Top 10 Richest Men In Oyo State (2024)

Oyo State is one of the five Yoruba states in southwestern Nigeria. The state is also one of the largest states in Nigeria and is known for being the site of the first university in Nigeria – the University of Ibadan, which was founded in 1948.

Coupled with its rich history, Oyo State has produced highly successful people in different sectors from business, politics, and even culture (monarchs). Here, we will be looking at the top 10 richest men in Oyo state.

Top 10 Richest Men In Oyo State

1. Engr Seyi Makinde

Engr Seyi Makinde, born on December 25, 1967, is the richest man in Oyo state. He is a Nigerian engineer, businessman, and the current governor of Oyo State. He started his career at Shell Petroleum Development Company (SPDC), where he had his NYSC. He was retained in the company and worked there as an engineer from 1990 to 1997.

In 1997, he founded his first business, Makon Engineering and Technical Services Limited (METS), and later became the group managing director of Makon Group of Companies. Makinde ventured into politics in 2007, contesting for the Oyo South Senatorial seat but lost. He persisted, aspiring for various political positions, including the Oyo South Senatorial seat in 2011 and the Oyo State governorship ticket in 2015.

Despite setbacks, he remained committed to his ambition. In 2018, Makinde emerged as the gubernatorial candidate of the People’s Democratic Party (PDP) for the 2019 general elections in Oyo State. He won the election with 515,621 votes.

2. Senator Rashidi Adewolu Ladoja

Rashidi Adewolu Ladoja was born on September 25, 1944, in Gambari village Ibadan, Nigeria. Ladoja started his career as a senator in 1999. He later contested and won the governorship election in Oyo State under the People’s Democratic Party (PDP).

Ladoja was sworn into office in May 2003 and served until 2006 when he was impeached. According to reports, his impeachment was due to a rift he had with his political mentor, Lamidi Adedibu. However, he was later reinstated in December that same year.

After his tenure in office, Ladoja continued to be active in politics and became a member of the Zenith Labour Party (ZLP) in December 2018. He also ran for re-election under the Accord Party in 2015 but lost to the All Progressives Congress (APC) candidate.

3. Olubadan of Ibadanland, Oba Lekan Balogun

Oba Lekan Balogun, born on October 18, 1942, is a Yoruba monarch who serves as the 42nd Olubadan of Ibadan. Before ascending to the throne, he had a good career record. He worked as a lecturer at Ahmadu Bello University and held editorial positions at magazines and newspapers.

Balogun also served as a senator representing Oyo Central senatorial district from 1999 to 2003, during which he chaired the Senate Committee on National Planning.

4. Barr Abdul-Raheem Adebayo Shittu

Abdul-Raheem Adebayo Shittu, born in 1953, is a Nigerian lawyer and politician. He started his political journey in 1979 as a member of the Oyo State House of Assembly, making him the youngest member at age 26. Shittu served until 1983 when the military took over governance in Nigeria. Shittu then focused on his legal career and writing profession.

He later participated in the National Political Conference in 2005. However, Shittu returned to politics in 2011, contesting for the gubernatorial ticket under the platform of the C.P.C but lost. However, he was appointed as the Minister of Communications in Nigeria from 2015 to 2019 during President Muhammadu Buhari’s first tenure.

Shittu’s contributions extend beyond politics; he served as Oyo State Commissioner for Information, Culture, and Home Affairs in the Victor Omololu Olunloyo administration. He also held the position of Attorney General and Oyo State Commissioner for Justice in the Rashidi Adewolu Ladoja government.

5. Abass Akande Obesere

Abass Akande Obesere is a famous Fuji musician, singer, and record producer. He gained popularity for his unique music style and the use of slang that excites his fans. He rose to fame in the music industry following the footsteps of other successful musicians like Sikiru Ayinde Barrister. Throughout his career, Obesere has taken his brand of Fuji music worldwide.

In his early years, Obesere signed with Sony Music but later switched to other labels due to payment disputes. He has had a long-standing rivalry with another popular Fuji musician, K1 De Ultimate. In 2017, Obesere made headlines by signing a multi-million dollar deal with a US record label, Freeworld Music. Currently, he is signed with Mayors Ville Entertainment, an artist management firm under Maxgolan Entertainment Group in Lagos, Nigeria.

