Are you wondering who the richest king in Nigeria 2020 is, then read on. It is no surprise that these powerful monarchs in Nigeria have undiluted wealth as they have businesses and investments scattered home and abroad.
According to Forbes rating, the current richest king in Nigeria is The Olugbo of Ugbo Kingdom, HRM Frederick Obateru Akinruntan. It will shock most people as to why the Oba Akinruntan beat the likes of the Alaafin of Oyo, the Sultan of Sokoto, the Ooni of Ife and the likes to emerge the wealthiest monarch in Nigeria.
Although, the likes of the Ooni of Ife and the Alaafin were included in the list of wealthiest monarchs in Africa, with Oba Akinruntan rated to have an estimated net worth of $300 million while Oba Sijuade estimated net worth is about $75 million. The Ooni of Ife has investments in construction, landed properties and oil while Oba Akinruntan is mostly into oil.
Why Oba Akinruntan is the Richest King in Nigeria 2020
Oba Akinruntan is owner of the largest petroleum depot in Africa. He also owns Obat Oil Company which he founded in 1981 alongside a gas station which has grown to over 60 gas stations across the nation.
Apart from Oil business, Oba Akinruntan is into real estate with Hotels in Abuja, buildings both home and abroad. He entered the history books in 2012 when he became the first black person to buy the 2014 model of Bentley which was accustomed only for Queen Elizabeth of England.
These are the investments that makes Oba Akiruntan the richest king in Nigeria 2020 with an estimated net worth of $300 million.
Top 10 Richest Kings in Nigeria & Net Worth 2020
In no particular order, below are top ten (10) richest kings in Nigeria and their net worth according to Forbes recent ranking:
1. Oba Obateru Akinrutan Net Worth $300 million
Obateru Akinrutan is the richest king in the country according to Forbes. This traditional ruler was born in 1950 and he rules over the Ugbo Kingdom and its people. This town is located in Ilaje Local Government of Ondo State.
Rated among the billionaires monarch in the country, the investment of Oba Akinrutan ranges from oil and gas, real estate, etc. This businessman is the owner of Obat Oil, which he founded in 198. Today, this oil company has over 50 gas stations scattered across every geopolitical zone in Nigeria.
According to Forbes, Oba Akinrutan net worth is estimated at US$300 million, which ranks him the second richest king in Africa after king Mohammed and the wealthiest in Nigeria.
The monarch watch is said to cost $1 million and he also holds the record as first black person to buy a 2014 model of Bentley automobile. Obateru currently has other cars but drives a custom built 2012 Rolls Royce similar to the royal Queen Elizabeth II vehicle.
2. Obi of Onitsha Net Worth $50 million
Another wealthy monarch in the country worthy of mention is the current Obi of Onitsha, Nnaemeka Alfred Ugochukwu Achebe. He is worth $50 million financially and he is one of the first class traditional rulers in Nigeria.
Before he was crowned the Obi, he occupied various top positions such as being an executive director at Shell Petroleum Development Company, working as one of the top figures in the banking sector and also served as the chancellor of Ahmadu Bello University.
3. Sultan of Sokoto Net Worth $100 million
Sultan Muhammadu Sa’ad Abubakar IV is one of the richest kings in Nigeria and is also a first class traditional ruler who is highly respected and powerful in the northern part of the country. He is also considered as the spiritual leader of the Muslims residing in the country today.
He has lots of assets, investments and has occupied various revered positions in the country. As of present, the Sultan of Sokoto is the chairman of the Nigerian Council of Traditional Rulers and the head of the Nigerian National Supreme Council for Islamic Affairs (NSCIA).
Before he ascended the throne as the 20th Sultan of Sokoto Caliphate, he served in the military as a Brigadier-general. It was after the demise of Sultan Maccido in 2006, that he was chosen to take over the throne of his fore-fathers.
