Fredrick Obateru Akinruntan is a Nigerian monarch and oil magnate who is the current traditional ruler of Ugbo Kingdom, a Nigerian traditional state in Ilaje Local Government, Ondo State, southwestern Nigeria.
[2] Obateru is ranked by Forbes magazine as the second-richest King in Africa and the richest in Nigeria.
"[8] Obateru was born in 1950 into the royal family of Sir Frederick Adetolugbo at Ugbo, a riverine area in Ilaje.
The then-King lost the case and Obateru was appointed as the King in 2009, in accordance with the culture and traditions of Ugbo Kingdom.
[12] Obateru appointed his second son, Prince Akinfemiwa Akinrutan, the managing director of the company.