Despite Not having an airline to the country’s name, Nigeria’s aviation industry has witnessed significant growth in recent years, with private airlines leading the charge.
Behind these successful airlines are entrepreneurs who have invested heavily in the sector, creating jobs and contributing to the country’s economic development.
Air Peace – Allen Onyema (Net Worth: $300 million) – 40 aircraft
Allen Onyema, a lawyer and entrepreneur, founded Air Peace in 2013. With a fleet of 40 aircraft, Air Peace has become one of the largest airlines in West Africa.
Onyema’s net worth is estimated at $300 million, making him one of the richest men in Nigeria.
Arik Air – Sir Joseph Arumemi-Ikhide (Net Worth: $400 million) – 28 aircraft
Sir Joseph Arumemi-Ikhide, a businessman and investor, founded Arik Air in 2006.
Arik Air has grown to become one of the largest airlines in Nigeria, operating domestic, regional, and international routes. Arumemi-Ikhide’s net worth is estimated at $400 million.
Max Air – Alhaji Dahiru Mangal (Net Worth: $200 million) – 15 aircraft
Alhaji Dahiru Mangal, a businessman and philanthropist, founded Max Air in 2008.
Max Air operates domestic and international flights, with a fleet of 15 aircraft. Mangal’s net worth is estimated at $200 million.
Dana Air – Tonye Cole (Net Worth: $150 million) – 9 aircraft
Tonye Cole, a businessman and entrepreneur, co-founded Dana Air in 2007.
Dana Air operates domestic flights, with a fleet of 9 aircraft. Cole’s net worth is estimated at $150 million.
Ibom Air – Akwa Ibom State Government (Net Worth: N/A) – 10 aircraft
Ibom Air was founded in 2019 and is owned by the Akwa Ibom State Government.
Ibom Air operates domestic and regional flights, with a fleet of 10 aircraft. As a state-owned airline, Ibom Air’s financials are not publicly disclosed.
Green Africa Airways – Babawande Afolabi (Net Worth: $100 million) – 5 aircraft
Babawande Afolabi, a businessman and entrepreneur, founded Green Africa Airways in 2020.
Green Africa Airways operates domestic flights, with a fleet of 5 aircraft. Afolabi’s net worth is estimated at $100 million.
United Nigeria Airlines – Obiora Okonkwo (Net Worth: $50 million) – 5 aircraft
Obiora Okonkwo, a businessman and entrepreneur, founded United Nigeria Airlines in 2020.
United Nigeria Airlines operates domestic flights, with a fleet of 5 aircraft. Okonkwo’s net worth is estimated at $50 million.
Azman Air – Abdulmunaf Yunusa Sarina (Net Worth: $50 million) – 5 aircraft
Abdulmunaf Yunusa Sarina, a businessman and entrepreneur, founded Azman Air in 2010.
Azman Air operates domestic and regional flights, with a fleet of 5 aircraft. Sarina’s net worth is estimated at $50 million.
Overland Airways – Captain Edward Boyo (CEO), (Net Worth: $20 million) – 7 aircraft
Captain Edward Boyo, a veteran pilot and entrepreneur, founded Overland Airways in 2002.
Overland Airways operates scheduled passenger services and has a hub at Nnamdi Azikiwe International Airport. Boyo’s net worth is estimated at $20 million.
Aero Contractors – Captain Abdullahi Mahmud (CEO), (Net Worth: $15 million) – 4 aircraft
Captain Abdullahi Mahmud, a seasoned pilot and entrepreneur, has been the CEO of Aero Contractors since 2017.
Aero Contractors operates helicopter services and fixed-wing domestic and international scheduled passenger services. Mahmud’s net worth is estimated at $15 million.
These entrepreneurs have demonstrated their commitment to Nigeria’s aviation industry, investing heavily in their respective airlines.
Their net worth is a testament to their success and the growth of the industry. As the industry continues to evolve, we can expect to see more innovation and investment from these billionaires.
