Who is Olokun and why do people receive this Orisha. There are really two Olokuns. One is Olokun from Santeros and the other is Olokun from Babalawos. The Olokun that one receives from Santeros is female and is a "camino" of Yemaya. The Olokun that one receives from Babalawos is male.
Both Olokuns represent the deep part of the Ocean, and all the mysteries and riches that are found there. Olokun is Santo, but Olokun is also Muerto. That is to say that Olokun is an Orisha, but also is closely connected to the dead, due to the large numbers of souls that have died at sea and whose remains have gone to the bottom of the ocean. Why do we receive Olokun? Olokun gives stability, both materially and spiritually. Many times Olokun helps those that need the money to make the Saint achieve their goal. Olokun also give spiritual stability. Those who have deep spiritist leanings need this Saint to give them a foundation to build upon in their spiritual development. Receiving Olokun of Santero takes 1 day with a ceremony at the sea the night before, whereas Olokun de Babalawo takes three days and more ceremonies, including an Ita on the third day. Usually one receives Olokun of santero first as it is simpler and less expensive. Olokun from Babalawos is for priests of Ifa and others that need to receive this Saint, under the direction of Orunla. This includes those whose guardian angel is Olokun.
Since Olokun is not crowned on anyone's head, those children of Olokun make Yemaya when Ocha is crowned on their heads. Olokun is truly an Orisha of Mystery. As the saying goes, "No one knows what lies at the bottom of the sea, except Olokun and Olofi." Olokun is a wonderful Orisha to receive for those with health problems and we have seen literally miracles happen to those who have received this Orisha for health reasons. In our Ile (house of the Saints), Orishas are received under the direction of Orunla who determines the order and necessity of such initiations.
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