Top 10 Richest Men In Oyo State
Oyo State, located in the heart of southwestern Nigeria, is more than just the cradle of Yoruba civilization—it’s also home to some of the wealthiest and most influential men in the country. From billion-dollar oil empires to trailblazing tech ventures, political dominance, and legacy businesses, these individuals have carved out empires that impact lives far beyond the borders of Oyo State.
In this blog post, we’ll walk through the top 10 richest men in Oyo State as of 2025. These are individuals who have shaped industries, created jobs, influenced national policies, and contributed immensely to the economic development of Nigeria.
1. Mike Adenuga – Chairman, Globacom & Conoil
Mike Adenuga, a proud son of Ibadan, Oyo State, stands tall as one of Africa’s richest men. With a staggering net worth estimated at over $6.7 billion, Adenuga is the founder of Globacom—Nigeria’s second-largest telecom operator with millions of subscribers across West Africa. He also owns Conoil, one of Nigeria’s top indigenous oil exploration companies.
Adenuga’s business interests extend beyond Nigeria to Ghana and Benin, and he’s often ranked behind only Aliko Dangote in Africa’s rich list. Known for his low public profile but massive business footprint, Mike Adenuga remains Oyo State’s wealthiest son.
2. Engr. Seyi Makinde – Governor of Oyo State & Businessman
Engineer Oluseyi Abiodun Makinde, the current Governor of Oyo State, is not just a public servant but a seasoned entrepreneur. Before entering politics, Makinde built a solid reputation in Nigeria’s oil and gas sector through his company, Makon Engineering and Technical Services Ltd., now known as Makon Group.
His company provided engineering solutions to top players in the oil industry. As governor, Makinde has channeled his technical knowledge into public governance, promoting infrastructural development and transparency. His business achievements and political stature position him as one of Oyo’s most influential and affluent figures.
3. Oba Otudeko – Founder, Honeywell Group
Oba Otudeko is a business magnate with roots in Ibadan, Oyo State. He is the founder and chairman of Honeywell Group, a conglomerate with diverse investments in food, telecommunications, real estate, energy, and financial services.
With previous roles as the chairman of FBN Holdings (parent company of First Bank Nigeria) and director at the Central Bank of Nigeria, Oba Otudeko has been instrumental in shaping Nigeria’s economic direction. His wealth, influence, and leadership in corporate Nigeria firmly place him among Oyo’s richest men.
4. Femi Otedola – Businessman & Investor
Although now based primarily in Lagos, Femi Otedola hails from Oyo State and has deep roots in Ibadan. He is best known as the former chairman of Forte Oil Plc and currently invests heavily in power generation and other strategic sectors through Geregu Power Plc.
Otedola is also a well-known philanthropist and supporter of educational initiatives. With investments in real estate, shipping, and energy, his net worth continues to rise. His wealth and national influence make him one of the most celebrated billionaires of Oyo origin.
5. Senator Rashidi Ladoja – Business Tycoon & Former Governor
Senator Rashidi Adewolu Ladoja is a seasoned politician and businessman. A former governor of Oyo State and ex-senator, Ladoja is renowned for his wealth in both public and private sectors. His business interests include shipping, agriculture, manufacturing, and transport.
Even before his political career, Ladoja was already successful, serving as a director in several multinational companies. Today, he remains one of the richest and most respected figures in Oyo State’s political and business circles.
6. Oba Samuel Odulana Odugade I (Late) – Former Olubadan of Ibadanland
Though he passed on in 2016, the late Oba Samuel Odulana Odugade I remains a notable figure in Oyo State’s history. Before becoming the Olubadan of Ibadanland, he served in various roles in the civil service, contributing to governance, public policy, and community development.
While traditional rulers aren’t often publicly associated with wealth in monetary terms, Oba Odulana was known to be affluent and influential. His leadership, landholdings, and family investments contribute to his legacy as one of the wealthiest traditional rulers from Oyo State.
7. Jonah Otunla – Former Accountant-General of the Federation
Jonah Niyi Otunla, an indigene of Oyo State, served as Nigeria’s Accountant-General of the Federation between 2011 and 2015. While he was more known for his civil service role, Otunla also has substantial private investments in real estate, finance, and agriculture.
Although he has been involved in investigations related to financial misconduct, his overall influence and wealth within Oyo State’s elite circles remain significant. He exemplifies the link between public office and private sector growth.
8. Chief Kola Daisi – Businessman & Philanthropist
Chief Kola Daisi is a prominent name in Oyo State’s business and philanthropic communities. Originally trained as a medical doctor, he later ventured into finance and made his mark in banking and capital markets. He was a founding director at First City Monument Bank (FCMB) and contributed to the establishment of the Nigerian Stock Exchange.
His philanthropic efforts, especially in education, led to the creation of the KolaDaisi University in Ibadan, which continues to serve thousands of students across the region. Chief Daisi’s wealth and impact span decades.
9. Senator Teslim Folarin – Politician & Businessman
Teslim Folarin is a prominent politician from Ibadan and a three-term senator representing Oyo State in the Nigerian Senate. Coming from a royal family, his influence in Ibadan’s political and business ecosystem is immense.
In addition to his political career, Folarin holds assets in real estate, logistics, and agriculture. His political reach and business ventures have earned him a place among the state’s most affluent men.
10. Hareter Babatunde Oralusi – Social Entrepreneur & Investor
Hareter Babatunde Oralusi is a modern-day businessman from Ibadan who has gained international recognition for his ventures in social enterprise and economic development. He is the founder of the Nigerian Capital Development Fund (NCDF), which supports infrastructure and community projects in underserved areas.
Oralusi has built a network of investments across Africa, Europe, and the U.S., focusing on social impact, agriculture, and infrastructure. His global outlook and local impact make him a standout among Oyo State’s wealthiest entrepreneurs.
Final Thoughts
Oyo State is not only rich in culture, heritage, and academia but also in people of immense wealth and influence. From telecoms and oil to politics, traditional leadership, and social enterprise, the top 10 richest men in Oyo State reflect a wide range of success stories.
These men have shaped industries, influenced policies, created jobs, and invested heavily in the future of Nigeria. Their stories are not just about wealth but about impact, vision, and leadership that extend beyond personal fortune.
As the state continues to develop and attract more investors, the legacy of these influential figures will serve as inspiration for the next generation of leaders and entrepreneurs in Oyo State and beyond.
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