Nigeria’s Top 10 Richest Monarchs, Their Net Worth, Sphere of Influence and Businesses

Nigeria’s Top 10 Richest Monarchs, Their Net Worth, Sphere of Influence and Businesses

  • Tradtitional rulers in Nigeria play very influential roles in the country and are constitutionally recorgnised
  • According to recent reports, these monarchs have influence over a large swath of the country both in politics and the traditional society
  • Most of the come business backgrounds where they have all excelled and distinguished themselves

Nigeria is still a traditional society despite the entrance of civilisation and the changing cultures.

There are traditional structures maintained by monarchs are revered and seen as the representatives of God in the traditional society.

Traditional rulers, Nigeria
Top traditional rulers in Nigeria Credit: National Archives
Source: UGC

Oba Obateru Akinrutan

Oba Obateru Akinrutan also known as the Ulugbo of Ugbo is the traditional ruler of the Ugbo Kingdom, an Ilaje town in Ondo State. He is touted to be the richest traditional ruler in Nigeria, and the second richest in Africa with an estimated net worth of $300 million according to Forbes.

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He is also the founder of Obat Oil, one of the largest privately held oil companies in Nigeria, according to a report by The Guardian

Obateru founded company in 1981 and presently has more than 50 gas stations across the six geopolitical zones of Nigeria and one of the largest tank farms in Africa

According to reports, Obateru has a custom-built 2012 Rolls Royce similar to that of Queen Elizabeth II of England and a wristwatch that cost $1 million. He is the first black person to buy the 2014 model of Bentley automobile.

Sultan of Sokoto, Sa’ad Abubakar

The 20th Sultan of Sokoto, Sa’ad Abubakar is reportedly worth, $100 Million

As the Sultan of the Sokoto Caliphate, Abubakar is believed to be the spiritual leader of Muslims in Nigeria and the most powerful traditional ruler in the northern parts of the country.

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Born on August 24, 1956, and is the youngest son of the 17th Sultan, Sir Siddiq Abubakar III, Abubakar is the leader of the Qadiriyya Sufi order, which is the most important Muslim position in Nigeria and senior to the Emir of Kano, the leader of the most populous Tijaniyya Sufi order.

Oba Adeyeye Ogunwusi Eniitan

The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi is the traditional ruler of the Yoruba kingdom of Ile-Ife. He ascended to the throne in 2015 after succeeding Oba Okunade Sijuwade.

The real estate tycoon has a net worth of $70 Million.

Oba Adeyeye is a member of the Institute of Chartered Accountants of Nigeria, an Associate Accounting Technician and a certified member of the Institute of Directors. He is also a member of the Global Real Estate Institute.

Oba Ewuare II Ogidigan

The 40th Oba of Benin, Oba Ewuare II Ogidigan has an estimated net worth of $60 Million.

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He is the traditional ruler of the people of Benin in Edo State, Nigeria and ascended the throne in October 2016.

One of his biggest legacies is the championing of the return of stolen artfact by the British to be returned to Benin Kingdom

He was also Nigeria’s Ambassador to Angola, Italy and Sweden, with accreditation to Norway, Denmark and the Republic of Finland. He holds a degree in Economics from the University of Wales, UK, and a Master’s degree in Public Administration from Rutgers University Graduate School, New Jersey, USA.

Nnaemeka Alfred Ugochukwu Achebe

The Obi of Onitsha, Nnaemeka Alfred Achebe is the traditional ruler of Onitsha in Anambra State. He is also touted as one of the richest traditional rulers in Nigeria with an estimated net worth of $50 Million.

Before he became the Obi of Onitsha in 2002, he had a long and distinguished career in the Royal Dutch Shell Group where he served as Director in various companies in the group.

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He served in various capacities in the banks and other bluechip companies.

Oba Babatunde Aremu Akiolu

The erstwhile police chief, the Oba of Lagos, Oba Babatunde Aremu Akiolu is estimated to be worth of $40 million. The traditional ruler in Lagos was selected by the kingmakers of the Lagos traditional kingdom and crowned in 2003, succeeding Oba Adeyinka Oyekan.

Prior to his emergence as the Oba of Lagos, he was a policeman for 32 years and rose to the rank of inspector-general of Police in 1999, until he retired in 2002. He is also a member of the Nigerian Institute of Management and a fellow of the Nigerian Law School.

Aminu Ado Bayero

The 15th Emir of Kano, Aminu Ado Bayero is the traditional ruler of the ancient city of Kano. He became the Emir of Kano on 9 March 2020, after the dethronement of his nephew Muhammad Sanusi II by Governor Dr Abdullahi Umar Ganduje.

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He has an estimated net worth of $20 million,

Benjamin Keagborekuzi

Benjamin Keagborekuzi Ikenchuku is the Dein of Agbor kingdomin Delta State. He was named the world’s youngest crowned monarch in the 1980 edition of the Guinness Book of World Records.

He has an estimated net worth of $10 million.

Benjamin was crowned the Dein of Agbo at the age of 2 in 1979, after the unexpected demise of his father after which he traveled to the United Kingdom and a regent reigned in his place.

He was the Chancellor of the University of Ilorin.

Adedotun Aremu Gbadebo III

The Incumbent Alake of Egba, Adedotun Aremu Gbadebo III is reportedly worth $ 5 million.

Born on 14 September 1943, he is a grandson of the sixth Alake of Egbaland, Oba Gbadebo, who ruled from 1898 to 1920.

Ogiame Atuwatse III

The 21st Orlu of Warri, Ogiame Atuwatse III, with an estimated ro be worth $30 million was crowned the 21st Olu of Warri in 2021 at Ode-Itsekiri succeeding his uncle, Ogiame Ikenwoli I the 20th Olu of Warri.

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He also has a master of science degree in management from the same university’s Weatherhead School of Management in 2007.

Nigerian Prince Arthur Eze: His net worth, business, private jet

Recall that reported that on Monday, July 25, 2022, the news was rife that one of Nigeria’s billionaires, Prince Arthur Eze had acquired a private jet, which adds him to the pool of jet owners in Nigeria.

The billionaire businessman joins the likes of Dangote, Oyakhilome, Oyedepo and myriads of Nigerians who fly private jets in the country.

The acquisition of the jet by the billionaire further threw him up into the limelight with important questions about the man who hitherto was known but had for a long time relatively escaped public scrutiny.


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