The Olugbo of Ugbo Kingdom is a Paramount Yoruba king of Ugbo Kingdom, in Ilaje local government area of Ondo State, southwestern Nigeria.

Ugbo Kingdom is ruled by heir appointed from the ruling families and the current Olugbo of Ugbo Kingdom is Oba Fredrick Obateru Akinruntan, a Nigerian billionaire, Oil magnate and founder of Obat Oil, one of Nigeria’s largest and leading Oil Privately held company.OBAT6

The incumbent Olugbo of Ugbo Kingdom is ranked by Forbes magazine as the 2nd richest King in Africa and the richest in Nigeria. He surpassed King Olubuse II, the Ooni of Ife with $225 million and the Swaziland billionaire, King Mswati III by over $200 million to become the second-richest African king in 2014.

He possesses an array of luxury cars in his magnificent palace. He made history in 2012 when he emerged the first black person to buy the 2014 model of Bentley which was made solely for Queen Elizabeth of England in the belief that other people would wait till 2014 to ride it.

oba2I’m sure that some people are hearing this for the first time. Yes, there are wealthy monarch in Nigeria and Olugbo of Ugbo Kingdom is Oba Fredrick Obateru Akinruntan is one .

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