Oyo State, located in the southwestern region of Nigeria, is not only rich in culture and history but also in political influence and economic power. Over the years, several politicians from the state have amassed significant wealth through various ventures, including politics, business, and investments. This blog post delves into the lives and fortunes of the richest politicians in Oyo State, providing insights into their backgrounds, sources of income, and estimated net worth.
1. Engr. Seyi Makinde
Position: Governor of Oyo State
Estimated Net Worth: ₦48 billion (as of 2019 asset declaration)
Background and Sources of Wealth:
Engr. Seyi Makinde is a prominent Nigerian politician and businessman. Before venturing into politics, he had a successful career in the oil and gas industry and founded Makon Group, a conglomerate with interests in engineering, construction, and oil and gas. His wealth primarily stems from his business ventures and investments.
2. Mike Adenuga
Position: Businessman and Politician
Estimated Net Worth: $6.8 billion (as of 2025)
Background and Sources of Wealth:
Mike Adenuga is one of Nigeria’s wealthiest individuals. He is the founder of Globacom, Nigeria’s second-largest telecom operator, and also owns stakes in Conoil, an oil exploration company. His wealth is derived from his ventures in telecommunications, oil, and real estate.
3. Oba Jimoh Oyewumi Ajagungbade III
Position: Soun of Ogbomosoland
Estimated Net Worth: $40 million
Background and Sources of Wealth:
Oba Jimoh Oyewumi Ajagungbade III is the traditional ruler of Ogbomosoland. His wealth comes from various business interests, including investments in the textile industry and partnerships with global corporations. He is known for his astute business acumen and leadership in both traditional and economic spheres.
4. Senator Teslim Folarin
Position: Senator representing Oyo Central Senatorial District
Estimated Net Worth: Not publicly disclosed
Background and Sources of Wealth:
Senator Teslim Folarin is a seasoned politician and businessman. He has held various political positions and is known for his contributions to the development of Oyo State. While his exact net worth is not publicly disclosed, his wealth is believed to come from his business ventures and political engagements.
5. Senator Ayo Adeseun
Position: Former Senator representing Oyo Central Senatorial District
Estimated Net Worth: Not publicly disclosed
Background and Sources of Wealth:
Senator Ayo Adeseun is a former legislator and businessman. He has been involved in various business ventures and is known for his philanthropic efforts in Oyo State. Details about his wealth are not publicly available, but his influence and contributions to the state’s development are well recognized.
6. Chief Bayo Lawal
Position: Deputy Governor of Oyo State
Estimated Net Worth: Not publicly disclosed
Background and Sources of Wealth:
Chief Bayo Lawal is a seasoned politician and public servant. Before becoming the Deputy Governor, he held various positions in the public sector. His wealth is believed to stem from his long-standing career in public service and any private ventures he may have undertaken.
7. Chief Adebayo Alao-Akala (Posthumous)
Position: Former Governor of Oyo State
Estimated Net Worth: Not publicly disclosed
Background and Sources of Wealth:
Chief Adebayo Alao-Akala served as the Governor of Oyo State and was known for his contributions to the state’s development. His wealth was believed to come from his tenure in office and various business interests. Although his exact net worth was not publicly disclosed, his legacy continues to impact the state.
8. Chief Adebayo Adelabu
Position: Former Deputy Governor of Oyo State
Estimated Net Worth: Not publicly disclosed
Background and Sources of Wealth:
Chief Adebayo Adelabu is a former Deputy Governor of Oyo State and a banker. He has been involved in various business ventures and is known for his contributions to the state’s development. While his exact net worth is not publicly disclosed, his influence and contributions are well recognized.
9. Chief Adebayo Shittu
Position: Former Minister of Communications
Estimated Net Worth: Not publicly disclosed
Background and Sources of Wealth:
Chief Adebayo Shittu is a former Minister of Communications and a seasoned politician. He has held various political positions and is known for his contributions to the development of Oyo State. While his exact net worth is not publicly disclosed, his wealth is believed to come from his political engagements and business ventures.
10. Chief Adebayo Alao-Akala (Posthumous)
Position: Former Governor of Oyo State
Estimated Net Worth: Not publicly disclosed
Background and Sources of Wealth:
Chief Adebayo Alao-Akala served as the Governor of Oyo State and was known for his contributions to the state’s development. His wealth was believed to come from his tenure in office and various business interests. Although his exact net worth was not publicly disclosed, his legacy continues to impact the state.
Summary Table
| Politician | Position | Estimated Net Worth | Sources of Wealth |
|---|---|---|---|
| Engr. Seyi Makinde | Governor of Oyo State | ₦48 billion (2019) | Oil & Gas, Engineering, Construction |
| Mike Adenuga | Businessman and Politician | $6.8 billion (2025) | Telecom, Oil, Real Estate |
| Oba Jimoh Oyewumi Ajagungbade III | Soun of Ogbomosoland | $40 million | Textile Industry, Global Partnerships |
| Senator Teslim Folarin | Senator, Oyo Central Senatorial District | Not publicly disclosed | Business Ventures, Political Engagements |
| Senator Ayo Adeseun | Former Senator, Oyo Central Senatorial District | Not publicly disclosed | Business Ventures, Philanthropy |
| Chief Bayo Lawal | Deputy Governor of Oyo State | Not publicly disclosed | Public Service, Private Ventures |
| Chief Adebayo Alao-Akala (Posthumous) | Former Governor of Oyo State | Not publicly disclosed | Political Tenure, Business Interests |
| Chief Adebayo Adelabu | Former Deputy Governor of Oyo State | Not publicly disclosed | Banking, Business Ventures |
| Chief Adebayo Shittu | Former Minister of Communications | Not publicly disclosed | Political Engagements, Business Ventures |
Frequently Asked Questions (FAQs)
1. Who is the richest politician in Oyo State?
Engr. Seyi Makinde is considered the richest politician in Oyo State, with an estimated net worth of ₦48 billion as of 2019.
2. How did Mike Adenuga amass his wealth?
Mike Adenuga accumulated his wealth through ventures in telecommunications (Globacom), oil exploration (Conoil), and real estate investments.
3. What is the source of Oba Jimoh Oyewumi Ajagungbade III’s wealth?
Oba Jimoh Oyewumi Ajagungbade III’s wealth comes from investments in the textile industry and partnerships with global corporations.
4. What are the business interests of Senator Teslim Folarin?
Senator Teslim Folarin is involved in various business ventures, though specific details about his investments are not publicly disclosed.
5. How did Chief Bayo Lawal build his wealth?
Chief Bayo Lawal’s wealth is believed to stem from his long-standing career in public service and any private ventures he may have undertaken.
6. What legacy did Chief Adebayo Alao-Akala leave behind?
Chief Adebayo Alao-Akala is remembered for his contributions to the development of Oyo State during his tenure as governor.
7. What is Chief Adebayo Adelabu known for?
Chief Adebayo Adelabu is known for his role as a former Deputy Governor of Oyo State and his involvement in banking and business ventures.