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Infinity Media
- 6 Min Read
Ogun State Billionaires: The 10 Richest Men In Ogun State
So you think all the money in Nigeria is chilling in Banana Island or hidden in some exotic offshore account in the Caribbean? Think again. Ogun State—yes, our very own “Gateway State”—has been quietly producing billionaires and multimillionaires who are not just rich in naira, but rich in legacy.
From Abeokuta to Ijebu Ode, from political dynasties to business empires, these men didn’t just stumble upon wealth—they built it, layer by layer, with sweat, strategy, and a little bit of Nigerian-style stubbornness (which, by the way, is a superpower when used right).
Now, if you’re a young adult still finding your path in this maze called life (and maybe wondering if your NYSC allowee will ever be enough), this post is more than a list—it’s a blueprint. Get ready to laugh, nod, and maybe take notes.
📊 Summary Table: Top 10 Richest Men in Ogun State
| Rank | Name | Estimated Net Worth | Main Industries | Base of Influence |
|---|---|---|---|---|
| 1 | Mike Adenuga | $6.1 – $7.2 Billion | Telecom (Globacom), Oil (Conoil) | Ijebu, Ogun State |
| 2 | Olusegun Obasanjo | $350M – $1.8 Billion | Politics, Agriculture, Real Estate | Abeokuta |
| 3 | Kensington Adebutu | $900M – $1.3 Billion | Lottery (Baba Ijebu), Real Estate | Iperu Remo |
| 4 | Olasubomi Balogun (Late) | $700M – $1 Billion | Banking (FCMB), Philanthropy | Ijebu Ode |
| 5 | Oba Otudeko | $500M – $650 Million | Manufacturing, Hospitality (Honeywell) | Abeokuta |
| 6 | Fola Adeola | $550M – $900 Million | Banking (GTBank), Investments | Ogun waterside |
| 7 | Ibikunle Amosun | $442M – $500 Million | Politics, Infrastructure, Real Estate | Abeokuta |
| 8 | Dapo Abiodun | $310M – $350 Million | Oil, Real Estate, Politics | Iperu Remo |
| 9 | Segun Adebutu | $300 Million | Oil & Gas (Petrolex), Agro-allied | Ogun State |
| 10 | Sulaiman Adebola Adegunwa | $400 Million | Agriculture, Manufacturing (Essay Group) | Ijebu Ode |
1. Mike Adenuga – The Silent Billionaire With Loud Results
If there’s any Ogun son who has proven that wealth doesn’t need to shout, it’s Mike Adenuga. He’s famously quiet but incredibly effective. The man behind Globacom, Nigeria’s second-largest telecom operator, and Conoil, one of the oldest indigenous oil companies in the country.
His estimated net worth? Between $6.1 and $7.2 billion. Yes, with a B. While the rest of us are arguing over WhatsApp data bundles, Uncle Mike is likely somewhere in Banana Island or Paris planning his next billion.
But he didn’t start there. He worked as a taxi driver during his university days in the U.S. to support himself. Fast-forward to today, and he's the definition of "soft life."
Lesson for you: Your hustle may be small today, but tomorrow? Glo might just be calling your name.
2. Olusegun Obasanjo – From Military Boots to Billionaire Roots
Now, this is a name that needs no introduction. Chief Olusegun Obasanjo—ex-military ruler, former President, farmer, and global diplomat. But what you may not know is that Baba has serious money.
His Obasanjo Farms empire spans thousands of hectares. He’s also invested in education (remember the Olusegun Obasanjo Presidential Library?) and real estate. Sources estimate his wealth to be between $350 million and $1.8 billion.
OBJ is the classic case of blending public service with private enterprise—and doing it successfully.
Takeaway: Don't underestimate agriculture. Apparently, it feeds presidents and billionaires.
