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.
Phonemart Technologies specializing in the sale of mobile phones, laptops, cameras, and accessories. The company, which operates under the Regal Group of Companies, was founded by Chief Nwankwo Reginald Ebere, a seasoned entrepreneur, philanthropist, and community leader.
Registered with the Nigerian Communications Commission (NCC), Phonemart Technologies has shops located nationwide and a strong online presence
Chief Nwankwo, who also serves as Chairman of Regal Group, was born in Eluama Lokpaukwu, Umunneochi Local Government Area of Abia State. He holds a Bachelor’s degree in Accounting and an LL.B in Law from Abia State University, Uturu. Before establishing Phonemart Technologies in 2008, he worked with Inland Bank (now FCMB) and Parktel International, an ICT distribution company.
The Regal Group has evolved into a diversified conglomerate with subsidiaries such as Phonemart Technologies, Regal Cribz, Regal Granites, RegalBuyer Limited, and Regal Devices Limited. They run a number of physical stores across Nigeria and have built a strong online presence that attracts thousands of customers nationwide.
Beyond business, Chief Nwankwo has served as a public official and community leader. He was Supervisor for Agriculture in Umunneochi LGA (2016–2018), Special Assistant on Media to former Abia State Governor Okezie Ikpeazu (2018–2019), and later Senior Special Assistant on Media (2019–2021).
Thanks for this write up.
I couldn’t have said a thing if slot system is missing.
I have consistently patronise his shop at Port Harcourt.
I buy with confidence, but I wonder how he beat transsion to number 1?,been a reseller of their products.