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.”