The Richest Traditional Rulers In Nigeria And Their Net Worth 2023

It is hardly surprising that these powerful Nigerian monarchs have unrivaled wealth, as they have enterprises and investments both at home and overseas.

The majority of these traditional rulers are first-class kings who rank among Nigeria’s most powerful monarchs. The automobiles they drive, the investments and enterprises they build are said to be worth billions of Naira. While we examine the top ten wealthy Nigerian kings, we will also list the cars, investments, and assets of these powerful traditional rulers in Nigeria.

According to Forbes, the current richest king in Nigeria is HRM Frederick Obateru Akinruntan, Olugbo of Ugbo Kingdom. Most people will be surprised to learn that the Oba Akinruntan outlasted the Alaafin of Oyo, the Sultan of Sokoto, the Ooni of Ife, and others to become Nigeria’s wealthiest monarch.

However, the Ooni of Ife and the Alaafin were included in the list of Africa’s wealthiest monarchs, with Oba Akinruntan estimated to have a net worth of $300 million and Oba Sijuade estimated to have a net worth of $75 million. The Ooni of Ife has investments in building, land, and oil, whereas Oba Akinruntan primarily invests in oil.

The Richest Traditional Rulers In Nigeria And Their Net Worth

According to Forbes’ most recent ranking, the following are the top ten (10) richest kings in Nigeria, along with their net worth, kingdoms, and cars:

1. Obateru Akinrutan

According to Forbes, Obateru Akinrutan is the country’s wealthiest king. The Ugbo Kingdom and its inhabitants are ruled by this traditional ruler, who was born in 1950. This town is in Ondo State’s Ilaje Local Government.

Oba Akinrutan is one of the country’s richest monarchs, with investments ranging from oil and gas to real estate. This entrepreneur is the founder of Obat Oil, which he established in 198. Today, this oil company operates over 50 gas stations in Nigeria’s various geopolitical zones.

According to Forbes, Oba Akinrutan’s net worth is believed to be US$300 million, making him Africa’s second richest king after King Mohammed and Nigeria’s wealthiest.

The monarch watch is estimated to cost $1 million, and he also has the record for becoming the first black person to purchase a 2014 Bentley vehicle. Obateru currently owns several vehicles, including a custom-built 2012 Rolls Royce resembling the royal Queen Elizabeth II vehicle.

Oba Obateru Akinrutan, the Olugbo of Ugbo kingdom, has a number of costly cars. While he is Nigeria’s wealthiest king, he rides in a Bentley Mulsanne worth over $100 million and a custom-built Rolls-Royce (2012 model). This car is said to be of the same caliber as the Queen of England’s.

2. Obi of Onitsha

The current Obi of Onitsha, Nnaemeka Alfred Ugochukwu Achebe, is another affluent monarch in the country worth mentioning. He is monetarily worth $50 million and is one of Nigeria’s first-class traditional rulers.

Prior to being crowned the Obi, he held several high-level positions, including executive director at Shell Petroleum Development Company, working as a top figure in the banking sector, and serving as chancellor at Ahmadu Bello University.

The current Obi of Onitsha, Nnaemeka Alfred Ugochukwu Achebe, is sometimes regarded as Nigeria’s sixth richest king. Among other things, he owns a 2016 Rolls-Royce valued at more than $100 million.

3. Sultan of Sokoto


Sultan Muhammadu Sa’ad Abubakar IV is one of Nigeria’s richest rulers, as well as a first-class traditional ruler who is widely revered and influential in the country’s north. He is also regarded as the spiritual head of the Muslims who currently reside in the country.

He has numerous assets and investments, and he has held numerous prestigious positions in the country. The Sultan of Sokoto now serves as the chairman of the Nigerian Council of Traditional Rulers as well as the head of the Nigerian National Supreme Council for Islamic Affairs (NSCIA).

He was a Brigadier-general in the military before ascending to the throne as the 20th Sultan of Sokoto Caliphate. He was chosen to take over the throne of his forefathers upon the death of Sultan Maccido in 2006.

Sultan Abubakar IV owns a number of businesses and assets worth millions of Naira. As a first-class king, he owns a plethora of expensive and exquisite automobiles. His 2017 Rolls-Royce is, nonetheless, the best vehicle in his collection. His car’s monetary value is unknown, although according to vehicle publications, this model is worth $9 million.

4. Emir of Kano

The former Emir of Kano’s net worth is believed to be $80 million due to multiple enterprises, assets, and financial investments that we may not be aware of. Former Emir Lamido Sanusi Lamido is a famous ruler in Nigeria whose economic achievements speak for themselves.

