Meet the Richest King in Nigeria: You’d Be Surprised!


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.

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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.

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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.

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  1. ayoola

    Royal magesty OBATERU AKINRUNTAN ti Olugbo of Ugbo Land. Ki ade ope lori ki bata pe lese irukere ape lowo.Ki epe pe bi pepe tin pe kie gbo bi orogbo tin gbo agba yin akale eo ju baba yin lo.I Wish you long life with good health in Advance. your Magesty i need your assistance ki OLORUN wa pelu yin ati ebi yin. I am here in ivory coast at the moment but when i come to Nigeria i will like to rich you your magesty. I Mr Ayoola

  2. Adekoye Eniola

    Your Royal majesty our king
    May your rain continue to blossom Goodness and wealth.

    Am so happy to know you have created lots of Job oppurtunity for the ordinary nigerian citizen.

    I am Adekoye Eniola a graduate of Quantity surveying from FUTA and an indigeine of Ondo state.

    If your majesty choses he can help me with a job and i will forever be grateful.

  3. kellas agbasi

    it is an exercise in futility to trace the richest among government jobbers, executive thieves, equity destroyers, negative billionaires – bank loan defaulters and tax evaders.

    believe it or not, rich Nigerians are invisible.

    ever heard of tecon oil? nestoil? Nigerian creator/inventor of hotspots who raked in 1billion us dollars in one sale to Google? ever heard of the Nigerian pounds billionaire who holds the highest executive cum ceremonial office in the palace of the queen of england? oh, he’s an Igbo man worth over 2billion pounds!

    there are many more. dig deeper guys. don’t let Forbes fool you. their style of evaluating wealth works only in Europe and america. over here, Nigerians still bury money in the farms.

    in real terms, the richest Igbo man should be coscharis because he employs so many and has unlimited credit with us exim bank. several others may be richer than him, but they cannot come out or they may be jailed!

    calculate abia state security vote at 500million naira per month for eight years and you can tell where the ex-governor’s wealth came from. let him finish with efcc and we shall see his true worth.

    dig deeper guys. stop counting cars and jets. those are toys. look for real wealth.


  4. onegame jahvin

    am onegame jahvin by names I am and upcoming afro ragga dancehall artist not yet signed am searching for RECORD label to hookup with I have about 82 songs already wax out from studio here are my contact +2347037419579 / @onegamejahvin /Facebook @onegame royal stamp

  5. Olayomi Akindele

    Dangote can’t have a wife because there’s are different between love and business. but he can train his children to be good like Trump children

  6. Ajibola Micheal

    Kabiesi Oba Olugbo ti Ilu Ugbo, kade ope Lori ki bata o PE lese ki esin oba o je oko PE.

    Oruko mi ni Mykel Omo Ajibola ilu eko ni mongbe eni ogbon Odun ni mi.

    All is need from you is a good job I don’t request for unnessarily assistance but Job.

    1. Ajibola Micheal

      My Contact is 08100045120, 08028798228.

    2. Emmanuel Babatunde Popoola

      long live your Majesty I admired your riches,and also come to understand that your efforts weren’t in vain because of days of little beginning may God grant you more grace to administer your God given assignments in Good health and sound mind in Jesus name Best wishes sir.

  7. ojo Clement

    HRM, lovely to workvin your vineyard,

  8. Ibrahim Muhammed

    Royal Magesty, I need your Assist Sir God will continua to protect you and your Family My (08107092825)

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