Lagos Remains Home to Nigeria’s Wealthiest: Top Ten Richest People in Lagos State 2025 Revealed

BY Rachel Akper
October 4, 2025
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Lagos State has once again affirmed its position as Nigeria’s economic powerhouse, hosting the majority of the nation’s billionaires and top business magnates.

According to a compilation based on Forbes Africa and Billionaires.Africa’s 2025 billionaire reports, ten of the country’s most influential and wealthiest individuals maintain major business operations or residences in Lagos.

At the top of the list is Aliko Dangote, Africa’s richest man and industrial icon whose vast investments span cement, sugar, salt, and the recently launched Dangote Refinery. Dangote’s companies employ thousands and remain key drivers of Nigeria’s industrialization.

In second place is Dr. Mike Adenuga, the founder of Globacom and Conoil, whose fortune was built on telecommunications and oil exploration. His impact on Nigeria’s private sector remains unmatched.

Femi Otedola, an energy investor and philanthropist, ranks third. The Geregu Power Plc chairman continues to expand his influence across energy and finance.

Fourth on the list is Oba Otudeko, founder of the Honeywell Group, who has made significant strides in manufacturing, finance, and real estate.

Tony Elumelu, celebrated banker and chairman of Heirs Holdings and UBA Group, ranks fifth, globally recognized for empowering African entrepreneurs through the Tony Elumelu Foundation.

Industrialist Abdulsamad Rabiu, founder of BUA Group, holds the sixth position. His investments in cement, sugar, and agriculture have reshaped Nigeria’s manufacturing landscape.

The late Herbert Wigwe, former Group CEO of Access Holdings, is honored posthumously in seventh place for his outstanding contributions to the banking and financial services sector.

Jim Ovia, founder of Zenith Bank, ranks eighth, widely credited for pioneering tech-driven innovations in Nigeria’s banking industry.

Coming in ninth is Olusegun Aganga, businessman and former Minister of Industry, Trade and Investment, recognized for his role in promoting economic reforms and private enterprise growth.

Rounding out the list is Bode Akindele, an industrialist and real estate mogul, whose investments have spanned several decades and industries.

This list underscores Lagos’s enduring dominance as Nigeria’s commercial and financial hub a city where opportunity, innovation, and enterprise converge to produce wealth and influence on a continental scale.