Meet Fredrick Oba Obateru Akinrutan, The richest king in Nigeria

There are many traditional rulers in Nigeria most of whom are filthy rich.

Fredrick Oba Obateru Akinrutan is, however, the richest king in Nigeria.

He is the Olugbo (the traditional leader) of Ugbo in the Ilaje Local Government, Ondo State, southwestern Nigeria. It turns out that he is also a businessman, the founder of one of the largest private oil trading companies in Nigeria, Obat Petroleum. Obat Petroleum controls the largest oil depots in Africa.

The Olugbo of Ugbo is estimated to be worth $300 million which puts him on the top of Forbes’ list of the wealthiest monarchs in Nigeria.

He was born in 1950 ( 70 years old) in the Ugbo Kingdom and began his reign in 2009. The Olugbo of Oba seems to love luxury cars as he was the first black person to buy the 2014 model of automobile which is valued at over N100 million he also drives a Custom built Rolls-Royce (2012 edition) which was specifically built to match that of Queen Elizabeth of England.