The Top 10 Richest Men In Ogun State 2025 And Their Net Worth shows the most successful rich men from Nigeria’s “Gateway State.” Mike Adenuga tops this list with $6.1 billion. This makes him the richest man in Ogun State and Nigeria’s second wealthiest individual.
Ogun State is located in the southwestern part of Nigeria with Abeokuta as its capital. The state is known as the “Gateway State” because of its proximity to Lagos, Nigeria’s commercial capital. Ogun is Nigeria’s second-most industrialized state and home to many factories and industries. These rich people have made their money through telecommunications, banking, oil and gas, real estate, and agriculture.
Quick Summary: Top 10 Richest Men in Ogun State 2025
- Mike Adenuga – $6.1 billion (Telecommunications, Oil & Gas)
- Olusegun Adebutu – $900 million (Lottery, Oil & Gas, Real Estate)
- Subomi Balogun – $700 million (Banking, Finance, Real Estate)
- Oba Otudeko – $550 million (Conglomerate, Food, Oil & Gas)
- Fola Adeola – $500 million (Banking, Investments, Entrepreneurship)
- Kensington Adebutu – $450 million (Lottery, Real Estate, Agriculture)
- Olusegun Obasanjo – $350 million (Agriculture, Real Estate, Politics)
- Dapo Abiodun – $310 million (Oil & Gas, Manufacturing, Politics)
- Ibikunle Amosun – $280 million (Politics, Real Estate, Accounting)
- Sulaiman Adegunwa – $250 million (Real Estate, Hospitality, Construction)
How We Ranked Ogun State’s Richest Men
Our ranking looks at many factors. These include telecommunications holdings, banking achievements, oil and gas investments, real estate, and proven assets. We used criteria like businesses, investments, assets and personal property to judge the net worth of these rich people from Ogun state.
1. Mike Adenuga – $6.1 Billion
Dr. Michael Adeniyi Ishola Adenuga Jr. is the richest man in Ogun State with a net worth of $6.1 billion. Born in 1953, he is Nigeria’s second wealthiest individual and Africa’s third richest man. He is the founder and chairman of Globacom, Nigeria’s second-largest telecommunications company.
Key Wins:
- Founder and Chairman of Globacom (Nigeria’s second-largest telecom)
- Chairman of Conoil (oil and gas company)
- Africa’s third richest man
- Business Administration degree from Pace University, New York
Major Business Deals:
- Globacom telecommunications (operations in Nigeria, Ghana, Benin Republic)
- Conoil Plc (downstream oil and gas)
- Julius Berger Nigeria Plc (construction)
- Equitorial Trust Bank (banking)
- Real estate investments
Properties & Assets:
- Globacom network infrastructure across West Africa
- Conoil petroleum stations nationwide
- Extensive real estate in Lagos and Ijebu
- Oil and gas exploration assets
- Construction company holdings
2025 Highlights: Though born in Oyo State, Adenuga is a native of Ijebu-Igbo in Ogun State. His telecom empire revolutionized Nigerian communications. He is known for his quiet philanthropy in education, health, and infrastructure development across Ogun State and Nigeria.
2. Olusegun Adebutu – $900 Million
Chief Olusegun Kessington Adebutu, also known as “Segun Adebutu,” is the second richest man in Ogun State with a net worth of $900 million. He is the son of Kensington Adebutu (Baba Ijebu). He is a business magnate and philanthropist with diverse investments.
Key Wins:
- CEO of Petrolex Oil and Gas Limited
- Building the second-largest oil refinery in sub-Sahara Africa
- Son of Premier Lotto founder (Baba Ijebu)
- Economics degree from University of Ibadan
Major Business Deals:
- Petrolex Oil and Gas Limited (refinery projects)
- Entertainment and hospitality ventures
- Real estate development
- Shipping and logistics
- Agricultural investments
Properties & Assets:
- Oil refinery infrastructure
- Real estate across Nigeria
- Shipping vessels and logistics facilities
- Entertainment properties
- Agricultural estates
2025 Highlights: His Petrolex oil company is building one of the largest refineries in Africa. He has diversified interests in entertainment, shipping, agriculture, oil and gas, and real estate. His net worth continues to grow through strategic investments.
3. Subomi Balogun – $700 Million
Otunba Michael Olasubomi Balogun is the founder of First City Monument Bank (FCMB), one of Nigeria’s major financial institutions. Born in Ijebu Ode, he has a net worth of $700 million. He studied law at the London School of Economics.
Key Wins:
- Founder of First City Monument Bank (FCMB)
- Traditional chief in Ogun State
- Law degree from London School of Economics
- Banking and finance pioneer
Major Business Deals:
- FCMB banking operations nationwide
- Real estate investments in Lagos and Ogun
- Finance and investment holdings
- Traditional leadership assets
- Property development
Properties & Assets:
- FCMB branch network across Nigeria
- Extensive real estate portfolio
- Rolls-Royce collection
- Luxury properties in Ijebu and Lagos
- Banking sector investments
2025 Highlights: Although he converted from Islam to Christianity, Balogun is respected as one of Ogun’s most prominent traditional leaders. His contributions to the banking sector and successful investments have established him as one of Ogun State’s richest men.
