10 Richest Men in Edo State (2024)

Edo is a state in the South-South region of Nigeria. The state’s capital, Benin City, stands as the fourth-largest city in Nigeria. Edo State is also home to several wealthy men who have amassed substantial wealth through various endeavors.

These figures are successful businessmen, influential politicians, clergymen, and prominent personalities who have made significant contributions to the state’s development. Here, we will look at the top 10 richest men in Edo State and how they were able to achieve their financial success.

Top 10 Richest Men In Edo State

1. Chief Gabriel Osawaru Igbinedion – $250 Million

Chief Gabriel Osawaru Igbinedion is the Esama of Benin kingdom. He is also a businessman, philanthropist, and founder of Igbinedion University, the first private university in Nigeria. Chief Gabriel Osawaru Igbinedion is the richest man in Edo State with an estimated net worth of $250 million, which he amassed from his several business ventures.

The Esama of Benin’s business empire includes international properties, a private TV and radio station, a private bank, and interests in oil, diamonds, gold, and marble mines across Africa. He also owned a now-defunct private airline, Okada Air. In addition to his business ventures, he has made significant contributions to education by establishing numerous schools and a private university.

2. Mitchell Elegbe – $200 Million

Mitchell Elegbe occupies the second spot on our list with an estimated net worth of $200 million. He is a Nigerian businessman known for his success in the technology and finance sectors. Elegbe’s journey in the business world began with the establishment of Interswitch, an African internet payment gateway firm, which he founded in the early years of the 21st century.

Under his leadership, Interswitch grew into a multibillion-dollar company, offering various financial services across Africa. Today, he serves as the CEO and MD of the company. Elegbe’s career includes the establishment of subsidiaries like Verve, a payment card industry, and Quickteller, a payments services provider.

3. Adams Oshiomole – $200 Million

Adams Oshiomhole is a Nigerian politician known for his roles in labor activism and governance. He served as the president of the Nigeria Labour Congress from 1999 to 2007, advocating for workers’ rights. In 2008, he became the governor of Edo State, holding office until 2016. During his tenure, he focused on infrastructural development, education, and healthcare improvements in Edo State.

In 2018, he became the national chairman of the All Progressives Congress (APC). During his tenure as the national chairman of the All Progressives Congress (APC), Adams Oshiomhole played a key role in the campaigns and strategies for the 2019 elections, which saw the party retain the presidency and secure victories in many states.

However, Oshiomhole’s leadership also faced challenges from within the party, including disagreements with some governors and party stakeholders. These internal conflicts led to several legal battles and controversies, ultimately resulting in his removal as the national chairman of the APC in June 2020. Currently, Adams is a senator in Edo State and has an estimated net worth of $200 million.

4. Lucky Igbinedion – $190 Million

Lucky Igbinedion was the governor of Edo State from 1999 to 2007. He won the gubernatorial election under the People’s Democratic Party (PDP). During his tenure, he established the Edo State Polytechnic Usen and was elected as Chairman of the Nigerian Governors’ Forum. His wife, Eki Igbinedion, actively fought against sex trafficking of women from Edo State to Europe, founding the Idia Renaissance organization.

Despite his political success, Lucky Igbinedion faced legal troubles after leaving office. In January 2008, he was accused of financial fraud totaling over $24 million and was sought by the Economic and Financial Crimes Commission (EFCC). Despite these challenges, Lucky Igbinedion remains a prominent figure in Edo State politics and is one of the richest men in the state with an estimated net worth of $190 million.

5. Pastor Chris Oyakhilome – $120 Million

Pastor Chris Oyakhilome is a televangelist, preacher, and founder of Christ Embassy, one of the biggest Christian ministries in Nigeria. He started his ministry while studying at Ambrose Alli University, where he founded a youth group called Youth For Christ. Later, he renamed it Believers Loveworld, which spread to many universities in Nigeria.

In 1987, after graduating, he established a church in Benin City and expanded it to Lagos in 1989. Pastor Chris Oyakhilome became known for his large-scale events, including crusades and conferences, both in Nigeria and internationally. In 2006, he hosted the “Good Friday Miracle Night” in Nigeria, attended by 3.5 million people, one of the largest single-night events in the country. He also pioneered Christian-based television networks, reaching a global audience.

His ministry operates an International School of Ministry and utilizes social media for online prayers and communication. Additionally, he co-founded the Christian cable channel LoveWorld USA with Benny Hinn in 2017. Today, Pastor Chris Oyakhilome is one of Nigeria’s, Africa’s, and the world’s wealthiest pastors, with a net worth of $120 million.

