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Billionaire Oba Obateru Akinrutan Biography, Wife, Children, Net Worth

Fredrick Obateru Akinruntan is a Nigerian monarch, the traditional ruler of Ugbo Kingdom, a town in IlajeLocal Government, Ondo State, southwestern Nigeria. He is an oil magnate and founder of Obat Oil, one of Nigeria's largest and leading privately held oil companies.

Oba Obateru Akinrutan Biography

Olugbo of Ugbo was born in 1950 into the royal family of Sir Frederick Adetolugbo at Ugbo, a riverine area in Ilaje. He is the fourth child of a family of eight but lost his father in 1964 when he was 14 years old.

Oba Obateru Akinruntan


Fredrick Obateru Akinruntan

Date of birth


State of Origin

Ondo State


Ondo monarch, Businessman

Net worth

$300 million

OBAT Oil & Petroleum Ltd subsidiaries

OBAT Oil & Petroleum Ltd


OBAT supplies refined petroleum products to end-users via our retail outlets located across the country. We meet our customer’s expectations.


OBAT’s ultra-modern Depot is strategically located to ensure hitch-free supply and distribution of petroleum products.


In order to consolidate our position as one of the leaders in the downstream sub-sector of the oil and gas industry, we are constructing a Refinery.


OBAT Oil is well positioned to ensure efficient haulage and distribution of petroleum products across Africa, Tanker Vessels, Fuel Trucks and Aviation Trucks

Oba Obateru Akinruntan Palace

Oba Obateru Akinruntan Palace

Oba Obateru Akinruntan net worth

In March 2015 Forbes estimated his net worth as US$300 million.He surpassed King Olubuse II, the Ooni of Ife, with $225 million and the Swaziland King Mswati III by over $200 million to become Africa’s second richest king in 2015 behind Mohammed VI of Morocco.

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