American business magazine, Forbes, has released list of the richest king in Nigeria.
In the list of five richest kings in Africa published hours ago, the Olugbo of Ugbo Kingdom, HRM Frederick Obateru Akinruntan was named the richest monarch in Nigeria and the second richest in Africa.
Moroccan Monarch, King Mohammed VI, is the richest in Africa with estimated net worth of $2 billion; second-placed Oba Akinruntan was rated to have an estimated net worth of $300 million, while the former Ooni of Ife, late Oba Sijuade is third with estimated net worth of $75 million.
Oba Akinruntan who beat the likes of the Alaafin of Oyo, the Sultan of Sokoto, the Ooni of Ife and other to emerge the wealthiest monarch, is the Olugbo (traditional King) of Ugbo land, a small oil-rich community in Ondo state, in Nigeria’s southwestern region.
Oba Akinrutan, who ascended the throne in 2009, is also the founder of Obat Oil, one of Nigeria’s largest privately-held oil trading companies.