10 Richest Kings in Nigeria & Their Net Worths (2024)

Nigeria is home to several ethnic groups, each of which has several distinct villages. Many of the traditional leaders in each of these communities are revered as chiefs or kings by the locals.

As part of the royal family, it is expected that these men are rich. Several of these kings have millions of dollars to their name.

If you’re interested to know how rich the monarchs in Nigeria are, and who among them is the richest, then continue reading. In this article, I’ll highlight 10 of the richest kings in Nigeria.

richest kings in nigeria

1. Frederick Obateru Akinruntan

Estimated net worth: $300 million

The royal head of Ugbo, a well-known town in Ondo State, is Oba Obateru Akinruntan. “Olugbo of Ugbo” is his title of regent and he has been reigning since 2009. He is the wealthiest king in Nigeria and one of the most famous Yoruba kings.

He is a wealthy oil mogul who founded Obat Oil in 1981. The firm now operates more than 50 gas stations in Nigeria and is the owner of one of the biggest tank farms in Africa, holding more than 65 million litres of petroleum.

Obateru Akinrutan is one of the richest monarchs in the country. He was born in 1950 and he is the traditional ruler of Ugbo Kingdom, a town in Ilaje Local Government, Ondo State.

He is a billionaire businessman with investment in the oil and gas industry. Obateru is the founder of Obat Oil, one of Nigeria’s leading privately held oil companies. Obat Oil was established by Obateru in 1981 and the company currently has more than 50 gas stations across the six geopolitical zones of Nigeria. It also owns one of the largest tank farms in Africa which can store 65 million liters of petroleum products.

In 2014, Forbes revealed that he was worth an estimated US$300 million. He is also ranked by Forbes magazine as the second richest King in Africa and the richest in Nigeria. He surpassed King Olubuse II, the Ooni of Ife, with $225 million and the Swaziland King Mswati III by over $200 million.

Obateru drives a custom-built 2012 Rolls Royce which is similar to that of Queen Elizabeth II and he once revealed in an interview that he owns a wristwatch that is worth $1 million watch.

The king was the first black person to buy the 2014 model of Bentley automobile. Interestingly, the first time he ever saw a car was in Sapele. At that time, the young Obateru was just 11 years old.

2. Muhammadu Sa’adu Abubakar

Estimated net worth: $100 million

With a $100 million fortune, the Sultan of Sokoto is another wealthy monarch in Nigeria. Following the death of his brother Muhammadu Maccido, he became the 20th Sultan of Sokoto. He is also regarded as the spiritual leader of the Muslims in Nigeria. He has been reigning since 2006.

He was commissioned as a second lieutenant in 1977 and was sent to the prestigious Armoured Corps. He oversaw an Armoured Corps presidential security squad that protected General Ibrahim Babangida, Nigeria’s military dictator at the time.

In the mid-1990s, he served as a Military Liasion Officer for ECOWAS, and in the 1980s, he oversaw a battalion of African soldiers stationed in Chad.

As the Sultan, Muhammadu Sa’ad Abubakar IV is considered the spiritual leader of Nigeria’s seventy-million Muslims. He is also president-general of the Nigerian National Supreme Council for Islamic Affairs (NSCIA).

Prior to his coronation as Sultan, Abubakar headed a presidential security unit of the Armoured Corps that guarded then military ruler General Ibrahim Babangida in the late 1980s. Abubakar also commanded a battalion of African peacekeepers in Chad during the early 1980s as part of the Organisation of African Unity’s force and was the military liaison officer for the Economic Community of West African States (ECOWAS) in the mid-1990s.

He served as the Defence Attaché to Pakistan from 2003 to 2006. When his elder brother, Sultan Maccido died in 2006, he was recalled to take office as the 20th Sultan of Sokoto. His assumption of the throne subsequently led to his retirement from the Army as a Brigadier General.

3. Lamido Sanusi Lamido

Lamido Sanusi Lamido was the 14th Emir of Kano and the former governor of the Central Bank of Nigeria. In 2014, after the death of his great-uncle Ado Bayero, he became the reigning Emir. He was dethrowned by Governor Abdullahi Ganduje on March 9, 2020.

He receives an annual grant of around 14 million Naira from the Nigerian government.

In 2011, the Time magazine listed the Emir as one of the 100 most influential people. In 2013, he was honoured at the third Global Islamic Finance Awards (GIFA) in Dubai for his advocacy in promoting Islamic banking and finance during his tenure as governor of Nigeria’s central bank.

