Each year, the list of the wealthiest men can change based on their current financial status and overall net worth. For this piece, we’ll highlight the top 10 richest men residing in Lagos as of 2023, along with some interesting facts about each individual.
Lagos is a vibrant city that houses a lot of wealthy men. These affluent individuals lead lavish lifestyles, residing in upscale neighbourhoods like Ikoyi and Victoria Island, where luxurious mansions and high-end apartments are a common sight.
From successful businessmen to influential politicians, these millionaires have topped our list. Discover who the top richest people are and what got them there below.
Top 10 Richest Men in Lagos, Nigeria 2023
Let’s take a closer look at the top 10 wealthiest men in Lagos 2023 who have built their vast fortunes across a range of industries.
1. Aliko Dangote
Aliko Dangote, the richest man in Nigeria, is known for his vast business empire, Dangote Group. His businesses span several industries, including cement manufacturing, sugar production, salt processing, and more. Forbes magazine ranks him as the 100th richest person on the planet.
Dangote’s wealth primarily comes from his cement company, although his other businesses are also highly successful.
According to Dangote, his entrepreneurial spirit was nurtured by spending time around his grandfather, Dantata, who was once known as the richest man in Kano. After finishing college, he took a $3,000 loan from his uncle to import and sell agricultural products in Nigeria.
Decades later, he has built one of the most significant business empires in Africa and is known as the richest black man in the world and one of Africa’s most respected businessmen and philanthropists.
Net worth: $14.2 billion
2. Mike Adenuga
Mike Adenuga is another Nigerian billionaire with substantial investments in Lagos. He is the owner of Globacom, one of Nigeria’s leading telecommunications companies, and Conoil, an oil exploration and production company.
He is one of the wealthiest people on the African continent as well as the richest person in Lagos. Named the 3rd richest man in Nigeria according to Forbes. He gained his wealth from telecommunications and oil production in Nigeria.
His telecom company, Globacom is the third largest network operator in the country, with over 50 million subscribers, and his Petroleum company, Conoil is one of the biggest Petroleum exploration and production companies in Nigeria.
Adenuga’s contributions to philanthropy are commendable, and his foundation, the Mike Adenuga Foundation, has helped many underprivileged members of society.
Net worth: $5.7 billion
3. Femi Otedola
Femi Otedola is a well-known successful businessman and philanthropist who has invested heavily in the energy sector. One of his notable investments is Forte Oil, which is now known as Ardova Plc, where he served as the former chairman. He is currently the executive chairman of Geregu Power PLC and is also the founder of Zenon Petroleum and Gas Ltd.
Otedola is among the wealthiest individuals in Lagos, and he has made significant philanthropic contributions to help underprivileged children access quality education.
He was listed among the richest men in Africa by Forbes in 2016, with an estimated net worth of $1.8 billion. Otedola lives in Lagos, Nigeria, and is married with four children.
Net worth: $2.7 billion
4. Jim Ovia
Jim Ovia is the founder of Zenith Bank, one of Nigeria’s largest and most successful banks. His influence in the financial sector extends all across the country, despite the bank being headquartered in Lagos.
He also founded Visafone Communications, which had over three million subscribers before it was sold to MTN in 2015 for an undisclosed sum. With an estimated net worth of $900 million, Ovia is a prominent figure in Nigeria’s business world.
Additionally, his Jim Ovia Foundation has awarded scholarships to over 1500 students to attend university.
Net worth: $900 million
5. Tony Elumelu
Tony Elumelu is a renowned figure in the banking industry, having served as the CEO of the United Bank for Africa (UBA) and transforming it into a pan-African financial institution. He is the founder of Heirs Holdings, a conglomerate that has interests in various sectors ranging from banking to energy, real estate, and hospitality.
He has also founded Transcorp, a publicly traded conglomerate in Nigeria. Elumelu has received several accolades and awards for his contributions to business and philanthropy, including being named one of TIME 100 Most Influential People in the World.
Net worth: $700 million
6. Segun Agbaje
Segun Agbaje is the CEO of Guaranty Trust Holding PLC, one of the largest financial in Nigeria. He worked with Ernst & Young in San Francisco before joining Guaranty Trust Holding PLC, where he has been serving as the CEO. He emerged as the highest-paid CEO in Nigeria in 2022.
Segun Agbaje has been with the bank since 1991 when it was just a start-up, and over the years, he rose to the position of Deputy Managing Director in August 2022.
With over 26 years of experience in the banking sector, he has earned a reputation as a truly accomplished professional in West Africa.
Net worth: $100 million
7. Musiliu Obanikoro
Musiliu Obanikoro is a prominent Nigerian politician. He is another substantial personality in Lagos State who gained popularity as a senator in Lagos State and is known to be quite wealthy
It is speculated that much of his wealth came from his various political positions held throughout Nigeria, including his stint as the former High Commissioner to Ghana and Minister of State for Defence.
Net worth: $75 million
8. Olujimi Agbaje
Jimi Agbaje is a well-known politician in Lagos State and is estimated to have a net worth of approximately $7 million. He is a pharmacist by profession and has gained popularity in Lagos by running for the state governorship elections twice, in 2015 and 2019.
Jimi is also the founder of Jay Kay Pharmaceuticals, which is one of the largest pharmaceutical companies in Nigeria.
Net worth: $7 Million
9. Jimoh Ibrahim
Jimoh Ibrahim is one of the wealthiest men in Lagos. The millionaire businessman is estimated to be worth $5 million. He is not only a successful businessman, but also a lawyer, politician, and philanthropist.
He is the chairman and chief executive officer of Global Fleet Group, a diversified conglomerate with many subsidiary companies in LagoStatere.
Net worth: $5 million
10. Adewale Tinubu
Adewale Tinubu is another very rich man in Lagos State. He’s a relative of President Bola Tinubu, the current Nigerian president.
He has achieved great success as the Chief Executive Officer of Oando PLC, a prominent oil and gas company in Nigeria. Adewale Tinubu is also the founder of Ocean & Oil Group. He has many achievements and assets and is considered one of the wealthiest people in Lagos State.
Net worth: $1 – $5 billion
Also, check Top 10 Richest Man in Africa 2023.