4. Emir of Kano Net Worth $80 million
The former Emir of Kano estimated net worth is $80 million as he has numerous businesses, assets and financial investments that we might not be aware of. The former Emir, Lamido Sanusi Lamido is a popular monarch in Nigeria whose achievements in the economic sector speaks for him.
Prior to his ascension to the throne as the 11th Fulani Emir of Kano, he was the former governor of the Central Bank of Nigeria whose policies saw to the valuation of the county’s currency and stability of the economy.
Time magazine in 2011 listed the Emir among the top 100 most influential people in the world due to his outspoken nature to issues. Lamido Sanusi was also honoured in 2013 at the Global Islamic Finance Awards (GIFA) in Dubai for his role in promoting Islamic banking in Nigeria.
According to the Emir, he revealed that his yearly salary from the federal government is N14 million. As earlier stated, he has other assets and investments that makes him a wealthy traditional ruler.
He was removed by the Kano state government and has been replaced by His Royal Highness, Bayero
5. Alaafin of Oyo Net Worth $40 million
While the tussle as to who is the greatest between the Alaafin of Oyo and the Ooni of Ife rages on, note that this first class traditional ruler is the second richest king in Yoruba land. Lamidi Olayiwole III is the current Alaafin of Oyo who was crowned in 1970.
Before he became the Alaafin, he was and is still a business man. He served as an insurance clerk to a firm and he was also engaged in boxing. For a maximum of 12 years, he was the Chancellor of the University of Sokoto. The Alaafin of Oyo one of the most powerful monarchs in the country especially to the Yoruba speaking community.
6. Ooni of Ile-ife Net Worth $70 million
The most powerful king in Yoruba land according to most scholars is Oba Adeyeye Ogunwusi Eniitan who is the current Ooni of Ife. This first class Nigerian traditional ruler was born in 1974 and was crowned Ooni of Ife in 2015 after the death of his predecessor.
Oba Adeyeye ranks among the respected rulers in the world and is also very educated. Graduating with distinction in accounting from Ibadan polytechnic, he is also one of the top members of the Institute of Chartered Accountants of Nigeria and the Chancellor at the University of Nigeria.
7. Olu of Warri Net Worth $30 million
The current Olu of Warri Kingdom, Godfrey Emiko is also one of the richest kings in Nigeria worth $30 million dollars. He became king of the Itsekiri speaking people after the death of his elder brother, Ogiame Atuwatse II.
The Olu of Warri is one of the most powerful traditional rulers in the Niger-delta region of the country known to have crude oil and gas as their main natural resources.
8. Oba of Benin Net Worth $60 million
The Oba of Benin is the traditional ruler of the ancient Benin kingdom and the Edo speaking people. He is regarded as the most powerful king in Nigeria whose influence in national matters cannot be underestimated.
The current 40th Oba of Benin is Ewuare II Eheneden Erediauwa. Born in 1953, Ewuare II became ruler and was crowned the Oba of Benin on 20th, October 2016. He had most of his education in the United Kingdom and also in the United States.
The Oba of Benin net worth is estimated at $60 million with other investments and assets to his name.
9. Oba of Lagos Net Worth $40 million
Oba Rilwan Babatunde Osuolale Aremu Akiolu of Lagos is one of the richest kings in Nigeria with an estimated net worth of $40 million dollars. Before his ascension to the throne, he graduated from the University of Lagos, bagging a Bachelor of Laws degree (LL.B).
He also served in the Nigerian Police Force for 35 years before attaining the status of AIG, i.e Assistant Inspector General of Police before his retirement in 2002. His palace is said be worth N2 billion and the Oba of Lagos is also a first class traditional ruler and one of the most powerful kings in Africa.
10. Deign of Agbor Net Worth $10 million
Eze Benjamin Ikenchuku Keagborekuzi sits on the throne as the Dein of Agbor. He holds the record as the youngest king in the world to have entered the Guinness Book of Records.
He became ruler at the age 2 and has been on the throne since then. He is the last on our ranking of richest kings in Nigeria.