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
placed 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 neighbouring 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 litters 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 water and 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 by water thus
his love for travelling on water.
Oba Akiruntan 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.
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