Accountants keep the books balanced. Lawyers keep the deals bulletproof. But those who master both—who can read the fine print while seeing the big picture—build empires. In Nigeria few embody that blend of intellect and enterprise as completely as Gbenga Oyebode. Over a career spanning more than four decades, Oyebode has evolved from co-founding one of Nigeria’s most prestigious law firms to steering a $660 million agricultural giant.
Legal mind steering Nigeria’s palm oil giant
Today, Oyebode stands as one of the few Nigerian business figures who have bridged the gap between professional service and industrial leadership. As co-founder of Aluko & Oyebode, he helped build a law firm that redefined corporate legal practice in Nigeria. As chairman of Okomu Oil Palm Company Plc, he has overseen its transformation into one of the country’s biggest agribusinesses. His path reflects an understanding that legal acumen when paired with business foresight can drive enduring growth across sectors that define a nation’s economy.
Oyebode’s rise began with a foundation as profound as his reputation. He earned his law degree from the University of Ife in 1979, setting the stage for a career grounded in precision and principle. He obtained a Master of Laws from the University of Pennsylvania In 1982, thus expanding his legal perspective beyond Nigeria’s borders and deepening his expertise in international systems. He later refined his business and governance skills through the Advanced Management Program at Harvard Business School in 2007 and a Certificate in Corporate Governance from INSEAD in 2014, training that prepared him to navigate complex boardroom dynamics with the same dexterity he brings to legal negotiations.
Oyebode’s dual role in law, agribusiness
In 1993, Oyebode co-founded Aluko & Oyebode, now one of Nigeria’s leading law firms, with more than 157 attorneys working across Lagos, Abuja, and Port Harcourt. What began as an ambitious move has become a cornerstone institution in Nigeria’s legal landscape; the law firm’s influence spans virtually every area of business law, from mergers and acquisitions to capital markets and infrastructure finance.
For Oyebode the firm’s success represents more than business achievement, it’s a platform for mentoring the next generation of lawyers and advancing the standards of legal practice in Africa. Even with the success of the law firm he extended his influence into Nigeria’s agribusiness sector, one of the economy’s most vital and evolving frontiers. His interest in Okomu Oil, a palm oil producer founded in 1976 in Edo State, marked a turning point in his career.
After the company became a public limited entity in 1990 Oyebode emerged as a key player in its evolution bringing with him a governance-driven approach that combined legal structure with business discipline. Over the past three decades, Okomu Oil has grown from a modest plantation enterprise into a publicly traded agro-industrial leader with a valuation of N973 billion ($660 million), thus making it the 23rd most valuable company on the Nigerian Exchange.
Gbenga Oyebode’s leadership powers Okomu Oil’s rise
Okomu Oil’s growth under Oyebode reflects his focus on efficient management and sustainable operations, with operations spanning 19,011 hectares of oil palm plantations the company produces 74,370 tonnes of palm oil annually which it supplies to companies in a variety of industries, including cosmetics and food manufacturing.
Its diversification into rubber cultivation across 7,334 hectares, yielding 9,097 tonnes of dry rubber, hedges its core business from fluctuations in commodity prices. Okomu complies with stringent social and environmental standards as a proud member of Socfin, an international network of agro-industrial businesses. With over 7,453 direct and indirect workers its economic impact boosts rural economies in Edo State’s host communities and provides support to thousands of families.
Okomu Oil’s financial performance under Oyebode has been very impressive, in 2024 alone revenue rose from N75.1 billion ($50.8 million) in 2023 to N130.2 billion ($88.1 million). Profit almost doubled, going from N20.65 billion to N39.95 billion, thanks to better operational efficiency and higher prices. The company’s total assets went up from N95.1 billion ($64.4 million) to N117 billion ($79.2 million), and its retained earnings went up from N36.9 billion ($25 million) to N53.96 billion ($36.5 million).
Shareholders’ equity also expanded from N38.87 billion ($26.3 million) to N55.48 billion ($37.5 million). This strong performance has boosted investor confidence, and Okomu’s stock price has soared from less than N30 a decade ago to N1,020 per share, including an increase of over 120 percent in 2025. This impressive increase in Okomu Oil’s share price has raised the market value of Oyebode’s 4.37 percent stake, which amounts to a total of 41,669,114 shares, to N42.5 billion ($28.7 million) at the time of drafting this report.
Oyebode advises on key Nigerian energy deals
There is a philosophy of leadership behind these numbers that combines discipline, foresight, and an unbreakable commitment to structure. Oyebode’s years of experience advising multinational clients on corporate governance have helped Okomu grow in a way that is both profitable and sustainable. As a legal advisor he has worked on some of Nigeria’s biggest energy and infrastructure projects.
He is currently advising on the Brass LNG project, a joint venture between NNPC, Total, ConocoPhillips and Agip for the construction of a US$3.5 billion liquefied natural gas plant. His track record includes structuring the $1.275 billion financing for ExxonMobil’s Natural Gas Liquids II project, the $1.06 billion expansion of trains four and five of the Nigeria LNG plant, and the $3.5 billion NNPC–Mobil Producing Nigeria Satellite Oil Field project. He also helped set up Nigeria’s first private Independent Power Production (IPP) project as an advisor.
Credit: billionaires.africa
