Ogun State, known as the "Gateway State" of Nigeria, is not only rich in culture, history, and education but also in business acumen. This southwestern Nigerian state boasts some of the wealthiest individuals in the country—men who have built multi-million and billion-dollar empires in banking, telecommunications, oil and gas, real estate, and politics.
In this blog post, we profile the 10 richest men from Ogun State. These men are not only financially successful but also influential leaders whose investments and philanthropic efforts have transformed lives across Nigeria and particularly within their home state.
1. Mike Adenuga – Net Worth: $5.7 Billion
Hometown: Ijebu Igbo, Ogun State
Mike Adenuga is Nigeria’s second-richest man and one of Africa’s most influential business moguls. A true son of Ijebu land, Adenuga is the founder of Globacom, Nigeria’s second-largest telecom operator. Globacom has also extended operations into Ghana and Benin.
His business empire includes Conoil, a major player in Nigeria’s downstream oil and gas industry. Adenuga also holds significant real estate assets in Lagos, Abuja, and even abroad.
Beyond business, Adenuga is known for his quiet philanthropy and love for cultural heritage. His contributions to education, health, and infrastructure in Ogun and other states have earned him national and continental honors.
2. Fola Adeola – Net Worth: $1.3 Billion
Hometown: Ogun State (Abeokuta)
Fola Adeola is a renowned Nigerian banker, entrepreneur, and philanthropist. He co-founded Guaranty Trust Bank (GTBank), one of the most respected banks in Nigeria and West Africa. Under his leadership, GTBank became known for innovation, customer service, and corporate governance.
Apart from banking, Adeola chairs several boards including UTC Nigeria, Eterna Oil, and Lotus Capital. He also runs the FATE Foundation, which empowers entrepreneurs across Nigeria.
Though born in Lagos, Fola’s roots trace back to Ogun State, where he continues to support community initiatives, particularly in education and youth empowerment.
3. Kensington Adebukunola Adebutu – Net Worth: $900 Million
Hometown: Iperu-Remo, Ogun State
Popularly known as “Baba Ijebu,” Kensington Adebutu is synonymous with lottery business success in Nigeria. His company, Premier Lotto Limited, is Nigeria’s oldest and most popular betting firm.
Beyond gaming, Baba Ijebu has diversified interests in real estate, agriculture, and philanthropy. His son, Segun Adebutu, is also a prominent businessman (featured later in this list), showcasing the family’s entrepreneurial legacy.
Kensington has contributed significantly to Ogun State’s development, supporting schools, hospitals, and traditional institutions.
4. Oba Otudeko – Net Worth: $500 Million
Hometown: Ijebu-Igbo, Ogun State
Oba Otudeko is the founder of Honeywell Group, a Nigerian conglomerate with businesses in food, oil and gas, real estate, and hospitality. His leadership has shaped Nigeria’s industrial landscape.
He is also the owner of Radisson Blu Hotel in Lagos and was formerly the Chairman of First Bank of Nigeria.
Oba Otudeko is known for his business foresight and passion for economic development. His impact in Ogun State includes investments in agro-processing and manufacturing.
5. Ibikunle Amosun – Net Worth: $442 Million
Hometown: Abeokuta, Ogun State
Ibikunle Amosun, a chartered accountant and politician, served as Ogun State Governor from 2011 to 2019 and is currently a senator. Before his political career, he co-founded XtraEdge Consulting and worked in financial auditing.
During his governorship, Amosun focused on infrastructure development, including building flyovers, schools, and healthcare facilities. His tenure saw the transformation of Ogun into one of Nigeria’s most industrialized states.
Amosun’s investments and political influence continue to shape Ogun State’s economy and urban planning.
6. Sulaiman Adebola Adegunwa – Net Worth: $400 Million
Hometown: Ijebu-Igbo, Ogun State
Sulaiman Adegunwa is a prominent industrialist and philanthropist. He founded Eassy Holdings Limited, which has stakes in logistics, agriculture, and energy.
He once chaired Sterling Bank and is deeply involved in social welfare through the Adegunwa Foundation. Adegunwa is also known for supporting Islamic education and healthcare in Ogun State.
His contributions extend to job creation and capacity building, especially for young people in the state.
7. Olusegun Obasanjo – Net Worth: $350 Million
Hometown: Abeokuta, Ogun State
General Olusegun Obasanjo is one of Nigeria’s most iconic figures—former Military Head of State (1976–1979) and two-term civilian President (1999–2007). Beyond politics, Obasanjo has significant business interests, most notably in agriculture.
His Otta Farms is one of the largest commercial agricultural ventures in Nigeria. He has also invested in education, founding the Bells University of Technology and the Olusegun Obasanjo Presidential Library.
Obasanjo remains active in global diplomacy and is a key voice on African peace and governance.
8. Dapo Abiodun – Net Worth: $310 Million
Hometown: Iperu-Remo, Ogun State
Dapo Abiodun is the current Governor of Ogun State and a successful businessman. Before entering politics, he was the Managing Director of Heyden Petroleum, a key player in Nigeria’s oil marketing space.
He also founded First Power Limited, involved in power generation and distribution. As governor, Abiodun has focused on infrastructure, digitization of public services, and industrial parks.
His blend of corporate experience and public service has enhanced Ogun’s reputation as an investment-friendly state.
9. Segun Adebutu – Net Worth: $300 Million
Hometown: Iperu-Remo, Ogun State
Segun Adebutu is the son of Kensington Adebutu and a billionaire in his own right. He is the CEO of Petrolex Oil & Gas, which built Sub-Saharan Africa’s largest petroleum products tank farm in Ogun State.
He also chairs Bluebridge Marine, Bluebridge Minerals, and Oladiran Agro-Allied Company. His philanthropic work through the Oladiran Olusegun Adebutu Foundation (OOAF) focuses on child welfare, education, and food relief.
Segun’s work is pivotal to Ogun’s energy and logistics infrastructure development.
10. Tajudeen Afolabi Adeola – Net Worth: $550 Million
Hometown: Abeokuta, Ogun State
Often associated with Fola Adeola, Tajudeen Afolabi Adeola is another major co-founder of GTBank. Post-banking, he invested in various sectors including oil, consulting, and private equity.
He sits on the board of firms like ARM, Lotus Capital, and Credit Registry Services, among others.
His success in finance and advisory roles has contributed to economic growth and corporate governance practices in Ogun and beyond.
Final Thoughts
The wealth and influence of these ten men go beyond their impressive bank balances. Each one has played a crucial role in Ogun State’s transformation—from building critical infrastructure and expanding access to financial services, to creating thousands of jobs and supporting education and health initiatives.
These men are proof that Ogun State is not just a cradle of intellectual giants but also a powerhouse of economic innovation. As their legacies grow, they continue to inspire a new generation of entrepreneurs and leaders in Nigeria.
