Oba Fredrick Akinruntan Revamps Business

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Olugbo of Ugboland, Oba Fredrick Obateru Akinruntan

By providence, Oba Fredrick Akinruntan, wears two caps so fittingly: he is a monarch and a businessman. Luckily, he is acknowledged to be doing so well in both.

Many years before he ascended the throne as the Olugbo of Ugboland, the stylish monarch had successfully made a name for himself as a businessman. And even now, he remains one for the few businessmen whose shrewdness in business is simply out of this world.

Aside from oil and gas business, Oba Akinruntan is also into real estate: he has choice buildings in London and across Nigeria, including the prestigious Febson Hotels and Mall in the Central Business District of Abuja. As proof of his successful business exploits, he was ranked by Forbes magazine as the second-richest King in Africa and the richest in Nigeria in 2014.

Interestingly, Oba Akinruntan, it was gathered, has been busy repackaging Obat Oil so as to continue to enjoy its competitive edge in the industry – this includes changing its logo, many years after it was incorporated.

The billionaire traditional ruler, who sits atop a business conglomerate with interests in petroleum, shipping, construction, fishery, tourism and hospitality, consultancy services and water purification and production, owns one of the most expensive yachts in the country and a custom-built 2012 Rolls Royce similar to that of Queen Elizabeth II.