Oba Obateru Akinruntan, the Olugbo of Ugbo a town in Ondo state Western Nigeria. Oba Obateru is the richest king in Nigeria.
Obateru was born in 1950 into the royal family of Sir Frederick Adetolugbo at Ugbo, a riverine area in Ilaje. He is the fourth child of a family of eight but lost his father in 1964 when he was 14 years old. In 1982, there was a prophecy that Obateru would become the Olugbo of Ugbo Kingdom, a prophecy he never took seriously. Shortly after this prophecy, a chieftaincy title peculiar to him as the next Olugbo was conferred on his younger brother. This resulted in a lawsuit against the then-Olugbo by another royal family in the same lineage who demanded that he should be dethroned with the claim that his family had occupied the seat for over 200 years.
Obateru is ranked by Forbes magazine as the second richest King in Africa and the richest in Nigeria.
Ugbo might be a small town but it has a vast deposit of crude oil which explains the source of Oba Obateru’s wealth. He established a small gas station as far back as 1981 and his gas station was virtually the only one operating in the small community as at then. He eventually expanded over the years and it is now among the largest private oil companies in Nigeria. The name of Oba Obateru’s oil company is Obat Oil. Not only is Oba Obateru’s oil company one of the largest, his oil depot is the largest petroleum depot in Africa capable of reserving an enormous volume of petroleum at 65 million liters.
Oba Obateru’s wealth is not only limited to oil, he also has other investments such as 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, hospitality, water production & purification, tourism, fishing, and shipping.
Oba Obateru bought a 2014 model Bentley in 2012 becoming the second to buy the car after the Queen of England.
Oba Akinruntan also has a custom built 2012 Rolls Royce similar to that of Queen Elizabeth II.
According to Forbes magazine, Oba Obateru has a net worth of $300 million.
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