Who is the richest king in Nigeria? It is not Sultan of Sokoto or Emir of Kano. Neither is it Ooni of Ife nor Alaafin of Oyo. The richest king in Nigeria at present is the Olugbo of Ugbo, which is a town in Ondo State, Nigeria. Name of the monarch is Oba Obateru Akinruntan.
His town is not as popular as many other towns in Nigeria. The town may not even be counted as one of the most popular towns in Ondo State. These factors are however inconsequential to the attainment of the status of the richest Oba in Nigeria by the Olugbo of Ugbo Land.
The town may be small, but it is an oil-rich town. IN actual fact this is the factor responsible for the wealth the kind had been able to acquire.
How did the king become so rich? His steps to riches will be discussed below
Source of his wealth
Oba Obateru Akinruntan was born in 1950 to the Adetolugbo of Ugbo Kingdom. Name of his father was Sir Frederick. He started his journey into wealth and fame with the oil business. At first, he opened a rather small gas station as far back as 1981.
The gas station was virtually the only one operating in the small community as at then. Though this gas station started small, it has been expanded over the years and it is now among the largest private oil companies in Nigeria. Name of the oil company is Obat Oil. Some also call it Obat Petroleum.
At latest count, Obat Oil now has up to 50 filling stations under it across Nigeria. Some are of the opinion that Obat Oil has the largest of all the oil depots in the whole of Africa. The company’s depot has the capacity to store up to 65 million litres of petrol along with other petroleum products.
As prove of his richest, Oba Obateru Akinruntan was the very first individual in Nigeria to buy the 2014 model of Bentley, a car that he bought in 2012. Report had it that he was the second person to buy the car after Queen of England.
There were other interested buyer also, but they were all waiting till 2014 before they could buy it. Just like Queen of England, Oba Obateru Akinruntan also has an impressive custom-designed Rolls Royce.
Oba Obateru Akinruntan became the Olugbo of Ugbo in 2009. Aside from his investment in petroleum, he also has chains of business across Nigeria. He is into real estate investment too and he has properties belonging under his name both in Nigeria and the United Kingdom.
Aside from petroleum and real estate, Oba Obateru Akinruntan is also into Hospitality investment. Name of his hotel is Febson Hotels and Mall. The hotel is situated at the Central Business District in Abuja.
Oba Obateru Akinruntan is not limiting his scope to oil, real estate and hospitality businesses alone; he is also involved in other investments, like water production and purification, tourism, fishery, and shipping. According to Forbes magazine, Oba Obateru Akinruntan has a net worth of $300 million.