Fredrick Obateru Akinruntan is a Nigerian monarch and the traditional head of Ugbo Kingdom, a town in Ilaje Local Government, Ondo State, southwest Nigeria. He is known as the wealthiest monarch in Nigeria and one of the top five wealthiest monarchs in all of Africa, in addition to being a respected and well-known oba (King).
At Ugbo, a riverine region in Ilaje, he was born in 1950 into the royal family of Sir Frederick Adetolugbo. He is the fourth child in an eight-person family, however, he lost his father when he was 14 years old in 1964. The tale of how he came to be king is a fascinating one.
Akinruntan never took the 1982 prophecy that he would succeed as the Olugbo of the Ugbo Kingdom seriously. Soon after this prophecy, his younger brother received a chieftaincy title unique to him as the upcoming Olugbo. Another royal family in the same lineage filed a lawsuit against the then-Olugbo as a result, demanding that he be dethroned on the grounds that his family had held the position for more than 200 years. According to Ugbo Kingdom custom and culture, Akinruntan was crowned King in 2009 after the then-King lost the legal battle.
Akinruntan was listed as one of the five richest kings in Africa in 2014, according to Forbes ranking, making him the richest king in Nigeria. Oba Akinruntan’s net worth is estimated to be $300 million. As the creator of Obat Oil, one of Nigeria’s largest and most prestigious privately held oil firms, and an oil magnate, the source of his riches is well known to all.
In order to serve the requirements of his immediate family and surrounding villages, Oba Akinruntan founded the Obat Oil Company in 1981 in Okitipupa, Ondo State. Over 50 gas stations operated by Obat Oil are located throughout Nigeria. Along with the oil and gas industry, Oba Akinruntan is also involved in real estate, owning prestigious structures in Nigeria and London, such as the iconic Febson Hotels and Mall in Abuja’s Central Business District.
Recently, it was reported that Akinruntan had made history by becoming the first black person to purchase a Bentley 2014 model that had only been built for Queen Elizabeth of England. The king and his two queens are blessed with eight offspring.
Akinruntan’s son Prince Abayomi Akinruntan is a politician and businessman who now serves the Ilaje Constituency in the House of Assembly. He oversees operations at the Febson Hotel Nigeria in Abuja. Before entering into active politics in Ondo State, he was appointed group executive director of Operation Obat group in 2011 and the Ondo State pioneer coordinator for Nigeria Content Development and Monitoring Board in Yenegoa.
