Did you know that the richest king in Nigeria is Oba Obateru Akinruntan from Ondo State, who made history in 2012 when he became the first black person to buy the 2014 model of Bentley which Queen Elizabeth of England rode?

Oba Fredrick Obateru Akinruntan is the traditional ruler of Ugbo Kingdom in the Ilaje Local Government Area of Ondo State. His kingdom is situated in a riverine area where he spent his formative years. With a net worth of $300 million (Forbes March 2014), he is the richest king in Nigeria. His wealth and assets beat those of the current Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, and the Alaafin of Oyo, Lamidi Adeyemi. Additionally, he holds a position among the top 50 influential individuals in Nigeria.

According to Forbes magazine, Obateru is the second richest King in Africa. He surpassed the Swaziland King Mswati III by over $200 million to become Africa's second richest king in 2014 behind Mohammed VI of Morocco.

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

His ascension to the throne, according to folklore, was divine. In 1982, there was a prophecy that he would become the Olugbo of Ugbo Kingdom, a prophecy he never took seriously. Shortly after this prophecy, a chieftaincy title peculiar to him as the next Olugbo was conferred on his younger brother. This resulted in a lawsuit against the then-Olugbo by another royal family in the same lineage who demanded that he should be dethroned with the claim that his family had occupied the seat for over 200 years. The then-King lost the case and Obateru was appointed as the King in 2009, in accordance with the culture and traditions of Ugbo Kingdom.

Obateru is an oil magnate and founder of Obat Oil, one of Nigeria's largest and leading privately held oil companies. He established Obat Oil in 1981. Today, the company has more than 50 gas stations across the six geopolitical zones of Nigeria and the company owns one of the largest tank farms in Africa, a modern storage facility able to store 65 million liters of petroleum products. Obateru appointed his second son, Prince Akinfemiwa Akinrutan, the managing director of the company. 

Obateru is the first black person to buy the 2014 model of Bentley automobile. He has a custom built 2012 Rolls-Royce similar to that of Queen Elizabeth II. He was quoted to have said in an interview with Daily Post on 14 January 2014: "I have a $1 million watch, I use the same type of car like the Queen of England".

In July 2013, in an interview with The Sun, Obateru said: "The first time I saw a car was 1961 in Sapele. At that time, Sir Festus Okotie-Eboh had a hotel in Sapele, Waterside Hotel. It was the first time I saw a hotel in my life. We used to describe hotels as bars. That was the first time I knew the difference between a hotel and a bar."

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