Buzzapp Master 
Nigeria has produced some of Africa’s wealthiest figures, from oil tycoons to media magnates, but even the richest can see their fortunes evaporate.
These cautionary tales remind us that being counted among the Billionaires in Nigeria takes more than bold ventures; it demands careful stewardship and adaptability.
Here’s how two high-fliers, Goddy Anabor and Kola Aluko, went from power and privilege to financial ruin.
In the 1990s and early 2000s, Goddy Anabor was a fixture of Lagos high society. His glossy Hearts Magazine led the city’s nightlife coverage, and he claimed bank balances in the billions of naira. Anabor owned over 50 luxury cars. Rolls-Royces, Bentleys, and once spent ₦86 million in 15 months at the Sheraton Lagos Hotel.
Anabor’s businesses included:
Hearts Magazine, a popular lifestyle and romance title
A colour-printing firm serving major dailies like ThisDay and Punch
A pioneering security-guard company
A real estate portfolio of more than 100 buildings across Lagos
He openly admitted to funding these ventures in part with proceeds from “Yahoo Yahoo” (419), insisting he collected from those who stole his ancestors’ wealth. At his peak, he boasted having ₦3 billion in Equity Bank’s Allen Avenue branch.
What Went Wrong?
Overspending: Lavish parties, celebrity sponsorships, and a fleet of exotic cars drained cash fast.
Industry Shift: He failed to move from print to digital, and his magazine folded under the weight of online competition.
Personal Struggles: Reports of drug addiction forced him to sell properties below market value, often to friends who knew he was desperate.
By 2020, Anabor admitted in a harrowing interview that he had lost everything. He was working as a taxi driver in Lagos and depending on friends for daily meals. The man once seen as Nigerian royalty now struggles to make ends meet, a stark reminder that even vast fortunes can vanish without prudent management.
2. Kola Aluko – Oil Tycoon to Asset Seizure
Kola Aluko emerged in the 2000s as a symbol of Nigeria’s oil wealth. Born into a prominent Yoruba family, he co-founded Forte Oil and Atlantic Energy, securing lucrative offshore blocks, allegedly through ties to former Petroleum Minister Diezani Alison-Madueke.
Aluko’s global footprint included:
Multi-million-dollar homes in London, New York, Los Angeles, and Geneva
A superyacht once rented for Beyoncé and Jay-Z
A fleet of private jets and supercars
The Collapse
In 2015, U.S. and Nigerian authorities began investigating Aluko for money laundering and fraud tied to oil revenues. By 2017:
A U.S. court ordered the seizure of his $50 million Manhattan penthouse and 65-metre yacht.
Swiss authorities froze his bank accounts.
Nigeria’s EFCC (Economic and Financial Crimes Commission) intensified probes and asset freezes.
Legal battles and frozen assets shattered Aluko’s empire. Once at the heart of high-flyer gatherings, he now keeps a low profile, his name synonymous with fallen grandeur.
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