Top 10 Billionaires In Lagos State

Lagos State, Nigeria’s economic powerhouse, is home to some of the wealthiest individuals in the country. While many affluent Nigerians live and do business in Lagos, only a few of these billionaires are indigenous to the state. Below are the top 10 Lagos-born billionaires, highlighting their impressive achievements, wealth sources, and net worth:

1. Femi Otedola

Femi Otedola, born in Ibadan but an indigene of Lagos, is one of the most recognized billionaires from Lagos State. He has accumulated vast wealth through various sectors, including energy, finance, and real estate. Otedola was the owner of Forte Oil, which he later sold to pivot into the power sector by acquiring a controlling stake in Geregu Power Plc. Additionally, his investments in First Bank Nigeria Holdings (FBN) and Zenith Bank further diversified his wealth portfolio. Otedola's net worth is currently estimated at $1.7 billion in 2024, marking his return to the Forbes billionaire list after several years off the chart. His international real estate holdings in cities like Dubai, Monaco, and London also contribute to his vast fortune.

2. Oba Otudeko

Dr. Ayoola Oba Otudeko, hailing from the Lagos royal lineage, is another influential billionaire from the state. He is the chairman of Honeywell Group, a diversified conglomerate with interests in oil and gas, flour milling, real estate, and telecommunications. Otudeko is also involved in the Nigerian banking sector and is a significant shareholder in First Bank. His business interests span decades, and his consistent involvement in several key industries has made him one of Nigeria’s wealthiest businessmen. His net worth is difficult to pin down exactly, but estimates place it well into the hundreds of millions of dollars.

3. Bola Ahmed Tinubu

While best known for his political career as the former governor of Lagos State and now President of Nigeria, Bola Ahmed Tinubu is also a formidable figure in business. He is a major stakeholder in key industries such as real estate, media, and oil. Tinubu’s political influence has played a vital role in his business success, particularly in Lagos' dynamic economic landscape. Though his exact net worth remains speculative, he is believed to control assets worth over $1 billion, including high-value real estate across Nigeria and stakes in major companies.

4. Jim Ovia

Jim Ovia, founder of Zenith Bank, is a renowned Lagos-born entrepreneur. Zenith Bank is one of Nigeria’s largest financial institutions, and Ovia has played a significant role in its development and expansion. His interests go beyond banking, as he is also involved in real estate and telecommunications. Ovia’s net worth is estimated at $980 million, derived from his shares in Zenith Bank and other businesses.

5. Alhaji Tajudeen Afolabi Adeola

Adeola is one of the founding members of Guaranty Trust Bank (GTBank), which has grown into one of Nigeria's most prominent banks. As a banking magnate and a respected businessman, Adeola's influence extends into various sectors of the Nigerian economy. Although he has stepped back from the daily operations of GTBank, his stake in the institution has secured his place among Lagos's wealthiest individuals. His net worth is estimated to be several hundred million dollars, primarily sourced from his banking and investment ventures.

6. Tunde Folawiyo

Tunde Folawiyo, a prominent Lagosian, leads the Yinka Folawiyo Group, a conglomerate with interests in energy, agriculture, and real estate. The group's involvement in oil exploration and production has been particularly lucrative, adding significantly to Folawiyo's fortune. He also has interests in telecommunications and shipping. With a net worth estimated at around $650 million, Folawiyo remains a key player in Nigeria’s business landscape.

7. Chief Adekunle Ojora

Chief Adekunle Ojora is another influential Lagos indigene with deep roots in Nigeria’s business community. His involvement in telecommunications, oil, and gas, as well as his media interests, has made him a notable figure. The Ojora family is one of the most respected in Lagos, with significant business holdings that contribute to their wealth. Though his net worth is not often publicized, estimates place it in the range of hundreds of millions of dollars.

8. Hakeem Belo-Osagie

Though primarily associated with Abuja, Hakeem Belo-Osagie is originally from Lagos State. He is a prominent entrepreneur with significant investments in telecommunications, finance, and oil. He served as the chairman of Etisalat Nigeria (now 9mobile) and is known for his ventures in the energy sector. Belo-Osagie’s net worth is estimated to be around $600 million, derived from his extensive business interests in key sectors.

9. Jide Omokore

Jide Omokore, a Lagos-born businessman, has made his fortune through strategic investments in oil and gas, steel, and real estate. As the chairman of Energy Resources Group, he has been involved in significant contracts and partnerships in Nigeria’s oil industry. His exact net worth is difficult to verify, but he is widely considered to be one of Lagos’s wealthiest entrepreneurs, with assets reportedly in the hundreds of millions of dollars.

10. Chief Molade Okoya-Thomas

Though not as public as some of his counterparts, Chief Molade Okoya-Thomas has a significant business legacy in Lagos. He was the chairman of CFAO Nigeria Plc and had interests in retail and industrial sectors. His family continues to control vast assets in these industries. While his personal wealth is not as commonly discussed, it is believed that his holdings amount to several hundred million dollars, securing his place as one of the wealthiest individuals in Lagos State.

Conclusion

Lagos State, with its bustling economy, continues to produce and nurture some of Nigeria’s wealthiest and most influential businessmen. These billionaires, all indigenous to Lagos, have not only accumulated wealth but have also played pivotal roles in shaping Nigeria's business landscape. From energy and finance to real estate and telecommunications, their investments span key sectors of the economy, reflecting the diverse opportunities that Lagos, as Nigeria's commercial hub, offers.