Discover Sir Olu Okeowo’s remarkable journey from medical student to Nigeria’s silent billionaire. Learn about his $250M net worth, Gibraltar Construction empire, and palatial mansion.
Sir Clement Oluwatumininu Okeowo is an illustrious Nigerian and one of the country’s silent billionaires, renowned for his exceptional contributions to Nigeria’s real estate sector and his commitment to maintaining a low public profile despite his immense wealth. Unfortunately, not much is known about him besides his famous fleet of cars and a few philanthropic initiatives that he has championed, making him one of Nigeria’s most enigmatic business figures.
Olu Okeowo, as he is more commonly known, is the founder of Gibraltar Construction Nigeria Limited and indeed, there is more to him than meets the eye. Born on May 15, 1965, he transformed from a promising medical student into one of Nigeria’s most successful construction magnates, building an empire that has completed over 1,200 extraordinary projects across 12 states in Nigeria.
What distinguishes Sir Okeowo in Nigeria’s business landscape is his remarkable transition from medicine to construction during a period of economic crisis, demonstrating exceptional adaptability and entrepreneurial vision. His journey began when Nigeria’s economy plummeted in the mid-1980s, affecting his family’s wealth and forcing him to make life-changing decisions that would ultimately shape his destiny.
One can say that he was born into affluence. His father, Pa Taiwo Victor Okeowo was a millionaire businessman and a choirmaster at the Methodist Church of Nigeria, providing young Olu with a privileged upbringing that emphasized discipline, conservative values, and strong religious foundations.
His remarkable success story encompasses not only his business achievements but also his philanthropic endeavors, including the donation of the Sir Olu Okeowo Physiotherapy Centre to Lagos University Teaching Hospital—said to be the biggest physiotherapy centre in West Africa—and his construction of the Palacio de Okeowo, a $12 million mansion that epitomizes luxury and architectural excellence.
Contents
- 1 Early Life & Background: Born Into Privilege and Discipline
- 2 Educational Journey: From Medicine to Business
- 3 Career Journey: Building a Construction Empire
- 4 Business Empire: Gibraltar Construction Nigeria Limited
- 5 The Palacio de Okeowo: A Mansion Fit for Royalty
- 6 Career Timeline & Major Milestones
- 7 Personal Life: Family, Values, and Lifestyle
- 8 Philanthropic Endeavors: Giving Back to Society
- 9 Net Worth and Financial Profile
- 10 Cultural Impact and Legacy
- 11 Conclusion: A Legacy of Excellence and Discretion
- 12 Frequently Asked Questions (FAQs)
- 12.1 1. Who is Sir Olu Okeowo and why is he called the “silent billionaire”?
- 12.2 2. How did Olu Okeowo transition from medicine to construction?
- 12.3 3. What is the Palacio de Okeowo?
- 12.4 4. What is Gibraltar Construction Nigeria Limited?
- 12.5 5. What are Olu Okeowo’s philanthropic contributions?
- 12.6 6. What is Sir Olu Okeowo’s family background?
Early Life & Background: Born Into Privilege and Discipline
Family Heritage and Upbringing
Sir Olu Okeowo was born on the 15th of May 1965 to the family of Pa Taiwo Victor Okeowo, a millionaire businessman and choirmaster at the Methodist Church of Nigeria. His father was a millionaire businessman whose conservative values and religious dedication profoundly shaped the family’s lifestyle and young Olu’s character development.
His mother was a full-time housewife who, together with his father, created a strict and disciplined home environment. Olu recalls that his parents were quite strict and he had to spend significant time indoors after school, with limited opportunities for typical childhood adventures and social activities.
Strict Religious Upbringing
“My father was very conservative and he wanted all of us to be modelled along the same conservative lines. He was a choirmaster and my mum is equally a simple person as well. She was a full-time housewife. I had to go to church on Tuesdays, Thursdays and Saturdays for choir practice,” Okeowo recalled, describing the rigorous religious routine that characterized his childhood.
The result of this was that the young Olu did not have any room for childish and teenage adventures until he moved away from home to school in Austria and the Caribbean. This strict upbringing, while limiting his social freedom, instilled in him discipline, work ethic, and strong moral foundations that would later serve him well in business.
