The Richest People from Ogun State, located in the southwestern part of Nigeria, is not just a hub for industries; it is also home to some of the most influential and wealthy individuals in the country. Tagging itself as Nigeria’s second most industrialized state, Ogun State proudly houses a number of high net-worth individuals of Yoruba origin, with many making their mark in various sectors such as telecommunications, banking, real estate, and oil. Join us as we delve into the captivating stories of wealth, innovation, and unyielding achievement that have shaped the elite in Ogun State.
#1. Mike Adenuga – The $7.2 Billion Telecom Tycoon
The name Mike Adenuga is synonymous with success and influence in Nigeria. As the second richest man in the country, Adenuga’s fortune extends across multiple industries, with telecommunications at the forefront. His mobile phone network, Globacom, ranks as Nigeria’s third-largest operator, boasting a subscriber base of 55 million.
Adenuga’s empire expanded significantly when he became the first Nigerian to discover oil in commercial quantities in 1991, striking oil in the shallow waters of Ondo State with his company, Consolidated Oil. His oil exploration venture, Conoil Producing, holds a commanding presence with six oil blocks in the Niger Delta.
In addition, Adenuga’s wealth is bolstered by his substantial stakes in major Nigerian companies. He owns 74.4% of Conoil, a 25.1% stake in Julius Berger through his company, Goldstones Estates Limited, and a 30.6% stake in Sterling Bank via Silverlake Investments Limited. He also holds a minority 0.86% in Transcorp, and his stakes in First Bank Nigeria Holding Plc further solidify his financial dominance.
Mike Adenuga’s net worth is estimated at a staggering $7.2 billion, placing him at the pinnacle of wealth in Nigeria.
#2. Adebayo Ogunlesi – The Global Infrastructure Mogul
Adebayo Ogunlesi has made his fortune through infrastructure investments worldwide. As the chairman and managing partner of Global Infrastructure Partners (GIP), a private equity firm, Ogunlesi has amassed a remarkable portfolio in the energy, transport, water, and waste industries.
Notably, Ogunlesi’s firm owns a 17.5% stake in GIP and has made significant acquisitions, including London City Airport and Gatwick Airport, which they purchased for £1.455 billion. GIP also owns Edinburgh Airport and Nuovo Trasporto Viaggiatori.
In a groundbreaking move, GIP is set to be acquired by BlackRock, the world’s largest money manager, in a deal worth $12.5 billion, which will boost Ogunlesi’s fortune to an estimated $2.3 billion.
Ogunlesi’s influence stretches beyond infrastructure; he serves as a director at Goldman Sachs and on the boards of Topgolf Callaway Brands Corp. and Kosmos Energy Ltd.
#3. Oba Otudeko – The Honeywell Conglomerate King
Oba Otudeko is a prominent figure in Nigeria’s business landscape, having founded the Honeywell Group, a conglomerate with interests spanning energy, flour milling, real estate, and marine transportation. The group owns a combined 48,000MT tank farm in Apapa, Lagos, and a 8.8-million-liter capacity lubricant blending plant in Ilupeju, Lagos.
A significant achievement in his career was the $200 million sale of 71.69% of Honeywell Flour Mills to Flour Mills of Nigeria in 2021. As the largest shareholder of First Bank of Nigeria Holding Plc, Otudeko has a stake in one of Nigeria’s oldest financial institutions.
Otudeko’s wealth is further supported by his 170-room Radisson Blu Anchorage Hotel in Lagos, a luxurious venture in partnership with the Radisson Hotel Group. With an estimated net worth of $950 million, Oba Otudeko remains a significant player in Nigeria’s business circles.
#4. Kensington Adebutu – The Baba Ijebu Magnate
Kensington Adebukunola Adebutu, known for founding Premier Lotto, also known as Baba Ijebu, has built a vast empire with 200 principal agents and 16,000 retail gaming representatives across western Nigeria. Adebutu’s ventures extend into construction as the chairman of Arbico PLC, one of the oldest construction companies listed on the Nigerian Stock Exchange since 1978.
His influence stretches to banking as well, with a 28.15% stake in Wema Bank Plc, Africa’s first digital bank. Adebutu’s net worth is estimated at $700 million, solidifying his place among Ogun’s wealthiest individuals.
#5. Sulaiman Adebola Adegunwa – The Rite Foods Tycoon
Sulaiman Adebola Adegunwa is the founder and CEO of Essay Holdings Limited, the parent company of Rite Foods Limited, a major player in the food industry with products such as Bigi drinks, Fearless energy drinks, and Rite sausage rolls. His state-of-the-art Rite Foods factory in Ososa, Ogun State, is valued at $100 million.
Apart from his food empire, Adegunwa has investments in banking, holding a 5.08% stake in Sterling Bank Plc. With a net worth estimated at $600 million, he is a formidable force in both business and industry.
#6. Fola Adeola – The Banking and Telecom Pioneer
Fola Adeola is best known as the founder of Guaranty Trust Bank, where he served as Managing Director and CEO from 1990 to 2002. His innovative leadership revolutionized Nigeria’s banking sector, and his business portfolio extends to telecommunications and real estate.
