father predecessor house succession birth_place birth_date issue article_title name reign
sir frederick oba banjo mafimisebi adetolugbo of ugbo kingdom olugbo of ugbo kingdom ugbo kingdom , ondo state , nigeria 1950 2009 fredrick obateru akinruntan
 oba fredrick obateru akinruntan 2009 -- present
fredrick obateru akinruntan

fredrick obateru akinruntan -lrb- born 1950 -rrb- is a nigerian monarch , the traditional ruler of ugbo kingdom , a town in ilaje , ondo state , southwestern nigeria .
he is an oil magnate and founder of obat oil , one of nigeria 's largest and leading privately held oil companies .
in march 2014 `` forbes '' estimated his net worth as us$ 300 million .
obateru is ranked by `` forbes '' magazine as the second richest king in africa and the richest in nigeria .
he surpassed king olubuse ii , the ooni of ife , with $ 225 million and the swaziland king mswati iii by over $ 200 million to become africa 's second richest king in 2014 behind mohammed vi of morocco .
he has a custom built 2012 rolls royce similar to that of queen elizabeth ii and on january 14 , 2014 , in an interview with `` daily post '' , he said `` i have a $ 1 million watch , i use the same type of car like the queen of england '' .
obateru is the first black person to buy the 2014 model of bentley automobile .
on july 2013 , in an interview with `` the sun '' , obateru said : `` the first time i saw a car was 1961 in sapele .
at that time , sir festus okotie-eboh had a hotel in sapele , waterside hotel .
it was the first time i saw a hotel in my life .
we used to describe hotels as bars .
that was the first time i knew the difference between a hotel and a bar . ''