Cultural Roots and Identity
Sir Olu Okeowo, an indigene of Irewon, Ijebu Ode in Ogun state, comes from a region known for producing successful entrepreneurs and business leaders. His Ijebu heritage is significant in understanding his business acumen, as the Ijebu people are renowned throughout Nigeria for their entrepreneurial spirit and commercial success.
Educational Journey: From Medicine to Business
International Medical Education
The young Olu did not have any room for childish and teenage adventures until he moved away from home to school in Austria and the Caribbean. He studied Medical Technology briefly in Austria before proceeding to the Caribbean where he studied medicine, gaining international exposure that would later influence his global perspective and business approach.
Sir Olu was educated right here in Antigua as a medical doctor at the University of Health Sciences Antigua (UHSA), as revealed by Prime Minister Gaston Browne during a Nigeria trip. This international education provided him with exposure to different cultures, languages, and approaches to business and life.
Career Pivot: Medicine to Business
He returned to Nigeria in the late eighties and started his house job at St Nicholas hospital in Lagos, beginning what appeared to be a promising medical career. However, the economic crisis that hit Nigeria in the mid-1980s would dramatically alter his career trajectory.
Upon Olu Okeowo’s return to Nigeria in the late eighties, he started his house job at St Nicholas hospital in Lagos. The devaluation of the Naira from ₦1 per $1 to ₦8 per $1 affected several Nigerian businesses, including his dad’s own, creating a family crisis that forced him to reconsider his career path.
Career Journey: Building a Construction Empire
Early Entrepreneurial Ventures
Faced with the nation’s economic crisis and his family’s financial struggles, Okeowo opted out of a medical career and began making burglary proofs and furniture. Leading him (Olu Okeowo) to venture into the business of making burglary proofs and iron-wrought furniture as a way to supplement family income and address the economic challenges.
He started small, making burglary proofs and furniture, then expanded to lighting and offshore components, setting the stage for his future in construction and civil engineering. This progression showed his ability to identify market opportunities and systematically build business capabilities.
Foundation of Gibraltar Construction
At the turn of the decade, he made the full switch into constructions and civil engineering and started building houses. Gibraltar Construction Nigeria Limited was birthed as a Real Estate and infrastructural development company, marking the official beginning of what would become one of Nigeria’s most successful construction enterprises.
There was, of course, the challenge of financing and Okeowo recalled that the banks were not forthcoming with help. He, therefore, constrained himself to projects that he could fund and veered into bigger projects when his funds increased, demonstrating financial discipline and strategic growth management.
Growth into Industry Leadership
By 1994, his company had become known as a construction giant with several projects across the country and a team of renowned designers and engineers tasked with executing each project to perfection. This rapid growth reflected both the quality of his work and the growing demand for premium construction services in Nigeria.
Since its inception, the company has completed over 1200 extraordinary projects across 12 states in Nigeria. The company is involved in Construction Business, Storage Tank Fabrication & Construction, Real Estate Sales & Leasing, and Building Renovation, showcasing remarkable diversification within the construction sector.
Business Empire: Gibraltar Construction Nigeria Limited
Company Overview and Specialization
Gibraltar Construction Nigeria Limited was established with a background and execution of fabrication and Real estate projects. The company has grown to become a construction giant with several projects across the country, earning a reputation for delivering luxury projects to Nigeria’s elite.
Some say that the company specializes in elitist projects that are only affordable to the rich, reflecting the company’s positioning in the high-end market segment where quality and luxury are paramount considerations.
Major Projects and Developments
Among the projects executed by Gibraltar Construction is the luxurious Parkview Estate in Ikoyi, which houses the Palacio de Okeowo mansion where Okeowo resides. This flagship development showcases the company’s capability in creating exclusive residential environments for Nigeria’s wealthy elite.
Gibraltar Construction has also developed over 10 other mega commercial projects in various choice locations, and continues to assert itself as a leading real estate player in the country, demonstrating sustained growth and market leadership.
Leadership Transition and Succession
When his first son, Oluwatumininu Okeowo returned to Nigeria after obtaining a B.Eng in Civil, Environmental and Geomatic Engineering with a minor in finance, and a Masters Degree in International Real Estate and Planning from UCL (University College London), Sir Okeowo stepped down from his position as CEO but remained Chairman.
