Two of Nigeria’s prominent business tycoons and billionaires, Alhaji Aliko Dangote and Femi Otedola, have reportedly suffered mobile security breaches.
Reports emerging on Tuesday, November 18, 2025, revealed that Dangote and Otedola suffered a mobile security breach after their phones were reportedly infiltrated by sophisticated hacking groups.
Security sources familiar with the investigation suggest the attack was not a simple phishing attempt but a well-coordinated operation.
Preliminary reports indicate the hackers may have exploited a zero-day vulnerability in the mobile operating system or utilized highly advanced spyware.
Sources in the camps of both men disclosed that their phones were compromised over the past week.
While Otedola’s phone was hacked once, the mobile device of Africa’s richest man was hacked twice in two days.
While, it is not immediately clear if they have both regained access to their phones, it was reported that the hackers have made financial demands.
“The hackers are asking for money from both men,” a source was quoted as saying by media reports on Tuesday.
Also, reports have it that the hackers’ goal appears to have been industrial espionage and the potential manipulation of stock market assets, given the sensitive financial and proprietary data these billionaires handle daily.
Experts are particularly concerned about the long-term implications. Once hackers gain access to executive communication, they can harvest months, or even years, of crucial business dialogue, personal information, and strategic planning documents.
Pan-Atlantic Kompass reports that Dangote and Otedola, who both suffered mobile security breaches, have a combined network of $25.4 billion according to the recent Forbes ranking.
Dangote is the richest person in Africa. According to a Forbes report in November 2025, Dangote is worth $23.9 billion.
Meanwhile, Otedola is worth $1.5 billion according to a Forbes report in November 2025.
Dangote’s vast network is primarily concentrated under the Dangote Group, which dominates the African market in several key industries.
These include Dangote Cement Plc, Dangote Petroleum Refinery and Petrochemicals, Dangote Sugar Refinery, and flour production.
Otedola is the chairman of Geregu Power Plc, a major power generation company in Nigeria. He holds a substantial stake and is the Chairman of First Bank of Nigeria (FBN) Holdings Plc, one of Nigeria’s largest financial institutions.
Dangote and Otedola have a longstanding friendship, with both men often describing each other as “brothers”.
Otedola was in attendance when Dangote recently announced the plan to expand his refinery’s capacity from 650,000 to 1.4 million barrels per day.