6. Afeez Oyetoro

Afeez Oyetoro, popularly known as “Saka,” is a Nigerian comedian, actor, and lecturer. Born on August 20, 1963, he started his career in the theatre arts and later transitioned into film acting. He became widely recognized after appearing in a 2013 MTN advert, where his catchphrase “I don port o” became a sensation.

In 2016, he featured in notable films like “The Wedding Party” and “Ojukokoro (Greed),” showcasing his versatility as an actor. Beyond acting, Oyetoro is also a respected lecturer of theatre arts at Adeniran Ogunsanya College of Education in Lagos State, Nigeria. His passion for education and arts is evident in his commitment to both his acting career and teaching profession.

7. Saheed Balogun

Taking the seventh spot on our list of the richest men in Oyo state is another Nollywood star. Saheed Balogun is a respected Nigerian actor, director, and producer. He began his acting journey in 1978 with his first TV program called “Youth Today” on NTA. In 1989, he produced his debut film titled “City Girl.”

Saheed has played significant roles in numerous Nigerian movies, including groundbreaking ones like the first two-cast movie in Africa and the first three-cast movie in West Africa. Throughout his career, Balogun has demonstrated versatility, showcasing his talents not only as an actor but also as a director and producer. He has contributed significantly to the growth and development of the Yoruba Nollywood industry.

8. Abolore Adigun Alapomeji

9ice, whose real name is Abolore Adigun Alapomeji, is a Nigerian musician, songwriter, and dancer. He recorded his first demo called “Risi de Alagbaja” in 1996, at the age of 16. However, it wasn’t until the year 2000 that he released his first official solo song titled “Little Money”.

In 2008, 9ice gained widespread recognition with the release of his hit single “Gongo Aso”. This song became immensely popular, leading him to perform at the Nelson Mandela 90th Birthday Tribute concert in London. The same year, he won the Best Hip Hop Artist of the Year at the MTV Africa Music Awards.

His album “Gongo Aso” won him multiple awards at the 2009 Hip Hop World Awards, including Album of the Year and Artiste of the Year. In addition to his music career, 9ice is also the founder and CEO of Alapomeji Ancestral Records.

9. Gani Adams

Gani Adams is a Nigerian activist, politician, and traditional aristocrat. His journey began in 1992 when he became a pro-democrat activist, campaigning for democracy in Nigeria. Gani Adams served as the Public Relations Officer of the Mushin local government chapter of the Civil Liberties Organization (CLO) in 1993, advocating for fundamental human rights.

In 1994, he became a founding member of the Oodua Peoples Congress (OPC), a group promoting Yoruba culture and autonomy. Adams rose to nationwide prominence in 2000 when the Inspector General of Police declared him wanted for his group’s involvement in clashes, leading to his arrest in 2001. Despite being imprisoned in Lagos, Abeokuta, and Abuja, he continued his activism.

In 2017, Adams was honoured with the title of the 15th Aare Ona Kakanfo of Yorubaland, a traditional position of high esteem. This title, previously held by Chief Moshood Abiola, is to recognize his commitment to the Yoruba people and their culture.

10. Adebayo Tijani

Taking the final spot on our list of the richest men in Oyo state is a prominent figure in the Nigerian film industry, particularly in the Yoruba Nollywood sector. Adebayo Tijani began his career in the early 2000s as the President of a theatre group before transitioning into acting and producing films.

In 2002, he released his debut film titled “Durosinmi.” Tijani has since become known as one of the highest-paid film directors in Yoruba Nollywood, gaining recognition for his work in directing, producing, and acting. Some of his notable films include “Apesin,” “Iranse Aje,” “Abegbe,” “Ogun Aiku,” and “The New Patriots.”

His contributions to the industry have earned him awards, including winning the African Movie Academy Award (AMAA) in 2006 and 2008. Despite his early success, Tijani has remained active and relevant in the Yoruba cinema industry, consistently producing films to date.



Oyo State, one of the prominent Yoruba states in Nigeria, boasts a rich heritage and significant contributions to Nigeria’s economic and educational sectors.

Beyond academia, the state has had success across diverse sectors, with men who have excelled in business, and politics. This list has explored the top 10 richest men in Oyo State with some insights into their lives and careers.