His first son, Oluwatumininu Okeowo is the current Chief Executive Officer (CEO) of the company, representing successful succession planning and the continuation of the family business legacy into the next generation.
The Palacio de Okeowo: A Mansion Fit for Royalty
Architectural Marvel and Design
The white mansion is built in a 3-floor Victorian style, modelled after a French palace. Little wonder it is called the French mansion, reflecting Okeowo’s appreciation for European architectural elegance and his desire to create something truly extraordinary in Nigeria.
Situated on five acres of land, the Palacio de Okeowo Mansion is a three-floor Victorian-style masterpiece modelled after a French palace, specifically designed to resemble the Basile Palace in France. The construction took 11 months, sprawls across 5 acres of land and cost around $12 million to complete.
Luxurious Amenities and Features
The Palacio de Okeowo is a 16 rooms edifice with a lawn tennis court, a chapel, a basketball court, an Olympic size swimming pool, a Jacuzzi, a king size dining area, a cinema, a gym and a private jetty, offering unprecedented luxury and recreational facilities.
The mansion, built on over 5 acres of land and sand filled water side with an estimated value of $12 million or approximately N4 Billion, represents one of the most expensive private residences in Nigeria and a testament to Okeowo’s success and taste for luxury.
Career Timeline & Major Milestones
| Year | Milestone | Significance |
|---|---|---|
| 1965 | Born May 15, Ijebu Ode | Early life beginning |
| 1980s | Medical education in Austria and Caribbean | International education |
| Late 1980s | House job at St Nicholas Hospital | Medical career start |
| Late 1980s | Economic crisis pivot | Career transition decision |
| Early 1990s | Started burglary proofs business | Entrepreneurial beginning |
| 1990s | Full switch to construction | Career transformation |
| 1994 | Gibraltar Construction prominence | Industry recognition |
| 2010s | Palacio de Okeowo construction | Personal landmark achievement |
| 2018 | Honorary Doctorate from Wesley University | Academic recognition |
| 2020s | Son assumes CEO role | Succession implementation |
Key Takeaways from Okeowo’s Journey
Adaptability and Resilience
His successful transition from medicine to construction during economic crisis demonstrates exceptional adaptability and the ability to identify opportunities in challenging circumstances.
Strategic Growth Management
His approach of constraining himself to self-funded projects before expanding shows financial discipline and sustainable business development strategies.
Quality and Excellence Focus
His company’s reputation for delivering elitist projects reflects consistent commitment to quality and excellence that has sustained the business over decades.
Successful Succession Planning
The smooth transition of CEO responsibilities to his son demonstrates foresight in succession planning and commitment to long-term business sustainability.
Personal Life: Family, Values, and Lifestyle
Marriage and Family
Sir Olu Okeowo is happily married to Lady Adejoke Okeowo and the union is blessed with three handsome children, creating a stable family foundation that has supported his business endeavors throughout his career.
His family life reflects the same conservative values instilled by his parents, with emphasis on education, discipline, and professional excellence, as evidenced by his son’s impressive educational credentials and assumption of the CEO role.
Faith and Religious Commitment
Sir Okeowo is a devoted Christian and also a Knight of John Wesley, reflecting the continuing influence of his religious upbringing and his commitment to faith-based values. A Knight of the John Wesley Anglican Church, Okeowo embodies grace and glamour while maintaining strong spiritual foundations.
Luxury Lifestyle and Reputation
His love for luxury cars is also well-known with his fleet said to be worth about N2 billion. He is known for throwing lavish parties as well, making some folks nickname him the ‘King of luxury.’ Cars in his garage include 6 Rolls-Royce cars, a Bentley Mulsanne, a Range Rover, a Cadillac Escalade and a Mercedes-Benz G-Wagon.
According to the billionaire, luxury is whatever gives him peace of mind, reflecting a personal philosophy that views luxury not as mere ostentation but as an expression of personal achievement and comfort.
Philanthropic Endeavors: Giving Back to Society
Healthcare Contributions
Okeowo has also displayed several acts of philanthropy including the Sir Olu Okeowo Physiotherapy Centre which he donated to the College of Medicine, Lagos University Teaching Hospital, LUTH. The centre is said to be the biggest physiotherapy centre in West Africa.