4. Oba Otudeko – $550 Million
Oba Otudeko is the founder and chairman of Honeywell Group, a Nigerian conglomerate with businesses in food, oil and gas, real estate, and hospitality. He is from Ijebu Igbo with a net worth of $550 million.
Key Wins:
- Founder and Chairman of Honeywell Group
- Former Chairman of First Bank of Nigeria
- Former Director at Central Bank of Nigeria
- Owner of Radisson Blu Hotel, Lagos
Major Business Deals:
- Honeywell Group (food processing, flour milling)
- Honeywell Flour Mills Plc
- Real estate and hospitality
- Oil and gas investments
- Board positions in multiple companies
Properties & Assets:
- Honeywell flour mills and food processing plants
- Radisson Blu Hotel in Lagos
- First Bank shareholdings
- Real estate across Nigeria
- Industrial facilities
2025 Highlights: Otudeko worked in banking for 23 years before moving fully into entrepreneurship. His Honeywell Group is a major player in Nigeria’s food and beverage sector. His leadership has shaped Nigeria’s industrial landscape.
5. Fola Adeola – $500 Million
Fola Adeola is a renowned Nigerian banker, entrepreneur, and philanthropist. He co-founded Guaranty Trust Bank (GTBank), one of the most respected banks in Nigeria and West Africa. His net worth is estimated at $500 million.
Key Wins:
- Co-founder of Guaranty Trust Bank (GTBank)
- Chairman of UTC Nigeria, Eterna Oil, Lotus Capital
- Founder of FATE Foundation (entrepreneur empowerment)
- Banking innovation pioneer
Major Business Deals:
- GTBank shareholdings
- UTC Nigeria operations
- Eterna Oil and gas
- Lotus Capital investments
- ARM (Asset & Resource Management)
Properties & Assets:
- GTBank investment stakes
- Real estate across Nigeria
- UTC facilities and stores
- Oil and gas holdings
- FATE Foundation assets
2025 Highlights: Under his leadership, GTBank became known for innovation, customer service, and corporate governance. Though born in Lagos, his roots trace back to Ogun State where he supports community initiatives in education and youth empowerment.
6. Kensington Adebutu – $450 Million
Chief Kensington Adebukunola Adebutu, popularly known as “Baba Ijebu,” is synonymous with lottery business success in Nigeria. He is the founder and chairman of Premier Lotto Limited. His net worth is estimated at $450 million.
Key Wins:
- Founder of Premier Lotto Limited (Nigeria’s oldest betting firm)
- Known as “Baba Ijebu” across Nigeria
- Diversified into real estate and agriculture
- Father of Olusegun Adebutu
Major Business Deals:
- Premier Lotto Limited (lottery and betting)
- Real estate development projects
- Agricultural ventures
- Philanthropic investments
- Traditional institution support
Properties & Assets:
- Premier Lotto outlets nationwide
- Extensive real estate holdings
- Agricultural estates
- Luxury properties
- Family business legacy
2025 Highlights: His company, Premier Lotto Limited, is Nigeria’s most popular betting firm. Beyond gaming, Baba Ijebu has contributed significantly to Ogun State’s development, supporting schools, hospitals, and traditional institutions.
7. Olusegun Obasanjo – $350 Million
General Olusegun Obasanjo is a former President of Nigeria (1999-2007) and former military head of state. Born on March 5, 1937, he is a full-time farmer and one of Ogun State’s wealthiest men with a net worth of $350 million.
Key Wins:
- Former President of Nigeria (1999-2007)
- Former military head of state
- Owner of Otta Farm (one of Nigeria’s largest farms)
- Elder statesman and influential political figure
Major Business Deals:
- Otta Farm (cassava, maize, and other crops)
- Real estate investments
- Presidential library and educational center
- Agricultural processing
- Political consulting
Properties & Assets:
- Otta Farm in Abeokuta (largest farm in Nigeria)
- Presidential library and museum
- Real estate across Nigeria
- Government pensions and benefits
- Agricultural estates
2025 Highlights: Obasanjo is well respected in Ogun State and Nigeria at large. His large-scale farming operations in crops like cassava and maize, and his investments in real estate have contributed to his substantial net worth.
8. Dapo Abiodun – $310 Million
Prince Dapo Abiodun is the current Governor of Ogun State. Born on May 29, 1960, he is a businessman and politician with a net worth of $310 million. He previously served as Managing Director of Heyden Petroleum.
Key Wins:
- Current Governor of Ogun State (2019-present, re-elected 2023)
- Former Managing Director of Heyden Petroleum
- Founder of First Power Limited
- Board Chairman of Corporate Affairs Commission
Major Business Deals:
- Heyden Petroleum operations
- First Power Limited (energy sector)
- Oil and gas exploration
- Manufacturing investments
- Real estate development
Properties & Assets:
- Oil and gas investment stakes
- Manufacturing facilities
- Real estate across Ogun and Nigeria
- Energy infrastructure
- Government properties
2025 Highlights: Before becoming governor, Abiodun was a successful businessman in the oil and gas industry. He is a major investor in manufacturing and industrial investments. His administration focuses on attracting investors to Ogun State.
