A billionaire is a person with a net worth of at least one billion (1,000,000,000) units of a given currency. According to the 2014 Forbes special report on the world almanac of wealth, there are 1,645 billionaires spread across the globe – more than ever before – all together worth some $6.4 trillion, an 18.5% increase from 2013.
Furthermore, the United States is home to 492 of the world’s wealthiest, followed by China with 152 and Russia with 111. Interestingly, Africa is blessed with 11 billionaires – one of whom is Business tycoon Aliko Dangote. CoVibes investigation shows that apart from the reported N500 million worth of investments injected into the Nigerian entertainment industry by several companies opening up a market for entertainers and others in the allied sectors – there are a few billionaires, who have spent huge fortunes that have contributed to the fast growing entertainment industry.
These Nigerian billionaires have stamped their settlement in the industry in ways that include giving out endorsement deals, floating entertainment outfits and or spending fortunes on the practitioners.
Here, we present to you a list of some of the Nigerian billionaires in this exclusive club:
Dr Mike Adenuga
From the entertainers his funds have touched to the ones hoping and expecting to be blessed by his millions, Mike Adenuga has been dubbed ‘an awesome force in the Nigerian entertainment business, who follows the happenings and monitor practitioners’ progress in the industry.’...
It helps, when taking the role of an investor and philanthropist, to have money, and Adenuga has lots of it to play around and invest with. He is unarguably, one of Africa’s richest men, with an estimated net worth of $4bn and a thriving conglomerate– whispers around town claim he has spent as much as N4bn on the entertainment industry....
Apart from the lucrative endorsement deals from his telecoms company, Globacom, which intermittently throws the industry into frenzy, Adenuga has expended fortunes in avenues that have neither business connections nor focus on the bottom line....
Paul Play Dairo is one of the early beneficiaries of his largess-Adenuga’s financial donation at his first album launch, secured the singer’s first automobile, a BMW X5.
Another instance is his decision to bankroll the entire process of Ebenezer Obey Fabiyi’s eye surgery after there was panic over his sight and general state of health. The surgery was done abroad set the billionaire back with tens of millions.
According to reports, Adenuga’s largess helped lift the music legend’s spirits, restored his health, and brought him back into reckoning with a lucrative concert. It’s been peddled about that Obey-Fabiyi is not only financially stable but also ride an Escalade SUV courtesy The Bull’s magnanimity.
King Sunny Ade, D’Banj, Gbenga Adeyinka 1st and Bisade Ologunde, aka Lagbaja, are all beneficiaries of the huge impact of The Bull in their lives- in personal and professional ways.
The Adenuga’s fortune spent on the entertainment industry and allied sectors can also be traced to the game of football in Nigeria, Benin Republic and Ghana.
After conquering Africa at the 2013 Cup of Nations, reports say Adenuga solely lavished a whopping $1m (N160m) on the Super Eagles of Nigeria and another $200,000 (N32m) on the team’s coach, Stephen Keshi.
Though he makes most of his contributions through the Glo brand name, it is a known fact in public circles that Adenuga, who rarely attend social events, is a huge supporter of the Nigerian entertainment industry and its practitioners.
Olatunji Olowolafe
In 2011, a trained medical doctor and billionaire, Olatunji Olowolafe’s Verod Capital Group decided it was time to tap into the seemingly money-spinning entertainment sector.
To this end, Olowolafe, who has interests in several sectors of the economy, bought into Spinlet, in Tampere, Finland, with an undisclosed sum that is said to have run into millions of dollars.
In May 2011, Spinlet, a mobile music downloads and media distribution company to emerging markets in Africa, launched in Nigeria.
Spinlet’s launch, according to informed sources, cost over N300 million, with its headquarters in Lagos, Nigeria. Opening offices in Cape Town, South Africa and California, the platform provided customers the ability to buy, listen and share African music, while giving a boost to the entertainment sector.
Olowolafe’s investments in Spinlet have helped the mobile distribution of music and have enriched several Nigerian musicians whose works have enjoyed patronage by customers on the platform.
2Face Idibia, Brymo, P-Square, and DJ Jimmy Jatt are some of the top rated artists that have been blessed by Spinlet’s existence having topped sales charts. The total worth of Olowolafe’s investment on Spinlet is estimated at N800 million by CoVibes investigation.
Also Olowolafe’s investments go beyond Spinlet – he’s the financier for the newly formed 960 Group, and he’s also buying up major stakes in major entertainment businesses. He also has interests in TV, digital and music....
Adedeji Adeleke
Most people who follow the business world well enough may find this name familiar. And that is because Adedeji Adeleke is the billionaire behind Pacific Group and father to pop star, Davido.
