

Here is the list of old money Billionaires in Nigeria

1. The Dantata Family

The Dantata family’s wealth story begins with Alhassan Dantata, who was once considered the richest West African at the time of his death in 1955. The family’s fortune originated from groundnut trading, kola nuts, and other commodities. The legacy has been sustained and expanded by successive generations, with Aliko Dangote, a descendant, now standing as Africa’s richest person through his cement, sugar, and flour industries. This family exemplifies old money, with its roots deeply embedded in the Northern part of Nigeria, influencing economic and political landscapes.

2. Arthur Eze

Arthur Eze’s name is often associated with the oil sector through his company, Atlas Oranto Petroleum, which is the largest private holder of oil exploration blocks in Africa. Known as the “Godfather of Anambra politics,” Eze’s wealth has allowed him to play a philanthropic and political role in Nigeria. His influence spans across the continent, and his generous contributions to education and healthcare highlight a legacy built not just on wealth accumulation but on societal impact.

3. The Eleganza Group and Razaq Okoya

Chief Razaq Akanni Okoya, the founder of Eleganza Group, is a notable figure in Nigeria’s manufacturing sector. Starting from his father’s business as a tailor  Okoya’s empire now spans household products, real estate, and more. Eleganza’s ability to compete with foreign imports in the Nigerian market showcases a commitment to local industry and innovation, characteristics of a sustained old-money enterprise.

 4. The Ibru Family

The Ibru family is a Nigerian business family from Agbara-Otor in Delta State. They became famous because of Michael Ibru, who started the Ibru Organisation.

The family leader was Chief Peter Epete Ibru. He was a missionary who worked mostly in Yorubaland and became the nursing superintendent at Igbobi Orthopedic Hospital in Lagos. His wife, Janet Omotogor Ibru, was the head of the Ibru family. She was a trader and the daughter of Chief Adjefia Osadjere of Olomu, a rich merchant from the 19th century who built the first two-story building in Urhoboland. Their oldest son, Ovedje Osadjere, was a local chief from 1918 to 1923 during colonial times and became the King of Olomu from 1924 to 1949.

From its origins in the frozen fish sector, the family expanded into a conglomerate that includes shipping, agriculture, aviation, and petroleum. The Ibrus are known for their philanthropic efforts and have made contributions to the education and health sectors in Nigeria.

 5. The Briggs Family

From 1930 to 2018, OB Lulu-Briggs was a well-known Nigerian businessman and leader. He held the title “Iniikeroari V” in the Kalabari Kingdom and was the main leader of the Oruwari Briggs House in Abonnema. In 2012, Forbes magazine listed him as the 31st richest man in Africa. He founded and led Moni Pulo Petroleum Development Limited, a petroleum company, Led by Lulu-Briggs, the family has been pivotal in the development of the Niger Delta region and has engaged in numerous philanthropic activities through the O.B. Lulu-Briggs Foundation.