2 Nigerian billionaires who went broke and lost it all

Nigeria has produced some of Africa’s most powerful and wealthy individuals, such as oil magnates, media moguls, and athletes turned entrepreneurs.

Even the richest can tumble, and woes from scandal to mismanagement have caused the fortunes of a few Nigerian figures to collapse. Many have risen from modest beginnings to unimaginable wealth, only to crash and burn just as spectacularly.

 

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Here’s a detailed look at two who lost it all: Goddy Anabor, and Kola Aluko.

2 Nigerian Billionaires Who Went Broke

1. Goddy Anabor – The Media Mogul

In the 1990s and early 2000s, Goddy Anabor was the toast of Lagos high society. He was known for his flamboyant dress sense, expensive taste, and high-profile relationships. He built his fortune from publishing and entertainment.

Anabor ran Hearts Magazine, a popular lifestyle publication at the time. He was reportedly worth billions in naira and claimed to have over 50 luxury cars, including Rolls-Royces and Bentleys. He was often seen at the Sheraton Lagos Hotel, where he claimed to have spent ₦86 million over 15 months. Anabor has this to say about his past life:

In Lagos Sheraton Hotel, I spent 86Million Naira in hosting people from London for one year and three months. I have the receipts, and you can go and ask them there. There was a time I had ₦3BN in Equity Bank at Allen Avenue, Ikeja, which I spent on people. I had more than 50 cars like Bentley, Rolls-Royce Royce and others. I usually bought cars that were newly manufactured.

Goddy allegedly made money from Yahoo, known as 419 at the time. When asked about his fraud background and how he made money, Goddy allegedly said that Yahoo is not a crime; rather, he collected from those who stole from his ancestors.

He invested the money by starting different businesses, including the

The Heart Magazine, a romance soft-sell publication that gave the defunct Hints Magazine a big run for its money

Goddy Anabor founded a colour printing business that printed for the This Day newspaper, the Punch newspaper, and many other media publications.

He also had a security company and was among the pioneers, even though security guard companies have not become mainstream.

He was a big player in the real estate business in Lagos with over 100 buildings to his name.

He was known for throwing lavish parties, sponsoring musicians, and hosting celebrities. As the years passed, mismanagement, extravagant spending, and a failing media business took their toll. He allegedly lost touch with the changing landscape of digital media and failed to pivot accordingly.

At a point, he began to sell his properties at very low prices because his friends knew he was broke and took advantage of his situation. Gody also had a drug addiction problem, leading him to sell his properties at below market prices to feed his addiction.

In a shocking 2020 interview, a dishevelled Anabor revealed that he had lost everything and is now working as a taxi driver in Lagos to survive. The man who once lived like royalty was now begging friends and acquaintances for help.

2. Kola Aluko – Oil Tycoon

From Grace To Grass: Nigerian billionaires who went broke and lost it all

At the peak of his influence, Kola Aluko was the quintessential symbol of Nigerian oil wealth and international sophistication. He was born into a prominent Yoruba family and rose to prominence in the 2000s through oil trading and strategic connections.

Aluko co-founded Forte Oil and Atlantic Energy, positioning himself at the centre of Nigeria’s lucrative oil industry. He reportedly gained insider access to oil blocks through a controversial agreement with the Nigerian Petroleum Development Company (NPDC). These oil blocks were later alleged to have been awarded under questionable circumstances linked to former Petroleum Minister Diezani Alison-Madueke.

Aluko’s wealth grew fast. He owned multi-million-dollar properties in London, Los Angeles, New York, and Geneva. He was frequently spotted at celebrity parties, rented out an $80 million yacht for Beyoncé and Jay-Z, and maintained an enviable lifestyle filled with luxury jets, supercars, and global travel.

In 2015, everything began to unravel. U.S. and Nigerian authorities launched investigations into money laundering, fraud, and misappropriation of billions of dollars linked to the Nigerian oil sector. Aluko and his partner, Jide Omokore, were implicated in laundering funds through a network of shell companies and real estate.

In 2017, a U.S. court ordered the seizure of Aluko’s assets, including a $50 million Manhattan penthouse and a 65-meter yacht. Switzerland froze his bank accounts. The Economic and Financial Crimes Commission (EFCC) of Nigeria intensified its investigations. His financial empire collapsed under legal scrutiny, and Aluko vanished from the public eye.

These stories aren’t just about money, they’re about hubris, mismanagement, and the fleeting nature of fortune. In a country like Nigeria, where riches can come fast, these men serve as modern parables. Their legacies are not only in how much they gained, but in what was lost, and how quickly it happened. The lesson is clear: wealth is only as lasting as the wisdom used to manage it.

 

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