Prior to ascending to the throne as the 11th Fulani Emir of Kano, he was the former governor of the Central Bank of Nigeria, whose policies were responsible for the country’s currency valuation and economic stability.

Because of his outspokenness on issues, Time magazine named the Emir one of the top 100 most important people in the world in 2011. Lamido Sanusi was also recognized in 2013 at the Global Islamic Finance Awards (GIFA) in Dubai for his contributions to the advancement of Islamic banking in Nigeria.

According to the Emir, his annual remuneration from the federal government is N14 million. As previously indicated, he possesses additional properties and interests that make him a wealthy traditional king.

The Kano state administration ousted him and replaced him with His Royal Highness, Bayero.

Despite the fact that Sanusi is not among the most powerful northern monarchs due to his deportation by the governor of Kano, he was recognized as the second most powerful Nigerian king during his reign. In reality, he possesses the most recent Rolls-Royce, a car designed for royalty. The Emir’s salary has been reported to be up to $15 million.

5. Alaafin of Oyo

While the rivalry between the Alaafin of Oyo and the Ooni of Ife continues, it is worth noting that this first-class traditional ruler is the second-richest king in Yoruba land. The current Alaafin of Oyo is Lamidi Olayiwole III, who was crowned in 1970.

He was and still is a businessman before becoming the Alaafin. He worked as an insurance clerk for a company and also boxed. He served as Chancellor of the University of Sokoto for a maximum of 12 years. The Alaafin of Oyo is one of the most powerful monarchs in the country, particularly among the Yoruba-speaking people.

Oba Lamidi Adeyemi, a businessman, possesses valuable assets, particularly magnificent cars. He owns a Toyota Land Cruiser as well as a Limo that he utilizes for royal responsibilities. This affluent monarch is one of the most powerful in Yoruba country, and he has several wives.

6. Ooni of Ife

According to most experts, the most powerful ruler in Yoruba country is Oba Adeyeye Ogunwusi Eniitan, the reigning Ooni of Ife. Born in 1974, this first-class Nigerian traditional king was crowned Ooni of Ife in 2015, following the death of his predecessor.

Oba Adeyeye is a well-educated ruler who ranks among the world’s most revered rulers. He graduated with distinction from Ibadan Polytechnic and is also a member of the Institute of Chartered Accountants of Nigeria and the Chancellor of the University of Nigeria.

The Ooni of Ife owns automobile fleets, enterprises, and investments. He is a fan of high-end foreign autos. His 2011 Rolls-Royce Phantom, a Mercedes-Benz S550, and two expensive Bentleys are among the models he owns. He is the first Nigerian king to pay a visit to the Queen of England following his coronation.

7. Olu of Warri

Tsola Emiko, the current Olu of Warri Kingdom, is also one of Nigeria’s richest kings, valued $30 million dollars. After his father, Ikenwoli Emiko, died, he ascended to the throne of the Itsekiri-speaking people. As of now, the Olu of Warri is the richest king in Delta state.

The Olu of Warri is one of the most powerful traditional rulers in the country’s Niger-delta area, which is noted for its crude oil and gas deposits.

8. Oba of Benin

The traditional ruler of the old Benin kingdom and the Edo speaking people is the Oba of Benin. He is recognized as Nigeria’s most powerful king, whose influence in national affairs should not be ignored.

Ewuare II Eheneden Erediauwa is the current 40th Oba of Benin. Ewuare II, who was born in 1953, became monarch and was anointed Oba of Benin on May 20, 2016. He received the most of his education in both the United Kingdom and the United States.

With other investments and properties under his credit, the Oba of Benin’s net worth is believed to be $60 million.


9. Oba of Lagos

Oba Rilwan Babatunde Osuolale Aremu Akiolu of Lagos is one of Nigeria’s wealthiest kings, with an estimated net worth of $40 million. Prior to ascending to the throne, he earned a Bachelor of Laws degree (LL.B) from the University of Lagos.

He also served in the Nigerian Police Force for 35 years, rising to the rank of AIG (Assistant Inspector General of Police) before retiring in 2002. His palace is estimated to be worth N2 billion, and the Oba of Lagos is a first-class traditional ruler and one of Africa’s most powerful kings.

10. Deign of Agbor

As the Dein of Agbor, Eze Benjamin Ikenchuku Keagborekuzi sits on the throne. He has the title for becoming the world’s youngest king to be inducted into the Guinness Book of Records.

He ascended to the throne at the age of two and has reigned ever since. He is the last on our list of Nigeria’s wealthiest rulers.

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