The Olugbo of Ugbo Kingdom, HRM Frederick Obateru Akinruntan has emerged as the richest king in Nigeria according to Forbes rating.
Oba Akinruntan beat the Ooni of Ife, Oba Okunade Sijuade to emerge the wealthiest monarch in Nigeria.
According to Forbes magazine, Oba Akinruntan and Oba Sijuade were mentioned as one of the 5 wealthiest monarchs in Africa.
Forbes magazine recently listed them on their list of 5 wealthiest monarchs in Africa. Oba Akinruntan is rated to have an estimated net worth of $300 million while that of Oba Sijuade is place at not less than $75 million.
The Ooni of Ife has business interest in construction, property and oil while Oba Akinruntan is mainly into oil.
Oba Akinruntan is the founder of Obat Oil and he is said to own the largest petroleum depot in Africa.
Oba Akinruntan started Obat Oil Company in Okitipupa, Ondo State in 1981 with a gas station which was to meet the needs of his immediate family and neighboring communities.
OBAT Oil has now grown to more than 50 gas stations across Nigeria.
His company also has one of the largest tank farms in Africa- a modern storage facility that has the capacity to store 65 million liters of petroleum products.
Aside the oil and gas business, Oba Akinruntan is also into real estate as he has choice buildings in London and across Nigeria including the landmark Febson Hotels and Mall in the Central Business District of Abuja
Oba Akinruntan beat the Ooni of Ife, Oba Okunade Sijuade to emerge the wealthiest monarch in Nigeria.
According to Forbes magazine, Oba Akinruntan and Oba Sijuade were mentioned as one of the 5 wealthiest monarchs in Africa.
Forbes magazine recently listed them on their list of 5 wealthiest monarchs in Africa. Oba Akinruntan is rated to have an estimated net worth of $300 million while that of Oba Sijuade is place at not less than $75 million.
The Ooni of Ife has business interest in construction, property and oil while Oba Akinruntan is mainly into oil.
Oba Akinruntan is the founder of Obat Oil and he is said to own the largest petroleum depot in Africa.
Oba Akinruntan started Obat Oil Company in Okitipupa, Ondo State in 1981 with a gas station which was to meet the needs of his immediate family and neighboring communities.
OBAT Oil has now grown to more than 50 gas stations across Nigeria.
His company also has one of the largest tank farms in Africa- a modern storage facility that has the capacity to store 65 million liters of petroleum products.
Aside the oil and gas business, Oba Akinruntan is also into real estate as he has choice buildings in London and across Nigeria including the landmark Febson Hotels and Mall in the Central Business District of Abuja
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