Edo State, located in Nigeria’s South-South geopolitical zone, is a land of cultural riches, historical relevance, and growing economic influence. Beyond its legacy as the cradle of the Benin Empire, Edo State is home to some of the wealthiest and most influential individuals in Nigeria. These men have built vast fortunes across different sectors, from politics, religion, and technology to traditional monarchy and the media. In this blog post, we’ll explore the top 10 richest men in Edo State as of 2025 — their estimated net worths, industries, and the legacies they’re creating.
Let’s take a deep dive into the billionaires of Edo State.
1. Chief Gabriel Osawaru Igbinedion – Net Worth: $250 Million
Chief Gabriel Igbinedion, the Esama of Benin Kingdom, is arguably the most iconic businessman in Edo State. With a net worth of around $250 million, he tops the list due to his deep investments across multiple sectors. His most notable achievement is the establishment of Igbinedion University, Nigeria’s first private university. The educational institution, based in Okada, has produced thousands of graduates since its inception.
In the 1990s, Chief Igbinedion was the proud owner of Okada Air, which was one of the largest privately-owned airlines in West Africa at the time. His investments also span across banking, hospitality (including a chain of hotels), media, mining, and oil. A well-known philanthropist, Chief Igbinedion has helped build churches, mosques, markets, and schools in both Edo State and other parts of Nigeria.
2. Mitchell Elegbe – Net Worth: $200 Million
Mitchell Elegbe is the founder and CEO of Interswitch, Nigeria’s foremost electronic payment company. An indigene of Edo State, Elegbe’s business success is rooted in innovation and technology. Interswitch revolutionized financial transactions in Nigeria, making ATMs, online banking, and digital payments more accessible and reliable.
Under his leadership, Interswitch grew into a multi-million dollar company that attracted international investors, including Visa. As of 2025, Elegbe’s estimated net worth stands at about $200 million. His contributions have cemented his place as one of the most influential fintech entrepreneurs not just in Nigeria but in Africa at large.
3. Adams Oshiomhole – Net Worth: $200 Million
A former governor of Edo State and ex-President of the Nigeria Labour Congress (NLC), Adams Oshiomhole is both a political heavyweight and a wealthy individual. With an estimated net worth of $200 million, Oshiomhole’s journey from union activism to high political office has been remarkable.
During his tenure as governor (2008–2016), he implemented several developmental projects in Edo State. He later served as the National Chairman of the All Progressives Congress (APC). While much of his wealth is attributed to his time in politics, he also has investments in real estate and agriculture.
4. Lucky Igbinedion – Net Worth: $190 Million
The son of Chief Gabriel Igbinedion, Lucky Igbinedion served as the governor of Edo State from 1999 to 2007. He reportedly amassed significant wealth during and after his time in office, and his estimated net worth is around $190 million. Though controversies surrounded his post-governorship period, his family background and involvement in both politics and private businesses have kept him among the wealthiest in Edo.
He is involved in real estate, hospitality, and investments both locally and abroad.
5. Pastor Chris Oyakhilome – Net Worth: $120 Million
A spiritual leader with a global reach, Pastor Chris Oyakhilome is the founder of Christ Embassy, also known as LoveWorld Incorporated. With an estimated net worth of $120 million, he is one of the richest pastors in Africa.
Pastor Chris’s wealth comes from various streams, including books, music, healing ministries, TV stations (LoveWorld TV), and real estate. His influence extends across Africa, Europe, and the Americas. Born in Edo State, his global ministry contributes to both spiritual and economic empowerment.
6. Oba Ewuare II – Net Worth: $100 Million
The reigning monarch of the ancient Benin Kingdom, Oba Ewuare II, holds more than cultural authority. With an estimated net worth of $100 million, the Oba is deeply revered and influential, both spiritually and politically.
Much of the Oba’s wealth is inherited, but as a custodian of land and traditional resources in the state, his influence extends into the economic affairs of Edo. His leadership has also facilitated investments and heritage tourism in Benin City.
7. Chief Raymond Dokpesi – Net Worth: $90 Million
Chief Raymond Dokpesi, who hails from Edo State, is best known as the founder of DAAR Communications, which owns Africa Independent Television (AIT) and RayPower FM. A veteran broadcaster and media entrepreneur, Dokpesi built a vast empire in media and communications.
Although he passed away in 2023, his legacy lives on through the multi-million dollar media empire he built. At the height of his career, his estimated net worth was around $90 million. His ventures played a key role in shaping Nigeria's broadcast landscape.
8. Godwin Obaseki – Net Worth: $80 Million
The current governor of Edo State, Godwin Obaseki, has a professional background in investment banking and asset management. Before becoming governor in 2016, he served as the chairman of the Edo State Economic and Strategy Team. He also worked at Afrinvest, a leading investment firm.
With an estimated net worth of $80 million, Obaseki has led Edo State through several reforms, especially in education, healthcare, and digital infrastructure. His wealth is attributed to both his years in finance and his current role in governance.
9. Chief Hosa Okunbo – Net Worth: $75 Million (Deceased)
Before his passing in 2021, Chief Idahosa Wells Okunbo, also known as Captain Hosa, was one of the most respected businessmen from Edo State. He had interests in oil and gas, maritime, security, agriculture, and aviation.
With a net worth estimated at $75 million, his companies — including Ocean Marine Solutions — contributed significantly to Nigeria’s oil security and logistics. Though deceased, his name remains etched in Edo’s economic history.
10. Apostle Johnson Suleman – Net Worth: $70 Million
Apostle Johnson Suleman, founder of Omega Fire Ministries, rounds off the list with an estimated net worth of $70 million. Based in Auchi, Edo State, his ministry has grown exponentially, attracting a large congregation in Nigeria and overseas.
Apart from his religious activities, Apostle Suleman owns publishing firms, hotels, schools, and media platforms. His entrepreneurial acumen combined with his spiritual leadership makes him a major figure in Edo State.
Conclusion
Edo State's wealth and influence go far beyond its cultural and historical significance. From spiritual leaders and monarchs to politicians and tech innovators, the state boasts a diverse group of billionaires who have shaped not just the economy of Edo, but Nigeria as a whole.
These ten men have used their influence, intellect, and opportunities to build legacies that inspire younger generations. Whether through education, politics, media, or finance, they have each contributed uniquely to the progress of their homeland.