He received the Global Leadership in Islamic Finance Award 2015 as the fifth GIFA Laureate, following Tun Abdullah Badawi (2011), HRH Sultan Nazrin Shah (2012), Shaukat Aziz (2013) and Nurrsultan Nazarbayev (2014).

4. Adeyeye Enitan Ogunwusi

Estimated net worth: $70 million

The traditional head of Ile-Ife in Osun State is Oba Adeyeye. He was born into the Ojaja Royal Compound of Agbedegbede in Ile-Ife, into the Giesi Ruling House.

He succeeded the late Oba Okunade Sijuwade to the throne in 2015. As Ooni, he is considered the spiritual leader of his people, and as such encumbered with the responsibility of making supplications to God and the Orisa.

He is a businessman who has been actively involved in the development of more than 2,500 homes in Nigeria. He established one of Nigeria’s top resorts in Lagos. Additionally, he helped to establish Nigeria’s largest recycling facility for lead and aluminum.

5. Ewuare II Egidigan

Estimated net worth: $65 million.

Oba Ewuare II was crowned as the 40th Oba of the Benin Empire on 20 October 1953. He had previously worked for the United Nations from 1981 to 1982 before taking the throne. He has represented Nigeria in Angola, Sweden, Norway, Denmark, Finland, and Italy as an ambassador.

Before his coronation, Ewuare schooled in the United Kingdom where he bagged a degree in Economics from the University of Wales, UK. He also holds a Master of Public Administration degree from Rutgers University Graduate School, New Jersey, USA.

After his education, Ewuare worked at the United Nations between 1981 and 1982. He also served as Nigeria’s Ambassador to Angola and Sweden, with accreditation to Norway, Denmark and the Republic of Finland. He was also Nigeria’s Ambassador to Italy.

6. Nnaemeka Alfred Achebe

Estimated net worth: $60 million

Nnaemeka Alfred Ugochukwu Achebe was crowned on 14 May 2002 as the twenty-first Obi of Onitsha.

He was the chancellor of Kogi State University until becoming the chancellor of Ahmadu Bello University in 2015. He is currently the Chairman of International Breweries (aBInBev), as well as the chairman of the board of Directors of Unilever Nigeria. He served as a director in various companies in the Royal Dutch Shell Group before being crowned Oba.

7. Tsola Emiko

Estimated net worth: $20 million

Tsola Emiko, also known as Utieyinoritsetsola Emiko, is the 21st monarch of the Warri kingdom. He was crowned on 21 August 2021.

He founded Noble Nigeria and Coral Curator and is the chairman of Ocean Marine Security. He is also a director at Gulf of Guinea and Vessellink Nig.

8. Aminu Ado Bayero

Estimated net worth: $20 million

Aminu Ado Bayero was crowned the 15th Fulani Emir of Kano on 9 March 2020, following the dethronement of his nephew Muhammad Sanusi II by the Governor of Kano State Dr. Abdullahi Umar Ganduje. He is from the Fulani Sullubawa clan. He currently serves as the chancellor of the University of Kano.

9. Rilwan Babatunde Aremu Akiolu

Estimated net worth: $9 million

Rilwan Babatunde Osuolale is another wealthy King in Nigeria. He was crowned as the 21st Oba of Lagos on 24 May 2003. Before ascending the throne, he served in the Nigerian police force for 32 years, from 1970 until his retirement in 2002.

He was born on the 29th of October 1943 and he attended the University of Lagos where he bagged a Bachelor of Laws degree (LL.B).

After his secondary education, he served for 32 years in the Nigeria Police Force, entering the force in 1970. He served in various capacities, was promoted to assistant inspector-general of Police in 1999, and was active until his retirement in 2002.

A year later, he was crowned the 21st Oba of Lagos. After his coronation, he built a palace that was said to be worth an estimated N2 billion. It is said that the Oba of Lagos is one of the most powerful kings in Africa as he is the traditional ruler of the largest city in the country.

10. Benjamin Ikenchuku Keagborekuzi I

Estimated net worth: $8 million

Benjamin Ikenchuku is the royal leader of Agbor in Delta and was crowned when he was two years and four months old after the sudden death of his father in 1979. He was listed in the Guinness Book of World Records as the world’s youngest crowned monarch.

In 1981, he was flown to the United Kingdom where he remained for the next twenty years. A regent was instituted to rule in his place until his return in 2001, when he took over the governance of his people.

In 2006, he became the Chancellor of the University of Ilorin until 2015. The former president Muhammadu Buhari awarded him Commander of the Order of the Niger, CON.


1 thought on “10 Richest Kings in Nigeria & Their Net Worths (2024)”

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