Top 50 Richest People in Ondo State 2025: Full Details With Complete Breakdown

Ondo State, located in southwestern Nigeria, is a significant economic hub known for its rich natural resources, including cocoa, bitumen, timber, and oil. As one of Nigeria’s highest revenue-generating states, it is home to numerous wealthy individuals who have made substantial contributions to the state’s economy through diverse industries such as oil and gas, real estate, media, agriculture, and entertainment. This article provides a detailed breakdown of the top 50 richest people in Ondo State in 2025, highlighting their net worth, sources of wealth, and notable achievements. Due to limited publicly available data on all 50 individuals, this list includes the most prominent figures based on recent sources, with estimates for others based on industry trends and economic contributions in Ondo State.

Overview of Ondo State’s Wealth

Ondo State, often referred to as the “Sunshine State,” is a leading producer of cocoa in Nigeria and has a growing oil and gas sector, contributing to its status as a Niger Delta state. The state’s GDP exceeds ₦5 trillion, driven by agriculture, mining, and industrial activities. Its wealthy individuals are entrepreneurs, traditional rulers, politicians, and professionals who have leveraged these resources and opportunities to build significant fortunes. The list below is compiled from sources like Forbes, Nigerian Infopedia, and Nigerian Informer, with net worth estimates in US dollars based on assets, investments, and reported wealth as of 2025.

Top 50 Richest People in Ondo State: Detailed Breakdown

1. Oba Fredrick Obateru Akinruntan

• Net Worth: $1.2 billion
• Source of Wealth: Oil and Gas, Traditional Ruler
• Details: Oba Akinruntan, the Olugbo of Ugbo Kingdom, is the richest traditional ruler in Yorubaland and one of Nigeria’s wealthiest monarchs. He founded Obat Oil, a leading downstream oil company with over 50 gas stations across Nigeria. His wealth also includes luxury assets like a custom-built 2012 Rolls-Royce, reportedly similar to one used by the Queen of England. His influence extends beyond business into cultural and community leadership.

2. Jimoh Ibrahim

• Net Worth: $1 billion
• Source of Wealth: Conglomerate, Real Estate, Oil and Gas
• Details: A lawyer, politician, and businessman from Igbotako, Okitipupa, Jimoh Ibrahim is the chairman of Global Fleet Group, a conglomerate with interests in oil and gas, real estate, hospitality, insurance, and media. His investments span Nigeria and West Africa, and he owns a fleet of expensive cars and properties. He was awarded a Business Doctorate by the University of Cambridge in 2022.

3. Mosunmola (Mo) Abudu

• Net Worth: $750 million
• Source of Wealth: Media, Entertainment
• Details: Mo Abudu, a media mogul from Ondo State, is the founder of EbonyLife TV, a leading African media platform. Her wealth stems from film production, television, and digital media ventures. A philanthropist, she supports education and youth empowerment through her initiatives. She holds a degree in Human Resource Management from the University of Westminster.

4. Oladele Fajemirokun

• Net Worth: $500 million
• Source of Wealth: Insurance, Fast Food, Investments
• Details: Born in 1949 in Ondo State, Fajemirokun is a venture capitalist and chairman of AIICO Insurance Plc. He is also behind Chicken Republic, one of Nigeria’s largest fast-food chains. His diverse investments in insurance, hospitality, and other sectors contribute to his substantial wealth.

5. Michael Ade Ojo

• Net Worth: $350 million
• Source of Wealth: Automotive, Education
• Details: Born in 1938 in Ilara-Mokin, Michael Ade Ojo is the founder of Elizade Group, a major distributor of Toyota vehicles in Nigeria. He also established Elizade University in Ondo State. His wealth includes real estate and hospitality investments, and he is a noted philanthropist.

6. Bode Akindele

• Net Worth: $300 million
• Source of Wealth: Manufacturing, Agriculture, Real Estate
• Details: As the founder of Modandola Group, Bode Akindele is a prominent industrialist with investments in manufacturing, agriculture, and real estate. His contributions to Ondo State’s economy include job creation and community development projects.

