THE Olugbo of Ugbo Kingdom, HRM Frederick Obateru Akinruntan has continued to maintain his status as Nigeria’s richest traditional ruler according to Forbes Magazine rating. Oba Akinruntan beat the late Ooni of Ife, Oba Okunade Sijuwade and several other traditional rulers in Yoruba and to emerge Nigeria’s wealthiest monarch. According to Forbes magazine, Oba Akinruntan and Oba Sijuwade were mentioned as two of the five wealthiest monarchs in Africa.

Oba Akinruntan is rated to have an estimated net worth of $300million while that of Oba Sijuwade was put at not less than $75 million before his death. The late Ooni of Ife during his life time had business interests in construction, property and oil while Oba Akinruntan is mainly into oil. Oba Akinruntan is the founder of Obat Oil and he is said to own the largest petroleum depot in Africa.

His eye-popping vast estate constructed on a sprawling expanse of land measuring hectares is said to be the biggest palace in Nigeria, if not the whole of Africa. He started Obat Oil Company in Okitipupa, Ondo State in 1981 with a gas station which was to meet the needs of his immediate family and neighbouring communities. Obat Oil has now grown to more than 50 gas stations across Nigeria. His company also has one of the largest tank farms in Africa; a modern storage facility that has the capacity of storig 65 million litres of petroleum products. Aside the oil and gas business, Oba Akinruntan is into real estate as he has choice buildings in London and across Nigeria including the landmark Febson Hotels.

He became the Olugbo of Ugboland, a small oil-rich community in Ondo State in 2009 and that was a prophecy come true. Beside his immense wealth, the respected traditional ruler is a man of class, taste and style. He oozes sheer sophistication as he has an array of luxury cars in his sprawling and magnificent palace.