Have you ever wondered who the richest men in Lagos State are? What industries have propelled them to the top of Nigeria’s economic ladder? If you’re curious about the wealth dynamics in Nigeria’s commercial capital, you’ve landed in the right place!
Lagos State, Nigeria’s bustling economic hub, is home to some of the wealthiest and most influential business magnates in the country. From oil and gas to real estate, banking, technology, and telecommunications, the richest men in Lagos have built vast empires that shape both the local and national economy.
In this article, we will explore the top 10 richest men in Lagos State in 2025. We’ll take a closer look at their net worth, the industries they dominate, and the unique journeys that led to their tremendous success. Let’s get started
1. Aliko Dangote — Industrial and Manufacturing Magnate ($15 Billion)
Aliko Dangote remains the richest man in Lagos State and Africa, with a staggering net worth estimated at $15 billion. As the founder and chairman of the Dangote Group, his wealth primarily comes from cement production, sugar refining, and flour milling.
Dangote’s expansive business empire spans multiple industries, making him a central figure in Nigeria’s economic growth.
How He Built His Wealth:
Starting with trading commodities, Dangote strategically expanded into manufacturing, capitalizing on Nigeria’s infrastructure boom and consumer demand.
Business Empire:
Dangote Cement: Largest cement producer in Africa
Dangote Sugar Refinery: Leading sugar manufacturer
Flour Mills: Food production and processing
Logistics & Real Estate: Infrastructure and property investments
2. Mike Adenuga — Telecommunications and Oil Tycoon ($9 Billion)
Mike Adenuga ranks as one of Lagos State’s richest men with an estimated net worth of $9 billion. He is the founder of Globacom, one of Nigeria’s largest telecom companies, and has significant stakes in oil exploration through Conoil.
Adenuga’s diversified business interests have cemented his status among Nigeria’s wealthiest entrepreneurs.
How He Built His Wealth:
Adenuga leveraged early telecom liberalization and oil sector opportunities to build his multi-billion dollar empire.
Business Empire:
Globacom: Telecommunications services provider
Conoil: Oil exploration and production
Real Estate: High-value property holdings
3. Femi Otedola — Oil and Energy Entrepreneur ($1.8 Billion)
Femi Otedola’s net worth is estimated at $1.8 billion, earned primarily through oil refining and energy trading. As chairman of Forte Oil (now Ardova Plc), he has played a significant role in Nigeria’s petroleum distribution network.
Otedola’s business savvy has also seen him venture into real estate and philanthropy.
How He Built His Wealth:
Focused investments in energy infrastructure and aggressive trading strategies helped Otedola grow his fortune substantially.
Business Empire:
Ardova Plc: Oil refining and distribution
Real Estate: Strategic investments in Lagos properties
Philanthropy: Education and health initiatives
4. Oba Otudeko — Business Mogul and Investor ($1.5 Billion)
Oba Otudeko is a veteran businessman with a net worth of about $1.5 billion. He founded the Honeywell Group, which operates in food production, real estate, and energy.
Otudeko’s leadership style and diversification strategy have positioned Honeywell as a powerhouse in Nigeria’s private sector.
How He Built His Wealth:
Building from a trading background, Otudeko expanded into multiple industries, emphasizing strategic partnerships and innovation.
Business Empire:
Honeywell Group: Food, real estate, and energy
Agriculture: Food processing and distribution
Real Estate: Commercial and residential projects
5. Tony Elumelu — Banking and Investment Guru ($1.2 Billion)
Tony Elumelu is a prominent Nigerian businessman and philanthropist with an estimated net worth of $1.2 billion. He made his mark in banking as the former chairman of United Bank for Africa (UBA) and now leads Heirs Holdings, focusing on investments across Africa.
Elumelu’s vision of African entrepreneurship has earned him global recognition.
How He Built His Wealth:
Through banking consolidation and strategic investments in diverse sectors, Elumelu has grown a formidable business network.
