Top 5 Richest Business Men In Lagos & Net Worth (2024)

Last updated on August 3rd, 2023 at 08:36 pm

If only one state is blessed in Nigeria, then that state is Lagos state. According to Forbes Magazine, a magazine known for its ranking of the world richest, Lagos has 4 billionaires, 360 multi-millionaires, 6,800 millionaires.

Interestingly, the city of Lagos is ranked the 4th richest city in Africa. The city holds a total amount of US$120 billion.

Lagos is a city in Nigeria. The city, with its adjoining conurbation, is the most populous in Nigeria, and the most populous on the African continent. An unofficial opinion ranked Lagos as the most populated state in the country even though official figure still puts Kano state ahead.

The city is one of the fastest growing cities in the world and also one of the most populous urban agglomerations. It is a major financial centre in Africa and also houses one of the largest and busiest seaports on the continent. Major sectors in this city includes real estate & construction, telecom, transport, financial services and basic materials.

Due to the commercial activities going on in this city, Its houses the richest business men in the country. this article will list out the top 5 richest men in Lagos. Because the list is for men, billionaire females like Folorunsho Alakija will not be featured on the list.

Here are the top 5 richest men in Lagos and their net worth this 2024.

Aliko Dangote – Net Worth $10.5 billion


The richest black man on earth, Aliko Dangote is ranked by Forbes magazine as the 100th-richest person in the world and the richest business man in Africa.

On the list of world billionaires, Dangote peaked as the 23rd-richest person in the world in 2014. He surpassed Saudi-Ethiopian billionaire, Mohammed Hussein Al Amoudi by over $2.6 billion in net worth to be the world’s richest African.

Yes, Dangote is not an indigene of Lagos but he resides there and have a lot of investments in the city. Contrary to popular believe, Dangote is married and lives in Lagos with his wife. He currently has 15 children. In his past, he has married and divorced 3 other women.

Dangote have investment both within the country and outside the country. the Dangote Group dominates the Sugar and Cement market. They are also into the production of flours, soft drink, breweries, and confectioners among others. The Group operates in other countries like Benin, Ghana and Togo.

Talking of his philanthropical gestures, among other things, in 2014, the Nigerian government said Dangote had donated 150 million Naira (US$750,000) to halt the spread of Ebola.

Mike Adenuga – Net Worth $9.4 billion


Mike Adenuga is the second richest business man in Nigeria. Interestingly, he is also the richest in Lagos and one of the richest on the African continent.

He is the owner of Globacom, Nigeria’s second-largest telecom operator. He owns stakes in the Equitorial Trust Bank and the oil exploration firm Conoil.

Adenuga was honoured with the Grand Commander of the Order of the Niger (GCON) by the government of Nigeria in 2012. He also holds the traditional title of the Otunba Apesin of the Ijebu clan. He is happily married with children.

Femi Otedola – Net Worth $2.3 billion

Femi Otedola is the third richest man in Lagos. He is the father of Florence Otedola, popularly known as DJ Cuppy. With his net worth is put at $2.3 billion, He is a Nigerian businessman, philanthropist, and chairman of Forte Oil PLC.

Otedola is the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate and finance. He has recently invested in power generation as part of the liberalization of the sector in Nigeria.

If there’s one thing I sure remember will not forget about Otedola is the Farouk Lawan Fuel Subsidy Saga in 2012. Femi was reported to have allegedly given bribe to Boniface Emenalo and Farouk Lawan who was at then, the Chairman of the House Committee on Fuel Subsidy Regime, “Integrity Group” a sum of $620,000.

Though Farouk denied the allegation, a video tape was provided as very concrete evidence as Femi Otedola was caught red-handed allegedly giving a bribe and Farouk Lawan accepting it.

He is a philanthropist who has giving back to the society in one way or the other. Otedola has made several donations to the Michael Otedola University Scholarship Scheme.

Among others, in 2005, Otedola made a N300 million donation to the National Ecumenical Centre for it completion.

Tony Elumelu – Net Worth $1.4 Billion


Tony Onyemaechi Elumelu is a Nigerian economist, entrepreneur, and philanthropist. He is the chairman of Heirs Holdings, the United Bank for Africa, Transcorp and founder of The Tony Elumelu Foundation.

He holds the Nigerian national honours, the Commander of the Order of the Niger (CON) and Member of the Order of the Federal Republic (MFR).

If there’s one thing I like about Tony Elumelu is his grooming new set of young entrepreneurs through his foundation. Through the Tony Elumelu Foundation, he has help mentored and groomed more than 3000 young entrepreneurs across Africa.

Jim Ovia – Net Worth $980 Million


Jim James Ovia, the founder of Zenith Bank is one of the richest men in Lagos and Nigeria as a whole. He is the fifth richest in Lagos with an estimated net worth of $980 million.

Ovia is the founder of Visafone Communications Limited and the chairman of both the Nigerian Software Development Initiative (NSDI) and the National Information Technology Advisory Council (NITAC).

He is a member of the Honorary International Investor Council as well as the Digital Bridge Institute (DBI). He is the Chairman of Cyberspace Network Limited.

Wrapping Up

You might have noticed that Chief Asiwaju Bola Ahmed Tinubu (Jagaban) wasn’t listed even though he is the richest politician in Lagos. This is because, you can not deduce the source of his wealth when compared to the above business men.

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Oluchi Chukwu

Oluchi is a seasoned Information blogger, content developer and the editor of Nigerian Queries. She is a tech enthusiast who loves reading, writing and research

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