Oba Obateru Akinruntan, the Olugbo of Ugbo Land, Ondo State, has been profiled by Forbes Magazine as the second richest king in Africa and the first in Nigeria.

Oba Akinruntan maintains a distant second from the richest king in Africa, King Mohammed VI of Morocco who has an estimated net worth of $2 billion; but the Olugbo’s net worth of about $300 million places him far above Ooni of Ife, Oba Okunade Sijuwade, who has been estimated to worth $75 million.

Oba Akinruntan is the chairman of Obat Oil, one of Nigeria’s largest privately-held oil trading companies. He founded the company in 1981 with a single gas station to meet the needs of his family and neighbouring community.

Obat Oil and Petroleum Ltd has 50 Service outlets covering both the upland and coastal areas in some states of the federation. It has two hundred and fifty (250) 33,000 litre capacity trucks, for the supply and distribution of petroleum products to our service stations and other energy consumers across Nigeria. It also has one of the largest tank farms in Africa- a modern storage facility that has the capacity to store 65 million litres of petroleum products. He also owns an extensive portfolio of prime commercial and residential real estate in London and Nigeria, including the landmark Febson Hotels and Mall in the Central Business District of Abuja.

The Olugbo made history early this year as the first black person to buy the 2014 model of Bentley. Reportedly, the wonder wheel was specially customized for him.

Oba Akinrutan ascended the throne in 2009.