The Olugbo of Ugbo Kingdom is the Yoruba king of Ugbo Kingdom, a Nigerian traditional state in Ilaje local government area of Ondo State, southwestern Nigeria.
An heir to the stool of the Olugbo is usually selected by way of an election by a group of kingmaking chiefs following an Ifa oracular consultation.
The current Olugbo of Ugbo Kingdom is Oba Fredrick Obateru Akinruntan, a Nigerian multi-millionaire, Oil magnate and founder of Obat Oil, one of Nigeria's largest and most successful private companies.
[3] Ascension to the Olugbo stool is rotational between the Agbedun/Ojogo and Oyetayo/Atarioye sections of the Ojadele ruling house.
[4] Obateru was installed in 2009, after Oba Banjo Mafimisebi was dethroned following a suit by another royal family who subsequently nominated and endorsed Obateru as their candidate.