Top 7 Richest Businessmen in Lagos

Do you know who the richest businessmen in Lagos are? Wanna find out? Then read this article. So, therefore, Lagos is perhaps the most well-known Nigerian state, Official figures put the population at 14 million.

This teeming population also comes with tremendous economic power. Lagos is currently responsible for about  25% of Nigeria’s GDP. It is the 4th richest city in Africa, holding a total of $120 billion.

According to Forbes, Lagos has 4 billionaires, 360 multi-millionaires, and 6,800 millionaires. more also the city is a financial center in Africa and is home to one of Africa’s busiest seaports.

Some of the major economic sectors of Lagos involve Construction & real estate, transport, telecommunication, and financial services. So, therefore, let’s look at some of the richest businessmen in the city of Lagos.

Oba Otudeko – Net Worth $550 Million

Born on August 18, 1943, Oba Otudeko is a successful entrepreneur. He is the founder and the chair of Honeywell Group and is also the chair of FBN Holdings Plc.

The holdings of the conglomerate encompass oil and gas, marine transportation, real estate, flour milling, and marine transportation.

He also owns oceanfront Radisson Blu in Lagos and is the founder of the Oba Otudeko Foundation.

He’s also the founder, Oba Otudeko Foundation, and in 2014, his net worth was estimated to be $550 million by Forbes, which makes him seat 7th position among the richest businessmen in Lagos.

Jim Ovia – Net Worth $980 Million

Jim James Ovia, born on November 4, 1951, is a successful Nigerian Businessman and is the founder of Zenith Bank, which is one of the largest commercial banks in Nigeria.

He is the current chairman and, with slightly over 9%, is the largest individual shareholder of the bank. He also owns prime real estate properties across the nation and is the founder of telecom company Visafone Communications Limited.

It has since been acquired by MTN, the largest communication operator in Nigeria. He’s also the chairman of the Nigerian Software Development Initiative (NSDI), and of the National Information Technology Advisory Council (NTAC).

He is a member of the Digital Bridge Institute (DBI) and the Honorary International Investor Council.

Tony Elumelu – Net Worth $1.4 Billion

Tony Onyemaechi, born on March 22, 1963, is an economist, entrepreneur, and philanthropist. He chairs several businesses, such as Heirs Holding, Transcorp as well as United Bank for Africa.

He currently chairs the Tony Elumelu Foundation. In 2012, he was recognized by Forbes as one of “Africa’s 20 Most Powerful People.” while The Tony Elumelu Foundation has empowered over 3000 young entrepreneurs in Africa with $5000 in seed funding.

Folorunsho Alakija – Net Worth $1.7 Billion

Born on July 15, 1951, Folorunsho Alakija is a Nigerian Billionaire and one of the continent’s richest women, and in fact, one of the richest black women in the world.

In 2014, she was temporarily the richest black woman in the world. According to Forbes, in 2018, her net worth was about $1.7 billion.

She is the vice-chair of Famfa Oil, which is an indigenous oil exploration company that has an Agbami Oilfield. The partners of Famfa Oil include Chevron and Petrobras. She is also the vice-chair of Digital Reality Prints.

Femi Otedola – Net Worth $2.3 Billion

Femi Otedola, born on November 4, 1962, is a Nigerian Businessman, entrepreneur, and philanthropist. He is the chair of Forte Oil PLC, which is an importer of petroleum.

Son of former governor of Lagos State, Micheal Otedola, founder of Zenon Petroleum and Gas Ltd, and also owns several businesses in the shipping, finance, and real estate sectors.

Recently, he invested in the power generation sector as part of the liberalization of that sector.

A philanthropist who has given generously to many causes in the country. In November 2019, he donated N5 billion (approx. $14 million) to the Save the Children Fund through his daughter Florence Otedola popularly known as DJ Cuppy.

Recently donated N1 billion towards the eradication of the coronavirus in the country. Femi Otedola’s net worth of $2.3 billion puts him among the Top 3 richest businessmen in Lagos.

Mike Adenuga Jr. – Net Worth $9.4 Billion

Mike Adeniyi Adenuga born on April 29, 1953, is one of the elite Nigerian billionaires and seats at number two on the list of the Richest Businessmen in Lagos.

He owns Globacom, the second-largest telecom operator in Nigeria with 37 million subscribers.

Globacom had the highest growth rate of subscribers in 2019. He also owns the oil exploration outfit, Conoil Producing, which operates 6 oil blocks in the Niger Delta area.

While also having high stakes in the former Equatorial Trust bank, which was acquired by Sterling Bank in 2011.

In 2012, he was honored by the Nigerian government with the title of the Grand Commander of the Order of the Niger.

Aliko Dangote –  $12 Billion Net Worth 

Aliko Dangote is the richest businessman in Lagos and also the richest black man on Earth. After 2014 he was ranked as the 23rd richest person in the world, surpassing the Saudi-Ethiopian billionaire, Mohammed Hussein Al Amoudi, by 2.6 billion dollars to become the world’s richest African.

Although Dangote is not an indigene of Lagos, he resides there and has a lot of investments in the city.

Born on April 10, 1957, Aliko Dangote is the owner of the Dangote group, which is the largest sugar and cement producer in Africa.

The Dangote group Is into the production of flour, soft drinks, confectioneries, breweries, and other investments.

The group is a multinational one dominating the market in many African countries such as Benin, Cameroon, South Africa, Ethiopia, and Ghana, among many others.

The latest investment of the group is the building of the largest crude oil refinery in West Africa.

Located in Lagos, the Refinery, when operating at full capacity, will produce over 600 thousand barrels of refined products per day.

There you have it, the list of some of the richest businessmen in Lagos.