Adeola’s ventures also include his chairmanship of Main One Cable Company Limited, a groundbreaking submarine cable system providing internet connectivity from Portugal to Lagos.
With a net worth estimated at $600 million, Fola Adeola’s impact on Nigeria’s business landscape is undeniable.
#7. AbdulWasiu Sowami – The Energy and Oil Mogul
AbdulWasiu Sowami, founder and CEO of Prudent Energy & Services, has built a formidable energy empire. His company owns significant storage terminals and marine vessels, as well as a strategic acquisition of Otedola’s Forte Oil in 2019, renaming it Ardova Plc. The company’s acquisition of Enyo Retail and Supply expanded its gas station portfolio to 545 across Nigeria.
With a net worth of $600 million, Sowami’s business empire continues to flourish in Nigeria’s energy sector.
#8. Taiwo Afolabi – The Maritime Magnate
Taiwo Afolabi is the founder and CEO of SIFAX Group, a conglomerate with diverse interests in maritime, aviation, haulage, hospitality, financial services, and oil and gas. His company, Skyway Aviation Handling Company (SAHCO), provides comprehensive ground handling services for airlines.
Afolabi is also the owner of the Lagos Marriott hotel and boasts substantial investments in container terminal services. With an estimated net worth of $580 million, Afolabi’s legacy in the Nigerian business world continues to expand.
#9. Kunle Soname – The Sports Betting and Aviation Mogul
Kunle Soname, founder of KC Gaming Network, operates Bet9ja, Nigeria’s leading sports betting platform. Soname’s ambitions have also led him to acquire a 70% stake in the Portuguese football club Clube Desportivo Feirens, making him the first Nigerian to own a European football club.
Soname’s ventures extend to aviation, with his airline, Valuejets, serving passengers across Nigeria. With a net worth of $570 million, Soname is a force to be reckoned with in both sports and aviation.
#10. Bolaji Balogun – The Investment Banking Tycoon
Bolaji Balogun, CEO of Chapel Hill Denham, is a distinguished investment banker who played a key role in the $1.67 billion sale of Econet Wireless to Celtel in 2005. His leadership in the Nigerian financial sector is legendary, with his expertise driving the success of FCMB Group, founded by his late father.
With a net worth of $450 million, Balogun continues to make significant contributions to Nigeria’s financial markets.
#11. Segun Adebutu – The Oil and Gas Giant
Segun Adebutu, chairman of Petrolex Oil and Gas, has established himself as a powerhouse in the energy sector. His company is building the second-largest refinery in sub-Saharan Africa, further solidifying his status as a key player in Nigeria’s oil industry. Adebutu’s mega oil city spans 101 square kilometers and includes one of Africa’s largest petroleum products storage facilities.
With a net worth of $350 million, Adebutu’s influence in the oil sector continues to grow.
#12. Olu Okeowo – The Luxury Construction Tycoon
Olu Okeowo, founder of Gibraltar Construction, is known for his high-end residential and commercial projects, including the luxurious Parkview Estate in Ikoyi. His 11-month construction of the Palacio de Okeowo mansion, worth $12 million, is a testament to his lavish taste and commitment to excellence.
With a net worth of $350 million, Okeowo’s name remains synonymous with luxury and grandeur in the construction industry.
#13. Tunde Hassan-Odukale – The Insurance Mogul
Tunde Hassan-Odukale, the former chairman of Leadway Assurance Company, has built a fortune in Nigeria’s insurance industry. With a 5.36% stake in First Bank Nigeria, Hassan-Odukale’s influence spans across several blue-chip companies.
With a net worth of $300 million, Hassan-Odukale remains a respected figure in Nigeria’s corporate landscape.
#14. Ladi Balogun – The Banking Titan
Ladi Balogun, group CEO of FCMB Group, has overseen the company’s growth through strategic acquisitions, including Midas Bank and FinBank. As the son of FCMB’s founder, Subomi Balogun, Ladi has solidified his family’s legacy in Nigeria’s banking sector.
With an estimated net worth of $300 million, Ladi Balogun’s leadership continues to shape Nigeria’s financial industry.
#15. Anthony Joshua – The Boxing Champion
Anthony Joshua, the British-Nigerian boxing legend, has amassed a fortune through his successful boxing career. With over £200 million in earnings, Joshua’s paydays include £66 million for his 2019 win against Andy Ruiz, £32.5 million for his rematch with Oleksandr Usyk, and £40 million for his fight with Francis Ngannou.
With a net worth estimated at $250 million, Anthony Joshua is not only a global boxing icon but also a symbol of wealth and achievement for Ogun State.
Ogun State is undoubtedly a hotbed for influential figures, with a rich tapestry of wealth, achievement, and success. From telecom giants to oil magnates, Ogun is home to some of the wealthiest and most innovative minds in Nigeria. The stories of these individuals are a testament to the boundless opportunities and drive that have shaped the state into an economic powerhouse.
