The Top 10 Richest Men In Ondo State: Ondo State Billionaires
Ondo State, located in the southwestern region of Nigeria, is known for its rich cultural heritage, natural resources, and economic activities. While it may not always be in the spotlight for its wealthiest individuals, Ondo State is home to several influential figures whose business ventures and investments have significantly shaped its economic landscape. This post explores the top 10 richest men from Ondo State, providing insights into their sources of wealth and estimated net worth.
1. Chief Michael Ade-Ojo
Estimated Net Worth: ~$950 Million
Chief Michael Ade-Ojo is widely regarded as the richest man in Ondo State in 2025. He is the founder and Chairman of Toyota Nigeria Limited, Elizade Motors, and Elizade University. Ade-Ojo built his fortune through automobile distribution, real estate, and education investments — starting from humble beginnings to becoming a business icon in Nigeria.
2. Dr. Jimoh Ibrahim
Estimated Net Worth: $600 Million
Dr. Jimoh Ibrahim is one of the wealthiest individuals from Ondo State. He is a prominent businessman and the chairman of Global Fleet Group, a conglomerate with interests in various sectors including oil and gas, real estate, and insurance. Ibrahim’s extensive investments and successful business ventures have significantly contributed to his substantial net worth.
3. Taiwo Afolabi
Estimated Net Worth: ~$420 Million
Taiwo Afolabi made his wealth from maritime, aviation, logistics, and oil & gas services. He is a recognized business personality on recent richest lists, and his diversified interests continue to grow.
4. Oba Fredrick Obateru Akinruntan
Estimated Net Worth: ~$380 Million
Oba Frederick Obateru Akinruntan, the Olugbo of Ugbo Kingdom, is one of Nigeria’s wealthiest traditional rulers and a prominent businessman from Ondo State. He is the founder and chairman of Obat Oil, one of the largest indigenous petroleum marketing companies in Nigeria, with operations spanning fuel retail, storage, and distribution nationwide.
By successfully blending traditional leadership with corporate enterprise, Akinruntan has built a formidable business empire in the oil and gas sector. His extensive petroleum assets, real estate holdings, and long-standing presence in Nigeria’s energy industry consistently place him among the richest individuals from Ondo State.
5. Chief Olusola Oke
Estimated Net Worth: $250 Million
Chief Olusola Oke is a notable businessman and politician with significant investments in real estate and construction. His wealth comes from his involvement in major real estate developments and infrastructure projects in Nigeria. Oke’s contributions to the state’s infrastructure and real estate sectors have established him as one of Ondo State’s richest men.
6. Olusegun Mimiko
Estimated Net Worth: ~$200 Million
Dr. Olusegun Mimiko is a former Governor of Ondo State and a well-known political figure whose wealth is linked to public service, real estate holdings, and private consultancy. After leaving office, Mimiko has remained active in policy advisory roles and strategic consulting, while maintaining substantial investments in property development.
His years in governance, combined with post-political business engagements, have enabled him to build and preserve significant assets. While primarily known for his political career, Mimiko’s diversified income streams continue to place him among the financially influential figures associated with Ondo State.
7. Paul Akintelure
Estimated Net Worth: Approximately $180 Million
Paul Akintelure is a respected legal practitioner and businessman from Ondo State whose wealth cuts across law, oil services, and real estate investments. Widely recognized for his influence within Nigeria’s legal and commercial circles, Akintelure has built a strong financial portfolio by combining professional expertise with strategic business ventures.
Over the years, his involvement in high-value legal consultancy, energy-related services, and property development has significantly increased his net worth. His ability to diversify across multiple sectors has positioned him as one of the most financially stable and influential businessmen from Ondo State, earning him a place among the state’s richest men.
8. Yele Omogunwa
Estimated Net Worth: Approximately $150 Million
Yele Omogunwa is a prominent Ondo State businessman known for his investments in oil and gas, construction, and infrastructure development. Through a combination of energy-sector ventures and large-scale construction projects, Omogunwa has steadily built a substantial business empire over the years.
His role in infrastructure development, particularly in projects that support industrial growth and urban expansion, has contributed both to his personal wealth and to economic activity within and beyond Ondo State. With diversified interests in capital-intensive industries, Yele Omogunwa remains a notable figure among the wealthiest individuals from the state.
9. Alhaji Ademola Akinola
Estimated Net Worth: $200 Million
Alhaji Ademola Akinola is a prominent businessman with substantial investments in the transportation and logistics sectors. His wealth is derived from his ownership of transportation companies and logistics services. Akinola’s strategic investments in transportation infrastructure have contributed to his financial success and the state’s economic development.
10. Alhaji Yusuf Akintoye
Estimated Net Worth: $150 Million
Alhaji Yusuf Akintoye is a notable figure in the construction and real estate sectors. His wealth is derived from his company’s involvement in major construction projects and real estate developments. Akintoye’s contributions to infrastructure and housing have significantly impacted the state’s economy.
Conclusion
Ondo State may not always be at the forefront of discussions about Nigeria’s wealthiest individuals, but it is home to several successful and influential figures. These top 10 billionaires have made their fortunes through diverse industries, including oil and gas, agriculture, real estate, manufacturing, and technology. Their investments and business ventures have not only contributed to their personal wealth but have also played a significant role in shaping the economic landscape of Ondo State.
As Ondo State continues to grow and develop, the influence of these wealthy individuals will likely increase, further contributing to the region’s economic progress. Their stories highlight the potential for success and the impact that strategic investments and entrepreneurial spirit can have on both individuals and communities.
