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Oba Frederick Obateru: Meet the second wealthiest African King

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By Toby Prince

According to a report by Forbes in 2014, Oba Fredrick Obateru Akinruntan is the second richest King in Africa and the richest in Nigeria.

He is the traditional ruler of Ugbo Kingdom, a small town in Ilaje Local Government, Ondo State.

Obateru is believed to have made his riches from the oil and gas sector.

He is an oil magnate and founder of Obat Oil, one of Nigeria’s largest and leading privately held oil companies.

With a net worth of $225 million, he surpassed Swaziland’s King Mswati III to become Africa’s second richest king in 2014 behind Mohammed VI of Morocco.

The monarch is known for his sophisticated lifestyle. He has a custom built 2012 Rolls Royce similar to that of Queen Elizabeth II and on January 14, 2014, in an interview with Daily Post, he said “I have a $1 million watch, I use the same type of car like the Queen of England”.

Obateru is the first black person to buy the 2014 model of Bentley automobile.

On July 2013, in an interview with The Sun, Obateru said: “The first time I saw a car was 1961 in Sapele. At that time, Sir Festus Okotie-Eboh had a hotel in Sapele, Waterside Hotel. It was the first time I saw a hotel in my life. We used to describe hotels as bars. That was the first time I knew the difference between a hotel and a bar.”

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Support our journalism with a contribution of any size

Nigeria's media space is swamped with falsehood, deceit and delusion. Just a handful abides by the truth. TheNigerian is one of the unique platforms helping to shape the global narrative about Nigeria and her citizens across the world. It's quite costly to maintain this brand of journalism, however.

Readers from around the world, like you, make TheNigerian's work possible. We need your support to deliver quality, investigative journalism – and to keep it open for everyone. At a time when factual, honest reporting is critical, your support is essential in protecting our editorial independence. Every contribution, however big or small, is so valuable for our future.

Our brand of professional citizens' journalism requires a contribution from members of the public, patronage and sponsorship to thrive. We rely on this financial support to be able to carry out our numerous obligations of training, running cost, production, printing and general services. We also embark on Corporate Social Responsibilities through educational programs on our TV, newspaper and blogs.

Make a token donation to support us:
Account Name: Patriot and Sage Digital Communication Ltd
Account No: 1015619537
Bank Name: Zenith Bank

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