The Top 10 Richest Men In Ondo State 2025 And Their Net Worth shows the most successful rich men from Nigeria’s “Sunshine State.” Michael Ade-Ojo tops this list with $950 million. This makes him the richest man in Ondo State and one of Southwest Nigeria’s most successful businessmen.
Ondo State is located in the southwestern part of Nigeria with Akure as its capital. The state is known as the “Sunshine State” and is the only Yoruba state in the Niger Delta region. Ondo is both an oil-producing state and an agricultural powerhouse. These rich people have made their money through automobile distribution, oil and gas, education, law, and politics.
Quick Summary: Top 10 Richest Men in Ondo State 2025
- Michael Ade-Ojo – $950 million (Automobile, Education, Agriculture)
- Jimoh Ibrahim – $600 million (Insurance, Oil, Media, Hotels)
- Taiwo Afolabi – $420 million (Maritime, Aviation, Oil & Gas)
- Frederick Akinruntan – $380 million (Oil & Gas, Traditional Ruler)
- Lucky Igbinedion – $300 million (Tourism, Real Estate, Hospitality)
- Akin Kekere-Ekun – $250 million (Law, Real Estate, Investments)
- Olusegun Mimiko – $200 million (Medicine, Politics, Real Estate)
- Paul Akintelure – $180 million (Law, Oil Services, Real Estate)
- Yele Omogunwa – $150 million (Oil & Gas, Construction)
- Olusola Oke – $120 million (Law, Real Estate, Politics)
How We Ranked Ondo State’s Richest Men
Our ranking looks at many factors. These include automobile business, oil and gas holdings, insurance companies, educational institutions, and proven assets. We used criteria like businesses, investments, assets and personal property to judge the net worth of these rich people from Ondo state.
1. Michael Ade-Ojo – $950 Million
Chief Michael Ade-Ojo is the richest man in Ondo State with a net worth of $950 million. Born on June 14, 1938, in Ilara-Mokin, Ifedore LGA, he is the founder of Elizade Motors and Elizade University. He is the Chairman of Toyota Nigeria Limited and one of Nigeria’s most successful businessmen.
Key Wins:
- Chairman of Toyota Nigeria Limited
- Founder of Elizade University, Ilara-Mokin
- Pioneer graduate of Business Administration, University of Nigeria, Nsukka
- Built $50 million vehicle assembly plant
Major Business Deals:
- Toyota Nigeria Limited (exclusive Toyota distributor)
- Elizade Motors and Autoland
- Elizade University (founded 2013)
- Mikeade Investment Co. Ltd
- Classic Motors Ltd, Okin Travels Ltd
Properties & Assets:
- Vehicle assembly plant (capacity: 40,000 units/year)
- Elizade University campus and facilities
- Toyota dealership network nationwide
- Extensive real estate holdings
- Agricultural estates
2025 Highlights: Chief Ade-Ojo started from humble beginnings as a street hawker selling charcoal and matches. He founded Elizade in 1971 with his late wife Elizabeth. The name “Elizade” combines Elizabeth’s name and his middle name “Ade.” His companies contributed N200 billion to Nigeria’s economy between 2005 and 2015.
2. Jimoh Ibrahim – $600 Million
Dr. Jimoh Ibrahim is a lawyer, businessman, politician, and philanthropist from Igbotako in Okitipupa LGA. He is the current Senator representing Ondo South Senatorial District. He is the Chairman and CEO of Global Fleet Group, a large conglomerate with businesses across Africa.
Key Wins:
- Senator representing Ondo South (2023-present)
- Chairman of Global Fleet Group
- Harvard-educated lawyer
- Business Doctorate from University of Cambridge (2022)
Major Business Deals:
- NICON Insurance (largest insurance company in Nigeria)
- Global Fleet Oil and Gas
- Newswatch Magazine
- Hotel chains across Nigeria
- Air Nigeria Airways (defunct)
Properties & Assets:
- NICON Insurance nationwide network
- Oil and gas exploration assets
- Hotel properties across Nigeria
- Media company holdings
- Real estate in Lagos and Abuja
2025 Highlights: Jimoh Ibrahim holds an LLB from Obafemi Awolowo University, MPA from the same university, and combined LLM/Master’s in International Taxation from Harvard. He was awarded a Business Doctorate (BusD) by Cambridge University in 2022. His net worth is estimated at $600 million.
3. Taiwo Afolabi – $420 Million
Chief Taiwo Afolabi is the founder and CEO of SIFAX Group, a leading business conglomerate in Nigeria. Born in Ondo State, he graduated with a law degree from the University of Lagos. His son, Damilola Afolabi (L.A.X), is a popular Nigerian music artist.
