Fredrick Obateru Akinruntan

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. He is also the founder of Obat Oil, one of Nigeria's largest and leading privately held oil companies.

In March 2014 Forbes estimated his net worth as US$300 million. Obateru is ranked by Forbes magazine as the second-richest King in Africa and the richest in Nigeria. He surpassed King Olubuse II, the Ooni of Ife, with $225 million and the Swaziland King Mswati III by over $200 million to become Africa's second richest king in 2014 behind Mohammed VI of Morocco. He has a custom built 2012 Rolls-Royce similar to that of Queen Elizabeth II and on 14 January 2014, in an interview with Daily Post, he said "I have a $1 million watch, I use the same type of car like the Queen of England".

Obateru is the first black person to buy the 2014 model of Bentley automobile. In July 2013, in an interview with The Sun, Obateru said: "The first time I saw a car was 1961 in Sapele. At that time, Sir Festus Okotie-Eboh had a hotel in Sapele, Waterside Hotel. It was the first time I saw a hotel in my life. We used to describe hotels as bars. That was the first time I knew the difference between a hotel and a bar."