Top 10 Richest Men In Oyo State (2022)

In Oyo State, below are the top ten wealthiest people. We’ve compiled their brief bios and net worth. Based on their popularity in the region and their impact on people’s lives, these organizations are ranked in order of popularity. As a whole, this list is meant to be a source of inspiration for the younger generation of Oyo indigenes in the state and throughout the country. 

Richest Men In Oyo State

1. Engr Seyi Makinde

He is a business entrepreneur, philanthropist, politician, and one of the richest people in Oyo State. As governor of Oyo State, he is well-known for his charitable work. A Nigerian oil-and-gas company, Makon Group Limited (MGL), is run by him as its group managing director and CEO.

At the age of 29, Seyi Makinde created Makon Engineering and Technical Services (METS). A graduate of the University of Lagos, Nigeria is currently the Governor of Oyo State.

2. Otunba Alao Akala 

Otunba Alao Akala is believed to be the second richest man in Oyo State. He was born in Ogbomoso on June 3rd, 1950, and attended Osupa Baptist Day School in Ogbomoso. Tamale’s 5th Battalion of Infantry’s Kamina Barracks Middle School was the next stop for Alao-Akala. He got his Psc in 1990, DBA in 1998, DCL Honoris Causa from LAUTECH, Ogbomoso (2006), and a Ph.D. in Political Science from Lead City University, Ibadan (2008).

3. Senator Rashidi Adewolu Ladoja

As a former senator and governor of Oyo State, Senator Ladoja served in the Nigerian Senate. Many people were familiar with him because of his sweet but smart character traits. He is a multi-billionaire whose goal is to make the impoverished smile. Gambari village, near Ibadan, is where he was born on September 25, 1944, at the age of 25. He received his basic education at Ibadan Boys High School from 1958-1963, and his secondary education at Olivet Baptist High School from 1964-1945.

For his post-secondary studies, he attended Leige University in Belgium, where he earned a bachelor of technology in chemical engineering. In the following years, he went to Nigeria and took a job with Total Nigeria, where he held various positions before starting his own firm in 1985.

Some of the ventures he created were in shipping, manufacturing, and banking as well as in agriculture and transportation, to name a few. The following year, he was appointed to the board of directors of Standard Trust Bank. In 1993, he was elected to the Senate’s red chamber, and in 2003, he ran for and won the governorship election of the state under the PDP.

As a result of a rift with his political godfather, Lamidi Adedibu, he was impeached by the Oyo State legislature in January 2006. When it came to public servant affairs, employment, and education reform as well as state allocations, he stood out from the rest.

According to him, Accord Party is the state’s founding party, and he ran for governor of the state in 2015 under its banner but lost to APC.

4. Olubadan of Ibadanland, Oba Samuel Odulanan Odugade 1

In addition to being a government worker (as well as a teacher and administrator), the 40th Olubadan was also a soldier, philanthropist, and the only monarch to reign for more than a decade (101 years). April 14, 1914, was his date of birth. He attended school from 1922-1929 before finishing his middle school education at Mapo Central School in December of that year.

5. Alaafin of Oyo Oba Lamidi Olayiwola Adeyemi iii (CFR)

It was on October 15, 1938, when His Royal Highness was born. After attending a Quranic school in Iseyin, he went on to Obalende Model School, where he completed his education. After Tinubu Methodist School, he went on to St Gregory’s College.

At Royal Exchange Assurance, in Marina Lagos, his first job was waiting for him at the front desk. Through his persistence and hard work, he was promoted to the position of mandatory faculty and internal memo drafting specialist. He then went into business, buying wrecked automobiles to resell. Service to humanity is the Alaafinate’s guiding principle.

6. Soun of Ogbomosoland Oba Jimoh Oladunni Oyewumi Ajagungbade iii (CON)

In 1926, his Royal father Oba Bello Oyewumi gave birth to The Royal Majesty on May 27th. It was at Ibadan that he began his primary schooling at St. Patrick’s School Oke padre, Ibadan. After finishing primary school, he moved to Jos in 1944 and began working as a textile dealer for several decades. Following his initial foray into purchasing and selling bicycles, he moved to Lagos. In addition, his financial acumen helped him land lucrative deals with PZ and other multinationals.

7. Senator Monsurat Sunmonu

She was born on April 9, 1959 in Oyo town to Oyo kings of royal descent and is currently serving as a senator for the federal republic of Nigeria’s Oyo central senatorial district. She began her secondary education at the Olivet Baptist High School in Oyo State after completing her primary education at the Children Boarding Grammar School in Illora, Oyo State. ‘A’ level studies were completed at Kwara State College of Technology.

8. Senator Teslim Folarin

An ex-leader of the Nigerian Senate was born in Zaria, Ibadan Kingdom, on October 23, 1963. His basic education began in Lagos, and he completed his secondary education at Methodist Boys High School in Los Angeles, California. Graduate in Political Science from the University of Ibadan, with a diploma from Harvard University in the United States, he is a political scientist.

9. Barr Abdul-Raheem Adebayo Shittu

Barr Shittu is a well-educated lawyer from Oyo State’s Saki region. In Nigeria, he is the Minister of Communications. In the year 1953, he was born on the 28th of March. A graduate of the University of Ife, currently known as Obafemi Awolowo University, he graduated with a bachelor’s in law (LL.B)

A former member of the State House of Assembly, he served from 1979 to 1983. Ladoja appointed him Anthony General and State Commissioner. He was involved in the development of policy documents that were used as a guide for UPN governments in various states in the South West of the United States of America. It took him 15 years to write 13 volumes, covering everything from politics to religion and leadership.

10. Edmund Obilo

The fact that Edmund is neither a politician nor a traditional ruler of Oyo State, but a journalist, has made him stand out among his colleagues. Born in Benin, he studied electrical engineering at the University of Edo before switching to journalism because of his love of books, reading, and writing.

Splash Fm ‘the integrity station’ in Ibadan has him as a host of Bull’s Eye, Voices, and the Economic Searchlight.



Being a diverse state that comprises different people, here is the list of richest people in Oyo State at the moment, do not be shocked to find the name of a Journalist who was born in Benin here, but the fact he lives and stays in Ibadan drag his name on this list.