Ondo State, a land richly blessed with natural resources and cultural heritage, is not only known for its vast cocoa farms and bitumen reserves but also for producing some of Nigeria’s wealthiest and most influential individuals. These men, all born and bred in Ondo State, have transformed various sectors like oil and gas, real estate, agriculture, and technology. As of 2025, we take a closer look at the 10 richest men in Ondo State who are still alive, their state of origin, net worth, business interests, and contributions to development.
1. Dr. Jimoh Ibrahim – Net Worth: $1.1 Billion
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Origin: Igbotako, Okitipupa LGA
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Industries: Oil & Gas, Insurance, Hospitality, Banking
Dr. Jimoh Ibrahim is undoubtedly the wealthiest man from Ondo State. He is the chairman and founder of the Global Fleet Group, a diversified conglomerate with interests across multiple industries. These include NICON Insurance, Energy Bank in Ghana, and the prestigious NICON Luxury Hotel in Abuja.
Ibrahim also once owned Air Nigeria and played a significant role in reviving NICON Airways. Apart from business, he currently serves as the Senator representing Ondo South, showcasing his influence in both economic and political landscapes. He is a philanthropist and has provided scholarships and housing to underprivileged communities across Ondo State.
2. Oba Fredrick Obateru Akinruntan – Net Worth: $300 Million
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Origin: Ugbo Kingdom, Ilaje LGA
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Industries: Oil, Real Estate, Traditional Leadership
Oba Akinruntan is the Olugbo of Ugbo Kingdom and a revered traditional ruler. His business, Obat Oil, is one of the largest privately-owned oil companies in Nigeria, with over 50 petrol stations and one of Africa's largest tank farms.
In 2014, Forbes ranked him as the second richest king in Africa and the richest traditional ruler in Nigeria. He is also known for his flamboyant lifestyle, including owning luxury cars like Rolls Royce and yachts. Beyond wealth, he is a cultural custodian and community leader, bridging traditional values with modern business practices.
3. Chief Oluwole Akinwande – Net Worth: $400 Million
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Origin: Akure Area
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Industries: Agro-Processing, Rubber, Cassava
Chief Oluwole Akinwande is a self-made agricultural mogul who owns one of the largest cassava and rubber plantations in southwest Nigeria. He has invested in agro-processing mills, palm oil production, and fertilizer plants, promoting local content and food sufficiency.
He is the force behind several empowerment programs for smallholder farmers and has modernized traditional farming methods with high-yield seeds and processing technology.
4. Alhaji Afolabi Olowookere – Net Worth: $350 Million
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Origin: Ondo East LGA
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Industries: Oil Exploration, Maritime Logistics
Alhaji Olowookere is a key player in Nigeria’s oil and gas industry. He owns marginal stakes in several offshore oil blocks and runs a successful marine logistics company that services oil companies in the Niger Delta.
He is a philanthropist who sponsors coastal erosion mitigation projects and education scholarships for students from Ilaje and Ondo East.
5. Dr. Tunde Afolabi – Net Worth: $300 Million
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Origin: Owo
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Industries: Manufacturing, Biogas Energy
A forward-thinking industrialist, Dr. Afolabi is the CEO of Afolabi Industries, which manufactures textiles, plastics, and consumer goods. He has ventured into renewable energy, specifically biogas plants that convert agricultural waste into energy for rural electrification.
Dr. Afolabi has also established the Ondo State Tech-Innovation Hub, where he supports young inventors and green technology.
6. Chief Akin Olugbade – Net Worth: $250 Million
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Origin: Akure South LGA
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Industries: Hospitality, Events, Real Estate
Chief Akin Olugbade is the brain behind the luxury Grand Olugbade Hotels chain and a household name in Nigeria’s high-end events management industry. His investments in real estate include gated communities and commercial properties in Akure and Lagos.
Olugbade is a known patron of the Ondo Cultural Festival and supports hospitality training for unemployed youths in the state.
7. Mr. Olumide Olatunji – Net Worth: $220 Million
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Origin: Ile-Oluji/Okeigbo LGA
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Industries: Fintech, Telecommunications
Olumide is a tech entrepreneur who co-founded OlaTech Solutions, a fintech company enabling rural banking services. He was instrumental in launching OndoComms Ltd., which brought high-speed internet access to underserved areas of the state.
His “Code Ondo” project has trained over 5,000 young developers and boosted digital literacy in the region.
8. Alhaji Ademola Akinola – Net Worth: $200 Million
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Origin: Ondo West LGA
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Industries: Logistics, Infrastructure, Transportation
As chairman of Akinola Transport Services, Alhaji Ademola controls a fleet of trucks that serve regional and international trade corridors. He is also a co-investor in the proposed Ilaje Deep-Sea Port.
Through his foundation, he offers engineering scholarships and supports the rehabilitation of critical road networks across Ondo State.
9. Alhaji Yusuf Akintoye – Net Worth: $150 Million
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Origin: Okitipupa LGA
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Industries: Construction, Urban Development
Alhaji Yusuf Akintoye is the CEO of Akintoye BuildTech, a construction firm responsible for building schools, roads, and hospitals across Ondo. He also developed Umoja Estates, one of the state’s first private gated estates.
He is a key figure in infrastructure development and is involved in rural healthcare projects through public–private partnerships.
10. Taiwo Olayinka Afolabi – Net Worth: $100 Million
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Origin: Born in Ondo State; native of Idokunusi Ijebu, Ogun State
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Industries: Maritime, Aviation, Haulage, Hospitality, Financial Services, Oil and Gas
Profile: Founder and CEO of SIFAX Group, a conglomerate with diverse interests. Although born in Ondo State, Taiwo Afolabi is a native of Ogun State.
Conclusion
These ten men are more than just wealthy individuals—they are builders of Ondo State’s future. Whether through traditional leadership, entrepreneurship, or philanthropy, they have left indelible marks on the economic and social development of their communities. From Igbotako to Akure and Okitipupa to Ilaje, their influence stretches across all zones of the state.
As Ondo continues to grow, these visionaries will remain key players in its transformation.
