Ekiti State, located in southwestern Nigeria, may be one of the smaller states by land mass, but it is home to some of the most intellectually gifted and economically successful individuals in the country. In 2025, the list of Ekiti State billionaires and wealthy elites is dominated by professionals in law, politics, and entertainment. These individuals have built empires in their respective fields and contributed significantly to the growth and development of the state and Nigeria as a whole.
In this blog post, we unveil the top 10 richest men in Ekiti State, their estimated net worth, how they made their fortune, and their impact on society.
1. Afe Babalola – Legal Titan and Education Investor
At the very top of the list is Aare Afe Babalola, a Senior Advocate of Nigeria (SAN), renowned legal practitioner, and founder of one of Nigeria's leading private universities—Afe Babalola University (ABUAD).
Born on October 30, 1929, in Ado-Ekiti, Afe Babalola’s journey began with a degree in Economics before he ventured into law. Called to the English Bar in 1963, he started his own law firm in 1965 and became a SAN in 1987.
His most transformative investment is ABUAD, founded in 2009, which has grown into one of Nigeria's top universities. His investments in education, law, and real estate have helped him amass an estimated net worth of $350 million. His philanthropy and development initiatives across Ekiti make him not just the richest, but also one of the most respected figures in the state.
2. Wole Olanipekun – SAN and Legal Strategist
Chief Wole Olanipekun (SAN, OFR), another prominent legal practitioner from Ekiti, is the Principal Partner of Wole Olanipekun & Co., a highly respected law firm in Nigeria.
Hailing from Ikere-Ekiti, he was called to the Nigerian Bar in 1976 and attained the SAN rank in 1991. His firm is known for handling high-profile cases across various sectors including oil and gas, telecommunications, and finance.
As a life bencher, former President of the Nigerian Bar Association (NBA), and Pro-Chancellor of several universities, Wole Olanipekun’s influence spans law, education, and policy. His estimated net worth is around $122 million.
3. Ayodele Fayose – Political Veteran and Real Estate Investor
Peter Ayodele Fayose is a political heavyweight in Nigeria. Born in 1960, he served as the Governor of Ekiti State twice (2003–2006 and 2014–2018).
His political clout and influence are matched by his business acumen. Though his career has faced controversies, including corruption allegations, his real estate investments and political career have contributed to his substantial wealth. Reports estimate his net worth at approximately $500 million, placing him among Nigeria’s wealthiest former governors.
4. Femi Falana – Human Rights Defender and Legal Entrepreneur
Femi Falana, another Senior Advocate of Nigeria (SAN), is widely recognized for his human rights advocacy. Born in Ilawe-Ekiti in 1958, Falana has taken on powerful entities and defended citizens' rights with courage and brilliance.
He is the founder of Falana & Falana Chambers, a prominent legal firm. Besides his professional fees, he earns from media appearances, speaking engagements, and consultancy services. His net worth is estimated at around $80 million. Femi Falana is also the father of famous rapper and actor Falz, demonstrating how wealth and talent run in the family.
5. Olusegun Oni – Politician and Engineer
Engr. Olusegun Oni is another political figure with significant wealth. He served as the Governor of Ekiti State from 2007 to 2010 and also held national roles in the All Progressives Congress (APC) and later the Social Democratic Party (SDP).
Oni is a chemical engineer by profession, and before venturing into politics, he had a successful career in the private sector. His wealth is sourced from political appointments, business ventures, and consultancy in the oil and gas sector. Estimates of his net worth vary, but conservative figures place it between $1.5 million to $200 million.
6. Odunlade Adekola – Actor and Producer
A shining star in Nollywood, Odunlade Adekola has put Ekiti on the entertainment map. Born in 1976, he gained national fame through Yoruba-language films and is one of the most sought-after actors in Nigeria.
He owns Odunlade Adekola Film Production (OAFP) and has endorsement deals with top Nigerian brands. Adekola also runs businesses in hospitality and event management. As of 2025, his estimated net worth is around $2.5 million, making him the wealthiest actor from Ekiti State.
7. Falz (Folarin Falana) – Musician, Actor, and Lawyer
Folarin Falana, popularly known as Falz, is the son of Femi Falana. He is a lawyer turned rapper, actor, and comedian, famous for his socially conscious music and satirical style.
Falz launched his music career in the early 2010s and founded Bahd Guys Records. He has numerous endorsement deals, a string of hit songs, and film roles. His net worth in 2025 is estimated at $5 million, and he continues to use his platform for activism and youth empowerment.
8. Yinka Ayefele – Gospel Artist and Media Boss
Yinka Ayefele turned tragedy into triumph. After a car accident left him paralyzed in 1997, he used his recovery period to record his first album Bitter Experience, which became a gospel hit.
He later founded Fresh FM, a regional radio network with branches across southwestern Nigeria. His revenue streams include music royalties, broadcasting, event planning, and real estate. Though conservative, estimates place his net worth at around $350,000, with his influence extending far beyond numbers.
9. Senator Biodun Olujimi – Political Leader
Senator Abiodun Olujimi has served in several political capacities including Deputy Governor of Ekiti State and Senator representing Ekiti South.
With years of service in both executive and legislative roles, she has access to political networks and resources. Her net worth is unofficially estimated at around $10 million, derived from political earnings, contracts, and business interests.
10. Richard Bamisile – Politician and Entrepreneur
Richard Olufemi Bamisile, a former Speaker of the Ekiti State House of Assembly, is currently a Federal Representative.
He has built a solid reputation in real estate, agriculture, and import logistics. Bamisile’s vast business interests across Nigeria have helped him amass an estimated net worth of $50 million.
Final Thoughts: What Makes Ekiti’s Richest Stand Out?
Ekiti State may be better known for its high literacy rate and academic excellence, but its economic elite prove that brains can indeed lead to wealth. The top 10 richest men in Ekiti State span across different sectors—law, politics, entertainment, and business. They are a mix of seasoned professionals, political juggernauts, and creative trailblazers.
They’ve used their platforms not only to amass wealth but to give back to society, support education, and empower the next generation of leaders.
Frequently Asked Questions (FAQ)
Who is the richest man in Ekiti State?
Afe Babalola, with an estimated net worth of $350 million, is widely considered the richest man in Ekiti State.
Which industry dominates Ekiti’s richest list?
The legal and political sectors dominate, followed by entertainment and media.
Are these figures involved in philanthropy?
Yes. Afe Babalola funds scholarships and built a world-class university; Wole Olanipekun and Femi Falana support legal education and civil rights; Yinka Ayefele supports health and media empowerment.
Is Ekiti State a good place for investors?
Yes. With improving infrastructure and a literate population, Ekiti offers opportunities in education, agriculture, real estate, and media.
