Who Is The Richest King In Nigeria?

The monarchy system in Nigeria is highly respected as many kingdoms still pay homage to their Kings. Kings in Nigeria are known to accumulate a lot of wealth, but as fate would have it, one person must outrun the other in the race of affluence. Being the head of the kingdom, it is expected of the king to live an exemplary life. He is to ensure that the image he portrays represents the subjects and reflects the culture and traditions of the community.

The country Nigeria, is home to many kingdoms, hence, a lot of influential kings within the nation are regarded as dignified personalities among their subjects and other citizens. Owing to the authority they command, it is not a surprise that a good number of these kings must have accumulated wealth over time. If you have ever thought about whom the richest King in Nigeria might be, then you’re certainly in the right place. You will be supplied with that information in a jiffy!

Who Is The Richest King In Nigeria?

According to the Forbes list of the richest Nigerian monarchs, Oba Obateru Akinruntan is the richest king in Nigeria. He was born in the Ilaje local government area of Ondo State in the year 1950. He is the head and traditional ruler of Igbo located in Ondo state. Aside from his role as a traditional ruler, Oba Obateru Akinruntan is also a business tycoon. He is the owner and the largest shareholder of Obat Petroleum, one of the biggest private oil trading businesses in Nigeria.

Oba Obateru Akinruntan, the Olugbo of Igbo made Forbes’ list as one of the richest monarchs in Nigeria because of his massive net worth estimated at a whopping 300 million USD. Being an oil magnate, and the founder of one of Nigeria’s leading private oil companies, Oba Obateru has surpassed the Swaziland King Mswati III by over $200 million. He has also overtaken king Olubuse II, and the Ooni of Ife with $225 million, making him the second richest King in Africa.

Oba Obateru Akinruntan’s Net-worth

The Olugbo of Ugbo who is rated as the richest king in Nigeria, and the second richest monarch in Africa, has an estimated net worth of 300 million USD — 117 billion naira. This massive wealth has given him the position of the richest king in Nigeria.

A common estimation by blogs and notable news outlets has it that Oba Obateru Akinruntan’s oil companies as well as his diplomatic ties with influential oil moguls has pushed him to the list of the wealthiest people. Others maintain that his love for his people as well as his commitment to serve is the primary source of his wealth.

The Olugbo of Ugbo cars

Oba Obateru has a custom-built 2012 Rolls Royce that is very identical to that of Queen Elizabeth II. Oba Obateru Akinruntan was the first black man to buy the 2014 model of the Bentley car. In an interview with Daily Post on the 14th of January 2014, he mentioned that he had a 1 million USD watch, and that he used the same type of vehicle like the Queen of England.

Oba Obateru Akinruntan’s Journey To Wealth

In a July 2013 interview with The Sun, Obateru stated that the first time he spotted a car was in the year 1961, Sapele. He said that at the time, Sir Festus Okotie-Eboh owned a hotel in Sapele called ‘The Waterside Hotel’. Obateru said, that was the first time he ever saw a hotel in his life. He further stated that, he usually described hotels as bars, but after he saw the Waterside hotel, he knew the difference between hotels and bars.

Today, Oba Obateru Akinruntan’s oil company has over 50 gas stations across the six geopolitical zones of Nigeria. The wealthy monarch also owns a modern storage facility that is able to store sixty-five million liters of petroleum products. It is in fact, one of the largest tank farms in Africa.


Even though monarchs do not directly take part in the political decision-making of the country, they are a part and parcel of societal development. This is because, they are very instrumental to the development of their individual communities.

Nigeria as a nation is home to some highly placed monarchs in Nigeria. As a result, traditional rulers often derive their titles from rulers of independent communities that existed before the creation of modern Nigeria. Monarchs may not wield formal political power, but they continue to demand respect from their people and have substantial influence.

In a lot of instances, the bearers usually maintain the titles of their ancestors, but their monarchical duties don’t restrict them from breaking stereotypes and amassing wealth. Such is the case of Oba Obateru Akinruntan, the Olugbo of Ugbo.

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