9. Ibikunle Amosun – $280 Million
Senator Ibikunle Amosun is a former Governor of Ogun State (2011-2019) and current Senator representing Ogun Central. Born on January 25, 1958, in Owu, Abeokuta, he is a chartered accountant with a net worth of $280 million.
Key Wins:
- Two-term Governor of Ogun State (2011-2019)
- Current Senator, Ogun Central Senatorial District
- Chartered accountant
- Infrastructure development champion
Major Business Deals:
- Real estate investments
- Accounting and financial consulting
- Political advisory services
- Property development
- Construction contracts
Properties & Assets:
- Real estate in Ogun, Abuja, and Lagos
- Accounting practice assets
- Luxury properties and vehicles
- Political investment holdings
- Government pensions and benefits
2025 Highlights: Amosun is a respected politician who transformed Ogun State’s infrastructure during his tenure as governor. According to Forbes, the legislator is one of the state’s wealthiest politicians. He remains influential in Nigerian politics.
10. Sulaiman Adegunwa – $250 Million
Chief Sulaiman Adegunwa is a successful businessman and real estate mogul from Ogun State. His business record has earned him a seat among the top 50 Nigerian billionaires according to Forbes. His net worth is estimated at $250 million.
Key Wins:
- Forbes-recognized billionaire
- Major real estate investor
- Hospitality sector owner
- Construction entrepreneur
Major Business Deals:
- Real estate development across Nigeria
- Hotel and hospitality investments
- Construction businesses
- Property management
- Land development
Properties & Assets:
- Extensive real estate portfolio
- Hotel facilities
- Construction equipment
- Luxury properties
- Land holdings across Nigeria
2025 Highlights: Adegunwa has built his fortune through strategic real estate investments and hospitality ventures. His construction businesses have delivered major projects across Nigeria. He is recognized as one of Ogun’s successful entrepreneurs.
Wealth Distribution Trends in Ogun State
The Top 10 Richest Men In Ogun State 2025 And Their Net Worth reveals interesting patterns about wealth creation in the region. Ogun State is Nigeria’s second-most industrialized state with a population of almost 3 million people. The state’s proximity to Lagos plays a major role in its economic success.
Key Observations:
- Telecommunications creates massive wealth
- Banking sector produces many billionaires
- Oil and gas remain highly profitable
- Real estate is consistently popular
- Agriculture shows strong potential
The combined wealth of these ten people exceeds $11 billion. This shows the massive economic potential within Ogun State, with diverse opportunities across multiple sectors.
Frequently Asked Questions
Mike Adenuga is the richest man in Ogun State with a net worth of $6.1 billion. The founder and chairman of Globacom is Nigeria’s second wealthiest individual and Africa’s third richest man. He also owns Conoil, a major oil and gas company.
Mike Adenuga made his fortune through Globacom (telecommunications) and Conoil (oil and gas). His telecom empire operates in Nigeria, Ghana, and Benin Republic. He studied Business Administration at Pace University, New York, and started with oil drilling before venturing into telecommunications.
The main wealth-making sectors include telecommunications, banking, oil and gas, real estate, agriculture, lottery and gaming, and manufacturing. Ogun’s proximity to Lagos creates many business opportunities.
Yes, Olusegun Obasanjo is a full-time farmer who owns Otta Farm in Abeokuta, one of Nigeria’s largest farms. He produces cassava, maize, and other crops on a large scale. His net worth from farming and other investments is estimated at $350 million.
Ogun State is called the “Gateway State” because of its strategic location as the entry point from Lagos (Nigeria’s commercial capital) to other parts of Nigeria. The state borders Lagos and serves as a gateway to the rest of the country.
Premier Lotto Limited is Nigeria’s oldest and most popular betting firm, founded by Chief Kensington Adebutu (Baba Ijebu). The company is popularly known as “Baba Ijebu” across Nigeria and has made the Adebutu family very wealthy.
Ijebu-Igbo, Ijebu-Ode, and Abeokuta have produced many of Ogun State’s wealthiest individuals. The Ijebu people in particular are known for their strong business acumen and entrepreneurial spirit.
Conclusion: Ogun State’s Economic Leadership
The Top 10 Richest Men In Ogun State 2025 And Their Net Worth shows the remarkable success stories from Nigeria’s “Gateway State.” From Mike Adenuga’s $6.1 billion telecommunications and oil empire to the diverse portfolios of other wealthy people, these leaders have created massive value while contributing to Nigeria’s economic development.
Ogun State’s richest people are a mix of telecom giants, bankers, oil tycoons, farmers, and politicians. Each contributes to the state’s economic and social development. Their success stories show how leveraging proximity to Lagos, combined with hard work and strategic investments, can create lasting fortunes.
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 Ogun State 2025 And Their Net Worth in the comments below!
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