Lagos State is widely regarded as Nigeria’s economic powerhouse and the heartbeat of West African commerce. It is home to some of the wealthiest families in the country, whose influence extends beyond business into politics, real estate, oil, telecommunications, and more. These billionaire Lagosians have not only built generational wealth but continue to shape the Nigerian economy in 2025.
Below is the updated list of the top 10 richest families in Lagos State:
1. The Dangote Family
- Family Head: Aliko Dangote
- Estimated Net Worth (2025): $23.9 billion
- Industries: Cement, sugar, flour, oil refining
Aliko Dangote, Africa's richest man, leads a family conglomerate headquartered in Lagos. The Dangote Group has extensive investments across Nigeria and Africa, including the $19 billion Dangote Petroleum Refinery in Ibeju-Lekki, Lagos.
2. The Tinubu Family
- Family Head: Bola Ahmed Tinubu
- Estimated Net Worth (2025): $8.4 billion
- Industries: Real estate, media, hospitality, politics
Bola Tinubu, Nigeria’s President and former Lagos State governor, is linked to numerous high-value properties and businesses in Lagos, including Oriental Hotel, The Nation newspaper, and TV Continental (TVC).
3. The Adenuga Family
- Family Head: Mike Adenuga
- Estimated Net Worth (2025): $6.7 billion
- Industries: Telecommunications, oil, banking
Mike Adenuga, founder of Globacom, Nigeria’s second-largest telecom operator, also owns stakes in Conoil and is one of the most private yet influential businessmen in Lagos.
4. The Rabiu Family
- Family Head: Abdul Samad Rabiu
- Estimated Net Worth (2025): $5.4 billion
- Industries: Cement, real estate, sugar refining
The BUA Group, founded by Abdul Samad Rabiu, is headquartered in Lagos and has grown into a major industrial force, with several plants across the country and Africa.
5. The Otedola Family
- Family Head: Femi Otedola
- Estimated Net Worth (2025): $1.4 billion
- Industries: Energy, investments, finance
Femi Otedola transitioned from oil to investments and currently sits on the board of FBN Holdings. His children, like DJ Cuppy, have also built their personal brands, keeping the Otedola name in the spotlight.
6. The Danjuma Family
- Family Head: Theophilus Danjuma
- Estimated Net Worth (2025): $1.1 billion
- Industries: Oil and gas, shipping, real estate
A retired General and former Minister of Defence, Theophilus Danjuma’s wealth comes from his shipping and oil companies like South Atlantic Petroleum. He owns prime properties in Lagos.
7. The Alakija Family
- Family Head: Folorunsho Alakija
- Estimated Net Worth (2025): $1.1 billion
- Industries: Oil, fashion, printing
Folorunsho Alakija is the founder of Famfa Oil and is considered one of Africa’s richest women. Her fashion and printing companies were her first ventures before oil wealth boosted her fortune.
8. The Ovia Family
- Family Head: Jim Ovia
- Estimated Net Worth (2025): $980 million
- Industries: Banking, ICT, real estate
Jim Ovia is the founder of Zenith Bank, one of Nigeria's largest and most successful banks. His investments in fintech and real estate continue to grow.
9. The Elumelu Family
- Family Head: Tony Elumelu
- Estimated Net Worth (2025): $700 million
- Industries: Banking, energy, philanthropy
Chairman of Heirs Holdings and UBA, Tony Elumelu is also known for the Tony Elumelu Foundation, which supports African entrepreneurs.
10. The Okoya Family
- Family Head: Razaq Okoya
- Estimated Net Worth (2025): Hundreds of millions
- Industries: Manufacturing, real estate
Razaq Okoya is the founder of Eleganza Group. Known for his sprawling estate in Lekki and his contributions to Nigeria’s manufacturing sector, his family remains a Lagos elite.
Final Thoughts
These Lagos-based billionaire families not only drive Nigeria’s economy but represent the power of entrepreneurship, strategic investment, and in some cases, political influence. Whether through old money or emerging enterprises, they continue to leave their mark on Nigeria and the continent.
