Smartphones have become central to how Nigerians live, work, and earn. What began as a communication tool has evolved into a source of livelihood for millions, with mobile phone dealers playing a key role in keeping the market moving.
Reports show that Nigeria will surpass 140 million smartphone users by the end of 2025, underlining how mobile devices now drive both the economy and everyday survival.
Broadband penetration is also on the rise, improving the potential for mobile-driven commerce. Nigeria’s broadband coverage increased from 44.43% at the end of 2024 to 48.81% in May 2025, further supporting the digital ecosystem dealers rely on to reach consumers and sustain their businesses.
For dealers, this growth represents opportunity but also pressure, as the market remains highly sensitive to currency swings. The 2023 CBN reforms triggered a sharp naira depreciation, making devices more expensive and margins tighter.
Despite these challenges, phone retailing remains one of the most active sectors in the country. Dealers have built intricate distribution networks linking manufacturers, wholesalers, and consumers, allowing them to meet rising demand even amid economic volatility. Lagos continues to anchor this trade, serving as the primary hub for mobile-device sales and distribution in Nigeria.
This article spotlights 5 owners of major phone stores in Nigeria, unpacking the stories behind their businesses and their number of stores.
Nnamdi Ezeigbo is the founder and CEO of SLOT Systems Limited, one of Nigeria’s most recognized mobile phone retail chains.
Ezeigbo studied Electrical Electronics Engineering at Yaba College of Technology, graduating with a Higher National Diploma (HND) in 1988. He served his National Youth Service Corps (NYSC) at Guinness Nigeria PLC in 1996. After youth service, he struggled to find employment and instead worked as an apprentice repairing computers, gaining hands-on experience and building a reputation for honesty and strong customer service.
Starting with a small repair shop in Ikeja, Ezeigbo’s first break came when a loyal customer provided him with printers to sell, enabling him to rent a larger store for N180,000 a store he later purchased years later for N100 million. He gradually expanded from computers to mobile phones, responding to growing demand.
Recognizing his need for formal business knowledge, Ezeigbo pursued an MBA at Lagos Business School and attended several entrepreneurship workshops, sharpening his business acumen and establishing SLOT as a reputable brand.
SLOT became one of Nigeria’s most trusted mobile phone retailers and a national retail powerhouse, with stores strategically located to serve urban and emerging markets. Today, the company operates 90 stores across Nigeria,with a significant number located in Lagos.
