Forbes Magazine names the richest king in Nigeria

American business magazine, Forbes has released list of the richest king in Nigeria naming the Olugbo of Ugbo Kingdom, His Royal Majesty, Frederick Obateru Akinruntan as the richest monarch in Nigeria.

Oba Akinruntan of Ugbo Kingdom beat the likes of the Alaafin of Oyo, the Sultan of Sokoto, the Ooni of Ife and the likes to emerge the wealthiest monarch.

In the list which has the Ooni of Ife and the Alaafin, Oba Akinruntan was rated to have an estimated net worth of $300 million, while Oba Sijuade’s estimated net worth is about $75 million. Apart from Oil business, the Oba is also into real estate, with Hotels in Abuja, buildings both home and abroad.

The Ooni of Ife who made the list has investments in construction, landed properties and oil while Oba Akinruntan is mostly into oil.

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.