Connect with us
Access bank

Billionaire Watch

Top Nigerian billionaires and their contributions to the fight against COVID-19

Nigeria’s top billionaires have donated billionaires to support the fight against the Covid-19 pandemic.



Folorunso Alakija,Top 10 Nigerian Billionaires and their contributions to the fight against COVID-19

When Chinese billionaire and co-founder of Alibaba, Jack Ma, announced his intention to support Africa’s fight against Covid-19 by donating essential medical supplies, Nigerians reacted with immense gratitude.

And then almost immediately, the attention shifted to Nigeria’s own billionaires. Nigerians wanted to know what the country’s top business elites were doing to support their country which, unfortunately, is one of those hat have been plagued by the pandemic.

A couple of days later, the Nigerian Private Sector Coalition Against COVID-19 was announced as the umbrella body under which industrialists and corporate organizations would donate funds to support efforts in combating the contagious virus.

Fast-forward to a fortnight later, the donations have grossed N15.325 billion, thanks to the magnanimity of almost 40 donors comprising of individuals and corporate bodies.

Let’s now focus on some of the top Nigerian billionaires who rose to the occasion and contributed to the good cause.

(READ MORE: COVID-19: CIBN supports Lagos with N20million)

Aliko Dangote

The successful businessman rose to the occasion by collaborating with the Central Bank of Nigeria to lead the Private Sector Coalition Against COVID-19. The purpose of the coalition was to mobilise private sector leadership and resources to increase general public awareness and provide support to healthcare facilities during the crisis.

He also teamed up with Access Bank Plc to provide treatment, testing, training and isolation centers across the country.


Aliko Dangote then made a personal donation of N2 billion to support the cause.

The famous industrialist has consistently maintained his position on top of Forbes Africa’s list of richest Africans. As the majority owner of Dangote Industries Ltd, Aliko Dangote is a force to reckon with in the business world.

Aliko Dangote rallies private sector operators against COVID-19,Top 10 Nigerian Billionaires and their contributions to the fight against COVID-19

Alhaji Aliko Dangote

Femi Otedola

Mr. Otedola announced his donation of N1 billion to the relief fund via his Instagram and Twitter handles. According to him, “We must all do what we can to flatten the curve.”

Femi Otedola was the Chairman of Forte Oil Plc (now Ardova Plc) until early 2019 when he divested his stakeholding in the oil and gas company.

With an estimated net worth that is close to $1 billion, Femi Otedola is known for his generosity. Not too long ago, he donated N5 billion to the Save the Children Foundation to support destitute children in Nigeria’s Northeast region.

Jaiz bank

Abdulsamad Rabiu

Rabiu made a cash donation of 1 billion Naira through the BUA foundation and took it a step further by placing orders for additional equipment and medical supplies including testing kits and protective gear to nine states across the country: Lagos, Kano, Adamawa, Edo, Kwara, Rivers, Abia, Akwa-Ibom and Sokoto.

“Each of these nine states will receive about 100,000 protective facemasks, 1000 high-grade medical protection and isolation gear, 2000 protective goggles, 1000 gloves and 1000 testing kits among other things,” Rabiu stated.”

Abdulsamad Rabiu is the founder of BUA Group, a conglomerate that engages in the sugar refining, cement manufacturing, real estate, and port operations.

He is the third richest man in Nigeria, according to Forbes with $3.13 billion net worth.

Note that BUA Group also made a separate donation of N300 million to Sokoto, Edo and Ogun States to help trigger a coordinated response in the fight against COVID-19. BUA Cement has its major operations in the beneficiary states, even as Ogun State was selected as a beneficiary due to its proximity to Lagos, the epicenter of the Coronavirus in Nigeria. 

CCNN, Top 10 Nigerian Billionaires and their contributions to the fight against COVID-19

Abdulsamad Rabiu, Chairman CCNN

(READ MORE: Covid-19 Update in Nigeria)

Folorunsho Alakija

Africa’s second richest woman donated the sum of N1 billion. The donation was made through Famfa oil, which she owns, and with the name Modupe and Folorunsho Alakija.


Her tweet provided a breakdown of how the money is to be allocated:

  • N250 million to the Nigerian Centre for Disease Control (NCDC) and the Lagos State Government each.
  • The remainder of the funds is to be shared among African Centre of Excellence for Genomics of Infectious diseases, frontline health workers in Lagos and Abuja, the supply of medical equipment to the relevant organizations and the Dr. Ameyo Stella Adadevoh (DRASA) health trust.

Folorunsho Alakija is the founder of Famfa Oil. She also has business interests in fashion and printing, and is estimated to be worth $1 billion according to Forbes.