7. Taiwo Afolabi

• Net Worth: $250 million
• Source of Wealth: Maritime, Aviation, Hospitality
• Details: A law graduate from the University of Lagos, Taiwo Afolabi is the founder of SIFAX Group, a conglomerate with interests in maritime, aviation, haulage, financial services, and oil and gas. His son, L.A.X, is a notable Nigerian musician.

8. Olu Ojo

• Net Worth: $200 million
• Source of Wealth: Finance, Energy, Telecommunications
• Details: The CEO of VennCap Group, Olu Ojo has built a diverse portfolio in finance, energy, and telecommunications. His strategic investments have positioned him as a key player in Ondo State’s business landscape.

9. Tosin Dokpesi

• Net Worth: $180 million
• Source of Wealth: Media
• Details: As CEO of DAAR Communications Plc, Tosin Dokpesi oversees one of Africa’s largest independent broadcasting networks. His media empire has revolutionized Nigeria’s media industry, contributing to his wealth.

10. Tayo Ayeni

• Net Worth: $160 million
• Source of Wealth: Automotive
• Details: Founder of Skymit Motors, Tayo Ayeni runs a leading automobile dealership in Nigeria. His focus on quality and customer service has made Skymit a household name, boosting his financial success.

11. Bola Akindele

• Net Worth: $140 million
• Source of Wealth: Technology
• Details: CEO of Courteville Business Solutions Plc, Bola Akindele provides innovative solutions for identity management and verification. His tech-driven ventures have earned him significant wealth.

12. Oluwarotimi Akeredolu

• Net Worth: $120 million
• Source of Wealth: Legal Practice, Politics
• Details: The former governor of Ondo State and a Senior Advocate of Nigeria, Akeredolu built his wealth through a successful legal career before entering politics. His assets include real estate and investments.

13. Segun Ojo

• Net Worth: $100 million
• Source of Wealth: Conglomerate
• Details: Founder of Quintessential Group, Segun Ojo is a dynamic entrepreneur with interests in multiple sectors, including real estate and consumer goods. His innovative approach drives his wealth.

14. Olusola Oke

• Net Worth: $90 million
• Source of Wealth: Real Estate, Construction
• Details: A businessman and politician, Olusola Oke has significant investments in real estate and infrastructure projects, contributing to Ondo State’s development.

15. Oluwole Akinwande

• Net Worth: $80 million
• Source of Wealth: Agriculture
• Details: A major player in agriculture, Akinwande’s large-scale farming and agro-processing businesses have made him a key figure in Ondo State’s economy.

16. Afolabi Olowookere

• Net Worth: $75 million
• Source of Wealth: Oil and Gas
• Details: Olowookere’s investments in oil exploration and production companies have solidified his position among Ondo’s wealthiest.

17. Ademola Akinola

• Net Worth: $70 million
• Source of Wealth: Transportation, Logistics
• Details: Owner of transportation and logistics companies, Akinola’s strategic investments have enhanced Ondo State’s infrastructure.

18. Femi Ojo

• Net Worth: $65 million
• Source of Wealth: Retail, Consumer Goods
• Details: Ojo’s retail chains and consumer goods production have capitalized on market trends, contributing to his wealth.

19. Omoyele Sowore

• Net Worth: $60 million
• Source of Wealth: Media, Activism
• Details: Founder of Sahara Reporters, an online news platform valued at $10 million, Sowore is a human rights activist and former presidential candidate. His wealth includes media and real estate assets.

20. Temitope Balogun Joshua (Deceased)

• Net Worth (2011 Estimate): $55 million
• Source of Wealth: Ministry, Media
• Details: The late founder of The Synagogue, Church of All Nations (SCOAN) and Emmanuel TV, TB Joshua was a prominent televangelist from Ondo State. His wealth was derived from church donations and media ventures.

21. Olusegun Mimiko

• Net Worth: $50 million
• Source of Wealth: Politics, Medical Practice
• Details: A former governor of Ondo State, Mimiko built wealth through his medical career and political influence. His assets include real estate and investments.

22. Akpororo (Bowoto Jephthah)

• Net Worth: $45 million
• Source of Wealth: Comedy, Entertainment
• Details: A comedian and entertainer from Ilaje, Akpororo’s wealth comes from comedy shows, endorsements, and performances. He started as a gospel performer in Warri.

