2 Nigerian Monarchs Listed Among Top 5 Richest Kings in Africa
Although Nigerian monarchies have undergone a lot of changes in the last century, they still rule their kingdoms legally, kingdoms which have been amalgamated into the country now known as Nigeria.
As relevant as ever, Nigerian kings are living symbols of a nation's roots, ushering costumes and customs as old as time into the tumultuous changes brought on by the new millennium.
Forbes' contributor Mfonobong Nsehe spent quite a bit of time trying to find out the top 5 wealthiest Kings in Africa. In doing his research he excluded wealth held or controlled by rulers in trust for their nation or territory.
Meet below the two Nigerian Kings who made the list:
Oba Obateru Akinrutan, Ugbo Land, Nigeria
Estimated net worth: $300 million
Source: Oil
Oba Obateru Akinrutan is the Olugbo (traditional King) of Ugbo land, a small oil-rich community in Ondo state, in 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 neighboring 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 liters 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.
Oba Okunade Sijuwade, Ile-Ife, Nigeria
Estimated net worth: At least $75 million
Source: Construction, Property, Oil
Alayeluwa Oba Okunade Sijuwade, Olubuse II, is the traditional King (Ọọ̀ni) of Ile-Ife’, an ancient city located in Osun state in Nigeria’s south-western region. Ile-Ife is generally believed to be the traditional home of the Yoruba civilization. Oba Sijuwade, 84, who ascended the throne in 1980, is also a prosperous businessman.
The Ọọ̀ni first cut his teeth in business by working in his father’s trading business as a teenager before going to the United Kingdom to study for a degree in business. Upon his return back to Nigeria, he worked as a manager for the Leventis Group and as a sales executive for National Motor. He struck out on his own in 1964, when he started WAATECO, an automotive distribution business that imported vehicles and vehicle parts from the Soviet Union to sell in Nigeria. He went on to build the Motel Royal hotel and several residential and commercial properties. He is the founder of the Sijuwade Group, a Nigerian conglomerate with interests in oil & gas, construction, property development and hospitality, which he incorporated in 1975. The group owns stakes in two onshore oil blocks in partnership with London-listed energy giant Centrica PLC as well as a construction outfit that handles large-ticket road construction projects in Nigeria and was awarded a concession by the Federal Government to construct and manage a tollgate along the Ibadan-Ife dual carriageway- one of the major vehicular routes in Nigeria. The King also owns several residential properties in Nigeria and the U.K.
For the Full list visit Forbes.com
As relevant as ever, Nigerian kings are living symbols of a nation's roots, ushering costumes and customs as old as time into the tumultuous changes brought on by the new millennium.
Forbes' contributor Mfonobong Nsehe spent quite a bit of time trying to find out the top 5 wealthiest Kings in Africa. In doing his research he excluded wealth held or controlled by rulers in trust for their nation or territory.
Meet below the two Nigerian Kings who made the list:
 |
| Oba Obateru Akinrutan |
Estimated net worth: $300 million
Source: Oil
Oba Obateru Akinrutan is the Olugbo (traditional King) of Ugbo land, a small oil-rich community in Ondo state, in 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 neighboring 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 liters 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.
 |
| Alayeluwa Oba Okunade Sijuwade |
Estimated net worth: At least $75 million
Source: Construction, Property, Oil
Alayeluwa Oba Okunade Sijuwade, Olubuse II, is the traditional King (Ọọ̀ni) of Ile-Ife’, an ancient city located in Osun state in Nigeria’s south-western region. Ile-Ife is generally believed to be the traditional home of the Yoruba civilization. Oba Sijuwade, 84, who ascended the throne in 1980, is also a prosperous businessman.
The Ọọ̀ni first cut his teeth in business by working in his father’s trading business as a teenager before going to the United Kingdom to study for a degree in business. Upon his return back to Nigeria, he worked as a manager for the Leventis Group and as a sales executive for National Motor. He struck out on his own in 1964, when he started WAATECO, an automotive distribution business that imported vehicles and vehicle parts from the Soviet Union to sell in Nigeria. He went on to build the Motel Royal hotel and several residential and commercial properties. He is the founder of the Sijuwade Group, a Nigerian conglomerate with interests in oil & gas, construction, property development and hospitality, which he incorporated in 1975. The group owns stakes in two onshore oil blocks in partnership with London-listed energy giant Centrica PLC as well as a construction outfit that handles large-ticket road construction projects in Nigeria and was awarded a concession by the Federal Government to construct and manage a tollgate along the Ibadan-Ife dual carriageway- one of the major vehicular routes in Nigeria. The King also owns several residential properties in Nigeria and the U.K.
For the Full list visit Forbes.com
2 Nigerian Monarchs Listed Among Top 5 Richest Kings in Africa
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