Business Empire:
United Bank for Africa (UBA): Pan-African banking
Heirs Holdings: Investments in energy, real estate, and healthcare
Tony Elumelu Foundation: Entrepreneurship support
6. Abdulsamad Rabiu — Industrialist and Philanthropist ($1.1 Billion)
Abdulsamad Rabiu’s net worth is approximately $1.1 billion. He is the founder of BUA Group, a leading conglomerate with interests in cement production, sugar refining, and real estate.
Rabiu is also a notable philanthropist, contributing to education and healthcare development in Nigeria.
How He Built His Wealth:
Rabiu focused on manufacturing and infrastructure, building capacity in underdeveloped sectors to create sustainable wealth.
Business Empire:
BUA Cement: Major cement producer
Sugar Refinery: Food processing
Real Estate: Urban developments
Philanthropy: Education and health initiatives
7. Herbert Wigwe — Banking Executive and Entrepreneur ($700 Million)
Herbert Wigwe is a respected banking executive with an estimated net worth of $700 million. As the CEO of Access Bank, Wigwe has steered the bank to become one of Nigeria’s largest financial institutions.
His leadership extends into real estate and infrastructure investments.
How He Built His Wealth:
Wigwe leveraged financial services innovations and mergers to build a banking powerhouse with diversified interests.
Business Empire:
Access Bank: Commercial banking
Real Estate: Property development
Infrastructure: Investment in energy and transport
8. Jim Ovia — Technology and Banking Pioneer ($600 Million)
Jim Ovia is a pioneer in Nigeria’s banking and technology space, with a net worth estimated at $600 million. He founded Zenith Bank, one of Nigeria’s leading financial institutions.
Ovia is also active in tech investments, supporting startups and digital innovation.
How He Built His Wealth:
Through visionary banking reforms and technology adoption, Ovia grew a bank that transformed Nigeria’s financial sector.
Business Empire:
Zenith Bank: Commercial banking
Technology: Startup investments
Philanthropy: Education and tech development
9. Olusegun Aganga — Businessman and Politician ($500 Million)
Olusegun Aganga is a former minister and businessman with a net worth estimated at $500 million. He has interests in investment banking, infrastructure, and real estate.
Aganga’s policy influence has supported industrial growth and business-friendly reforms.
How He Built His Wealth:
Combining public service and business acumen, Aganga built wealth through strategic investments and partnerships.
Business Empire:
Investment Banking: Asset management
Real Estate: Urban developments
Infrastructure: Energy and transport projects
10. Bode Akindele — Real Estate and Manufacturing Tycoon ($450 Million)
Bode Akindele is a seasoned businessman with a net worth of $450 million. He built his fortune through manufacturing and real estate developments, especially in Lagos State.
Akindele’s companies produce consumer goods and operate commercial properties across Nigeria.
How He Built His Wealth:
Focused investments in manufacturing and property allowed Akindele to create a diversified, sustainable business portfolio.
Business Empire:
Manufacturing: Consumer goods production
Real Estate: Commercial and residential properties
Trading: Import and export businesses
Conclusion
The richest men in Lagos State in 2025 represent a diverse array of industries, including manufacturing, oil and gas, banking, telecommunications, and real estate. Their business acumen and strategic investments have not only amassed personal fortunes but also contributed significantly to Nigeria’s economic development.
These influential entrepreneurs are role models for aspiring business leaders, demonstrating that vision, innovation, and perseverance are key to achieving lasting success in Lagos State.
Frequently Asked Questions (FAQs)
1. Who is the richest man in Lagos State?
Aliko Dangote, with a net worth of $15 billion, is the richest man in Lagos State and Africa.
2. What industries do Lagos State’s richest men invest in?
Key industries include manufacturing, oil and gas, telecommunications, banking, and real estate.
3. How did Mike Adenuga build his wealth?
He built his fortune through telecommunications with Globacom and oil exploration via Conoil.
4. What is Tony Elumelu known for?
Elumelu is known for his banking expertise and philanthropic work supporting African entrepreneurs.
5. Are there philanthropists among Lagos’s richest men?
Yes, many, including Abdulsamad Rabiu and Tony Elumelu, actively support education and health initiatives.