Fredrick Obateru Akinruntan

Fredrick Obateru Akinruntan
Olugbo of Ugbo Kingdom
Reign2009–present
PredecessorOba Banjo Mafimisebi
Born1950 (age 73–74)
Ugbo Kingdom, Ondo State, Nigeria
HouseAdetolugbo of Ugbo Kingdom
FatherSir Frederick Adetolugbo
Websitewww.obaakinruntan.com

Fredrick Obateru Akinruntan is a Nigerian monarch and oil magnate who is the current traditional ruler of Ugbo Kingdom, a Nigerian traditional state in Ilaje Local Government, Ondo State, southwestern Nigeria. He is also the founder of Obat Oil, one of Nigeria's largest and leading privately held oil companies.[1]

In March 2014 Forbes estimated his net worth as US$300 million.[2] Obateru is ranked by Forbes magazine as the second-richest King in Africa and the richest in Nigeria. He surpassed King Olubuse II, the Ooni of Ife, with $225 million and the Swaziland King Mswati III by over $200 million to become Africa's second richest king in 2014 behind Mohammed VI of Morocco.[3] He has a custom built 2012 Rolls-Royce similar to that of Queen Elizabeth II and on 14 January 2014, in an interview with Daily Post, he said "I have a $1 million watch, I use the same type of car like the Queen of England".[4]

Obateru is the first black person to buy the 2014 model of Bentley automobile.[5][6][7] In July 2013, in an interview with The Sun, Obateru 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."[8]

  1. ^ Administrator. "The amazing lifestyle of Oba Frederick Obateru Akinruntan". thecapital.ng. Archived from the original on 9 June 2015. Retrieved 9 June 2015.
  2. ^ "2 Nigerians Makes Forbes Richest Kings in Africa List". BellaNaija. Retrieved 9 June 2015.
  3. ^ Mfonobong Nsehe (3 June 2014). "The 5 Richest Kings In Africa". Forbes. Retrieved 9 June 2015.
  4. ^ ""I have a $1million watch, I use the same type of car like the Queen of England" – Oba Obateru Akinruntan". DailyPost Nigeria. Retrieved 9 June 2015.
  5. ^ "Ondo monarch becomes the first black person to own Bentley 2014 model". Daily Post Nigeria. 16 January 2013. Retrieved 13 June 2015.
  6. ^ Udodiong, Inemesit (April 3, 2019). "These 3 wealthy African kings are worth R89 billion". BusinessInsider. Retrieved 17 December 2019.
  7. ^ Nwachukwu, John Owen (7 June 2017). "Forbes reveals the richest king in Nigeria". Daily Post Nigeria. Retrieved 17 December 2019.
  8. ^ "Oba Frederick Obateru Akinruntan: A whiteman named me Obateru". The Sun News. Retrieved June 8, 2015.[permanent dead link]