Key Wins:
- Founder and CEO of SIFAX Group
- Operations in maritime, aviation, haulage, oil & gas
- Law degree from University of Lagos
- Father of music artist L.A.X
Major Business Deals:
- SIFAX Maritime (shipping and logistics)
- SIFAX Aviation Services
- SIFAX Oil and Gas
- SIFAX Financial Services
- Hospitality investments
Properties & Assets:
- Port and shipping terminals
- Aircraft and aviation infrastructure
- Oil and gas service facilities
- Financial service companies
- Luxury hotels
2025 Highlights: SIFAX Group has grown from a small maritime outfit into one of Nigeria’s leading conglomerates. The company operates across multiple sectors and has created thousands of jobs. Taiwo Afolabi’s estimated net worth is $420 million.
4. Frederick Akinruntan – $380 Million
Oba Frederick Obateru Akinruntan is the Olugbo of Ugbo Kingdom. He is the richest traditional ruler in Ondo State and one of the wealthiest Obas in Yorubaland. He is the founder and CEO of Obat Oil, a leading oil and gas company in Nigeria’s downstream sector.
Key Wins:
- Olugbo (King) of Ugbo Kingdom
- Founder and CEO of Obat Oil
- Richest traditional ruler in Ondo State
- Forbes-recognized billionaire
Major Business Deals:
- Obat Oil and Petroleum
- Obat Properties Ltd
- Real estate development
- Traditional kingdom assets
- Community development projects
Properties & Assets:
- Oil distribution network nationwide
- Royal palace and properties
- Extensive land holdings in Ugbo
- Real estate across Nigeria
- Traditional kingdom resources
2025 Highlights: Forbes Magazine estimated his net worth at over $300 million. His Obat Oil company is one of Nigeria’s leading indigenous oil companies. As Olugbo, he oversees one of Yorubaland’s oldest kingdoms. His current net worth is estimated at $380 million.
5. Lucky Igbinedion – $300 Million
Chief Lucky Nosakhare Igbinedion is a businessman and politician. Though from Edo State, he has strong business ties and investments in Ondo State. He is the founder of Igbinedion University, Nigeria’s first private university.
Key Wins:
- Founder of Igbinedion University (Nigeria’s first private university)
- Former Governor of Edo State (1999-2007)
- Tourism and hospitality investor
- Real estate mogul
Major Business Deals:
- Igbinedion University operations
- Tourism and resort developments
- Real estate across Southwest Nigeria
- Hospitality investments
- Construction businesses
Properties & Assets:
- Igbinedion University campus
- Tourism resorts and facilities
- Real estate in Ondo and Southwest
- Hotel properties
- Agricultural estates
2025 Highlights: His investments in Ondo State, particularly in tourism and real estate, are substantial. He pioneered private university education in Nigeria. His net worth is estimated at $300 million.
6. Akin Kekere-Ekun – $250 Million
Chief Akin Kekere-Ekun is a Senior Advocate of Nigeria (SAN) and one of the most successful lawyers from Ondo State. He has diversified into real estate, oil services, and various investments. He hails from Owo LGA.
Key Wins:
- Senior Advocate of Nigeria (SAN)
- Top corporate lawyer
- Real estate investor
- Oil and gas legal consultant
Major Business Deals:
- Law firm operations
- Real estate development projects
- Oil and gas legal consulting
- Investment portfolios
- Property management
Properties & Assets:
- Law firm facilities and assets
- Real estate across Nigeria
- Oil sector consultancy contracts
- Luxury properties
- Investment holdings
2025 Highlights: As one of Nigeria’s leading corporate lawyers, Kekere-Ekun has built substantial wealth through legal practice and smart investments. His net worth is estimated at $250 million.
7. Olusegun Mimiko – $200 Million
Dr. Olusegun Mimiko is a medical doctor and politician who served as Governor of Ondo State from 2009 to 2017. He is the only governor to have served non-consecutively in Nigeria, winning elections in 2007, 2009, and 2012.
Key Wins:
- Two-term Governor of Ondo State (2009-2017)
- Medical doctor and health policy expert
- Former Minister of Housing and Urban Development
- Labour Party pioneer
Major Business Deals:
- Real estate investments
- Medical practice and healthcare ventures
- Political consulting
- Property development
- Agricultural investments
Properties & Assets:
- Real estate in Ondo, Abuja, and Lagos
- Medical facilities
- Agricultural estates
- Government pensions and benefits
- Investment portfolios
2025 Highlights: Mimiko transformed healthcare in Ondo State with his “Abiye” Safe Motherhood program. His political career and business investments have earned him an estimated net worth of $200 million.
8. Paul Akintelure – $180 Million
Chief Paul Akintelure is a lawyer and businessman with significant investments in oil services and real estate. He is from Owo and has built his wealth through legal practice and strategic business investments.
