PIUS ADE BABALEYE (PAB)
In the annals of Nigerian royalty, few names command as much awe, admiration, and affluence as His Royal Majesty, King Fredrick Obateru Akinruntan, the revered Olugbo of Ugbo Kingdom in Ilaje Local Government Area of Ondo State. Beyond his regal stature, Obateru is a living testament to the fusion of traditional royalty with modern entrepreneurial excellence.
*A Royal Oil Magnate*
HRM Obateru Akinruntan is not just a monarch; he is a titan in Nigeria’s oil industry. As the founder and chairman of Obat Oil, one of the largest and most successful privately owned oil companies in Nigeria, Obateru has redefined what it means to be a king in the 21st century. Under his leadership, Obat Oil grew into a household name, commanding a significant share of the petroleum retail market across Nigeria.
In March 2014, Forbes Magazine estimated his net worth at a staggering $300 million, ranking him the richest king in Nigeria and the second-richest monarch in Africa, only behind King Mohammed VI of Morocco. He surpassed other prominent African monarchs such as the late Ooni of Ife, Oba Okunade Sijuwade, and King Mswati III of Swaziland.
*A King with Royal Taste*
King Obateru’s taste for luxury is as legendary as his business acumen. He famously owns a custom-built 2012 Rolls-Royce Phantom, identical to the one used by Queen Elizabeth II. In a 2014 interview with the Daily Post, he boldly declared, “I have a $1 million watch. I use the same type of car like the Queen of England.” His flair for distinction continued when he became the first black person to purchase the 2014 model of Bentley, reinforcing his reputation as one of Africa’s most flamboyant traditional rulers.
*Humble Beginnings and a Prophetic Destiny*
Born in 1950 into the royal family of Sir Frederick Adetolugbo in the riverine community of Ugbo, Obateru’s early life was a far cry from the opulence he is known for today. He was the fourth of eight children and lost his father at the age of 14 in 1964. His first encounter with a car was in 1961 in Sapele—a moment he recounts vividly as a turning point in his life.
A surprising twist came in 1982 when a prophecy revealed that Obateru would ascend the throne as the Olugbo of Ugbo Kingdom. Initially, he dismissed the prediction. However, not long after, a chieftaincy title uniquely tied to the future Olugbo was conferred on his younger brother. This act sparked controversy, leading to a lawsuit initiated by another royal branch challenging the then-sitting Olugbo, claiming their lineage had overstayed the throne. The prophecy, it turned out, was not just a whisper of destiny—it was a divine pointer.
*Legacy and Influence*
Today, HRM Fredrick Obateru Akinruntan stands as a towering figure among traditional rulers in Nigeria. His reign blends the cultural heritage of the Ugbo people with a progressive approach to leadership, development, and entrepreneurship. He has become a symbol of pride for the Ilaje people and a reference point for what modern royalty can achieve when culture meets commerce.
Whether as a monarch, oil mogul, or cultural ambassador, Obateru Akinruntan continues to inspire generations, not just in Ondo State or Nigeria, but across Africa. His story is proof that royal blood can also run with the pulse of industry—and that tradition and prosperity can walk hand in hand.
*Long live the Olugbo of Ugbo! A king not only on the throne but also in