Olóòkun also spelt Olókun, is derived from the words “oló” meaning “owner”, and “òkun” meaning “ocean”. Olókun is revered as one of the most commanding Orisas and deities of the sea believed to be the parent of Aje, the orisa of great wealth and of the bottom of the ocean. Olókun is revered as the ruler of all bodies of water and for the authority over other water deities. Olókun is highly praised for their ability to bestow great wealth, health, fertility, abundance and prosperity to their followers.
According to The Book Of Ifá, Olókun became enraged and rose to the surface. As Olókun did this to drown the humans, the orisas went to Orunmila to ask him what to do. Orunmila told them that Ogun needed to create the longest chain he could possibly create. It was ultimately Obatala who had the responsibility of imprisoning Olókun in her/his domain. Knowing this, Obatala went to Ogun and asked him to make the chain and so he did. Obatala then went down into the ocean and trapped Olókun with it.
Olokun is an Orisha full of deep mysteries. She is often associated with dark or left hand path magic. The reason for this is that no light ever hits the bottom of the ocean where Olokun lives. She embodies the necessary darkness that is within us all; the drive that every living thing possesses in order to survive. She is rebellious and works very closely with Oya, the deity of the winds, to create devastating storms and damaging floods. Olokun is always brooding and he has a raging temper. She is said to be chained to the bottom of the ocean so her rage cannot come upon the lands of the earth. When someone dies in the sea, rather than immediately beginning to join with their ancestors, they may stay with Olokun until she decides to release them.
She is also essential to political power and status and is petitioned for material wealth. Cowrie shells were used for money in ancient times, and Olokun was the possessor of all of the wealth of the sea. Sailors will give offerings of shells to Olokun and the ancestors in the sea before departing on their voyages.