Meet Nigeria's Richest Monarch

Oba Federick EnitiOlorunda Akinruntan

The recent Forbes’ ranking of Africa’s prosperous monarchs which showed the Chief Executive Officer (CEO) of Obat Petroleum and the Olugbo of Ugboland, His Imperial Majesty, Oba Federick EnitiOlorunda Akinruntan, as the richest monarch in Nigeria has once brought to the fore the prestige and esteem which the emergence of the oil magnate as the Olugbo has brought to the nation’s traditional stool.

According to the international magazine which just made public names of the five richest kings in Africa, Oba Akinruntan is said to be worth over $300 million, coming behind King Mohammed VI of Morocco who is said to be worth over $2 billion. Mohammed derives his fortune from his control of Société Nationale d’Investissement (SNI), a large Moroccan investment holding company with assets valued at more than $10 billion. 

Though, Akinruntan expressed delight that a Nigerian monarch was named among the five richest monarchs in Africa, he disagreed with Forbes estimation that put his worth at $300 million. He said the amount published was a fragment of his asset.

According to Forbes, “Oba Obateru Akinrutan is the Olugbo (traditional King) of Ugboland, a small oil-rich community in Ondo State, Nigeria’s southwestern region. Oba Akinrutan, who ascended the throne in 2009, is also the founder of Obat Oil, one of Nigeria’s largest privately-held oil trading companies. He founded the company in 1981 with a single gas station to meet the needs of his family and neighbouring community. Obat Oil now owns more than 50 gas stations across Nigeria as well as one of the largest tank farms in Africa, a modern storage facility that has the capacity to store 65 million litres of petroleum products. He also owns an extensive portfolio of prime commercial and residential real estate in London and Nigeria, including the landmark Febson Hotels and Mall in the Central Business District of Abuja.”

 Akinruntan said his tank farm, which is the largest in Africa and third largest in the world, was built at over $600 million not to talk of another tank farm under construction which he said is four times larger than the present one and when completed would be the largest tank farm in the world. Also under construction is a multi-billion dollar gas plant and refinery which he said would help to solve the problem of importation of petroleum from other countries. He said the gas plant is being built in partnership with a reputable company in Poland.

Oba Akinruntan is a traditional ruler with high taste. No wonder the N30 billion ultra-modern palace he is building at Ugbo is said to be the largest in Africa covering over seven hectares of land. The construction work on the first phase is put at N10 billion, and it is nearing completion.

 Coming from a humble background to becoming the richest monarch in Nigeria, Akinruntan said, “I didn’t know that any international organisation was conducting any research on my business profile, that’s why I was surprised when a top security officer invited me to his office in Abuja and broke the news. I was not aware of it but immediately I entered, all of them stood up and hailed me as the richest monarch in Nigeria.

“I asked who did the ranking and the Forbes website was opened for me. A while after, I began to receive congratulatory messages from all over the world. I feel excited and happy because of my humble beginning, but God blessed me and made me a prosperous monarch today.

“I know my worth, and I am not surprised to be referred to as a wealthy monarch, but the joy here is that good news is coming from Nigeria and I am sure this will also enhance the status of many monarchs in Nigeria at international scenes.

“I am not making any money as a king, but I had become a wealthy businessman before I came to the throne of my forefathers. I am a serious person and a committed businessman. Many know my exploit in oil and gas, but they don’t know how far I have gone in real estate development and the hospitality industry. Without sounding immodest, I own the largest private property in Abuja Central District with business interests in some African countries.

 “It is God that blesses but He does not bless a vacuum, you must be financially disciplined, calculating and ready to acquire knowledge. Many laughed when I enrolled to study Business Administration at the Lead City University in Ibadan; they wondered that as a billionaire, I was sitting down with my children in a classroom, but I was not ashamed. I read and passed and I know what I also gained from that. The knowledge I acquired has tremendously helped me in taking some business decisions. I love to live a good life.” 

Indeed, Oba Akinruntan lives a life of royalty. From a gold-plated Rolex wrist watch that is worth over $10,000 to riding one of the most expensive cars in the world, Rolls Royce Bentley 2014 model, which he acquired in 2012. The first person to use the car after the Queen of England, Akinruntan is a monarch in a rare class.

 He said, “I love Rolls Royce. It is a car for the royalty. Sometime in 2012, I was in England and I saw the latest Rolls Royce car drive pass and I went to the manufacturing company to make enquiries about it, they told me the one I saw belonged to the queen and the model was to come out in 2014, I said ‘no’, that I wanted it and we negotiated, that’s how I was using Bentley 2014 model as early as 2012. I remember when I drove it to the Presidential Villa in Abuja recently many presidency staff took photographs with it.”

 Apart from living a royal life, Oba Akinruntan said the philanthropic work which he has embarked upon has been his source of joy and inspiration. With Obat Foundation, which handles the Corporate Social Responsibility (CSR) of his conglomerate, Oba Akinruntan has been able to impact positively on the lives of many Nigerians especially from the riverine Ilaje community. Hundreds of youths in the area have been awarded scholarships just as about 20 of them are being sponsored at the high-brow Lead City University, Ibadan. The monarch has also engaged in massive empowerment programmes for women by giving them money to encourage entrepreneurship among his people, just as he built some primary health centres in his community where free health is provided. Besides, he has just acquired some flying boats to serve as mobile clinic to take his free health mission to the rural dwellers in the riverine community.

 

He said, “If it pleases God to bless me and also make me a monarch, I think I have the responsibility of taking good care of my people. I love my people and they love me. Apart from scholarships that we give out to the students every year, we have acquired flying boats and equipped them with medical facilities with doctors going round to offer free medical services for our people. I am happy when I see people around me comfortable. I share their pains and their joy and that’s why my domain has been witnessing unprecedented development since I became the monarch. Many of our sons and daughters that had not been coming home before now come to own property and participate in the development of the economy of Ilaje community.”

A monarch whose philanthropic gestures have been acknowledged by the Clinton Foundation in New York said, “You cannot imagine how people monitor any little thing you do to uplift the less privileged and the vulnerable. I could not also forget in a hurry when the former American President Bill Clinton invited me to New York. The letter he wrote to me to acknowledge my little efforts was captivating and encouraging; I had no choice but to honour his invitation and I made Africa proud at that gathering.”

  Source: Tribune