In a recent interview, Aliko Dangote announced that he would no longer pursue steel production, suggesting that there are many others capable of entering the industry.>>>CONTINUE FULL READING HERE....CONTINUE READING THE ARTICLE FROM THE SOURCE
Steel production in Nigeria began in the early 20th century, but serious efforts started in the 1970s due to the country’s rich natural resources, including iron ore, coal, and limestone.
In 1979, the Nigerian government launched the Ajaokuta Steel Company in Kogi State, aiming to create a large, integrated steel factory.
The Soviet Union provided machinery, equipment, and expertise. However, the project faced many problems, including delays, a lack of funds, and poor management.
Around the same time, the Delta Steel Company (DSC) was established in Aladja, Delta State, using electric furnaces to produce steel from scrap metal.
Despite initial success, both the Ajaokuta and Delta steel plants struggled with technical issues, poor infrastructure, political instability, and inconsistent policies.
Here are five wealthy Nigerians who have the potential to venture into steel production.>>>CONTINUE FULL READING HERE
Abdulsamad Rabiu
Abdulsamad Rabiu, founder of BUA Group, has built a Nigerian conglomerate involved in cement production, sugar refining, and real estate. Ranked number 6 on Forbes Africa’s Billionaires (2024) and 249 on Forbes World’s Billionaires (2023), he has a net worth of $5.9 billion.
Rabiu merged his Obu Cement company with the Cement Co. of Northern Nigeria in January 2020 to form BUA Cement Plc, which trades on the Nigerian Exchange Limited (NGX) and is 98.2% owned by Rabiu.
He also controls 95% of BUA Foods Plc. Rabiu started his business in 1988, importing iron, steel, and chemicals.
Mike Adenuga
Mike Adenuga, Nigeria’s second-richest man, has amassed his wealth in telecommunications and oil production.
Worth $6.9 billion according to Forbes, he ranks number 5 on Forbes Africa’s Billionaires (2024) and 418 on Forbes World’s Billionaires (2023). His company, Globacom, is Nigeria’s second-largest mobile network, with over 60 million subscribers.
Adenuga also owns Conoil Producing, which operates six oil blocks in the Niger Delta, and holds a significant stake in the gasoline firm Conoil and Sterling Financial Holding. Adenuga, from Oyo State, has degrees in Business Administration from Northwestern Alva Oklahoma State University and an MBA from Pace University, New York.
Femi Otedola
Femi Otedola is a billionaire who initially made his fortune in commodities before investing in the energy sector. He chairs Geregu Power and owns over 70% of its shares. Ranked number 19 on Forbes Africa’s Billionaires (2024), he was previously listed on Forbes World’s Billionaires in 2016.
Otedola has sold some of his stake in Geregu to bring in institutional investors, including the Nigerian government and the State Grid Corporation of China. He also owns properties in Lagos, Dubai, London, and Monaco and holds shares in Zenith Bank and FBN Holdings.
Jim Ovia
Jim Ovia, founder and chairman of Zenith Bank, is a major figure in the banking industry. Author of “Africa Rise And Shine,” he holds degrees from the Southern University of Louisiana, the University of Louisiana at Monroe, and an OPM from Harvard Business School.
With a net worth of over $980 million, Ovia, from Agbor Delta State, is also a philanthropist through the Jim Ovia Foundation, which has provided scholarships to over 1,500 students and established James Hope College in his hometown.
Igho Sanomi
Igho Charles Sanomi is a businessman with interests in oil, power, logistics, telecommunications, maritime, aviation, and real estate. Born in Agbor, Delta State, Sanomi founded Taleveras Group in 2004, an energy trading company.
Taleveras handles over 100 million barrels of crude oil annually, along with gasoline, LPG, and jet fuel. The company also has stakes in oil blocks in Ivory Coast and a power distribution firm in Nigeria.
Sanomi graduated from the University of Jos with a BSc. in geology and mining and co-founded Sarian Oil, where he made significant strides in trading operations and international partnerships.>>>CONTINUE FULL READING HERE
