There are quite a number of kings and traditional rulers in Nigeria. Even though they might not command much respect and authority because of civilization and westernization, a few of them tend to be extremely wealthy. The richest king in Nigeria at the moment is Oba Obateru Akinrutan-Olugbo of Ugbo Kingdom.
Most of these kings made their wealth from inheritance and salaries from the government. While some work to earn their income, others rely solely on the people and the government.
The Richest King in Nigeria- Oba Fredrick Obateru Akinrutan
The Nigerian Monarch and traditional ruler of the Ugbo Kingdom of llaje Local Government, Ondo State in Nigeria was born in the 1950s into the royal family of sir Federick Adetolugbo. He is the fourth child of a family of eight.
He lost his father at the tender age of 14. Oba Obateru Akinrutan never believed he would become king until he was appointed in 2009.
How does Oba Fredrick Obateru Akinrutan Make His Fortune?
In March 2014, The Ulogbo of Ugbo Kingdom was said to have a net worth of $300 million as stated by Forbes. He is said to be the second richest king in Africa and the richest in Nigeria.
The Oba is not just an oil magnate but also the founder of one of Nigeria’s largest oil companies, Obat Oil. He started the company in 1981 and so far, the company has over 50 gas stations in Nigeria.
The company also owns one of Africa’s largest oil tanks in Africa. The tank has the ability to take about 65 million liters of petroleum products.
Oba Obateru’s son Prince Akinfemiwa Akinrutan is the managing director of the company.
Aside from the oil company, the 74 year-old King is also into the real estate business in Nigeria and London. Obateru does not shy away from showing his wealth through his luxurious lifestyle.
How he spends his $300 million fortune
He likes to describe himself as a stylish person so he uses diamonds and gold to adorn himself. He also has a custom-built 2012 Rolls Royce which Queen Elizabeth II has and he sure boasts of that.
Oba Obateru Akinruntan is the first black man to own a 2014 model of Bentley automobile.
He also owns a wristwatch that costs about $1 million and an expensive yacht that is said to be one of the most expensive in Nigeria. Oba Akinruntan owns 7 door limousine Mercedes car.
Here are 10 other rulers in Nigeria that are also rich
1. Muhammadu Sa’ad Abubakar, CFR(20th Sultan of Sokoto)
Muhammadu Sa’ad Abubakar is one of the richest kings in Africa. He is said to be the second richest king in Nigeria. He has an accumulated net worth of $100 million.
He became the Sultan of Sokoto in 2006 after the death of his brother Muhammadu Maccido. He is currently 68 years old.
2. Eheneden Eradiauwa Ewuare II (40th Oba of Benin)
The Oba of Benin is undoubtfully one of the richest kings in Nigeria. The 71-year-old king is reportedly worth about $70 million to $100 million.
He ascended the throne after his father died. The Oba Ewuare II has worked with the United Nations and acted as an ambassador of Nigeria to Angola and Sweden.
3. Oba Ojájá II Adeyeye Enitan Ogunwusi
Adeyeye Enitan Ogunwusi was crowned the 51st Ooni of Ile-Ife in 2015. He has an estimated net worth of $70 million.
He is known for his luxury cars and controversies about involving in alleged fraudulent activities.
4. Obi Nnaemeka Alfred Achebe, CFR, Mni (21st Obi of Onitsha)
Obi Nnaemeka Alfred Achebe is the Obi of Onitsha. He is one of the richest kings in Nigeria at the moment. He is well known both as a king and a business tycoon.
The 83-year-old Obi of Onitsha was once the Chancellor of Ahmadu Bello University Zaria and he has also worked as the executive director at Shell Petroleum Development Company.
He has a net worth of about $50 million.
Read Also: Top 10 Oil And Gas Companies In Nigeria And How To Locate Them
5. Oba Rilwan Akiolu (21st Oba of Lagos)
The 81-year-old Oba Rilwan Akiolu is the traditional Oba of Lagos. He became the Oba in May 2003 at the age of 60 after he was selected by the Lagos traditional kingmakers.
His net worth has been estimated to be around $40 million by different sources though.
6. Oba Lamide Adeyemi III(Alaafin of Oyo)
Oba Lamide Adeyemi III became the Alaafin of Oyo in 1970. He is currently one of the oldest serving kings in Nigeria.
He has an estimated net worth of $40 million. He comes from a prominent and wealthy royal home so his wealth and influence tend to favor him financially.
7. Benjamin Ikenchukwu Keagborekuzi I (Dien of Agbor)
The Dien of Agbor, Benjamin Ikenchukwu Keagborekuzi I has an estimated net worth of $30 million. He is from a royal family in the Agbor Kingdom in Delta state.
he made history after he was crowned king at the age of 2 after the death of his father in 1979. He was listed in the Guinness World Record in 1980 as the youngest crowned monarch. He started ruling in 2001 at the age of 24. He is currently 47 years old.
8. Aminu Ado Bayero (15th Emir of Kano)
Aminu Ado Bayero is the 15th Emir of Kano. Apart from his family’s wealth, the Emir has amassed some wealth while he was working as a civil servant.
His net worth is about $20 million at the moment. The Emir began an Emir in Kano state in 2020 after his nephew Sanusi Lamido Sanusi was dethroned by Governor Abdullahi Ganduje in March 2020.
9. Kabiyesi Saliu Adetunji( 41st Olubadan of Ibadan)
Kabiyesi Saliu Adetunji became king in 2016 in Ibadan Oyo state. He first began as a fashion designer and then a musician. He established his record label in 1960 and the record has produced many fuji acts like Dauda Epo-Akara and Wasiu Ayinde Marshall.
He is the patron of Titan Farms, an agribusiness company. He is one of the controversial kings in Nigeria at the moment as he has bribery accusations and allegations.
10. Ahmed Nuhu Bamalli (Emir of Zazzau)
Ahmed Nuhu Bamalli is the Emir of Zazzau in Kaduna state. Before he was made the emir, he was working for the Metropolitan Management Agency.
He was born in a wealthy home. His father Nuhu Bamalli was the foreign Minister of Nigeria from 1965-1966 and later the Magajin Garin Zazzau.
