Fredrick Obateru Akinruntan

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Fredrick Obateru Akinruntan
Olugbo of Ugbo Kingdom
Reign2009–present
Predecessor Oba Banjo Mafimisebi
Born1950 (age 75–76)
Ugbo Kingdom, Ondo State, Nigeria
House Adetolugbo of Ugbo Kingdom
Father Sir Frederick Adetolugbo

Fredrick Obateru Akinruntan is a Nigerian businessman and the traditional ruler of Ugbo Kingdom, a Nigerian traditional state in Ilaje Local Government, Ondo State, southwestern Nigeria. He is the founder of Obat Oil, a privately held oil company. [1]

Obateru was born in 1950[ citation needed ] into a royal family in Ugbo and lost his father when he was young. [2] He became the Olugbo of Ugbo Kingdom in 2009 after a succession dispute and lawsuit. [3] He has made statements about Yoruba history that have been disputed by others. [4] [5]

Obateru established Obat Oil in 1981. [6] The company has more than 50 gas stations across the six geopolitical zones of Nigeria, and the company owns a modern storage facility in Lagos that can store 65 million liters of petroleum products. [7] Obateru appointed his second son, Prince Akinfemiwa Akinrutan, as the managing director of the company. [8] In May 2013, a Federal High Court sitting in Abuja ordered the son's arrest on charges of disobeying a court order, following a suit filed and argued before the court by Barrister Iyke Ukadike. [8] In 2021, Obat Oil was ordered to sell one of its assets, a hotel in Abuja, to fulfill a debt owed to a bank. [9] [10]

In an interview with Daily Post in 2014, Obateru said "I have a $1 million watch, I use the same type of car like the Queen of England". [11] He also said he was the first Black person to buy the 2014 model of Bentley automobile. [12]

References

  1. ↑ "My father not dead but very much alive and kicking ? OBAT Oil founder?s son rubbishes rumours". News Express Nigeria. 12 February 2025. Retrieved 2026-01-31.
  2. ↑ "My wife considered me an unserious suitor – Akinruntan". The Punch. Archived from the original on 9 June 2015. Retrieved 9 June 2015.
  3. ↑ "'My reign has brought peace and placed Ugbo on world map'". The Guardian Nigeria News. 9 November 2019. Archived from the original on 2021-12-09. Retrieved 2026-01-31.
  4. ↑ "Again, royal rumbles on Yoruba history". The Guardian Nigeria News. 11 December 2016. Archived from the original on 2021-11-28. Retrieved 2026-01-31.
  5. ↑ Okogba, Emmanuel (2017-05-28). "The Olugbo's claim of superiority over the Ooni has no logic – Prof. Akinyele". Vanguard News. Retrieved 2026-01-31.
  6. ↑ "Obateru Akinruntan's 200-Station Obat Oil Expansion Drive". This Day Live. 2026-01-25. Retrieved 2026-01-31.
  7. ↑ Dan-Awoh, Deborah (2024-10-06). "Meet the top 10 CEOs leading Nigeria's Multi-billion Naira Oil Terminal industry". Nairametrics. Retrieved 2026-01-31.
  8. 1 2 "Court Orders Arrest of Obat Oil Boss' Son". P.M. NEWS Nigeria. 16 May 2013. Retrieved 9 June 2015.
  9. ↑ "Ecobank seeks court permission to sell Obat Oil's property over N5 billion debt". Nairametrics. October 30, 2019. Retrieved 2023-07-03.
  10. ↑ "Court orders sale of Obat Oil's hotel to offset N5 billion debt". Premium Times. January 7, 2021. Retrieved 2026-01-31.
  11. ↑ ""I have a $1million watch, I use the same type of car like the Queen of England" – Oba Obateru Akinruntan". DailyPost Nigeria. January 14, 2014. Retrieved 9 June 2015.
  12. ↑ "Ondo monarch becomes the first black person to own Bentley 2014 model". Daily Post Nigeria. 16 January 2013. Retrieved 13 June 2015.
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