ọlọ́jà noun /ɔ̄.lɔ́.d͡ʒà/
Definitions
  1. king, monarch archaic
  2. head or leader of a market
  3. market person; someone who sells at a market
Etymology
For the first sense, from oní- (“one who has”) + ọjà (“town”), compare with Olukumi ọlọ́zà, for the second sense, from oní- (“one who has”) + ọjà (“market”). The semantic shift of ọjà from meaning town, village to market seems to have happened after the adoption of ọlọ́jà (king) as a title. Eventually the use of the term as king or monarch has largely been replaced historically by terms like ọwá, ọba, and baálẹ̀.
Component words
Wiktionary records 2 different ways of breaking this word down. Each line is one of them, not a further part.
oní-one who hasọjàtown
oní-one who hasọjàmarket
Used in
Ọlọ́jà
Source: Wiktionary, where this word is spelled “ọlọja”. Reference: en-ọlọja-yo-noun-8mHjMaqM