3. Kensington Adebutu – Baba Ijebu of Big Money
You’ve probably heard someone say “I just won Baba Ijebu o!” Well, meet the man who made it possible: Sir Kensington Adebutu, the brain behind Premier Lotto. He turned Nigeria’s love for numbers into a billion-dollar business.
He’s also invested in schools, health centers, and infrastructure. Net worth? A casual $900 million to $1.3 billion.
Truth bomb: He literally made a fortune off calculated risk—and gave new meaning to the word “lucky.”
4. Late Olasubomi Balogun – The Gentle Giant of Nigerian Banking
Before he passed in 2023, Otunba Balogun was a pioneer in Nigeria’s banking world. He founded First City Monument Bank (FCMB)—one of the first privately owned banks in Nigeria.
A lawyer by training, a banker by calling, and a philanthropist by legacy. His net worth before his passing was estimated at $700 million to $1 billion.
Moral of his story: Class, culture, and cash can coexist. And so can tradition and innovation.
5. Oba Otudeko – The Honeywell Heir of Industry
Founder of the Honeywell Group, Oba Otudeko built a conglomerate that touches food processing, telecommunications, infrastructure, and hospitality.
He's not just about making money—he’s also passionate about mentorship and youth development, having served as the chairman of various business councils and institutions.
His net worth is between $500 million and $650 million. This is what we call generational strategy.
6. Fola Adeola – The Quiet Genius Behind GTBank
When you swipe your GTBank card or complain about your OTP delay, think of Fola Adeola. He co-founded the bank with vision, integrity, and a modern twist.
Though no longer in management, he sits on numerous boards and has diversified into investments, education, and leadership training. Estimated net worth? Between $550 million and $900 million.
His model: Build systems, not just businesses. Because systems outlive founders.
7. Ibikunle Amosun – From Accountant to State Builder
A chartered accountant turned politician, Ibikunle Amosun served as Governor of Ogun State from 2011 to 2019. Under his watch, Ogun witnessed major infrastructure upgrades—bridges, schools, roads. He didn’t just govern; he invested.
With real estate and business ventures behind the scenes, he’s said to be worth between $442 million and $500 million.
Pro tip: Financial literacy + influence = an unbeatable combo.
8. Dapo Abiodun – The Business-Minded Governor
The current Governor of Ogun State, Prince Dapo Abiodun, came into politics with business credentials. He ran Heyden Petroleum before venturing into governance.
He’s also big on investments in infrastructure and youth development. His estimated net worth is around $310 million to $350 million.
Lesson here: Never stop evolving. You can be a CEO today and a governor tomorrow—if the work is legit.
9. Segun Adebutu – Next-Gen Billionaire in Oil & Gas
Son of Sir Kensington Adebutu, Segun didn’t just inherit wealth—he expanded it. He’s the founder of Petrolex Oil & Gas, building one of Africa’s largest oil storage facilities in Ogun State.
Estimated net worth: about $300 million.
He’s proof that being a rich kid isn’t enough—you need to bring something new to the table. And he’s bringing oil barrels full of innovation.
10. Sulaiman Adebola Adegunwa – The Agro-Titan of Ijebu
Finally, we have Sulaiman Adebola Adegunwa, the man behind Essay Holdings. He’s a big name in food processing and agriculture. His company has played a huge role in making Nigeria more self-sufficient in agro-products.
With an estimated worth of $400 million, he is also one of the largest donors to schools and mosques in Ijebu and
beyond.
Final nugget: Your roots can grow businesses—don’t despise humble beginnings.
🔚 Final Thoughts: Don’t Just Read—Be Inspired
Look, no one’s saying you must become a billionaire next week (although if you do, please remember me!). But this list shows one thing loud and clear: wealth is intentional. Whether you’re from a small town or a big city, the tools of success are within reach.
These Ogun-born billionaires made it with grit, faith, community support, and sharp brains. You can too.
So whether you’re pushing your business on Instagram, designing the next tech startup, or daydreaming of owning farmland—keep at it. Your name might just be on a future version of this list.
