Oba Adéyẹyẹ̀ Ẹni-ìtàn Babátúndé Ògúnwùsì is the current Ooni of Ife with a net worth estimated at $70 million (over N27 billion). The traditional ruler became a billionaire before he was crowned the Ooni of Ife. Alongside his personal wealth, he earns through the goodwill of his community. Part of his wealth also comes from inheritances, salaries from the government, and taxes.
The multi-billionaire was crowned the 51st Ooni of the ancient town of Ile Ife in Osun State on the 17th of October, 2015. Asides from the prominence he gained after becoming the king of Ife, Adeyeye had been an astute entrepreneur who is driven by seeing possibilities in every impossibility. He made his money majorly from the real estate industry.
How Ooni of Ife’s Net Worth of $70 million Came About
The Ooni of Ife’s net worth of $70 million was amassed as a result of his various business endeavors and career as an accountant. The most famous and richest kings in Nigeria are not usually young people, but that changed when Adeyeye ascended the throne. The 49 year-old is a businessman who has built a lot of wealth for himself.
Oba Adeyeye is an Accountant and the Chancellor of UNN
Prince Adeyeye obtained a Higher National Diploma in Accountancy from The Polytechnic Ibadan. First of all, he has a professional career as an Accountant and is currently the Chancellor of the University of Nigeria, Nsukka (UNN). He holds a couple of honorary doctorate degrees; one in Law from Igbinedion University and another in Public Administration from the University of Nigeria, Nsukka.
Oba Ogunwusi is also a member of the Institute of Chartered Accountants of Nigeria (ICAN), a certified member of the Institute of Directors, and an Associate Accounting Technician.
He Ran a Number of Businesses From a Young Age
Alongside his accounting career, Prince Adeyeye decided to pursue a passion he had for business by venturing into Engineering, Procurement, and Construction (EPC) both locally and internationally. For over twelve years, he was actively involved in developing more than 2,500 housing units with several networks of developers. He largely contributed to building a strong trade relationship between Nigeria and some international bodies through the Association for International Business (AIB).
After graduation, between 1996 and 1999, Ooni got involved in the trading and marketing of commodities as one of the main facilitators of the Dangote Group. He also traded for Global Apex, Dohagro Allied, Olam, Stallion Group, Milan Group, and Clemco during the same period. This was the very time he gained his expertise in business and marketing which remains one of his major strengths to date.
The Ooni of Ife is a Real Estate Mogul
Oba Ogunwusi took off his strides in the real estate sector with different land reclamation projects and dredging in Lagos state. He is a Director on the Board of Imperial Homes Mortgage Bank Limited, formerly known as GTHomes. This is a leading National Mortgage Bank and former subsidiary of GTBank Plc, one of the biggest banks in Africa. He is also a director of FinaTrust Microfinance Bank Limited, one of the foremost microfinance banks in Nigeria that focuses on SMEs and micro-credit facilities.
The Ooni of Ife is the founder and managing director of Gran Imperio Group, a real estate holding company for construction, Facilities Management, Manufacturing, Leisure, and Tourism in Nigeria. In some of his real estate developments, he has partnered with dignified royal fathers such as HRM Oba Saheed Elegushi, Elegushi of Ikate Land, Kusenla III, Lagos (in the development of Lakeview Park 2, Lafiaji, Off Orchid Hotel Road, Lekki Expressway) and HRM, former Ooni of Ife, Oba Okunade Sijuade, (in the development of Northpointe Estate, Chevron Drive, Lekki, Lagos), among many others.
In January 2014, Oba Adeyeye was the brain behind the establishment of the real estate product, Essential Homes. The product was established to deliver affordable high-class homes to high, middle, and low-income earners. Moreso, he played a lead role in developing the prestigious city of Lagos. He is also a partner in the establishment of the biggest aluminum recycling plant in Nigeria located in Ota, Ogun state.
He Owns One of the Best Resorts in Nigeria
The Ooni of Ife actualized his dream of developing one of the best resorts in Nigeria located in Inagbe Island in Amuwo Odofin LGA Lagos state. His creativity and vision transformed the remote jungle into a whole new community that now offers spectacular world-class recreational and relaxation facilities. The multi-billion naira resort is described as the first of its kind in the whole of West Africa and he recently concluded plans to recreate the same in the land of Ife. Needless to say that he cashes out significantly from this upscale establishment.