This donation represents the biggest contribution to the university by any private individual, demonstrating his commitment to advancing healthcare infrastructure and medical education in Nigeria.
Educational Support and Recognition
In December 2018, Sir Okeowo was awarded an honorary Doctorate of Science degree by the Wesley University, Ondo State, recognizing his contributions to business, construction, and philanthropy.
His philanthropic initiatives extend beyond healthcare to include educational projects, demonstrating a deep commitment to societal growth and development and his belief in giving back to the community that supported his success.
Net Worth and Financial Profile
Estimated Wealth
With an estimated net worth of $250 million, he continues to inspire awe with, among many other things, his Palacio de Okeowo—a testament to his unwavering pursuit of excellence and his commitment to leaving a lasting legacy.
Some have estimated his net worth to be about $250 million but this cannot be confirmed as Okeowo makes a great effort to keep his private life shielded from the press, maintaining the discretion that has earned him the “silent billionaire” moniker.
According to NaijAuto.com, he has an estimated net worth of $250 million, making him no doubt, one of the richest men in Lagos State and one of Nigeria’s wealthiest individuals.
Assets and Investments
Beyond his mansion and luxury car collection, his wealth is primarily invested in Gibraltar Construction and various real estate holdings across Nigeria, demonstrating a focus on productive assets rather than purely consumptive spending.
Cultural Impact and Legacy
The “Silent Billionaire” Persona
Okeowo makes a great effort to keep his private life shielded from the press, although news about him often filters into the public domain. This discretion has earned him the reputation as Nigeria’s “silent billionaire,” distinguishing him from more publicity-seeking wealthy individuals.
He is well travelled and speaks Spanish, Latin, and Portuguese. His travels, he says, have influenced his personal taste although he tries to keep his designs in Nigeria practical and cost-effective, with British finishings to enhance quality while maintaining affordability.
Influence on Nigerian Real Estate
His company continues to assert itself as a leading real estate player in the country, setting standards for luxury construction and influencing the development of high-end residential and commercial properties in Nigeria.
His success story has inspired many young Nigerians to pursue entrepreneurship and has demonstrated the potential for building substantial wealth through construction and real estate development.
Conclusion: A Legacy of Excellence and Discretion
Sir Olu Okeowo’s remarkable journey from a strictly raised child in Ijebu Ode to becoming one of Nigeria’s wealthiest and most respected businessmen represents a uniquely Nigerian success story. His transformation from a promising medical student to a construction mogul during Nigeria’s economic crisis demonstrates exceptional adaptability, vision, and entrepreneurial courage.
His success with Gibraltar Construction Nigeria Limited, evidenced by over 1,200 completed projects across 12 states, has established him as a leader in Nigeria’s construction and real estate sectors. His commitment to quality, demonstrated through elite projects and his own palatial mansion, has set new standards for luxury development in Nigeria.
The Palacio de Okeowo stands not just as a personal residence but as a symbol of what can be achieved through vision, hard work, and unwavering commitment to excellence. His $12 million mansion, with its French-inspired architecture and world-class amenities, showcases both his personal taste and his company’s construction capabilities.
His philanthropic contributions, particularly the Sir Olu Okeowo Physiotherapy Centre at LUTH, demonstrate his commitment to giving back to society and improving healthcare infrastructure in Nigeria. This facility, described as West Africa’s biggest physiotherapy centre, will serve generations of Nigerians and stands as a lasting testament to his generosity.
As he has transitioned from CEO to Chairman, successfully passing operational leadership to his son while maintaining strategic oversight, Sir Okeowo has demonstrated the foresight and planning necessary for building a lasting business legacy that transcends generations.
His story ultimately represents the power of adaptability, the importance of seizing opportunities in crisis, and the value of maintaining personal values and discretion even while achieving extraordinary success. Sir Olu Okeowo remains an inspiring figure in Nigerian business, proving that it’s possible to build immense wealth while maintaining privacy, dignity, and a commitment to societal contribution.
