Oba Obateru Akinrutan Net Worth 2022, Biography, Cars, Wife, Children

Oba Obateru Akinrutan

Oba Obateru Akinruntan is the royal leader of Ugbo – a prominent town in Ondo State. He bears the title of “Olugbo of Ugbo”, it is no doubt that Oba Akinruntan is one of the notable Yoruba monarchs within and outside Ondo State. His wealth has earned him the richest king not only in the Yoruba kingdom but also in the entirety of Nigeria at this present time.

Oba Obateru Akinrutan Biography
Olugbo of Ugbo was born in 1950 into the royal family of Sir Frederick Adetolugbo at Ugbo, a riverine area in Ilaje. He is the fourth child of a family of eight but lost his father in 1964 when he was 14 years old.

In 1982, there was a prophecy that Obateru would become the Olugbo of the Ugbo Kingdom, a prophecy he never took seriously. Shortly after this prophecy, a chieftaincy title peculiar to him as the next Olugbo was conferred on his younger brother. This resulted in a lawsuit against the then Olugbo by another royal family in the same lineage who demanded that he should be dethroned with the claim that his family had occupied the seat for over 200 years. The then King lost the case and Obateru was appointed as the King in 2009, in accordance with the culture and traditions of the Ugbo Kingdom.

Oba Obateru Akinruntan
Oba Obateru Akinruntan
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NameFredrick Obateru Akinruntan
Date of birth1950
State of OriginOndo State
OccupationOndo monarch, Businessman
Net worth$300 million

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How Oba Obateru Akinrutan became so rich

How Oba Obateru Akinrutan became so rich
How Oba Obateru Akinrutan became so rich

Obateru in 1981 established Obat Oil, an independent Oil and Gas company positioned as a major marketer and one of the leading indigenous energy solution providers in Africa. Today, the company has more than 50 gas stations across the six geopolitical zones of Nigeria and the company owns one of the largest tank farms in Africa, a modern storage facility able to store 65 million litres of petroleum products.

OBAT Oil & Petroleum Ltd subsidiaries

OBAT Oil & Petroleum Ltd
OBAT Oil & Petroleum Ltd
  • MEGA SERVICE STATIONS

OBAT supplies refined petroleum products to end-users via our retail outlets located across the country. We meet our customer’s expectations.

  • PETROLEUM PRODUCTS DEPOT

OBAT’s ultra-modern Depot is strategically located to ensure hitch-free supply and distribution of petroleum products.

  • REFINERY CONSTRUCTION

In order to consolidate our position as one of the leaders in the downstream sub-sector of the oil and gas industry, we are constructing a Refinery.

  • HAULAGE SERVICES

OBAT Oil is well positioned to ensure efficient haulage and distribution of petroleum products across Africa, Tanker Vessels, Fuel Trucks and Aviation Trucks

Oba Obateru Akinruntan wife and children

The king is happily married to two queens and they are blessed with 8 children namely Prince Abayomi Akinruntan, Princess Funmilayo Akinruntan, and Prince Akinfemiwa Akinruntan, Princess Omobolanle Akinruntan, Prince Yinka Akinruntan, Prince Afolabi Akinruntan, Prince Sheyi Akinruntan and Princess Tutuma Akinruntan, they are all successful. According to Prince Femi in one of his interviews, he said: “Growing up, we were never treated like royals even though we had a royal lineage. I was introduced to the family business from a young age, immediately after I completed university, my father dragged me into the business.

Oba Obateru Akinruntan with first wife
Oba Obateru Akinruntan with first wife

We have been trained from a young age that my path was in the family business and I also focused on that too. He made sure to give us good education and no extra privilege. We had to complete our first degree before we could travel out for vacation. At age 18, I started from the position of a pump attendant, learnt the ropes, and later became a supervisor then station manager then General Manager, I worked with intelligent professionals that taught me lots of things and finally assumed his position when he was crowned Olugbo of Ugbo Kingdom”.

Prince Abayomi Akinruntan is a businessman, politician and currently a member of the House of Assembly representing Ilaje Constituency1. He is actively involved in the day-to-day operation of Obat Oil and Petroleum Limited, one of Nigeria’s major indigenous oil companies, he became the operational manager of Obat Oil. He is the director of operations for Febson Hotel Nig. in Abuja. In 2011, he was appointed group Executive Director Operation Obat group and the Ondo State pioneer coordinator for Nigeria Content Development and Monitoring Board in Yenegoa before he ventured into active politics in Ondo State.

Prince Akinfemiwa Akinruntan is currently at the helm of affairs at Obat Oil, he is the Managing Director who has brilliantly run the affairs of Obat Oil for years now. He is often described as a man of style and has consolidated on his father’s impressive business profile. According to him, he has learnt virtually everything from his father and watched his father for over 22yrs and this has provided him with a strong foundation, though he still reaches out to his father for counsel and wisdom. His mum who happens to be the first wife of the king, Queen Yetunde Akinruntan is from the popular Abraham Adesanya family in Ijebu-Igbo in Ogun State.

Princess Mobola Akinruntan has carved a niche for herself in the fashion industry. Her brand Login House is fast becoming a household name having participated in various local and international fashion shows. She is a graduate of Accountancy from Ogun State University. She spent a good number of years in the UK before relocating to Nigeria.

Oba Obateru Akinruntan Palace

Oba Obateru Akinruntan Palace
Oba Obateru Akinruntan Palace

Oba Obateru Akinruntan net worth

In March 2015 Forbes estimated his net worth as US$300 million. 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 2015 behind Mohammed VI of Morocco.

Oba Obateru Akinruntan Cars

Oba Obateru Akinruntan Cars
Oba Obateru Akinruntan Cars

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”.

Oba Obateru Akinrutan Cars
Oba Obateru Akinruntan Cars
Oba Obateru Akinrutan - Olugbo of Ugbo (
The First Black Man To Own A Bentley Mulsanne

Oba Obateru Akinrutan owns a Bentley Mulsanne (2014 model) valued at over N100 million and also boasts of driving a Custom built Rolls-Royce (2012 edition) built to match the standard of that of the Queen of England, with which the Olugbo of Ugbo joins the royal list of Nigerian monarchs who ride Rolls-Royce.

oba obateru akinruntan rolls royce
oba obateru akinruntan rolls royce
oba obateru akinruntan land cruiser
oba obateru akinruntan land cruiser

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.

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