Oba Obateru Akinrutan is a Nigerian king who has been able to accumulate numerous wealth to himself through various ventures.
He is regarded as one of the richest Kings, not only in Nigeria, but in Africa as a whole. He is said to be worth around $300 million.
- Name: Oba Obateru Akinrutan
- Estimated net worth: $300 million
- Source: Oil
- Title: Olugbo of Ugbo land
Oba Obateru Akinrutan is one of the most famous Kings in the continent of Africa as a whole due to the numerous wealth he has at his disposal. He is the Olugbo of Ugbo land in Ondo state, western Nigeria. Although the community is not as popular as some others in the western region, it can boast of having a wealthy king like Obateru.
He was born in year 1950 into the royal family of Sir Frederick Adetolugbo at Ugbo, and he is the fourth child of a family of eight.
According to some sayings in the local community, there was a prophecy that he would become the Olugbo of Ugbo Kingdom – but he had initially waved it aside.
He became king of the kingdom in 2009, but has already acquired a lot of wealth before ascending the throne in the oil-rich community.
He is the owner of Obat Oil – one of the country’s largest privately-held oil trading firms, which came about in 1981. The history of the firm is kind of interesting, considering that it was initially established to meet a simple purpose.
Right now, the king’s oil firm possess a lot of gas stations across the country. In fact, they can also boast of one of the biggest tank farms in the continent as a whole. This is a present-day storage facility that can actually store millions of liters of petroleum products.
Oba Obateru is also the owner of some superb commercial and residential real estate in not only Nigeria, but in Europe. If you are farmiliar with Febson Hotels and Mall in the Central Business District of Abuja.
Some years before now, the Oba was said to have a net worth that is in the region of US$300 million. In fact, he is not only regarded as the second richest King in the whole continent of Africa, but he leads in the rankings of Nigerian kings.
As at when the last ranking for African kings was made (in terms of wealth), King Olubuse II (who used to be the Ooni of Ife) was still alive.
Despite the Ooni’s powers and influence, he wasn’t as wealthy as Oba Obateru (who is said to be $225 million richer than the late Ooni)
Even as rich as the Swaziland King Mswati III is, Oba Obateru was ranked higher than the South African monarch (by over $200 million)
The only African King said to be richer than Oba Obateru currently is Mohammed VI of Morocco.
Being the King of a rich community, we aren’t surprised seeing him living in luxury. For instance, he has built a custom 2012 Rolls Royce close to that of Queen Elizabeth II before.
He is not secretive about flaunting his wealth, as he has once revealed that he has been able to acquire a $1 million watch. In fact, he is regarded as the first black person to get the 2014 model of Bentley automobile.
Speaking in an interview with The Sun some years back, he said:
“The first time I saw a car was 1961 in Sapele. At that time, Sir Festus Okotie-Eboh had a hotel in Sapele, Waterside Hotel.
It was the first time I saw a hotel in my life. We used to describe hotels as bars. That was the first time I knew the difference between a hotel and a bar.”