Beyond the connection of having his son involved in the music industry at present and providing him with everything to attain even more success, Adeleke found an interest in the world of entertainment-thus becoming a heavy investor in the sector through HKN records.
While the exact figure spent on his son’s rising musical career couldn’t be ascertained as at the time of filing this report, sources say the funding expended on running and positioning the record label is huge. With an established office running in highbrow Lekki and business managers working tirelessly on HKN’s continued success, Adeleke is leaving no stone unturned in positioning the record label, which also signed on B-Red, Danagog and Sina Rambo.
According to investigations conducted by Nigerian Entertainment Today, HKN is just one of the billionaire’s chains of business interests, which include Pacific Drilling Company Limited, Pacific Farms Limited and Pacific Holdings....
Aliko Dangote
Aliko Dangote has become famous for raking in several billions of naira with his ability to continuously lead the manufacturing world as an indigenous player in the sector. From cement to sugar, salt, beverages, bottled water and noodles, his Midas touch has made him undeniably wealthy-landing him on the Forbes List as one of the wealthiest people in the world.
Thus, his recent decision to thrust his fortune into entertainment has raised ideas that the billionaire might have his eyes on the potentially lucrative entertainment industry.
According to a report in The Nation newspapers in 2013, Dangote joined forces with Fola Adeola and the Bank of Industry to bankroll the highly publicized movie, ‘Half Of A Yellow Sun.’
‘A Nigerian/UK collaboration, costing eight million dollars, the film is said to have pooled 70 percent of the funds from Nigeria, with Bank of Industry, founder and former Managing Director of Guaranty Trust Bank and Aliko Dangote as major financiers…’ the report states. It’s said that the success and profits made from the flick will influence his continued support for the industry.
Also in 2013, Dangote rewarded the Nigerian football national team, Super Eagles with N130m for their victory at the Nations Cup
Fola Adeola
Co-founder and former Managing Director of Guaranty Trust Bank, Fola Adeola, is known for his love for the arts and entertainment. For Fola, his willingness to back the visions of entertainers such as Jadesola Osiberu, Lola Odedina, Toyin Fajj and Kemi Lala Akindoju on ‘Gidi Up’ season is rare and nouveau.
Apart from his unflinching support to art exhibitions, Fola has been instrumental in GTBank’s investment in the Nollywood Study Centre as well as partnering with art gallery and culture hot spot, Terra Kulture on several entertainment activities.
And this became evident in his supply of what made up a huge percentage of funds expended on the adaptation of Chimamanda Adiche’s book, ‘Half Of A Yellow Sun’ which gulped $8m. He’s rumoured to have put in $2.5m.
That isn’t all, as GTBank’s investments in Ndani TV, which produces popular web series such as ‘The Juice,’ ‘The Interview’ and ‘Gidi Up’ can all be attributed to his involvement in the industry
Segun Adebutu
Sharp-eyed observers of the Nigerian entertainment industry may have spotted, on more than one occasion, an individual in company of entertainment practitioners such as Howie T and Abdul of Kiss Events.
He is on the board of several companies, including a lotto company, an oil and gas company and an engineering firm, but only a few can tell his active participation in the industry. He is Segun Adebutu, and depending on who you ask, he is either one of the savors of an industry estimated to be worth billions of Naira or a wealthy scion of the Kessington Adebutu dynasty, who splashes his cash on the entertainment industry.
Adebutu’s investments in entertainment berthed with the birth of a music record label, Baseline Records. While he owns Baseline records, Adebutu engaged the services of Howie T and Abdul of the Kiss Management Company being to manage it on his behalf. Recently, the billionaire coughed out N250m for Baseline’s new signings, Saeon and Skales, after already investing more than N200m to kick-start the label.
Segun currently serves as the chairman and CEO of Petrolex Oil and Gas, a board member at Premier Lotto Nigeria Limited, and the CEO of Blue Bridge Global Resources Limited and Oladiran Engineering and Trade Nigeria Limited. Other billionaires whose millions have also helped the growth of the industry include Adewunmi Ogunsanya, Tunde Folawiyo and Michael Ade-Ojo. An example of Tunde Folawiyo of the Folawiyo dynasty’s investment can be traced to art exhibition funding as well as contribution to the funds expended on ‘Half Of A Yellow Sun.’ On his part, Michael Ade-Ojo of the Elizade group was a major backup for Kunle Afolayan’s applauded fourth production effort, ‘October 1.’ Also is Adewunmi Ogunsanya, who rarely takes credit for his investment and financial support with entertainment.
Apart from being chairman of DSTV/Multichoice-with a touted 60% shares- he is also a major entertainment media financier and investor, with hands in many TV properties across the continent....
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