Lagos State, Nigeria's economic powerhouse, is home to some of the nation's most affluent individuals. These billionaires have amassed their fortunes through diverse industries, including manufacturing, telecommunications, energy, and finance. As of 2025, here are the top 10 richest men associated with Lagos State, based on their net worth and business influence.
1. Aliko Dangote – Net Worth: $23.9 Billion
Aliko Dangote, Africa's richest person, has a net worth of $23.9 billion. He founded and chairs Dangote Cement, the continent's largest cement producer. Dangote owns 85% of publicly-traded Dangote Cement through a holding company.His business empire also includes interests in sugar, salt, and oil refining. The recent launch of his massive oil refinery in Lagos has further solidified his position at the top.
2. Mike Adenuga – Net Worth: $6.8 Billion
Mike Adenuga, Nigeria's second-richest man, has a net worth of $6.8 billion. He built his fortune in telecommunications and oil production. Adenuga is the founder of Globacom, Nigeria's second-largest telecom operator, and owns stakes in Conoil, a major oil exploration company. His diversified investments and business acumen have earned him a prominent place among Africa's wealthiest individuals.
3. Abdul Samad Rabiu – Net Worth: $5.1 Billion
Abdul Samad Rabiu, with a net worth of $5.1 billion, is the founder of BUA Group, a Nigerian conglomerate with interests in cement production, sugar refining, and real estate. His strategic investments and expansion into various sectors have significantly contributed to Nigeria's industrial growth.
4. Femi Otedola – Net Worth: $1.5 Billion
Femi Otedola, a prominent Nigerian businessman, has a net worth of $1.5 billion. He made his initial fortune in the petroleum industry and later diversified into power generation. Otedola is the chairman of Geregu Power PLC, a leading power generation company in Nigeria. His business ventures have played a crucial role in addressing Nigeria's energy challenges.
5. Folorunsho Alakija – Net Worth: $1 Billion
Folorunsho Alakija, Nigeria's richest woman, boasts a net worth of $1 billion. She is the vice-chair of Famfa Oil, a Nigerian oil exploration company. Alakija's investments in the oil sector have yielded substantial returns, and she is also known for her philanthropic efforts in education and women's empowerment.
6. Tony Elumelu – Net Worth: $700 Million
Tony Elumelu, with a net worth of $700 million , is a Nigerian economist, entrepreneur, and philanthropist. He is the chairman of Heirs Holdings and the United Bank for Africa (UBA). Elumelu is renowned for his commitment to empowering African entrepreneurs through the Tony Elumelu Foundation.
7. Jim Ovia – Net Worth: $550 Million
Jim Ovia, founder of Zenith Bank, has a net worth of $550 million. Under his leadership, Zenith Bank became one of Nigeria's most profitable banks. Ovia's investments extend beyond banking into telecommunications and real estate, solidifying his status as a key player in Nigeria's financial sector.
8. Bola Ahmed Tinubu – Net Worth: $500 Million
Bola Ahmed Tinubu, Nigeria's president and former governor of Lagos State, has an estimated net worth of $500 million. His wealth stems from investments in real estate, media, and other sectors. Tinubu's political influence and business ventures have significantly shaped Lagos State's economic landscape.
9. Razaq Okoya – Net Worth: $500 Million
Razaq Okoya, founder of the Eleganza Group, is a prominent industrialist in Lagos. His company manufactures a wide range of household products, and he resides in the luxurious "Oluwa ni shola" estate in Lekki. Okoya's contributions to Nigeria's manufacturing sector have been substantial.
10. Oba Otudeko – Net Worth: $550 Million
Oba Otudeko, founder and chairman of Honeywell Group, has diversified interests in food manufacturing, oil and gas, and telecommunications. He has also served as chairman of First Bank of Nigeria and has been influential in Nigeria's corporate sector.
Frequently Asked Questions
Q1: Who is the richest man in Lagos State?
Aliko Dangote is the richest man in Lagos State, with a net worth of $23.9 billion.
Q2: Is Folorunsho Alakija the richest woman in Nigeria?
Yes, Folorunsho Alakija is Nigeria's richest woman, with a net worth of $1 billion.
Q3: How did Bola Ahmed Tinubu amass his wealth?
Bola Ahmed Tinubu's wealth is attributed to his investments in real estate, media, and other business ventures.
Q4: What industries contribute to Lagos State's wealth?
Lagos State's wealth is driven by industries such as oil and gas, telecommunications, banking, manufacturing, and real estate.
Conclusion
Lagos State stands as a beacon of economic prosperity in Nigeria, housing some of the nation's wealthiest individuals.These billionaires have not only amassed significant wealth but have also contributed to the state's development through various industries and philanthropic efforts. Their success stories serve as inspiration for aspiring entrepreneurs and underscore Lagos's pivotal role in Nigeria's economic landscape.