Key Wins:
- Senior corporate lawyer
- Oil servicing company owner
- Real estate developer
- Political advisor
Major Business Deals:
- Law practice and consulting
- Oil servicing businesses
- Real estate development
- Construction projects
- Investment banking advisory
Properties & Assets:
- Law firm assets
- Oil service facilities and equipment
- Real estate across Ondo State
- Construction company holdings
- Investment portfolios
2025 Highlights: Akintelure has successfully combined legal practice with business investments. His oil servicing companies serve major players in the Niger Delta. His net worth is estimated at $180 million.
9. Yele Omogunwa – $150 Million
Chief Yele Omogunwa is a businessman with major investments in oil and gas and construction. He is from Akure and has built his fortune through strategic investments in the energy sector and infrastructure development.
Key Wins:
- Oil and gas sector investor
- Construction company owner
- Real estate developer
- Community development advocate
Major Business Deals:
- Oil and gas exploration investments
- Construction and engineering
- Real estate development
- Equipment leasing
- Infrastructure projects
Properties & Assets:
- Oil investment stakes
- Construction equipment and machinery
- Real estate in Akure and major cities
- Engineering company assets
- Infrastructure project holdings
2025 Highlights: Omogunwa’s construction company has delivered major projects in Ondo State. His oil sector investments provide steady returns. His net worth is estimated at $150 million.
10. Olusola Oke – $120 Million
Chief Olusola Oke is a lawyer, businessman, and politician. He is a Senior Advocate of Nigeria (SAN) and has run for governor of Ondo State multiple times. He has investments in real estate, construction, and various business ventures.
Key Wins:
- Senior Advocate of Nigeria (SAN)
- Multiple-time gubernatorial candidate
- Real estate investor
- Infrastructure developer
Major Business Deals:
- Law practice and consulting
- Real estate development projects
- Construction businesses
- Political investments
- Infrastructure contracts
Properties & Assets:
- Law firm facilities
- Real estate across Ondo State
- Construction company assets
- Political investment holdings
- Luxury properties
2025 Highlights: Oke’s legal career and business investments have established him as one of Ondo’s successful entrepreneurs. His contributions to infrastructure development are notable. His net worth is estimated at $120 million.
Wealth Distribution Trends in Ondo State
The Top 10 Richest Men In Ondo State 2025 And Their Net Worth reveals interesting patterns about wealth creation in the region. Ondo State is the only Yoruba state in the Niger Delta, giving it unique advantages in both agriculture and oil production.
Key Observations:
- Automobile distribution creates massive wealth
- Oil and gas provide high returns
- Education sector investments are growing
- Law practice creates strong foundations
- Real estate remains consistently profitable
The combined wealth of these ten people exceeds $3.5 billion. This shows the significant economic potential within Ondo State, with diverse opportunities across multiple sectors.
Frequently Asked Questions
Michael Ade-Ojo is the richest man in Ondo State with a net worth of $950 million. The founder of Elizade Motors and Elizade University is the Chairman of Toyota Nigeria Limited. He started from humble beginnings as a street hawker.
Michael Ade-Ojo made his fortune by becoming the exclusive distributor of Toyota vehicles in Nigeria. He founded Elizade Motors in 1971 with his late wife Elizabeth. He later established Elizade University and built a $50 million vehicle assembly plant.
The main wealth-making sectors include automobile distribution, oil and gas, education, law practice, real estate, insurance, maritime, and politics. Ondo’s position as both an oil state and agricultural powerhouse creates diverse opportunities.
Jimoh Ibrahim’s net worth is estimated at $600 million, making him a multi-millionaire. He is the Chairman of Global Fleet Group with businesses in insurance, oil, media, and hotels. He currently serves as Senator for Ondo South.
Ondo State is called the “Sunshine State” because of its abundant sunshine and warm climate. The state is also known for its natural beauty, rich culture, and as the only Yoruba state in the Niger Delta region.
Oba Frederick Obateru Akinruntan, the Olugbo of Ugbo Kingdom, is the richest traditional ruler in Ondo State with a net worth of $380 million. He is the founder of Obat Oil, a major indigenous oil company.
Ilara-Mokin, Akure, Owo, and Ondo town have produced many of Ondo State’s wealthiest individuals. These areas have strong business traditions and have produced successful entrepreneurs across various sectors.
Conclusion: Ondo State’s Economic Leadership
The Top 10 Richest Men In Ondo State 2025 And Their Net Worth shows the remarkable success stories from Nigeria’s “Sunshine State.” From Michael Ade-Ojo’s $950 million automobile and education empire to the diverse portfolios of other wealthy people, these leaders have created massive value while contributing to Nigeria’s economic development.
Ondo State’s richest people are a mix of automobile dealers, oil tycoons, lawyers, educators, and politicians. Each contributes to the state’s economic and social development. Their success stories show how hard work, education, and strategic investments can create lasting fortunes even from humble beginnings.
What do you think about this ranking? Who deserves to be higher on the list? Share your thoughts about the Top 10 Richest Men In Ondo State 2025 And Their Net Worth in the comments below!
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