From tailoring shops to oil rigs, transport fleets, and boardrooms, these self-made tycoons prove that grit and enterprise can rival formal education.
In Nigeria, higher education is often regarded as the ultimate gateway to success. Families invest heavily to ensure their children secure degrees, believing it guarantees prosperity. Yet, history and experience show that while academic qualifications open doors, they are not the only route to wealth.
Some of the country’s wealthiest individuals never obtained a university degree, yet they built multi-billion-naira empires that today employ thousands, command global recognition, and inspire a generation of entrepreneurs.
Below is a list of notable Nigerians who defied convention, rising to prominence through grit, apprenticeship, sharp instincts, and resilience.
1. Chief Rasaq Okoya – Eleganza Group
Billionaire industrialist Chief Rasaq Akanni Okoya, founder of Eleganza Group and RAO Property Investment Company, is one of Nigeria’s most respected self-made businessmen.
Born in Lagos in 1940 to Tiamiyu Ayinde Okoya, he attended only Ansar-Un-Deen Primary School in Oke Popo before joining his father’s tailoring business. With just £70 in startup capital (including £50 from his mother), he began importing goods from Japan.
From a small trading operation, he built Eleganza Group, a manufacturing powerhouse producing plastics, packaging, fans, chairs, diapers, and cosmetics. By the 1970s, Eleganza factories were reshaping Nigerian consumer goods. Today, the group employs about 5,000 workers nationwide and has expanded into real estate through RAO Property.
Okoya, who turned 85 in January 2025, is worth an estimated $1 billion.
2. Femi Otedola – Zenon Petroleum / Geregu Power Plc
Femi Otedola, Executive Chairman of Geregu Power Plc, is the wealthiest on this list, with a net worth of about $1.5 billion.
Born in 1962 in Ibadan to the late Sir Michael Otedola, former Governor of Lagos State, Otedola revealed in his memoir Making It Big that he never obtained a university degree, contrary to popular belief.
In 2003, he founded Zenon Petroleum and Gas, which revolutionized diesel supply in Nigeria by servicing industrial giants like Dangote, Cadbury, Coca-Cola, and Nigerian Breweries. At its peak, Zenon controlled a significant share of the downstream oil sector.
He later acquired and sold Forte Oil Plc (renamed Ardova Plc), before shifting focus to power generation through Geregu, now listed on the Nigerian Exchange. Otedola also holds stakes in Dangote Cement and other companies.
3. Sir Tony Ezenna – Orange Drugs Limited
Sir Tony Ezenna started Orange Drugs in 1985 with ₦15,000 seed capital, transforming his father’s small chemist shop into a pharmaceutical and consumer goods empire.
Initially focused on beauty care products, the company expanded into local soap production by 2006 and later diversified into pharmaceuticals, beverages, and consumer goods.
Through partnerships with Indonesian firms such as Kalbe Farma and Tempo Scan Pacific, Orange Drugs introduced popular brands including Procold, Boska, Delta Soap, and Extra Joss Energy Drink.
Today, the company is a household name in Nigeria’s healthcare and consumer goods industries.
4. Ladi Delano – Moove Africa
British-Nigerian entrepreneur Ladi Delano is the co-founder and co-CEO of Moove Africa, a mobility-fintech company that provides vehicle financing to gig workers.
Born in 1983 and raised in the UK, Delano struggled with dyslexia and partial deafness, which led him to drop out of college. At 24, he founded Solidarnosc Asia, a vodka brand in China that grossed $20 million annually before he sold it for $15 million.
He later co-founded Bakrie Delano Africa, a $1 billion joint venture in oil, gas, and infrastructure, before launching Moove in 2020 with Jide Odunsi. Today, Moove operates in nine markets across Africa and India, and is Uber’s exclusive African vehicle financing partner.
5. Folorunsho Alakija – Famfa Oil
Nigeria’s richest woman, Folorunsho Alakija, is Executive Vice Chair of Famfa Oil.
Born in Lagos in 1951, she pursued secretarial studies and fashion design in London, but never obtained a university degree. After stints in banking and fashion, she secured an oil prospecting license in 1991 for OPL 216, which became the prolific Agbami Oil Field in partnership with Chevron.
Alakija also runs the Rose of Sharon Group and has appeared multiple times on Forbes’ list of the world’s most powerful women. Her wealth is estimated at $1.1 billion.
6. Innocent Chukwuma – Innoson Vehicle Manufacturing (IVM)
Born in 1961 in Nnewi, Anambra State, Innocent Chukwuma apprenticed as a motorcycle spare parts dealer before founding Innoson Group.
In 2007, he launched Innoson Vehicle Manufacturing (IVM), Nigeria’s first indigenous carmaker. The company produces minibuses, trucks, and SUVs, with 70% of components sourced locally.
Chukwuma, now a national industrial icon, was awarded the Commander of the Order of the Niger (CON) in 2022.
7. Orji Uzor Kalu – SLOK Holding
Born in 1960 in Abia State, businessman-politician Orji Uzor Kalu began trading palm oil with just $35 borrowed from his mother.
Though he was suspended from the University of Maiduguri during the “Ali Must Go” protests, he went on to build SLOK Holding, a conglomerate spanning shipping, banking, and oil trading. He also served as Abia State Governor (1999–2007) and is currently a Senator.
8. Vincent Obianodo – Young Shall Grow Motors
From vulcanizer and bus conductor to transport mogul, Vincent Obianodo embodies the rags-to-riches journey.
Born in 1947 in Anambra, he founded Young Shall Grow Motors in 1972 with one vehicle on the Enugu–Onitsha route. By the late 1970s, his fleet exceeded 40 buses, and today, the company operates over 500 luxury buses across Nigeria and West Africa.
9. Mohammed Indimi – Oriental Energy Resources
Born in 1947 in Maiduguri, Mohammed Indimi never attended school but taught himself to read and write. Starting with small-scale trading, he founded Oriental Energy Resources in 1990.
Today, the company manages multiple offshore oil assets, and Indimi remains one of Nigeria’s most respected indigenous oil magnates.
10. Dr. Cosmas Maduka – Coscharis Group
Known as the “accidental billionaire,” Cosmas Maduka founded Coscharis Group in 1977 as a small auto parts business.
Today, the conglomerate is one of Nigeria’s leading firms, with exclusive rights to brands like BMW, Jaguar, Ford, and Rolls-Royce.
In recognition of his achievements, he was conferred the Commander of the Order of the Niger (CON) and has served on the boards of leading companies, including Access Bank.
11. Dr. Cletus Ibeto – Ibeto Group
From apprentice trader to industrialist, Cletus Ibeto built the Ibeto Group, with interests in cement, petrochemicals, and auto parts.
His contributions to Nigerian industry earned him two national honors—OON (2008) and CON (2012).
Final Note
These stories remind us that while education remains valuable, it is not the sole determinant of success. With grit, vision, and resilience, Nigerians have shown that even without a university degree, one can build legacies that create wealth, jobs, and global influence.
