THE KING OF MONEY

Oba Fredrick Obateru Akinruntan

So much has been written and said about Oba Fredrick Obateru Akinruntan, the Olugbo of Ugbo Kingdom, from his love for the oil business to his $1m wristwatch, his queen-type Rolls Royce and his very expensive out of the world palace, yet nothing has been said of how the Olugbo has helped placed Ugbo kingdom to vantage recognition. 

In March 2014, world’s foremost money magazine, Forbes, named Oba Fredrick Obateru Akinruntan as the richest Nigerian King with an estimated net worth exceeding $300m, this acknowledgement helped triggered some form of curiosity as regard The King and his kingdom; and historians and Journalists ever since discovered how much their pen loved “Ugbo Kingdom and Oba Fredrick Obateru Akinruntan’.

 A primary setting in the popular Moremi legend, Ugbo Kingdom is a town in Ilaje local government area of Ondo State, southwestern Nigeria, with fishing and farming as the dominant occupation. The Olugbo ( King of Ugbo) is a First class Yoruba Monarch who rule over many smaller communities from OdeUgbo, their ancestral power seat.

The current Olugbo, Oba Fredrick Obateru Akinruntan was born in 1950, to the royal family of Sir Frederic Adetolugbo at Ugbo.  Obateru started Obat oil in 1981 with the vision to build a corporation of great reckoning. Today, Obat oil owned one of the largest tank farms in Africa with over 50 gas stations across Nigeria, with a refinery in the offing. 

Oba Fredrick Obateru Akinruntan is noted to love the splendorous lifestyles as rumors of his diamond laced shoes and other accessories have being the toast of many journalists.