Top 10 Richest Men In Ogun State
Ogun State, located in the southwestern region of Nigeria, is not only known for its rich cultural heritage and educational institutions but also for producing some of the wealthiest individuals in the country. These men have risen through the ranks of business, politics, and entrepreneurship, building empires that span across sectors such as telecommunications, oil and gas, real estate, agriculture, and banking.
In this blog post, we highlight the top 10 richest men in Ogun State, detailing how they amassed their wealth and the industries that helped shape their legacies.
1. Dr. Mike Adenuga – The Telecom and Oil Mogul
Estimated Net Worth: $7 Billion
Dr. Mike Adenuga, born in Ijebu-Igbo, is widely regarded as the richest man in Ogun State and one of the wealthiest individuals in Africa. He is the founder of Globacom, Nigeria’s second-largest telecommunications company, which has millions of subscribers across Nigeria and other West African countries.
Adenuga also owns Conoil Producing, one of Nigeria’s largest indigenous oil exploration companies. His foray into the oil and telecom industries began in the early 1990s, and his success is largely attributed to his business acumen, risk-taking attitude, and strategic investments.
2. Otunba Subomi Balogun – The Banking Pioneer
Estimated Net Worth: $1.5 Billion
Otunba Subomi Balogun, an Ijebu-Ode native, was a trailblazer in Nigeria’s banking sector. He was the founder of First City Monument Bank (FCMB), a financial institution that grew to become one of Nigeria’s top banks.
A seasoned lawyer by training, Balogun transitioned into finance and pioneered investment banking in Nigeria. Beyond FCMB, he invested in real estate and philanthropy, particularly in education and health care. His influence continues to be felt through his contributions to banking reforms and youth empowerment.
3. Chief Olusegun Obasanjo – The Statesman and Agric Giant
Estimated Net Worth: $1 Billion
Former Nigerian president and military head of state, Chief Olusegun Obasanjo, hails from Abeokuta, the capital of Ogun State. While he is known globally for his political influence, Obasanjo has also carved a niche for himself in agriculture.
His expansive Ota farm is one of the largest in the country, with ventures in poultry, fishery, cassava, and livestock farming. Through his agribusiness ventures and strategic alliances, Obasanjo has not only generated wealth but also contributed to Nigeria’s food security.
4. Alhaji Aliko Dangote – Major Investor in Ogun State
Estimated Net Worth: $14 Billion
Though Alhaji Aliko Dangote is originally from Kano State, his massive investments in Ogun State cannot be ignored. Dangote’s cement plant and other industrial ventures within the state provide employment for thousands and boost the local economy.
His conglomerate, the Dangote Group, is Africa’s largest industrial empire, with interests in cement, sugar, flour, oil, and more. His impact in Ogun State, especially in the industrial corridor of the state, makes him a significant economic stakeholder.
5. Dr. M.A. Olatunji – The Industrial Tycoon
Estimated Net Worth: $800 Million
Dr. M.A. Olatunji is a lesser-known but highly influential industrialist in Ogun State. His businesses span across manufacturing and distribution of consumer and industrial products. He has played a significant role in job creation and infrastructure development within the state.
His relentless pursuit of innovation and quality control has kept his businesses ahead in a competitive marketplace, and he continues to expand into new markets across West Africa.
6. Chief Tunde Folawiyo – The Oil and Maritime Giant
Estimated Net Worth: $700 Million
Chief Tunde Folawiyo is the Managing Director of the Yinka Folawiyo Group, a diversified business conglomerate with interests in oil, gas, shipping, real estate, and agriculture.
Born into the respected Folawiyo family, Chief Tunde has taken the family business to new heights, particularly with its energy ventures. Under his leadership, the company has grown its influence across Africa, and his business decisions continue to contribute significantly to Ogun State’s GDP.
7. Engr. Segun Awolowo – The Trade and Investment Strategist
Estimated Net Worth: $600 Million
A grandson of the late sage Chief Obafemi Awolowo, Engr. Segun Awolowo has built a reputation as a public sector strategist and businessman. As a former head of the Nigerian Export Promotion Council (NEPC), he spearheaded initiatives that promoted Nigeria’s non-oil exports.
Segun Awolowo’s interests in logistics, construction, and trade consultancy have earned him a seat at the table of Ogun State’s richest individuals. He is also known for promoting youth development and entrepreneurship in the region.
8. Oba Otudeko – The Conglomerate Leader
Estimated Net Worth: $575 Million
Oba Otudeko, originally from Ijebu-Igbo, is the founder and chairman of Honeywell Group, a multi-sectoral conglomerate involved in foods, oil and gas, real estate, and marine logistics.
A former chairman of First Bank of Nigeria, Otudeko’s business interests span several countries, and he is widely recognized for his strategic leadership and wealth of experience. Honeywell Group's flour mills and other ventures have deep roots in Ogun State, contributing to industrialization and job creation.
9. Taiwo Afolabi – The Logistics and Maritime Titan
Estimated Net Worth: $500 Million
Taiwo Afolabi is the founder and executive vice chairman of SIFAX Group, a logistics and maritime conglomerate involved in haulage, terminal operations, aviation, and hospitality.
His impact on the Nigerian maritime industry is immense. Through SIFAX Group, he has contributed to infrastructure development in Ogun State and has created thousands of jobs in the process. His hospitality ventures also cater to high-end clients and business travelers across Nigeria.
10. Segun Adebutu – The Petrolex Powerhouse
Estimated Net Worth: $450 Million
Segun Adebutu is the founder and CEO of Petrolex Oil & Gas, a company developing one of Africa’s largest oil refineries and storage facilities in Ogun State. He is the son of Chief Kessington Adebutu (Baba Ijebu), and has successfully carved his own niche in the energy sector.
Petrolex has transformed the Ogun State energy corridor, attracting investment and improving the region’s infrastructure. Adebutu is also involved in shipping, agriculture, and social impact through the Oladiran Olusegun Adebutu Foundation.
Final Thoughts
Ogun State continues to be a breeding ground for wealth, innovation, and entrepreneurship. The men on this list are not just rich; they are visionaries, philanthropists, and industry leaders who have built legacies that transcend their personal achievements.
Their contributions have helped shape Ogun State’s economic narrative, turning it into one of Nigeria’s most industrially advanced states. From oil to telecoms, agriculture to logistics, these billionaires and multi-millionaires prove that success is possible through vision, hard work, and a commitment to impact.
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