Ogun State has earned a reputation as one of Nigeria’s most economically influential states, producing several of the country’s most successful businesspeople and financial powerhouses.
From banking innovators to telecom giants and industrial magnates, Ogun’s wealth landscape reflects decades of entrepreneurship, strategic investment, and an enduring culture of enterprise.
While there is no single official ranking of all wealthy families in the state, publicly documented business profiles and consistent industry reports place a handful of key figures at the top.
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These individuals not only built personal fortunes but also established family legacies that continue to shape various sectors of Nigeria’s economy.
Below, The New Daily Prime will show you a detailed, professional analysis of the top 5 richest individuals and families in Ogun State as of 2025, based on widely cited financial evaluations, business footprint, and long-standing influence.
1. The Adenuga Family
Estimated Net Worth: ~US$6.1 Billion
Key Sectors: Telecommunications, oil & gas, real estate
The Adenuga family is widely considered the richest in Ogun State, with its wealth anchored by the business empire of Dr. Mike Adenuga.
As the founder of Globacom, Nigeria’s indigenous telecom giant, he transformed the telecommunications landscape by offering competitive pricing and rapid infrastructure expansion. Globacom’s presence across Nigeria and West Africa cements Adenuga’s influence far beyond the state.
In addition to telecoms, he holds significant stakes in Conoil, one of the oldest and most successful petroleum marketing companies in Nigeria.
His investments stretch into real estate, banking, and international ventures, creating a multi-layered family empire.
The Adenuga legacy reflects strategic diversification, long-term planning, and a quiet but impactful presence across Nigeria’s major industries.
More than wealth, the family symbolises Ogun State’s entrepreneurial spirit and global reach.
2. The Adebutu Family (Baba Ijebu Dynasty / Petrolex Group)
Estimated Net Worth: ~US$900 Million
Key Sectors: Oil & gas, gaming, real estate, agriculture
The Adebutu name is synonymous with enterprise in Ogun State. Starting with Sir Kensington Adebutu, popularly known as “Baba Ijebu”, the family built one of Nigeria’s most iconic gaming brands, Premier Lotto.
Over the decades, the business expanded across the country, making Adebutus one of Nigeria’s most recognisable business families.
In recent years, wealth leadership within the family has shifted toward Olusegun Adebutu, a modern industrialist and the founder of Petrolex Oil & Gas.
Through Petrolex, he spearheads one of Nigeria’s most ambitious energy and logistics projects, including a multi-billion-dollar tank farm and large-scale storage infrastructure.
The Adebutu family’s footprint extends into real estate, hospitality, agriculture, and philanthropy.
Their ability to evolve across generations highlights why they remain one of the state’s most financially powerful families.
3. The Balogun Family (Founders of FCMB)
Estimated Net Worth: ~US$700 Million
Key Sectors: Banking, finance, real estate
The late Otunba Michael Olasubomi Balogun, founder of First City Monument Bank (FCMB), remains one of Ogun State’s greatest financial icons.
His pioneering work within Nigeria’s banking sector created a generational empire grounded in transparency, innovation, and customer-driven service.
FCMB’s success paved the way for the Balogun family to become one of Nigeria’s most respected business households.
Their assets span real estate, financial services, investment firms, and community development projects.
The family is also known for its philanthropic contributions, especially in education and healthcare, values deeply rooted in Balogun’s legacy of service and civic responsibility.
Even after the patriarch’s passing, the Balogun dynasty remains a symbol of enduring financial influence and institutional leadership.
4. The Adeola Family (Co-Founders of GTBank)
Estimated Net Worth: ~US$550 Million
Key Sectors: Banking, investments, advisory services
Tajudeen Afolabi Adeola, co-founder of Guaranty Trust Bank (GTBank), is another towering figure from Ogun State whose financial influence extends nationwide.
GTBank grew from a modest commercial bank to one of Africa’s most trusted and technology-driven financial institutions.
Adeola’s strategic leadership, risk management philosophy, and emphasis on corporate governance set new standards in the Nigerian banking sector.
His influence has since expanded into advisory services, private investments, business consultancy, and national development initiatives.
While often maintaining a low public profile, the Adeola family’s financial footprint is substantial.
Their wealth stems from diversified portfolios that include finance, technology, agriculture, and private equity, underscoring a tradition of disciplined business management.
5. The Otudeko family (Honeywell Group Dynasty)
Estimated Net Worth: ~US$500 Million
Key Sectors: Manufacturing, food processing, real estate, oil & gas
The Otudeko family, led by renowned industrialist Oba Otudeko, holds one of the most diversified business portfolios in the state.
Honeywell Group, the family’s flagship company, has active investments in food manufacturing, oil and gas, real estate, marine services, and financial services.
From Honeywell Flour Mills to major real estate holdings and energy projects, the family’s assets reflect decades of strategic positioning within Nigeria’s industrial and manufacturing sectors.
Otudeko’s leadership style emphasises resilience, innovation, and long-term business sustainability.
The family’s influence is felt not only in Ogun but across Nigeria’s corporate environment, where they are regarded as pillars of industrial development.
A state defined by enterprise
Ogun State’s richest families represent far more than accumulated wealth. They serve as architects of industry, pioneers of innovation, and symbols of what strategic planning and long-term vision can achieve.
Their businesses, whether in banking, telecommunications, oil, manufacturing, or gaming, provide employment, support national infrastructure, and inspire new generations of entrepreneurs.
From the Adenuga telecom dynasty to the Balogun banking empire and the Otudeko industrial group, each family contributes uniquely to Nigeria’s economic landscape.
Together, they reflect a region where success is built through resilience, diversification, and sustained entrepreneurship.
