FACT-CHECK: Lagos Hosts 3,600 Dollar Billionaires in Reno Omokri’s Interview Is False; Data Points to Millionaires, Not Billionaires
By: Peter Emmanuel |
CLAIM
Reno Omokri, Nigeria’s ambassador-designate to Mexico, claimed during an interview on Channels Television’s Sunday Politics on Sunday, September 13, 2026, that Lagos previously had fewer than 2,000 dollar millionaires but now has 3,600 dollar billionaires.
The claim was made while discussing Lagos’ economic growth and wealth. However, the statement raises a key question about whether the figure refers to dollar millionaires or dollar billionaires, as the two categories represent significantly different levels of wealth.
VERIFICATION
DNN FactCheck examined the Henley & Partners’ Africa Wealth Report 2025, published on August 26, 2025, Africa had 122,500 dollar millionaires, 348 centi-millionaires and 25 dollar billionaires. The report was produced by Henley & Partners in collaboration with wealth intelligence firm New World Wealth.
According to the same report, the wealth figures are modeled estimates of high-net-worth individuals living in each country, city or region, and the statistics are measured in US dollars. Millionaire figures are rounded to the nearest 100.
The report’s city-level data puts Lagos at 3,600 dollar millionaires, not 3,600 dollar billionaires. The figure therefore cannot be used to support a claim that Lagos has 3,600 people whose wealth is at least $1 billion.
The distinction is significant. A dollar millionaire is an individual with at least $1 million in qualifying wealth, while a dollar billionaire has at least $1 billion. The difference between the two thresholds is $999 million.
LAGOS HAS 3,600 MILLIONAIRES, NOT BILLIONAIRES
According to Henley & Partners’ Africa Wealth Report 2025, Lagos had an estimated 3,600 resident millionaires. The report also shows that Lagos dropped to seventh position among Africa’s wealthiest cities after previously reaching third place a decade earlier.
The report’s broader figures further show why the billionaire claim cannot be correct. According to Henley & Partners, the entire African continent had only 25 dollar billionaires in 2025.
Therefore, the available wealth data does not support the statement that Lagos alone has 3,600 dollar billionaires. Rather, the 3,600 figure corresponds to dollar millionaires.
DID LAGOS GROW FROM FEWER THAN 2,000 MILLIONAIRES TO 3,600?
The historical part of the claim is also not supported by the available data.
According to The Guardian in a report published on August 8, 2013, New World Wealth estimated that Lagos had 9,800 dollar millionaires at the end of 2012. The report said the estimate covered individuals with net assets of at least $1 million, excluding their primary residence.
According to Henley & Partners’ Africa Wealth Report 2024, Lagos had 4,200 dollar millionaires and two dollar billionaires. The report ranked Lagos fifth among Africa’s wealthiest cities by millionaire population.
According to Henley & Partners’ 2025 report, Lagos’ millionaire population had fallen to 3,600. The report also stated that Lagos had dropped to seventh position among Africa’s wealthiest cities and recorded a 45 percent decline over the decade.
The available figures therefore show a very different trend from the one presented by Omokri. Rather than rising from fewer than 2,000 to 3,600, the available records show Lagos had thousands more dollar millionaires in earlier years before the number declined.
THE EFFECT OF NAIRA DEVALUATION
The decline in Nigeria’s dollar-denominated millionaire population has also been linked to currency depreciation.
According to a BusinessDay report published on April 18, 2024, Nigeria’s dollar-millionaire population fell by 16.3 percent in 2023, with the report attributing part of the decline to the depreciation of the naira. The report cited wealth intelligence firm New World Wealth and explained that some individuals had fallen out of the high-net-worth category because of factors including currency depreciation and business closures.
According to Henley & Partners’ Africa Wealth Report 2024, currency depreciation and weak stock-market performance were among the factors affecting wealth across Africa when measured in US-dollar terms. The report recorded Lagos at 4,200 millionaires at the time.
According to Henley & Partners’ Africa Wealth Report 2025, Nigeria’s high-net-worth population fell by 47 percent between 2015 and 2025. The report also recorded a 45 percent decline for Lagos over the same decade.
This is important because the wealth figures are measured in US dollars. A major depreciation of the naira can reduce the dollar value of assets held by Nigerians and cause individuals who previously met the dollar-millionaire threshold to fall below it, even where the underlying assets remain valuable in naira terms.
However, the available reports do not establish that currency depreciation was the only reason for the decline. Migration, business performance, investment conditions and other economic factors also affect the number of people classified as high-net-worth individuals.
MILLIONAIRE OR BILLIONAIRE?
The distinction changes the assessment of the claim.
If Omokri meant that Lagos has 3,600 dollar billionaires, the statement is false. The latest available Henley & Partners/New World Wealth data puts Lagos at 3,600 dollar millionaires, while Africa as a whole had 25 dollar billionaires.
If he intended to say 3,600 dollar millionaires, the number itself is supported by the 2025 Africa Wealth Report. However, the claim that Lagos grew from fewer than 2,000 millionaires to 3,600 is not supported by the historical data examined by DNN FactCheck.
The Guardian’s 2013 report, citing New World Wealth, put Lagos at 9,800 dollar millionaires in 2012, while Henley & Partners recorded 4,200 in 2023 and 3,600 in 2025.
WHAT WE FOUND
DNN FactCheck found that the 3,600 figure is genuine but the wealth category attached to it is wrong if Omokri’s statement is read literally as 3,600 dollar billionaires.
The latest available wealth report identifies Lagos as home to approximately 3,600 dollar millionaires, while the entire African continent had 25 dollar billionaires in the same report.
DNN FactCheck also found no evidence supporting the claim that Lagos’ dollar-millionaire population increased from fewer than 2,000 to 3,600. Historical data instead shows 9,800 millionaires in Lagos in 2012, 4,200 in 2023 and 3,600 in 2025.
The available evidence further shows that Nigeria’s dollar-millionaire population has experienced a significant decline, with currency depreciation identified as one of the factors affecting dollar-denominated wealth.
CONCLUSION
The claim that Lagos currently has 3,600 dollar billionaires is not supported by available wealth data. The figure of 3,600 refers to dollar millionaires, not billionaires.
The second part of the statement, suggesting that Lagos’ millionaire population rose from fewer than 2,000 to 3,600, is also inconsistent with available historical records. Data cited by The Guardian put Lagos at 9,800 dollar millionaires in 2012, while subsequent Henley & Partners reports recorded 4,200 in 2023 and 3,600 in 2025.
VERDICT: FALSE AND MISLEADING
The 3,600 figure is accurate when referring to dollar millionaires in Lagos, but describing the figure as dollar billionaires is false.
The claim that Lagos’ dollar-millionaire population grew from fewer than 2,000 to 3,600 is also not supported by the available wealth data.
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