Meet The Richest King In Nigeria – “The Olugbo Of Ugbo Kingdom”, Hrm Obateru Akinrunta

The Olugbo of Ugbo Kingdom, HRM
Frederick Obateru Akinruntan has
emerged as the richest king in Nigeria
according to Forbes rating.
Oba Akinruntan beat the Ooni of Ife,
Oba Okunade Sijuade to emerge the
wealthiest monarch in Nigeria.
According to Forbes magazine, Oba
Akinruntan and Oba Sijuade were
mentioned as one of the 5 wealthiest
monarchs in Africa.
Forbes magazine recently listed them
on their list of 5 wealthiest monarchs
in Africa. Oba Akinruntan is rated to
have an estimated net worth of
$300million while that of Oba Sijuade
is place at not less than $75 million.
The Ooni of Ife has business interest
in construction, property and oil
while Oba Akinruntan is
mainly into oil.
Oba Akinruntan is the founder of Obat
Oil and he is said to own the largest
petroleum depot in Africa.
Oba Akinruntan started Obat Oil
Company in Okitipupa, Ondo State in
1981 with a gas station which was to
meet the needs of his immediate
family and neighboring communities.
OBAT Oil has now grown to more than
50 gas stations across Nigeria.
His company also has one of the
largest tank farms in Africa- a modern
storage facility that has the capacity
to store 65 million liters of petroleum
products.
Aside the oil and gas business, Oba
Akinruntan is also into real estate as
he has choice buildings in London
and across Nigeria including the
landmark Febson Hotels and Mall in
the Central Business District of Abuja
Oba Obateru Akinrutan became the
Olugbo of Ugbo land, a small oil-rich
community in Ondo state in 2009 and
that was a prophecy comes true.
Beside his eye popping immense
wealth, the respected traditional ruler
is a man of class, taste and style. He
oozes sheer sophistication as he
possesses arrays of luxury cars in his
sprawling and magnificent palace.
He made history in 2012 when he
emerged as the first black person to
buy the 2014 model of Bentley which
was made solely for Queen Elizabeth
of England in the belief that other
people would wait till 2014 to ride it.
But Oba Akinruntan shocked all by
buying the same version in 2012.
Oba Akinruntan also has a custom
built 2012 Rolls Royce similar to that
of Queen Elizabeth II.
And just as he has dazzled all on land,
he is also dazzling people on waterand
this cannot be far-fetched. He was
born and bred in a riverine area
before he become a king of
a riverine area where long before now
there was no motorable road. They
travelled bywater thus his love for
travelling on water.
ObaAkiruntan is alleged to control
some of the most expensive yachts in
the country.
He sits atop a business conglomerate
with interests in petroleum, shipping,
construction, fishery, tourism and
hospitality, consultancy services and
water purification and production.
Since his emergence as the king of
Ugbo Kingdom, Oba Akiruntan’s
eldest son, Prince Akinfemiwa
Akinrutan, has been the managing
director of the company while the
king assumed post of the Chairman of
the oil company.