The debate often comes up as to who is the richest king in Nigeria? But it might interest you to know that the richest isn’t even among your popular supposed richest. Fast foward to 2017, Nigerian monarchs can now be measured based on their business and investment (both home and abroad).
In the most recent Forbes rating, the current richest king in Nigeria is The Olugbo of Ugbo Kingdom, HRM Frederick Obateru Akinruntan. You might be surprised why he’s rated the richest among other popular monarchs like Alaafin of Oyo, the Sultan of Sokoto, the Ooni of Ife and few others.
Although, the likes of the Ooni of Ife and the Alaafin were included in the list of wealthiest monarchs in Africa, with Oba Akinruntan rated to have an estimated net worth of $300 million while Oba Sijuade estimated net worth is about $75 million. The Ooni of Ife has investments in construction, landed properties and oil while Oba Akinruntan is mostly into oil.
Why Oba Akinruntan is the Richest King in Nigeria Oba Akinruntan is owner of the largest petroleum depot in Africa. He also owns Obat Oil Company which he founded in 1981 alongside a gas station which has grown to over 60 gas stations across the nation.
Apart from Oil business, Oba Akinruntan is into real estate with Hotels in Abuja, buildings both home and abroad. He entered the history books in 2012 when he became the first black person to buy the 2014 model of Bentley which was accustomed only for Queen Elizabeth of England.
These are the investments that makes Oba Akiruntan the richest king in Nigeria 2017 with an estimated net worth of $300 million
