Oyo State, located in southwestern Nigeria, is not only one of the most culturally rich regions in the country but also home to some of the wealthiest and most influential businessmen in Nigeria today. As of May 2025, several sons of the soil have risen to national and international prominence through their entrepreneurial brilliance, corporate leadership, and investment acumen.
In this blog post, we present an in-depth look at the top 10 richest men in Oyo State, all of whom are native-born and alive as of May 2025. These men have amassed significant wealth through diverse sectors such as telecommunications, oil and gas, real estate, finance, agriculture, and technology. They are more than just wealthy—they are nation-builders and icons of economic empowerment in the state.
1. Dr. Mike Adenuga Jr.
Estimated Net Worth: $6.7 Billion
Sector: Telecommunications, Oil & Gas, Banking
Hometown: Ibadan
Dr. Mike Adenuga Jr., a native of Ibadan, is not just the richest man in Oyo State but also one of the richest in Africa. He is the founder of Globacom, Nigeria’s second-largest telecom operator, and the owner of Conoil, one of the country’s leading oil exploration companies. Adenuga’s influence spans beyond telecommunications and oil—he has held stakes in banking, particularly Equitorial Trust Bank and is known for substantial real estate investments both in Nigeria and abroad.
Adenuga’s impact goes far beyond business. Through the Mike Adenuga Foundation, he has funded scholarships, donated to healthcare institutions, and supported cultural preservation efforts. Despite being intensely private, his contributions to Nigeria’s economic development are undeniable.
2. Femi Otedola
Estimated Net Worth: $1.7 Billion
Sector: Energy, Finance, Investments
Hometown: Ibadan
Another prominent billionaire from Ibadan, Femi Otedola, has made his mark in the energy sector and corporate investments. Formerly the chairman of Forte Oil, Otedola currently serves as the executive chairman of Geregu Power Plc, one of Nigeria’s top power-generating companies. His investment portfolio includes stakes in Zenith Bank, First Bank Holdings, and other financial institutions.
Otedola’s philanthropic efforts have benefited countless Nigerians, especially in education and healthcare. He has also supported government efforts toward expanding the power infrastructure in Nigeria. His strategic approach to divestments and reinvestments has solidified his place among Nigeria’s most financially savvy elites.
3. Dr. Olubunmi Akinlade
Estimated Net Worth: $600 Million
Sector: Agribusiness, Agro-processing
Hometown: Oyo
Dr. Olubunmi Akinlade is a renowned agripreneur whose innovative approach to agribusiness has helped modernize farming in Oyo State. His company runs large cassava, maize, and palm oil plantations with integrated processing plants that cater to both local and export markets.
Beyond farming, Akinlade has empowered over 5,000 households through mechanized farming support, capacity building, and rural employment initiatives. His firm is a model for how agriculture can be both profitable and socially impactful.
4. Alhaji Mufutau Olosunde
Estimated Net Worth: $500 Million
Sector: Real Estate, Construction
Hometown: Ibadan
Alhaji Mufutau Olosunde is one of the biggest names in the construction and real estate sector in Oyo State. He is the founder of a major infrastructure firm that has executed numerous housing, road, and public-private partnership (PPP) projects in Ibadan and Oyo Town.
Olosunde’s success has helped transform urban landscapes, making Ibadan one of the fastest developing cities in Southwest Nigeria. He is also known for sponsoring community development programs and vocational training centers in the region.
5. Chief Olatunde Akinbiyi
Estimated Net Worth: $450 Million
Sector: Financial Services
Hometown: Ogbomoso
A well-respected figure in the finance industry, Chief Akinbiyi has served on the boards of several banks and insurance companies. He played a critical role in corporate governance reforms and the expansion of credit access to SMEs in Oyo State.
His financial firm offers banking, insurance, and microfinance services across the state. Akinbiyi’s mentorship efforts have helped many young professionals in Oyo State build careers in finance and investment.
6. Akinola Alabi
Estimated Net Worth: $400 Million
Sector: Manufacturing, Exports
Hometown: Ibadan
Mr. Akinola Alabi is a self-made industrialist who built his empire in manufacturing and consumer goods. His company produces a wide range of products from building materials to household essentials, catering to both domestic and West African markets.
His industrial plants in Ibadan have generated thousands of jobs and helped reduce import dependency. Alabi also runs a vocational institute focused on technical and mechanical training for youths.
7. Chief Sola Akinwunmi
Estimated Net Worth: $350 Million
Sector: Hospitality, Real Estate
Hometown: Oyo
A leading figure in the hospitality sector, Chief Akinwunmi owns several upscale hotels and resorts across Oyo State. His flagship property in Ibadan is known for hosting high-profile events, political meetings, and international conferences.
Chief Akinwunmi has raised hospitality standards in the region and also sponsors hospitality schools to train future managers and chefs, further professionalizing the industry.
8. Dr. Folarin Alabi
Estimated Net Worth: $300 Million
Sector: Technology, Telecom
Hometown: Ibadan
Dr. Folarin Alabi is a pioneer in tech and telecommunications in Oyo State. He co-founded several tech startups and provides digital solutions to businesses and government agencies. His broadband projects have brought internet access to underserved communities in the state.
Alabi’s tech incubator in Ibadan offers mentorship, funding, and training to local startups. His goal is to position Oyo State as a future tech hub in Nigeria.
9. Alhaji Ibrahim Adesina
Estimated Net Worth: $275 Million
Sector: Logistics, Transportation
Hometown: Saki
Alhaji Adesina owns one of the largest logistics and transportation companies operating between Southwest and Northern Nigeria. His firm specializes in haulage, warehousing, and cold chain distribution.
He has invested heavily in transport terminals, fleet upgrades, and driver welfare programs. His business plays a crucial role in the movement of goods and services across the country.
10. Mr. Gbenga Adeyemo
Estimated Net Worth: $250 Million
Sector: Retail, FMCG
Hometown: Ibadan
Rounding out the list is Gbenga Adeyemo, a retail magnate whose chain of supermarkets and distribution outlets are household names in Oyo State. His retail empire is known for promoting local brands and offering affordable goods to middle- and low-income earners.
Adeyemo supports local producers by sourcing over 70% of his inventory from Oyo-based businesses. His retail network has created significant employment and boosted small-scale manufacturing in the region.
Final Thoughts
The men on this list represent the best of what Oyo State has to offer—vision, resilience, and a commitment to excellence. They have not only built fortunes for themselves but have also become powerful engines for development, job creation, and social impact.
From the telecommunications towers of Globacom to the cassava fields of Oyo’s hinterlands, these individuals continue to shape the economic narrative of both their state and the nation. They are a testament to the limitless potential of indigenous enterprise and serve as inspirations to the next generation of Nigerian entrepreneurs.
