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    William Albert



      Frederick Obateru Akinruntan is the second-richest King in Africa and the richest in Nigeria according to Forbes in 2014. Obateru is the traditional monarch of Ugbo Kingdom, a town in llaje Local government, Ondo state, Nigeria. He was born in a riverine area in llaje, into the royal family of Sir Frederick Adetolugbo at Ugbo in 1950. He is the fourth child in a family of eight, and at age 14, he lost his father in 1964.



      Obateru was coronated as King in 2009 after a prophecy went forth in 1982 that he would become the Olugbo of the Ugbo Kingdom, although he didn’t take it seriously. Obateur ascended the throne when the then-king was demanded to be dethroned because his family had occupied the seat for over 200 years.



      Obateru is a known oil magnate and also the founder of one of Nigeria’s largest and leading privately operated oil companies, Obat Oil. In Forbes’s ranking of the richest king in Africa, Obateru surpassed King Olubuse II, the Ooni of Ife with $225 million, and the Swaziland King Mswati III by over $200 million to become the second-richest king in Africa behind Mohammed VI of Morocco.




      His oil company which he founded in 1981 alongside a gas station has grown to more than 50 gas stations across the six geopolitical zones in Nigeria and has one of the largest tank farms in Africa. The tank farm has a storage facility capacity of 65 million liters of petroleum products. His net worth is estimated at $300 million in 2014. Oba Akinruntan is also into real estate. He has hotels situated in Abuja, the capital city of Nigeria, with buildings both at home and abroad.



      He is the first black person to own a 2014 model Bentley automobile and also has a custom-built 2012 Rolls-Royce similar to that of Queen Elizabeth II. Oba Akinruntan is married with eight children from two wives.

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