For so many years, the colourful Oba Fredrick Obateru Akinruntan, Olugbo of Ugboland, has lived as epitome of high-society life before he decided to mount the throne as Olugbo a little over 10 years ago. Though, royal duty has slowed the wealthy monarch down a bit, nevertheless, he still flashes a flurry of flamboyance. As a businessman, Olugbo has had a bout of successes. Once considered to be one of the five richest Africa monarchs, he acquired a great deal of success through his investments in industries such as oil and gas, maritime, hotels, construction, fishing and real estate. The monarch, fondly called Obat, owns an extensive portfolio of prime commercial and residential real estate in the United Kingdom and Nigeria, including the landmark Febson Hotels and Mall in the Central Business District of Abuja. However, the Olugbo has been in the news lately over a series of legal troubles between his conglomerate and some financial institutions.
Recently, news broke that the billionaire king has lost his prime property in Abuja, a luxury hotel, after it was taken over by the Assets Management Company of Nigeria, AMCON, over an alleged N5 billion debt owed Ecobank Plc. The bank was also said to have taken over the control of his profitable oil and gas businesses including the tank farm with huge yields. With that news in circulation, many of his traducers went to town rejoicing, believing he is in a deep mess. But Spotlight gathered that while some of his billionaire peers might be struggling to return to prominence after losing such assets, Obat is just as rich as he was once. It was gathered that, in spite of the seeming losses, Obat is still sitting comfortably on a goldmine. Sources said the bulk of his wealth is offshore with a chain of businesses scattered around Africa and United Arab Emirates.
Oba Akinruntan, who will clock 70 this July, is the Chairman, Ondo State Council of Obas. In 2014, the flamboyant traditional ruler was ranked by Forbes magazine as the second richest King in Africa and the richest in Nigeria. Since he became the Olugbo of Ugboland, he has put the name of the riverine community on the world map with a number of projects including his eye-popping multi-billion naira palace. Aside scores of vintage automobiles including a 2012 customised Rolls Royce similar to that of Queen Elizabeth II, parked in garages of his mansions in Lagos, Abuja and London, the stylish Oba Akinruntan also owns one of the most expensive yachts in the country.