Frequently Asked Questions (FAQs)
1. Who is Sir Olu Okeowo and why is he called the “silent billionaire”?
Identity and Reputation
Sir Clement Oluwatumininu Okeowo is an illustrious Nigerian and one of the country’s silent billionaires, founder of Gibraltar Construction Nigeria Limited. He is called the “silent billionaire” because Okeowo makes a great effort to keep his private life shielded from the press despite his immense wealth.
Business Leadership
As the founder and Chairman of Gibraltar Construction Nigeria Limited, Okeowo operates in the realm of multi-million and billion-naira real estate deals, solidifying his position in the echelons of wealth and influence.
Wealth and Lifestyle
With an estimated net worth of $250 million, he is no doubt one of the richest men in Lagos State, though not much is known about him besides his famous fleet of cars and philanthropic initiatives.
2. How did Olu Okeowo transition from medicine to construction?
Medical Education Background
He studied Medical Technology briefly in Austria before proceeding to the Caribbean where he studied medicine at the University of Health Sciences Antigua. He returned to Nigeria in the late eighties and started his house job at St Nicholas hospital in Lagos.
Economic Crisis Catalyst
The devaluation of the Naira from ₦1 per $1 to ₦8 per $1 affected several Nigerian businesses, including his dad’s own, leading him to venture into the business of making burglary proofs and iron-wrought furniture.
Strategic Career Pivot
Faced with the nation’s economic crisis and his family’s financial struggles, Okeowo opted out of a medical career, started small making burglary proofs and furniture, then expanded to lighting and offshore components before making the full switch into constructions and civil engineering.
3. What is the Palacio de Okeowo?
Architectural Marvel
The Palacio de Okeowo is a three-floor Victorian-style mansion modelled after a French palace, specifically the Basile Palace in France. The white mansion took 11 months to build, sprawls across 5 acres of land and cost around $12 million to complete.
Luxurious Amenities
The mansion is a 16-room edifice with a lawn tennis court, a chapel, a basketball court, an Olympic size swimming pool, a Jacuzzi, a king size dining area, a cinema, a gym and a private jetty.
Location and Significance
Located in the luxurious Parkview Estate in Ikoyi, Lagos, the mansion is built on over 5 acres of land and sand-filled waterside with an estimated value of $12 million or approximately N4 Billion, making it one of Nigeria’s most expensive private residences.
4. What is Gibraltar Construction Nigeria Limited?
Company Overview
Gibraltar Construction Nigeria Limited was birthed as a Real Estate and infrastructural development company. By 1994, the company had become known as a construction giant with several projects across the country.
Project Portfolio
Since its inception, the company has completed over 1200 extraordinary projects across 12 states in Nigeria. The company is involved in Construction Business, Storage Tank Fabrication & Construction, Real Estate Sales & Leasing, and Building Renovation.
Leadership and Succession
His first son, Oluwatumininu Okeowo, who obtained degrees from UCL (University College London), is the current Chief Executive Officer (CEO) of the company, while Sir Okeowo serves as Chairman.
5. What are Olu Okeowo’s philanthropic contributions?
Healthcare Philanthropy
Okeowo has displayed several acts of philanthropy including the Sir Olu Okeowo Physiotherapy Centre which he donated to the College of Medicine, Lagos University Teaching Hospital, LUTH. The centre is said to be the biggest physiotherapy centre in West Africa.
Impact and Recognition
This represents the biggest donation to the university by any private individual, demonstrating his commitment to advancing healthcare infrastructure and medical education in Nigeria.
Honorary Recognition
In December 2018, Sir Okeowo was awarded an honorary Doctorate of Science degree by the Wesley University, Ondo State, recognizing his contributions to business, construction, and philanthropy.
6. What is Sir Olu Okeowo’s family background?
Family Heritage
Sir Olu Okeowo was born on May 15, 1965, to Pa Taiwo Victor Okeowo, a millionaire businessman and choirmaster at the Methodist Church of Nigeria. His mother was a full-time housewife.
Personal Life
Sir Olu Okeowo is happily married to Lady Adejoke Okeowo and the union is blessed with three handsome children, including his son who now serves as CEO of Gibraltar Construction.
Religious and Cultural Identity
Sir Okeowo is an indigene of Irewon, Ijebu Ode in Ogun state and is a devoted Christian and Knight of John Wesley Anglican Church, reflecting his strong religious foundations and cultural heritage.