Do you also think that Obas have no real wealth, they only depend on what we mostly know as ‘Isakole’ that is tribute. But these Obas will convince you otherwise with their net worth.
According to the most recent rating of the 5 richest kings in Africa, the richest king in Nigeria is Oba Obateru Akinrutan of Ugbo land, Ondo state, South Western Nigeria. He is the second richest king in Africa. Also among the top 5 richest kings in Africa is the the Ooni of Ife, Oba Okunade Sijuwade, who doubles as the third richest king in Africa.
Based on the ranking and other authoritative sources, here are the richest kings in Nigeria.
1. Oba Obateru Akinrutan (Olugbo of Ugbo land, Ondo state)
Oba Obateru Akinrutan is the traditional ruler of Ugbo land, a small, oil-rich community in Ondo state. He started out in the oil business by opening a small gas station in 1981 to meet the needs of his family and community.
That small station has now become one of Nigeria’s largest private oil companies, Obat Oil, which comprises over 50 petrol stations nationwide. In fact, reports have it that the company has the largest oil depot in Africa, with a capacity to store 65 million litres of petrol and other petroleum products.
Oba Akinrutan was the first black person to buy the 2014 model of Bentley. He bought the car in 2012 — a time when only the Queen of England had the car and other interested buyers were waiting until 2014 before they could buy it. He also has a custom-designed Rolls Royce built like that of the Queen of England.
Oba Akinrutan, who ascended the throne in 2009, has real estate investments in Nigeria and the UK. He also owns the Febson Hotels and mall in Central Business District, Abuja. His business conglomerate has other interests in shipping, fishery, tourism, and water purification and production.
Net worth: About $300 million
2. Oba Okunade Sijuwade (Ooni of Ife, Osun state)
84-year-old Oba Okunade Sijuwade became the Ooni of Ife in 1980. A prosperous businessman, his first business venture was WAATECO, an automotive distribution business that imported vehicles and vehicle spare parts into Nigeria. He started the company in 1964, long before he ascended the throne.
Oba Sijuwade later built the Motel Royal Hotel and invested heavily in real estate. His business conglomerate, Sijuwade Group, comprises subsidiaries that cut across the oil and gas, construction, hospitality, and property development industries. The conglomerate owns stakes in two oil blocs.
Net worth: At least $75 million
While we would have loved to carry on with the list, we don’t have any reliable source of information on the net worth of other kings in Nigeria at the moment. However, once we get authentic information to that effect, we’ll update this post duly.
Though, Oba Sijuwade has joined his ancestors on July 29, 2015.