Top 7 Richest Kings In Nigeria 2024: Investments And Net Worth

Nigeria, with its rich cultural heritage and diversity, has numerous traditional monarchies that still play significant roles in their communities. These kings, or Obas, are not only cultural icons but also powerful economic forces. Many have used their influence and strategic positions to amass considerable wealth through various investments. This blog post explores the top seven richest kings in Nigeria as of 2024, detailing their investments and net worth.

1. Oba Obateru Akinruntan (Olugbo of Ugbo)

Net Worth: $300 Million

Oba Obateru Akinruntan, the Olugbo of Ugbo, is widely regarded as the richest king in Nigeria. His immense wealth primarily stems from his ventures in the oil and gas industry. Oba Akinruntan is the founder of Obat Oil, one of the largest privately owned oil companies in Nigeria. The company operates in the downstream sector, focusing on oil trading, storage, and distribution.

Apart from his oil business, Oba Akinruntan has diversified his investments into real estate and hospitality. He owns several high-end properties, including luxury hotels and resorts, which generate substantial income. Additionally, his portfolio includes investments in manufacturing and agriculture, further solidifying his financial standing. His wealth enables him to maintain a lavish lifestyle and contribute significantly to the development of his kingdom through various philanthropic activities.

2. Oba Adeyeye Enitan Ogunwusi (Ooni of Ife)

Net Worth: $100 Million

The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, is one of the most influential and wealthiest monarchs in Nigeria. Before ascending the throne, Oba Ogunwusi was a successful entrepreneur with extensive interests in real estate and construction. He founded Gran Imperio Group, a company renowned for its impressive real estate projects across Nigeria, including high-end residential estates and luxury resorts.

Oba Ogunwusi's investments also extend to agriculture and manufacturing, where he has initiated several projects aimed at boosting local production and creating jobs. His business acumen has significantly increased his wealth, enabling him to play a crucial role in promoting cultural heritage, peace, and tourism in Ile-Ife. Ooni's commitment to community development is evident in his numerous philanthropic endeavors, including scholarships, healthcare initiatives, and infrastructural projects.

3. Oba Saheed Ademola Elegushi (Elegushi of Ikate-Elegushi)

Net Worth: $50 Million

Oba Saheed Ademola Elegushi, the Elegushi of Ikate-Elegushi, is another affluent Nigerian monarch. His wealth is largely attributed to his investments in real estate and construction. Before becoming king, Oba Elegushi was involved in various business ventures, which laid the foundation for his financial success. He continues to invest in high-value real estate projects, including commercial and residential properties.

Oba Elegushi's investments also include hospitality, where he owns luxury hotels and event centers that cater to an elite clientele. His strategic business ventures have significantly boosted his net worth, allowing him to maintain a luxurious lifestyle. Beyond his business activities, Oba Elegushi is known for his philanthropy, supporting education, healthcare, and infrastructure development in his community.

4. Oba Ewuare II Ogidigan (Oba of Benin)

Net Worth: $40 Million

Oba Ewuare II Ogidigan, the Oba of Benin, presides over one of Nigeria's most ancient and culturally rich kingdoms. The Benin Kingdom is renowned for its history, art, and cultural heritage, which contribute to the Oba's wealth. Oba Ewuare II's financial standing is bolstered by traditional assets, including extensive land holdings and historical artifacts.

In addition to these traditional sources of wealth, Oba Ewuare II has modernized the kingdom's assets through investments in real estate, agriculture, and tourism. His efforts to preserve and promote Benin's cultural heritage have attracted significant attention and funding. The Oba's philanthropic activities focus on education, healthcare, and community development, reflecting his commitment to the welfare of his people.

5. Oba Lamidi Olayiwola Adeyemi III (Alaafin of Oyo)

Net Worth: $35 Million

Oba Lamidi Olayiwola Adeyemi III, the Alaafin of Oyo, is one of Nigeria's most respected traditional rulers. His reign, which spans several decades, has been marked by substantial economic activities and investments. The Alaafin's wealth is derived from various sources, including traditional stipends, land ownership, and strategic investments in agriculture and real estate.

Oba Adeyemi III is known for his opulent lifestyle and significant influence within and beyond the Oyo Kingdom. His palace is a testament to his wealth, filled with historical artifacts and luxurious amenities. Alaafin's contributions to the preservation of Yoruba culture and traditions are noteworthy, as are his efforts to improve education, healthcare, and infrastructure in his domain.

6. Obi Nnaemeka Alfred Achebe (Obi of Onitsha)

Net Worth: $30 Million

Obi Nnaemeka Alfred Achebe, the Obi of Onitsha, is a highly educated and influential monarch. Before ascending to the throne, Obi Achebe had a distinguished career in the corporate world, holding executive positions in multinational companies. His business acumen and strategic investments have significantly increased his wealth.

The Obi of Onitsha has leveraged his position to attract investments and promote economic development in his kingdom. His initiatives focus on infrastructure development, education, and healthcare, improving the quality of life for his subjects. Obi Achebe's blend of traditional leadership and modern business practices has earned him respect and admiration, making him one of the wealthiest kings in Nigeria.

7. Oba Rilwan Akiolu (Oba of Lagos)

Net Worth: $25 Million

Oba Rilwan Akiolu, the Oba of Lagos, governs one of Nigeria's most economically significant cities. Lagos, as the commercial capital of Nigeria, provides Oba Akiolu with unique opportunities to generate wealth. His income sources include land ownership, government allowances, and investments in various sectors, including real estate and commerce.

Oba Akiolu plays a crucial role in the socio-economic development of Lagos, attracting investments and promoting growth. His contributions to education, healthcare, and infrastructure have had a lasting impact on the community. The Oba's wealth and influence extend beyond traditional rulership, making him a key figure in Nigeria's socio-political landscape.

Conclusion

The wealth of Nigeria's traditional rulers is a testament to the country's rich cultural heritage and the evolving role of monarchies in modern society. These seven kings have not only amassed significant wealth through traditional assets and strategic investments but have also contributed to the development and well-being of their communities. Their influence extends beyond their kingdoms, making them key figures in Nigeria's socio-economic landscape.

These monarchs have successfully blended traditional leadership with modern business practices, leveraging their positions to create wealth and drive development. Their stories highlight the importance of strategic investments, diversification, and community engagement in achieving financial success. As custodians of culture and tradition, they continue to play vital roles in preserving Nigeria's heritage while embracing opportunities for growth and development.