Ogun State has earned a reputation as one of Nigeria’s most economically influential regions, producing some of the country’s most successful businesspeople and financial powerhouses. From telecom giants to banking dynasties and industrial magnates, the state’s wealth landscape reflects decades of entrepreneurship, strategic investment, and enduring enterprise culture.
While there is no official ranking of all wealthy families, financial evaluations, public profiles, and industry reports highlight a handful of figures who dominate Ogun State’s economic sphere.
1. The Adenuga Family
Estimated Net Worth: ~US$6.1 billion
Key Sectors: Telecommunications, oil & gas, real estate
Led by Dr. Mike Adenuga, the Adenuga family tops Ogun’s wealth list. As the founder of Globacom, Nigeria’s indigenous telecom giant, Adenuga revolutionised the sector through competitive pricing and rapid infrastructure expansion. He also holds significant stakes in Conoil, a leading petroleum marketing company, as well as investments in real estate, banking, and international ventures. The family’s empire epitomises strategic diversification and global influence.
2. The Adebutu Family (Baba Ijebu Dynasty / Petrolex Group)
Estimated Net Worth: ~US$900 million
Key Sectors: Oil & gas, gaming, real estate, agriculture
The Adebutus built their fortune through Premier Lotto, popularly known as “Baba Ijebu,” and have expanded into energy and logistics through Petrolex Oil & Gas. Olusegun Adebutu’s leadership continues to strengthen the family’s industrial and philanthropic footprint across Nigeria.
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 created First City Monument Bank (FCMB), establishing a financial legacy. The family remains influential in banking, real estate, and philanthropy, particularly in education and healthcare.
4. The Adeola Family (Co-Founders of GTBank)
Estimated Net Worth: ~US$550 million
Key Sectors: Banking, investments, advisory services
Tajudeen Afolabi Adeola co-founded GTBank, which has grown into one of Africa’s most trusted and technologically advanced banks. The family has since diversified into advisory services, private investments, and national development initiatives.
5. The Otudeko Family (Honeywell Group Dynasty)
Estimated Net Worth: ~US$500 million
Key Sectors: Manufacturing, food processing, real estate, oil & gas
Industrialist Oba Otudeko leads Honeywell Group, with interests spanning food manufacturing, oil and gas, real estate, and marine services. Their diversified portfolio has helped position the family as a pillar of Nigeria’s industrial development.
These families collectively represent Ogun State’s entrepreneurial spirit, providing employment, driving innovation, and shaping Nigeria’s economic landscape through strategic vision, resilience, and diversification.
Elon Musk’s net worth hits $447 billion
Meanwhile, TheRadar earlier reported that Elon Musk’s net worth climbed to $447 billion, fuelled by the success of his numerous ventures, including electric vehicles, space exploration, Artificial Intelligence (AI), robotics, and tunnelling technologies.
Musk’s wealth increased by $62.8 billion in 2024 alone, according to Bloomberg, largely due to the increasing valuation of SpaceX, his privately held aerospace company.
