Cultural figure and financial executive Farooq Oreagba has revealed that this year’s Ojude Oba festival generated over ₦2 billion in sponsorship deals.

Oreagba made this known during a brief interview at the West Africa Economic Summit, where he spoke with the Director-General of the National Council for Arts and Culture (NCAC), Obi Asika.

According to Asika, who shared the conversation via Instagram on Friday, Oreagba’s rising influence as a cultural ambassador has helped elevate the Ojude Oba festival into a major economic and tourism event, drawing attention from corporate brands and global media outlets.

He wrote, “Last week at the West Africa Economic Summit, I reconnected with Mr Steeze, #farooqoreagba and we had a conversation about his experience since we #ncac_nigeria made him an ambassador for the culture.

“I recall someone asking me why we did that. I thought it was obvious, but apparently not. He is authentic, represents his culture, respects all of our various cultures and understands the business of culture and entertainment as a senior leader in the financial services industry.”

In the shared clip, Oreagba stated that the 2025 edition of Ojude Oba exceeded expectations in terms of attendance and scale, prompting organisers to restructure the event space to accommodate the massive crowd.

“Ojude Oba 2025 was the biggest ever. From the pictures, you could see that even the arena could not contain the number of people; we had to adjust the whole structure of it,” he said.

He also linked the success of this year’s event to the endorsement deal he received from Airtel after the 2024 festival. That partnership, he said, opened the door for more corporate brands to invest in the event and its participants.

“A lot of people don’t realise this. Last year, I received my Airtel endorsement after Ojude Oba, which set off a wave of events. This year, I can tell you virtually every family got endorsed.

“I’ll admit a lot of the endorsements came towards me, and I just turned them down and channelled them to other families. So my friend, my young Aburo, Doyin Alatishe – Goldberg, Princess Adesile – Polo Avenue,” he said.

Speaking further, Oreagba gave a rough estimate of the festival’s financial impact.

“In total, by my rough estimates, in terms of sponsorship for the festival and the riders, we generated over N2bn and according to CNN, within the Ijebu economy, about another $10 million was generated.

“People spent money, all hotels were booked, everything. People had to go and rent hotels outside Ijebu Ode. People were spending money,” he added.

In his post, Asika called for more strategic planning and execution in Nigerian festivals, urging organisers to prioritise branding, logistics, and hospitality for long-term growth.

“For all our festivals, we want to see better production, communication and branding to deliver product and merchandise so that the festivals can become self-sustaining and improve,” he said.

“We know that security, logistics and hospitality in terms of accommodation can improve, but the first thing is the product. Congrats to all involved with #ojudeoba and to #ObaAdetona Awujale Ijebu, Governor #dapoabiodunmfr and people of #ogsgofficial, we are proud to see what is happening and wish it continues to grow.”

The Guardian had earlier reported that the NCAC named Oreagba an honorary cultural ambassador in 2024 for his bold fashion, cultural pride, and contribution to promoting Nigerian identity.

While presenting his certificate, Asika described him as “a true Nigerian original.”