Top 10 Richest Men In Lagos State
Lagos State, often referred to as the commercial capital of Nigeria, is home to some of the most powerful and wealthiest individuals in the country. These men have accumulated substantial wealth through diverse sectors including telecommunications, oil and gas, real estate, banking, manufacturing, and infrastructure. In 2025, they continue to dominate not just Lagos or Nigeria’s economy, but also the African continent at large. This blog post explores the top 10 richest men in Lagos State in 2025, detailing their estimated net worth, major business interests, and overall impact on the nation's development.
1. Aliko Dangote – Net Worth: $10.9 Billion
Aliko Dangote, Nigeria’s and Africa’s richest man, maintains a towering influence in the economic landscape of Lagos. Although he hails from Kano State, his business empire is headquartered in Lagos. His conglomerate, Dangote Group, spans several industries such as cement, sugar, flour, and salt. However, his most ambitious project to date, the Dangote Refinery, launched in 2024 in Lekki Free Trade Zone, is transforming Nigeria's oil sector by reducing dependence on fuel imports.
Dangote Cement, a key subsidiary of the group, continues to be the largest cement producer in Sub-Saharan Africa. Beyond business, Aliko Dangote is an active philanthropist, contributing millions through the Dangote Foundation to healthcare, education, and poverty alleviation.
2. Mike Adenuga – Net Worth: $6.9 Billion
Mike Adenuga, a reclusive billionaire and owner of Globacom, Nigeria’s second-largest telecom operator, is another powerful figure with deep ties to Lagos. His company revolutionized Nigeria’s telecom industry by introducing affordable data and flexible voice plans.
Adenuga also has major investments in Conoil Producing, one of Nigeria’s oldest indigenous oil exploration firms. Beyond oil and telecoms, his business interests stretch into banking, with ties to Equitorial Trust Bank, and construction, holding stakes in Julius Berger Nigeria Plc.
3. Abdul Samad Rabiu – Net Worth: $5.1 Billion
As the founder of BUA Group, Abdul Samad Rabiu controls one of Nigeria’s fastest-growing conglomerates with stakes in cement production, sugar refining, real estate, and infrastructure. His company, BUA Cement, rivals Dangote Cement in the Nigerian market.
Based in Victoria Island, Lagos, BUA Group operates modern, energy-efficient cement plants and food production facilities. Rabiu is also known for his philanthropy through the ASR Africa Initiative, focusing on education, healthcare, and security.
4. Adebayo Ogunlesi – Net Worth: $2.3 Billion
Although often associated with global investment circles, Adebayo Ogunlesi has his roots in Nigeria and maintains ties with Lagos' elite business community. He co-founded Global Infrastructure Partners (GIP), an investment firm managing over $100 billion in global infrastructure.
In 2024, GIP was acquired by BlackRock, increasing Ogunlesi’s wealth. Known as the “man who bought Gatwick Airport,” Ogunlesi is a symbol of Nigerian excellence on the global stage.
5. Femi Otedola – Net Worth: $1.7 Billion
Femi Otedola’s business journey reflects strategic reinvention. From leading Nigeria’s fuel retail space through Forte Oil, he shifted focus to power generation, becoming the largest investor in Geregu Power Plc.
His influence extends to finance as he now owns significant shares in First Bank of Nigeria Holdings. A celebrated philanthropist, Otedola made headlines with a $14 million donation to Save the Children UK, benefiting children in conflict-affected areas like the North-East of Nigeria.
6. Tony Elumelu – Estimated Net Worth: $1.4 Billion
Tony Elumelu is a prominent Lagos-based businessman known for his role in the transformation of the Nigerian banking sector. As the chairman of Heirs Holdings and United Bank for Africa (UBA), he has extended financial services across Africa.
Elumelu is also the founder of the Tony Elumelu Foundation, which has empowered over 15,000 African entrepreneurs with funding, training, and mentorship. His investments span hospitality, insurance, and power generation, with headquarters in Lagos.
7. Jim Ovia – Estimated Net Worth: $1.2 Billion
Jim Ovia is the founder of Zenith Bank, one of the most profitable and stable financial institutions in Nigeria. He played a pivotal role in modernizing Nigeria’s banking infrastructure and customer service.
Based in Lagos, Ovia’s influence extends beyond finance. He’s a known investor in real estate and technology and has contributed significantly to education through scholarships and infrastructure projects.
8. Folorunsho Alakija – Estimated Net Worth: $1 Billion
One of Nigeria’s most prominent female entrepreneurs, Folorunsho Alakija made her fortune through the oil sector as vice-chair of Famfa Oil. Her company holds a stake in the highly lucrative Agbami oil field operated by Chevron.
Alakija also made a name for herself in fashion and publishing before venturing into energy. Her Lagos-based empire includes real estate, education, and philanthropy. She remains a strong advocate for women's empowerment and entrepreneurship.
9. Oba Otudeko – Estimated Net Worth: $850 Million
Oba Otudeko is the founder and chairman of the Honeywell Group, with investments in food processing, infrastructure, and energy. A former chairman of First Bank of Nigeria, he has been instrumental in shaping the modern financial sector.
His Lagos operations include large flour mills and an expanding logistics business. Otudeko has also invested in green energy and is a vocal supporter of Nigeria’s industrialization drive.
10. Pascal Dozie – Estimated Net Worth: $750 Million
A seasoned entrepreneur and former president of the Nigerian Stock Exchange, Pascal Dozie is the founder of Diamond Bank, which has since merged with Access Bank.
Dozie also served as chairman of MTN Nigeria, steering it to become the largest telecom operator in Nigeria. His business acumen and foresight have played key roles in Nigeria’s financial and telecom revolutions. Most of his businesses are headquartered in Lagos.
Conclusion: Wealth, Vision, and Influence in Lagos State
These top 10 richest men in Lagos State are not only financially successful but are also visionaries shaping the Nigerian and African economic narrative. From power and telecom to banking and industrialization, their efforts continue to transform Lagos into a global investment destination.
Their philanthropic contributions further highlight their commitment to social development, youth empowerment, and national progress. As Lagos continues to grow as West Africa’s economic heartbeat, the influence of these individuals will undoubtedly deepen.
Whether you're an aspiring entrepreneur, investor, or policy-maker, the stories of these Lagos-based billionaires serve as motivation and proof that with vision, resilience, and innovation, global success is possible—even from Africa’s shores.
Post A Comment
Your email address will not be published. Required fields are marked *
0 Comments