Forbes have released list of the richest king in Nigeria.
The Olugbo of Ugbo Kingdom, HRM Frederick Obateru Akinruntan has been named the richest monarch in Nigeria, according to Forbes list.
Oba Akinruntan beat other wealthy Monarchs such as the Alaafin of Oyo, the Sultan of Sokoto, the former Ooni of Ife, Oba Okunade Sijuwade.
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.
The Ooni of Ife 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.
Apart from Oil business, the Monarch is also into real estate, with Hotels in Abuja, buildings both home and abroad.
He entered the history books in 2012 when he became the first black person to buy the 2014 model of Bentley which was accustomed only for Queen Elizabeth of England
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