Part of Ooni of Ife’s Net Worth Came Through His Strides in Agriculture
Ooni has a love for agriculture and sits on the board of different agricultural companies in Nigeria, including the Graduate Farmers Association of Nigeria (GFAN). According to him, farming is a potent source of livelihood that demands investments and skilled labor, and no nation can survive without it. Oba Ogwunsi is the founder of Royal Africa Farms (RAF) which prioritizes providing a huge sales network between smallholder farmers, large scale farmers, and the markets. It covers almost all agricultural products ranging from maize, cocoa, yam, rice, potatoes, cocoyam, etc.
Ooni of Ife is also a cashew farmer. In 2016, he took to cashew farming, and the plantation covers 100 acres of land in Ile Ife. All these do not only make up the Ooni of Ife’s net worth but also stimulate economic activities in rural areas and as well provide employment opportunities to the people.
- Real Estate
- Hotel/Resort
- Investments in banks
- Royal African Farms (RAF)
- Chancellor of University of Nigeria Nsukka
Is Ooni of Ife The Richest King In Nigeria?
The Ooni of Ife has indeed built a lot of fame and fortune for himself and in turn, belongs to the list of the Richest Nigerian Kings. Not only that, Ooni of Ife’s net worth has undoubtedly found him a spot as one of Nigerians’ Richest people. Yet, he is not the richest king in Nigeria. There are a couple of Nigerian kings that have earned massively from their kingship careers and personal business endeavors. Such kings have made the list above the current Ooni of Ife, Oba Adeyeye Enitan Ogunwusi.
Currently, the richest traditional ruler/king in Nigeria is the Ulogbo of Ugbo kingdom, Ondo State, Oba Fredrick Obateru Akinruntan. In 2014, Forbes listed Oba Fredrick as the second richest African king with a net worth estimated at $300 million, directly behind king Muhammed VI of Morocco who has a net worth of $2 billion. Ulogbo of Ugbo’s net worth of $300 million makes him the richest king in Nigeria.
He made his wealth mostly from the oil and gas business with 50 gas stations across different parts of Nigeria. Oba Fredrick reportedly has the biggest oil tank in Africa that has the ability to take about 65 million liters of petroleum products. In addition to that, the king also accrued his wealth from his real estate business with houses in Nigeria and London. Moreso, he has his hands in construction, consultancy services, fishery, and shipping, among others.
Similarly, other Nigerian kings and traditional rulers that topped the Ooni of Ife on the rich list are
- Sultan of Sokoto, Muhammed Saád Abubakar CFR ($100 million)
- Oba of Benin, Eheneden Eradiauwa ($100 million)
- Emir of Kano, Lamido Sanusi Lamido ($80 million).
Although he is not the richest king in Nigeria, Ooni of Ife’s net worth places him above some other well-known kings like
- Obi of Onitsha, Nnaemeka Alfred Achebe CFR ($50 million)
- Alaafin of Oyo, Lamidi Olayiwola Adeyemi III ($40 million)
- Dien of Agbor, Benjamin Ikechukwu Kiagborekuzi ($30 million), etc
Where Is The Ooni of Ife’s Palace Located?
The king of Ife, Adeyeye Ogunwusi, lives in a multi-billion naira mansion commonly called the White House. Also known as Ile Oodua, the Ooni of Ife’s palace is the ancestral home of the King of Ile Ife in Osun State, and one of the most sacred places in the land.
Located at Enuwa Square, off Aderemi road, Ile Ife, opposite the Statue of Oodua park, Osun State, Ooni of Ife’s Palace is ranked as one of the most beautiful places in Nigeria. Just as the White House is to the USA, so it is to the Ile Ife Kingdom. The palace was built in 1937 and was renovated in 2015 by the current Ooni of Ife Oba Adeyeye Ogunwusi, following his ascension to the throne.
Adeyeye is the 51st king of Ile Ife Kingdom so is not the first to live in the current palace. It was under the reign of the 49th king, Ooni Adesoji Aderemi (1930-1980), that the palace was built. Access to the palace is free and doesn’t require any entrance fee. However, you may need to tip the Emese, a tour guide or palace guard that will show you around the place. The fee isn’t fixed but is only based on how much one can afford.
