Top 10 Richest Politicians In Oyo State

Oyo State, one of Nigeria’s oldest and most historically significant states, has always been a vibrant hub of political activity. From Ibadan to Ogbomoso, and from Oke-Ogun to Ibarapa, the state has produced a range of influential political figures whose wealth matches their public stature. Over the years, many of these leaders have transitioned from public service to business or maintained simultaneous roles, using their political experience and networks to build substantial wealth.

This blog post ranks the top 10 richest politicians in Oyo State who have held significant political offices such as governors, senators, commissioners, ministers, and legislators. Their influence is rooted in governance but is extended through business empires, consultancy, real estate, and strategic investments.

1. Seyi Makinde – Net Worth: $126 Million

Governor Oluseyi Abiodun Makinde currently leads the political and financial elite in Oyo State. Before assuming office as the 28th Governor of Oyo State in 2019, Makinde was a successful engineer and entrepreneur. He is the founder of Makon Group, a leading oil and gas services firm with clients across Africa.

Makinde’s asset declaration in 2019 showed a personal fortune valued at over ₦48 billion. His governance has focused on infrastructure, education, and transparency, yet his wealth and philanthropic efforts continue to set him apart.

Political Roles:

• Governor of Oyo State (2019 – Present)

• PDP gubernatorial candidate (2015, 2019, 2023)

Wealth Sources:

• Engineering (Makon Group)

• Oil & Gas

• Real Estate

2. Rashidi Ladoja – Net Worth: $100 Million

Chief Rashidi Adewolu Ladoja is a political veteran and former Governor of Oyo State (2003–2007). A mechanical engineer by training, Ladoja amassed significant wealth in the oil sector long before he entered the political arena. His leadership saw significant urban renewal and infrastructural development.

Even after leaving office, Ladoja remained influential, often backing successful candidates and negotiating coalitions. He is considered one of the wealthiest elder statesmen in Oyo politics.

Political Roles:

• Governor of Oyo State (2003–2007)

• Senator, Oyo State (1993)

• National Unity Forum Leader

Wealth Sources:

• Oil & Gas Industry

• Agriculture

• Property Investments

3. Teslim Folarin – Net Worth: $80 Million

Senator Teslim Folarin is another household name in Oyo politics. With a strong background in political science, he served multiple terms in the Nigerian Senate, where he held the position of Senate Majority Leader.

Folarin is renowned for his negotiation skills and ability to influence both state and national politics. He’s also believed to have built an extensive network in real estate and consulting, making him financially formidable.

Political Roles:

• Senator, Oyo Central (2003–2011, 2019–2023)

• Senate Majority Leader

• APC Gubernatorial Candidate (2023)

Wealth Sources:

• Real Estate

• Political Consultancy

• Contracting

4. Adebayo Adelabu – Net Worth: $45 Million

Adebayo Adelabu is a financial guru turned politician. Before entering the political scene, he served as the Deputy Governor of the Central Bank of Nigeria and was an Executive Director at First Bank. Adelabu ran for governor of Oyo State and is currently serving as the Minister of Power.

His business interests span education, finance, and real estate. His wealth and status have positioned him as a political heavyweight in the state.

Political Roles:

• Minister of Power (2023 – Present)

• APC Gubernatorial Candidate (2019, 2023)

Wealth Sources:

• Finance & Banking

• Real Estate

• Education

5. Shina Peller – Net Worth: $40 Million

Hon. Shina Peller served as a federal lawmaker representing the Iseyin/Itesiwaju/Iwajowa/Kajola federal constituency. While he is also known for his entertainment business, his political experience includes serving on multiple legislative committees and influencing youth-focused policy decisions.

His business background gave him a financial edge in politics, and he remains one of the most affluent politicians to emerge from the Iseyin axis of Oyo State.

Political Roles:

• House of Representatives (2019–2023)

• Senatorial Aspirant (Oyo North, 2023)

Wealth Sources:

• Hospitality & Entertainment

• Politics

• Real Estate

6. Adebayo Shittu – Net Worth: $35 Million

Barrister Adebayo Shittu has a long political history that dates back to Nigeria’s Second Republic. A lawyer and Islamic scholar, Shittu has served in various capacities, including as Minister of Communications under President Muhammadu Buhari.

His wealth is drawn from his legal practice, book publications, and political appointments. He remains a vocal figure in Oyo politics and public discourse.

Political Roles:

• Minister of Communications (2015–2019)

• Oyo State House of Assembly Member (1979–1983)

• Governorship Aspirant (2019)

Wealth Sources:

• Legal Practice

• Book Publishing

• Political Consulting

7. Luqman Oyebisi Ilaka – Net Worth: $30 Million

A financial and legal expert, Luqman Ilaka served as the Chief of Staff to Governor Seyi Makinde. He has contested multiple elections and played an advisory role in economic and fiscal planning in the state. His wealth stems from foreign investments and advisory services in finance and taxation.

Political Roles:

• Chief of Staff to Oyo Governor (2019–2023)

• Senatorial Candidate (Multiple Years)

Wealth Sources:

• Financial Consulting

• Public Administration

• International Investments

8. Olamijuwonlo Alao-Akala – Net Worth: $25 Million

Olamijuwonlo, popularly known as Juwon Akala, is the son of the late Governor Adebayo Alao-Akala. He currently represents Ogbomoso North, Ogbomoso South, and Oriire Federal Constituency in the House of Representatives.

Having inherited his father’s political machinery and business interests, Juwon has added his own investments and public service earnings to his wealth.

Political Roles:

• House of Representatives Member (2023–Present)

• Chairman, Ogbomoso North LGA (Past)

Wealth Sources:

• Politics

• Inherited Wealth

• Agriculture and Real Estate

9. Monsurat Sunmonu – Net Worth: $20 Million

A trailblazer, Monsurat Sunmonu became the first female Speaker of the Oyo State House of Assembly and later represented Oyo Central in the Senate. Her political career has been marked by advocacy for women’s rights and public accountability.

Sunmonu's wealth comes from her years of service, public speaking, international programs, and NGO partnerships.

Political Roles:

• Speaker, Oyo State House of Assembly

• Senator, Oyo Central (2015–2019)

Wealth Sources:

• Public Service Salaries and Pensions

• NGO Consultancy

• Women Advocacy Programs

10. Micheal Koleoso – Net Worth: $15 Million

Micheal Koleoso is a veteran politician from the Oke-Ogun axis of Oyo State. He served as Secretary to the Oyo State Government and was influential during the Alliance for Democracy (AD) and Action Congress (AC) eras.

Though he maintains a low profile, Koleoso’s investments in agriculture and real estate have contributed significantly to his wealth.

Political Roles:

• Secretary to the Oyo State Government (1999–2003)

• Political Godfather in Oke-Ogun Axis

Wealth Sources:

• Agriculture

• Land & Property

• Political Mobilization

Summary Table: Richest Politicians in Oyo State (2025)

Conclusion

Oyo State remains a critical player in Nigeria's political and economic systems. The richest politicians in the state are not only powerful in terms of governance but also wield significant economic influence through their diverse business interests. From executive governors and ministers to senators and local government leaders, these individuals represent the intersection of political clout and entrepreneurial success.

Understanding their profiles offers insight into how leadership and financial intelligence often go hand-in-hand in the Nigerian political landscape.