(READ MORE: COVID-19: Figure hits 190 as Nigeria records 6 new cases)


(READ MORE: COVID-19: MTN promises 300 free SMS per month)

Tony Elumelu

This successful businessman and Chairman of United Bank for Africa Plc made a personal donation of N1 billion to support the fight against COVID-19.

Africa needs massive capital investment in power, human resources to drive economic growth – Elumelu at the UK Africa Investment Summit, Tony Elumelu and his knack for appointing women to key positions, Tony Elumelu’s Heirs Holdings unveils plan to launch Falomo Mall, Elumelu named in Ebony Power 100 List for 2020, Top 10 Nigerian Billionaires and their contributions to the fight against COVID-19

This is besides the N5 billion which was donated by UBA Group. While commenting on these donations, Elumelu said:

“We commend the efforts of governments and we are keen to partner and contribute our resources to the collective effort, that will ensure the response to the pandemic is swift and effective.”

The businessman is an economist and entrepreneur with investments in Heir Holdings, United Bank for Africa Plc, and Transcorp. He is also the founder of the Tony Elumelu Foundation. He has a net worth of about $900 million as of January 2020.

(READ MORE: COVID-19: Lagos discharges 11 patients)

Jim Ovia

This billionaire also donated the sum of N1 billion. He is the founder of Visafone Communications Ltd which was later acquired by MTN. He currently serves as the Chairman of Zenith Bank Plc and has a net worth of $870 million.

Oba Otudeko

The chairman of FBN Holdings Plc and founder of Honeywell Group donated the sum of N1 billion to the CACOVID relief fund. The man has a net worth of over half a million dollars.

Segun Agbaje of Guaranty Trust Bank  Plc and Herbert Wigwe of Access Bank have also donated N1 billion each.

Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career.As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]



    Leave a Reply

    Your email address will not be published.

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Billionaire Watch

    The Gates Divorce: Bill Gates’ Holding Company transfers $1.8bn of equities to Melinda Gates

    More details have now emerged on the Gates asset split following the divorce.



    Details of how Bill and Melinda Gates will share the Gates’ fortune are beginning to emerge. The multi-billionaire couple announced their divorce after 27 years of marriage on Monday via a joint statement.

    Since the divorce announcements, questions on how Bill’s $146bn fortune would be split, have arisen in the media. Nairametrics also did an earlier article on a few possible financial outcomes, particularly regarding the BMG Foundation that the couple jointly Chair.

    More details have now emerged on the Gates asset split following the divorce.

    READ: Bill Gates holds far more cash than Nigeria’s foreign reserve

    Cascade transfers $1.8bn equities to Melinda Gates

    Cascade Investment, a holding company Bill Gates founded with proceeds from his Microsoft Corporation yesterday transferred securities worth more than $1.8 billion to Melinda Gates following their divorce.

    The securities involved include:

    14.1 million shares of Canadian National Railway Co. worth about $1.5 billion

    2.94 million shares in AutoNation Inc., worth $309 million.


    What you should know

    Melinda Gates is on her way to join the league of women who became sudden billionaires after divorcing their husbands.

    Continue Reading

    Billionaire Watch

    US Tech Boom: 7% increase in valuation as 2 fresh billionaires cross the $100bn mark

    Google founders, Sergei Brin and Larry Page, according to Bloomberg are the biggest earners in the Tech niche since last year.



    The Tech world witnessed a recent boom, sending two new members into the 100bn elite club. The Tech billionaires are smiling to the bank as the American economy shows early signs of recovering from the pandemic.

    As of this morning, the Bloomberg Billionaires Index features 8 billionaires with a net worth of over $100bn. The latest additions are Google founders Sergei Brin and Larry Page who according to Bloomberg are the biggest earners in the Tech niche since last year.

    The duo added a whopping $20bn to their wealth each since last year making them the biggest gainers on the list. The total number of billionaires in the $100bn club has now risen to 8.

    READ: How Kanye West became the richest black American with $6.6 billion net worth

    Reason for wealth explosion 

    Optimism has returned to the US stock markets as the world economy slowly eases into the post-pandemic era. The tech department of the NASDAQ witnessed a 7% increase according to Bloomberg due to the online surge caused by the pandemic.

    READ: Google founders earn $42 billion in 100 days

    What you should know 

    • 8 of the current top 10 richest men in the World are all United States Tech billionaires.
    • The combined wealth of the world’s richest eight people has crossed the $1 trillion mark and they collectively added about $110bn to their wealth in a single year.

    Continue Reading


    Nairametrics | Company Earnings

    Access our Live Feed portal for the latest company earnings as they drop.