Ooni of Ife’s Palace is a true definition of royalty, built with much attention to detail with gold-plated ornaments that reflects excellence. It is adorned with creative architectural designs, beautiful works of art, and perfect finishes. All materials used in its construction were locally sourced and built by the locals. The major building in the palace consists of two living rooms, six bedrooms, a reception/waiting room, a kitchen, a dining room, and a 200 capacity traditional hall.
Also, it has a private garage where the king’s vehicles are parked. In fact, the Ooni of Ife’s Palace is not just a palace but also a pilgrimage and tourist attraction.
How Ooni of Ife Spends His Money
Oba Adeyeye Ogunwusi does not hesitate to display his wealth in all the ways he can. He simply lives an admirable life of luxury. His luxurious lifestyle is mostly seen in the expensive and cool rides he cruises about the town and his philanthropic activities.
Ooni of Ife’s Cars
The young and vibrant leader boasts of models of luxury brands from Rolls Roys, BMW, Toyota, Bentley, and Mercedez-Benz. It is notable that all Oba’s cars are acquired by him, unlike most Monarchs who inherit some car collections from their predecessors. He has a very high taste for sophisticated cars and his fat pocket affords him nothing less.
- Rolls-Royce Phantom 7
Shortly after his coronation, the king purchased for himself a 2011 model Rolls-Royce Phantom VII which is one of the most luxurious rides in his garage. The interior and exterior of the Rolls Royce are made of high-quality materials. According to records, the king parted ways with over ₦150 million to acquire this car. Some of its features include an eight-speed automatic and rear-wheel drive and a silky 563-hp twin-turbo V-12.
- BMW 7 Series
Another car that has its spot in Ooni of Ife’s garage is a BMW 7 Series. The full-size German-made car is only available in a sedan body style which are long wheelbase and limousine models.
- Mercedes-Benz S-Class 550
In the king of Ife’s fleet of cars is also a white Mercedes-Benz S-Class sedan which currently ranks as the world’s best-selling luxury sedan. He acquired the car in 2018 and it cost him about ₦54 million. Mercedes Benz S550 is known to be one of the favorite cars of most politicians and it also seems that the Oba has a love for the luxury sedan.
- Toyota Prado SUV
This is another exotic car that the king cruises in. With his Toyota Prado SUV, he welcomed Prince Charles of the British kingdom during his visit to the town of Ile Ife in 2018. The SUV is reportedly worth N25 million.
- Black Rolls Royce
King Oba Adeyeye has two Rolls Royce vehicles in his car collection. One is black while the other is white, and both of them have customized OONIRISA plate numbers. He has been spotted on several occasions in them and it seems these are his best and easy rides. These two exotic vehicles cost him more than ₦250 million to purchase.
- BMW 7 Series
- Toyota Prado SUV
- Rolls-Royce Phantom 7
- Mercedes-Benz S-Class 550
- Black Rolls Royce
The Ooni of Ife is Involved in Several Philanthropic Activities
King Adeyemi is actively involved in numerous philanthropic activities where he educationally empowers the less privileged and trains them in skills acquisition. He achieves all of this as part of his 11-point agenda under the umbrella of Ojaja philanthropist’s initiatives and his personal charity organization, Hopes Alive Initiative (HAI).
Just before he ascended the throne, he donated transformers worth over N200 million to communities in Ife. In 2020, during his five years anniversary as the king, he made open his intention to empower 50 Nigerian youths through his Royal African Young Leadership Forum (RAYLF). The initiative is tagged “Ground to Glory Millionaires” and seeks to empower the youths with great business ideas.
In the same year, his philanthropic initiatives empowered not less than 200 fashion designers. According to the king, he is happy and energized when helping the less privileged both in academics and non-academics with the hope of giving them a brighter future.
In 2021, through HAI, the Ooni of Ife reached out to two communities in southwestern Nigeria with royal benevolence of unsolicited water projects. As part of his involvement in alleviating the suffering of the people, His Imperial Majesty, Oba Adeyeye Enitan Ogunwusi (Ọjájá II) provided the Pakuro community in Owode-Ofada Local Government, Ogun State, and Iwaya in Yaba Local Council Development Area of Lagos State with one of the most essential social amenities they have been lacking over the years.