Key Points
- Forbes ranks him second richest monarch in Africa today. Nigeria record shows he leads peers by a wide margin.
- He founded Obat Oil in 1981 after early trade years. The chain now runs more than fifty retail stations nationwide.
- Reports value his net worth around three hundred million dollars. Luxury cars and rare watches mark his public taste.
Obateru Akinrutan is the Olugbo of Ugbo in Ondo. Forbes lists him as the richest king in Nigeria. He is widely known for oil, gas and property.
The monarch founded Obat Oil in 1981 after early trade. The company now runs over fifty filling stations across Nigeria. His flair often mirrors celebrity wealth like Davido private jets claim.
Oil and property empire
Obat Oil dates back to 1981 and grows each year. The firm runs depots, tank farms and a large fleet. Akinrutan also invests in hotels, flats and coastal land.
Rank, net worth and debate
Forbes pegs his net worth near $300 million in profiles. He often appears second after Morocco’s King Mohammed VI. Some lists differ, yet the core claim stays steady.
The ruler likes fine cars and rare timepieces on show. Reports cite a $1 million watch and two Bentleys. Gift culture also shapes fame, seen inKaybobo reported gift spree.
He was born in 1950 in Ilaje, Ondo State. Early coastal trade sharpened his eye for energy supply. He later rose as Olugbo of Ugbo with wide support.
Critics say rich lists can shift with method and timing. Still, the profile aligns with his assets and public spend. We will update if fresh audited figures become available
