According to journal, the value of shares held in quoted companies, size and market share of their companies, number of companies they own and its assumed value and the impact of the companies on the Nigerian economy were the yardstick used in compiling the list.
Folorunsho Alakija, Forbes magazine reports, started her career in the mid 1970s as a secretary at the now-defunct International Merchant Bank of Nigeria but in the 1980s she moved to the fashion industry. However, Alakija's biggest break came in oil. In 1993 former Nigerian President Ibrahim Babangida awarded her company, Famfa Oil, an oil prospecting license which went on to become OML 127/ Famfa Oil owned a 60% stake in the block until 2000 when the Nigerian government acquired a 50% interest in the block without duly compensating the company. Famfa Oil challenged the acquisition in court, and this year, the Nigerian Supreme Court reinstated the 50% stake to Famfa Oil.
Full list of the 'lucky 21':
1. Aliko Dangote – Founder of Dangote Group, Richest man in Africa and Richest black man in the world
2. Mike Adenuga – Conoil, Equatorial Trust Bank, Globacom
3. Femi Otedola – ZENON Oil and Gas
4. Orji Uzor Kalu – Slok Group
5. Cosmos Maduka – Coscharis Group
6. Jimoh Ibrahim – Nicon Insurance, Global Flee
7. Jim Ovia – Zenith Bank, Visafone
8. Pascal Dozie – MTN Nigeria, Diamond Bank
9. Oba Otudeko – Honeywell Group Nigeria
10. Sayyu Dantata – MRS Group
11. Umaru Abdul Mutallab – Former Chairman First Bank Plc, Mutallab Group
12. Samuel Adedoyin – Doyin Group
13. Dele Fajemirokun – Chaiman Aiico Insurance, Xerox Nigeria, Chicken Republic, Kings Guards etc.
14. Cletus Ibeto – Ibeto Group
15. Raymond Dokpesi – Daar Communication, AIT,
16. Tony Ezenna – Orange Group
17. Molade Okoya Thomas – Chairman CFAO Nig and other six french companies
18. Ifeanyi Ubah – Capital oil and gas
19. Leo Stan Ekeh – Zinox Computer
20. Fola Adeola – GTBank
21. Ade Ojo – Elizade Motors Nig LTD, Distributor of Toyota cars
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