Insight

• Infinity Media
• 6 Min Read

Lagos State Billionaires: Top 10 Richest Men In Lagos State

Let’s be honest, when people talk about Lagos, the conversation usually spins around hustle, traffic, jollof rice supremacy, and the city’s endless energy. But there’s one side of Lagos that often gets overlooked—its homegrown billionaires. Not just the people who live in Lagos or made their money here, but actual indigenes. Proud sons of the soil, born and bred in Eko, who took the Lagos grit and flipped it into gold.

So today, we’re zooming in on the top 10 richest indigenes of Lagos State. These are men who didn’t just inherit wealth or stumble into fame. No, they got their hands dirty, built empires, and now sit comfortably in the billionaire’s club—without ever forgetting their roots.

Grab a chilled drink, settle in, and prepare to be inspired (and maybe a little envious). This is Eko money at its finest.

1. Chief Razaq Akanni Okoya – The Eleganza Emperor

Estimated Net Worth: $500 million+

If you’ve ever used a plastic chair, cooler, or even slippers in Nigeria, you’ve likely come across an Eleganza product. Chief Razaq Okoya, a proud Lagosian from Lagos Island, is the man behind the Eleganza empire. Starting out as a young apprentice, he turned his small venture into one of Nigeria’s biggest manufacturing brands.

He didn’t attend fancy business schools abroad. Instead, he learned by doing—and did it so well that his name is now synonymous with local manufacturing excellence. Beyond business, Chief Okoya is a lover of beautiful things—houses, cars, and of course, his famous estate, which is basically a mini-palace.

2. Gilbert Chagoury – The Quiet Mogul with Global Ties

Estimated Net Worth: Several hundred million dollars

Born in Lagos to Lebanese-Nigerian parents, Gilbert Chagoury is a businessman with a foot in many industries. His company, the Chagoury Group, has interests in construction, real estate, manufacturing, and even healthcare.

While he keeps a low profile in the media, his influence is undeniable. His firm, Hitech, is behind several massive infrastructure projects in Lagos, including parts of the Eko Atlantic City project. Though he’s more reserved than some on this list, Chagoury’s business moves speak louder than words.

3. Prince Samuel Adedoyin – The Doyin of Industry

Estimated Net Worth: $300 million+

Prince Samuel Adedoyin, hailing from Lagos State, is the founder of the Doyin Group, a conglomerate with roots in pharmaceuticals, agriculture, and real estate. His journey began with trading and gradually evolved into manufacturing on a large scale.

He’s one of the quiet pioneers of Nigerian industry and has remained relevant for decades. Even though he doesn’t flaunt his wealth, his influence in the business community is rock solid. He’s proof that consistency beats hype any day.

4. Adewale Tinubu – The Oil Baron with Eko Swagger

Estimated Net Worth: $500 million to $1 billion

When it comes to oil and gas in Nigeria, Adewale Tinubu’s name rings loud. As the CEO of Oando Plc, he’s been at the forefront of the energy sector for years. And yes, he is related to Nigeria’s president, but his rise to power is mostly based on merit and hard work.

Adewale represents the new breed of Nigerian businessmen—well-educated, globally connected, but deeply rooted in home values. He’s charismatic, stylish, and always ready to expand his empire. Lagos is lucky to call him one of its own.

5. Sijibomi Ogundele – From Agege to Ikoyi

Estimated Net Worth: $50 million+

Sijibomi, also known as Sujimoto, is the real estate prodigy who went from Agege boy to Banana Island mogul. His company, Sujimoto Construction, is behind some of the most luxurious real estate developments in Lagos.

With a sharp tongue, flashy style, and undeniable business acumen, Sijibomi is one of the youngest tycoons repping Lagos. He loves to say he’s not just building homes—he’s building legacies. And judging by the skyscrapers he’s putting up, we believe him.

6. Chief Molade Okoya-Thomas – The Late Legend

Estimated Net Worth (at death): $50 million+

Though he passed away in 2015, Chief Molade Okoya-Thomas left behind a legacy of philanthropy, sportsmanship, and business excellence. A prominent Lagos chief, he was deeply involved in CFAO and supported youth development and sports across the state.

His legacy lives on through several initiatives and buildings named after him. Molade proved that wealth isn’t just about money—it’s about what you give back.

7. Segun Agbaje – The Banker’s Banker

Estimated Net Worth: $100 million+

As the former CEO of GTBank (now GTCo), Segun Agbaje modernized retail banking in Nigeria. But what many don’t know is that he’s a true Lagosian, raised with strong Yoruba values and a flair for excellence.

He’s calm, calculated, and smart—the kind of guy who lets results do the talking. His time at GTBank was marked by innovation and massive growth. If money had a middle name, it would probably be Segun.

8. Musiliu Obanikoro – The Political Power Player

Estimated Net Worth: $50 million+

A Lagos Island native, Obanikoro is a seasoned politician who has served as senator, minister, and even Nigeria’s High Commissioner to Ghana. While politics is his primary domain, he’s also invested in real estate and consultancy.

Say what you want about politicians, but Musiliu understands Lagos like the back of his hand. He’s been part of the state’s political fabric for decades and knows how to turn influence into impact (and income).

9. Tunde Folawiyo – The Energy and Maritime Boss

Estimated Net Worth: $650 million

From the famous Folawiyo family, Tunde took the reins of Yinka Folawiyo Group and expanded it into oil, shipping, and real estate. A Harvard and LSE graduate, Tunde is as intellectual as he is influential.

Even though he keeps a low profile, his companies speak volumes. With ventures across West Africa and Europe, he’s one of Lagos State’s most successful sons.

10. Oba Saheed Elegushi – Royalty with Real Estate Muscles

Estimated Net Worth: $30–50 million

Let’s not forget our stylish monarch. Oba Saheed Elegushi is not only young and vibrant but also deeply involved in real estate and hospitality projects within Lagos. His reign isn’t just ceremonial—he’s playing an active role in urban development.

Known for his charisma and social influence, the Elegushi monarch reminds us that royalty can come with serious business sense.

🏆 Summary Table – Top 10 Richest Indigenes of Lagos State

Final Thoughts

From Ikoyi to Agege, Lagos isn’t just the land of hustle—it’s home to men who turned that hustle into history. These 10 indigenes didn’t just inherit the Lagos spirit—they magnified it.

Some were born into privilege, others into modest beginnings. But all of them harnessed the energy, diversity, and ambition of Eko to build something remarkable. They’ve inspired a generation, influenced industries, and shaped the identity of Lagos State itself.

So next time someone tells you Lagos is just noise and traffic, show them this list. Because in the midst of the chaos lies the brilliance—and bank accounts—of some of Nigeria’s sharpest minds.

Eko for Show? Yes. But also Eko for Dough.