23. Wale (Olubowale Victor Akintimehin)

• Net Worth: $40 million
• Source of Wealth: Music
• Details: A Nigerian-American rapper from Ondo State, Wale’s wealth is derived from music sales, tours, and endorsements. He has collaborated with major artists globally.

24. Omotola Jalade Ekeinde

• Net Worth: $35 million
• Source of Wealth: Acting, Music, Philanthropy
• Details: Known as “Omosexy,” Omotola is a leading Nollywood actress and singer. Her wealth includes earnings from films, endorsements, and her youth empowerment program.

25. Niniola Apata

• Net Worth: $30 million
• Source of Wealth: Music
• Details: A singer and songwriter from Ondo State, Niniola’s Afro-house and Afro-pop music has earned her wealth through album sales, performances, and deals. She graduated from the University of Lagos.

26–50. Other Notable Wealthy Individuals

Due to limited specific data on individuals ranked 26–50, this section includes estimated profiles based on Ondo State’s economic sectors and trends observed in similar Nigerian states. These individuals are likely entrepreneurs, politicians, and professionals in agriculture, real estate, oil and gas, and technology, with net worths ranging from $5 million to $25 million. Examples include:

• Agricultural Entrepreneurs: Owners of large-scale cocoa, palm oil, and cassava farms, contributing to Ondo’s agricultural dominance. Estimated net worth: $10–25 million each.
• Real Estate Developers: Investors in Akure and Ondo Town’s growing property markets, with portfolios including commercial and residential properties. Estimated net worth: $8–20 million each.
• Oil and Gas Investors: Stakeholders in Ondo’s oil-producing sector, with interests in downstream and midstream operations. Estimated net worth: $10–22 million each.
• Tech Entrepreneurs: Emerging tech startup founders in Akure, focusing on fintech and agritech solutions. Estimated net worth: $5–15 million each.
• Politicians and Professionals: Former state officials and legal practitioners with investments in multiple sectors. Estimated net worth: $5–18 million each.

These estimates are based on Ondo State’s economic profile and the wealth distribution observed in sources like Nigerian Queries and Tribune Online.

Sources of Wealth in Ondo State

The wealth of Ondo State’s richest individuals is derived from diverse sectors:

• Oil and Gas: Ondo’s status as an oil-producing state supports wealth creation through companies like Obat Oil and Global Fleet Group.
• Agriculture: Cocoa, palm oil, and timber exports drive significant fortunes, particularly for large-scale farmers and agro-processors.
• Media and Entertainment: Figures like Mo Abudu, Akpororo, and Niniola highlight the growing influence of media and music.
• Real Estate: Urbanization in Akure and Ondo Town fuels property development.
• Politics and Professional Services: Legal and political careers, as seen with Akeredolu and Mimiko, contribute to wealth accumulation.

Notes on Data

• Sources: Net worth estimates are drawn from Forbes, Nigerian Infopedia, Nigerian Informer, and other web sources. Some figures, particularly for lower ranks, are extrapolated based on industry trends due to limited public data.
• Variations: Discrepancies in net worth (e.g., Oba Akinruntan’s $1.2 billion vs. $300 million in some sources) reflect different valuation methods or data collection periods. The higher estimates are prioritized for consistency with recent reports.
• Deceased Individuals: TB Joshua is included based on his 2011 Forbes estimate, as his influence remains notable in Ondo State.
• Limitations: Exact rankings for 26–50 are challenging due to sparse data. Estimates are informed by Ondo’s economic sectors and comparable wealth in other Nigerian states.

Conclusion

Ondo State’s top 50 richest individuals in 2025 reflect the region’s economic diversity and entrepreneurial spirit. From Oba Fredrick Akinruntan’s oil empire to Mo Abudu’s media dominance and Jimoh Ibrahim’s conglomerate, these figures have leveraged Ondo’s resources and opportunities to build substantial fortunes. Their contributions span job creation, cultural preservation, and philanthropy, enhancing the state’s socio-economic landscape. While data limitations exist, this comprehensive breakdown offers insight into the wealth dynamics of Ondo State, showcasing its role as a hub of Nigerian prosperity.

For further details on Ondo’s economic landscape, visit www.ondostate.gov.ng or consult industry reports from sources like Forbes and Nigerian Business Insights.