The centre-back originally signed for the Wings last summer and made nine league appearances during a strong start to the campaign before circumstances led to his departure, signing with Ramsgate for the remainder of the season.
26-year-old Olomowewe now returns to Welling as the seventh player to be secured this summer for Danny Bloor’s squad ahead of the 2023/24 campaign.
“It feels good to be back,” said Olomowewe after re-signing with the Wings.
”This is a level I feel I should be competing at. I’ve had some really good conversations with the manager and I’ve been really impressed. His impression on me was outstanding so I’m really looking forward to working with him.
“I definitely feel like I have something to prove. You always want to repay the faith that the manager and everyone at the club has shown in you to bring you back and just show and prove the quality that I know I possess to bring wins to the team, hopefully.”
Meanwhile, boss Danny Bloor added: “Taofiq is someone who know the club already. He is a great character and perfectly suits the way we want to play.
“He will be a huge asset for us.”
Olomowewe was a product of the Nike Academy, being snapped up by Burnley in 2016 where he represented the Clarets’ U23s.
He has since gained a wealth experience in non-League, representing Maldon & Tiptree, Wealdstone, Enfield Town, Worthing, Henford, Hungerford Town, Chelmsford City, Hemel Hempstead Town and Braintree Town before being snapped up by Weymouth in the National League in 2022.
A loan spell with Dulwich Hamlet followed, before Olomowewe became a Wing for the first time last July.
Season tickets for the 2023/24 campaign are now on sale with ahead of the new season as the club celebrates its 60th anniversary.