6. Oba Eheneden Erediauwa Ewuare II – $100 Million

Taking the sixth spot with an estimated net worth of $100 million is the Ewuare II of Benin kingdom. Oba Eheneden Erediauwa Ewuare II is the 40th Oba of Benin, a position he attained on his birthday in 2016. According to him, he chose the name Ewuare II as a tribute to the 15th-century Ewuare I.

He celebrated his first anniversary on the throne in October 2017, with participation from local people, officials, politicians, and visitors from other parts of Nigeria. Representatives from the Sokoto Sultanate Council and Ile-Ife’s royal family also attended the celebrations. Before becoming the Oba, he worked at the United Nations from 1981 to 1982. He also served as Nigeria’s Ambassador to Angola, Sweden, Norway, Denmark, Finland, and Italy.

7. Godwin Obaseki – $80 Million

Godwin Obaseki is a Nigerian politician who has held various positions in both the private and public sectors. He started his career as a stockbroker in 1983 and later founded Afrinvest West Africa Limited in 1995, a prominent investment banking and management firm in Nigeria. Obaseki later ventured into politics in 2016 when he was elected as the Governor of Edo State under the platform of the All Progressives Congress (APC).

He sought re-election in 2020 but faced challenges within his party due to conflict with his political mentor, Adams Oshiomhole. This led to his defection to the People’s Democratic Party (PDP). Despite the setbacks, Obaseki emerged victorious in the 2020 Edo State gubernatorial election under the PDP, securing a second term in office. Throughout his career, Obaseki has amassed a lot of wealth, making him the seventh richest man in Edo State with an estimated net worth of $80 million.

8. Philip Shaibu – $75 Million

Philip Shaibu is a prominent Nigerian politician and the deputy governor of Edo State. Before his transition to politics, Philip Shaibu worked at the Nigerian Prisons Service, Abuja, but voluntarily retired as an Assistant Inspector of Prisons in 2002. In 2003, Shaibu ventured fully into politics, contesting elections for the Edo State House of Assembly but didn’t win.

However, in 2007, he won the election to represent Etsako West Constituency in the Edo State House of Assembly under the Action Congress (AC) party. During his time there, he served as the majority leader. In 2015, Shaibu transitioned to the federal level, winning the Etsako Federal constituency House of Representatives seat. His dedication and service to the people led to his selection as the running mate for Governor Godwin Obaseki during the 2016 Edo State gubernatorial election, which they won.

Shaibu is currently Edo deputy governor, and he has amassed a lot of wealth for himself, making him the eighth richest man in Edo State with an estimated net worth of $75 million.

9. Apostle Johnson Suleman – $70 Million

Apostle Johnson Suleman is a Nigerian pastor and the founder of Omega Fire Ministries International. According to the clergyman, he allegedly became a millionaire at 19 by transporting cocoa in trucks. Since then, he has focused on business until he went into ministry. He started his ministerial career as an assistant pastor in Lagos in 1998.

Later, in 2004, he founded Omega Fire Ministries International, with its headquarters in Auchi, Edo State. Today, Omega Fire Ministries International has a 20,000-seat base camp chapel in Auchi. Apostle Johnson Suleman is considered one of the wealthiest pastors in Nigeria, with a net worth of $70 million.

10. Domingo Alaba Obende – $60 Million

Occupying the last position on our list of the richest men in Edo State is Domingo Alaba Obende, a prominent businessman and politician. Obende ventured into politics in 2007 by contesting in the primary elections for the Edo North Senate seat under the platform of the People’s Democratic Party (PDP), which he lost. Following this, he was appointed the Vice Chairman of the PDP in the Edo North Senatorial District and represented Edo State at the 2008 PDP Congress. In the 2011 elections, Obende contested again for the position of Senator for Edo North Senatorial District under the Action Congress of Nigeria (ACN), which is now known as the All Progressives Congress (APC).

While he faced accusations of producing false certificates during the campaign, he still emerged victorious against his opponent, Alhaji Yisa Braimoh. Obende served as a member of the 7th Senate from 2011 to 2015. Obende’s contributions to politics in Edo State have left a significant mark, making him one of the prominent and richest figures in the state with an estimated net worth of $60 million.

Related:

• Top 10 Richest Men In Kaduna State
• Top 10 Richest Men In Rivers State
• Top 10 Richest Men In Akwa Ibom State

Conclusion

While there are many wealthy people in Edo State, this list has revealed the top 10 men who have reached exceptional levels of financial success and influence.

These men have demonstrated remarkable entrepreneurial decisions, political expertise, and religious leadership, paving the way for both personal prosperity and community development.